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 Thai Property
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02 Jun 09 02:35
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Top Four Mistakes Home Buyers Make (and how to avoid them)
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No inspection, no Thai laywer, disregarding Thai property laws, not reading the fine print
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T-R-E
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...natural and traditional materials, with contemporary light fittings from Scandinavia and Italy...
Visit Falcon Hill, Hua-Hin
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Thailand is one of the most beautiful tourist destinations in the world and to have a home here is like living that dream.
Off late, more and more home buyers are showing interest in Thailand real estate investment and this is good news. Thailand has everything to offer home buyers and those who want to take a home on lease including excellent infrastructure, rapidly growing economy, plenty of attractions in the form of sandy beaches, stunning cliffs, tropical forests, and meandering rivers, and not to mention attractive Thailand Hua-Hin property prices. But as a buyer or an investor in Thai property, you need to be informed prior to making a life-long investment like this. Here are top 7 mistakes that you should not make as a homebuyer:
1.No Inspections: If you are buying Hua Hin real estate property then it is always better to inspect the property before you signing the documents. You need to make it very clear to the seller of property that you will hold the contract to be void if the property in question requires heavy repair job. While inspecting the property check the water tank, septic tank, water flow, molds, pests, and any other potential problem.
2.Not check with a lawyer regarding Thai Property Laws: Thai property laws are very stringent and dont encourage full ownership of Hua Hin real estate to foreigners. Speak to a reputed property lawyer to find out what options are available. You can buy a condominium with much more ease as opposed to a beautiful beach house. It is even easier to lease land vis-à-vis buying real estate property in Thailand. These are some of the aspects that you need to be clear about. You should also clarify from your Thai lawyer the costs involved in the entire process, the paperwork that you need to sign, documents that you need to present and other legal aspects. Take a decision only when you are well informed.
3.Not paying attention to taxes: If you are planning to invest in Thailand real estate then you need to have information regarding the property taxes applicable in Thailand. You will be required to pay certain amount of taxes to Land Office once the property gets transferred from the seller to you. Some of the other costs or taxes involved are the registration fee (2%) and stamp duty of 0.5%. one of the important criteria for setting the stamp duty and registration fee is the appraised value of the property in question. In Thailand, the appraised value of all buildings is Baht 5,750.00 per square meter irrespective of their quality. The other taxes that you might have to consider include withholding tax (1%) and the Business Tax (3.3%).
4.Not reading the terms and conditions: Thailand properties come with various terms and conditions. For example: you will have to first register your lease and then renew it after 30 years. Registration of property is mandatory in Thailand and you need to be aware of this prior to Thailand Hua Hin investment.
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