Buying property in Koh Samui is very different to other parts of the world, there are many things to consider before proceeding with a purchase and many pitfalls to avoid – fear not, Conrad Properties have listed 6 top tips for buying property in Thailand. When planning your purchase remember these 6 points and speak to us to get started buying your real estate.
Research Research Research! You are making a huge investment and you want to be absolutely sure you’re going to enjoy living in your new home, or that you’ll always look forward to visiting your holiday home. You’ll have to keep things in mind such as location, type of property, whether you want a gated community, or a private beach.
If possible visit the area of interest, drive around and investigate the community for services you might need, such as schools, hospitals, and shops.
If you are buying property to then rent out, are you making yourself familiar with connections to the airport, connections to tourist spots, and what the property can offer guests.
Speak to us today and we can direct your research!
Calculate every little expense throughout the whole process, the last thing you want is to be more than 50% through the process of buying a property and be stung by additional fees that you can’t afford. With Conrad Properties we can prepare you for any future costs and advise you on the best way to handle these.
If you are buying a property with the intention of using it as a holiday home, don’t get caught up looking at the weather in the summer. The last thing you want is to be away from your property at any time during the year and have your property damaged due to adverse weather conditions. Get yourself educated on what to expect in your area throughout the whole year. Does the mist start to descend over your beautiful mountain views in the off season? If so this will dramatically drop your rental price.
Are you considering purchasing property and then renting it out during peak season? If so, have you considered the best areas to buy in that can give you the best return? Choosing up and coming areas can be a brilliant investment or a catastrophic mistake, paying highly for property in popular destinations can produce good solid returns over a longer period of time. Check the rental history of your property, do residents stay for long periods of time, do they come back?
Legal regulations are likely to be extremely different to those in your home country, often making real estate acquisition tricky. It is by no means impossible though – good research and familiarity with the legal options will put you in good stead for your future acquisition. One of the most important things to note early on is that under Thai Law, foreigners are not allowed to own land directly in their name. Of course, there are ways around it, which we have spoken about before on our Thailand Property Ownership Rights page.
When you purchase real estate you are making a lifestyle choice AND an apt investment. Many people forget the second part when they purchase property in a luxurious location, they see sun, sea, and sand, and purchase property for those reasons. But years later when they decide to sell their property, they realise that it is extremely difficult due to the remote location.
The most sought after areas in Koh Samui are Chaweng, Bo Phut, and Choeng Mon, which are the most central locations and purchasing Real Estate in these locations is likely to benefit future reselling. They offer fantastic connections to all spots on the island, great tourist places, and lots of amenities.
However, this should not deter you from choosing property in the outskirts of the island, as some of the most beautiful spots are situated here. When choosing your property remember to list the advantages and disadvantages of each area, include your thoughts on potential resale in the future.
At Conrad Properties we will guide you through your property purchase. Click here to see our detailed Real Estate Buyer’s Guide.
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