Thailand property investing is booming and if you choose the right property, you can enjoy a high ROI (return on investment). With so much to see and do, plus cheap living costs and great weather, Thailand is a favourite among expats and tourists.
Alongside travelers and retirees, many businesses are choosing Thailand as a place to set up their offices. This means there’s always going to be an influx of people wanting to rent properties in Thailand to enjoy the comfortable way of living. If you are a foreigner looking to invest in a Thai property, here are some essential tips not to miss.
When buying an investment property in Thailand, get a local lawyer to guide you. Just like anywhere in the world, there’s scammers who will take advantage if they can. A Thai lawyer can help you navigate land title deeds and checking that the advertiser has the legal right to do so. Plus, a lawyer can guide you through any investment restrictions for foreigners, costs and paperwork.
Properties available for foreigners to invest in are apartments, condos and villas. They will all vary in cost and amenities and its advised to take your time investigating these and comparing what they offer. For example, the same property can hugely vary in price from area to area. Plus, you need to think about what amenities are essential for you to have nearby like beaches, bars, leisure facilities and open spaces for example.
An expert property agent who knows the area, can guide you to the best deals which a foreigner might not always get shown. Language can also be a barrier and your property agent can help with this. Investing in an experienced Thai property agent is well worth it and will save you time, money and headaches.
Foreigners cannot own land in Thailand, but they can own property on land. Ways around this are by entering into a leasehold. This is usually 30 years and can be renewed. Another way is to share ownership of a Thai Limited company. The company owns the land to which you can own 49% of the shares. An exception is US citizens, who can have full ownership of a Thai Limited company.