A guide for buying condos for foreigners in Thailand

Thailand is one such place where many foreigners come to either visit, or settle down. It is a really lovable city and affordable. There are many popular attractions and world heritage sites in this place that brings in people from all around the world. Houses for sale in Thailand are not uncommon as many people want to retire in this place. And those who plan on staying are usually single people who do remote working. For them, condos are the best choice. It is affordable and requires low maintenance, as most of the maintaining is done by the association. So who would not want to stay in the beautiful and friendly country of Thailand?

There are many condos for sale in Bangkok, the capital. Hence, here is a brief list of things to remember while buying a condo as a foreigner.

  • Look for popular or reliable estate agents – In Thailand, no law requires real estate agents to have a license. This is why it may be risky and difficult to distinguish between the frauds and the legitimate ones. Buying a property in itself is stressful, and working with an agent will ease the burden and other incentives you may get. But for that to happen, you need a reliable and professional agent who can help you buy your condo. This is why look for agencies that have been reviewed and tested by other people. Ask for recommendations from your peers if they ever bought a condo in Thailand, or ask in social forums. This can save a lot of trouble in the future.
  • Ask for a lawyer – As a foreigner, there are chances you may be living out of the country when you are buying the property in Thailand. During those times, things may get complicated as you will not be physically present to take care of the formalities. This is why having a lawyer, preferably from Thailand itself, is better for a ‘just in case’ situation. This is a good precaution if you are buying it from an offshore company or a Thai company.
  • Be specific about your preferences – Before buying a condo, understand your preferences beforehand. This can be convenient while talking to your agent about the type of place you want to live in. Be specific about the type of location you are looking for and if they need to have any particular facility that you are looking for, and the budget within which you want to buy the condo. There may be properties that are similar in both the price and preferences. In those times, your estate agent can help you make the best choice. Even so, know what you want from the condo that you will be buying or want to buy.
  • Negotiate the rate – There may be many estates with unreasonably high rates, and for no reason at all. Negotiate the necessary rates for the association, security deposits, the utilities, and the property itself. It will be a smart choice not to accept the deal at the beginning itself and settle for a lower price. Estates that are on sale, instead of brand new ones, usually have a lesser price. After you have got to a rate where you can afford it, seal the deal and get your condo.

Washington DC real estate experts The McKenna Group
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