Phuket Property Buyer Tips
Find a good Agent
A good agent is essential when going through the process of purchasing property. Not only is there a cascade of rules and regulations, but a good agent will guide you to find the right property. Always be careful when consulting your investment options.
Find a Lawyer
An appropriate lawyer will assist in detailing to you all the relevant legalities and proceedings regarding your property. Keep in mind there are a lot of regulations concerning foreign investment, and you cannot always rely on the legal system. A lawyer is often working alongside your agent, but you may want to get a separate lawyer.
Make sure the development has valid papers, such as title deed that have been verified by local official land office. Don’t put your faith strictly into an agent or lawyer, as they will not accept responsibility if something goes wrong.
You heard it before, and you will hear it again. Make sure to take your time and familiarize yourself with the locations and the area you are interested in buying property. You may not wish to be living permanently among the crowds of tourists that arrive during the season, while other developments are also a little too remote.
Areas of Tourism
Make sure you do your research of the area when buying. Some areas are heavily touristic, which will fire the prices higher, and at the same time have disadvantages with exclusivity and privacy.
Proximity vs Price
Property near the beach or with a sea view will often be much more expensive. This may also be the case for properties that are located close to central areas, with easy access to entertainment, services, dining and commerce.
Houses or Villas
When buying a new House or Villa, the best advice is to rely on the reputation of the developer, and their previous achievements. Many new unfinished housing projects are sold off plan, and some have yet to be completed.
Condos and Apartments
Generally speaking, condominiums have the highest demand of any sector, because they are easiest to own as a foreigner. Thai law forbids foreigners owning land but has a structure allowing up-to 49 per cent of a condo building to be foreign owned. Therefore, it is often more practical and secure to buy a condo than going through the hassle of buying separate land. Condos also offer all sorts of shared amenities such as pools, services and fitness centers.
Gated communities are a popular choice for foreign buyers, as they are generally secure, comfortable and may include onsite facilities such as pools, clubhouses and spas. However, such developments tend to be more expensive, as you pay for the prestige of joining the community.
Many development projects are built in haste, and the quality of construction both in terms of materials and craftsmanship can vary enormously. It might wise to employ qualified surveyor services before signing any contracts.
Positive image towards locals
Maintaining a positive relationship and good image with local people is pivotal when relocating. Keep in mind that you are moving into another culture and lifestyle that already exists. remember you are investing into the culture and lifestyle that has already been there for ages. This will benefit everyone in the long run. If you can’t handle the local culture, rituals and habits, then it is strongly recommended you search for a property within a gated community with western management.