5 ways to ensure that your property purchase goes smoothly
Purchasing a property is a big investment, possibly one of the biggest investments that we will make in our lives, so it makes sense to take time and plan what we are going to do. We would do this in our home country, so why wouldn’t you take the time to do the same if you were purchasing a property abroad? This is true if you are looking to make a good investment in Thailand or anywhere else for that matter. You can never know too much when it comes to making an investment of this magnitude, so here are a few hints and tips to help your purchase to run smoothly:
1. Always employ the services of a professional company
It is surprising how many people think that they can save money by not using a real estate agent and arranging the deal themselves. In the vast majority of cases this isn’t true anyway, but it exposes both buyer and seller to a great deal of risk.
In addition to this, a reputable agent will have a large database of properties and will be able to show you a selection that match your requirements. They will also know the local market and be able to advise you on the best projects, and the ones to avoid.
An agent can negotiate on your behalf, knowing what is realistic and what isn’t as well as being able to draw up the necessary contracts and carry out the proper checks. Basically, a reputable agent makes sure that you get what you pay for!
2. Use a reputable lawyer
Notaries don’t exist in Thailand so this role would be carried out by a lawyer. They can advise you through the buying process as well as carrying out due diligence. If contracts haven’t been prepared and organised by your real estate agent, the lawyer can do this, not to mention check any contracts that have already drawn up.
If a lease is involved, a lawyer will be able to help review and draft a lease agreement, including the necessary clauses they may be required to give you total protection. Not using a lawyer at any stage when purchasing a property would be seen as foolhardy. If you don’t have a lawyer, your real estate agent will be able to offer some suggestions.
3. Be streetwise and use common sense
There is no substitute for common sense and “if something sounds too good to be true”, it probably is. You will no doubt see some incredible offers but take your time and do the research. If someone is promising fantastic returns, several percent high than everyone else, you need to ask yourself why?
A good quality property or investment, purchased at the right price, in the right location will bring you the rewards that you are looking for. Be realistic and use common sense and you won’t go far wrong.
4. Find out all you can about the management of the building
Your real estate agent will be able to assist you in finding out all you may need to know about the management company or juristic person running the building. Check on the financial health of the property, what maintenance fees are due or outstanding, as well as making sure you know exactly what you can and can’t do.
5. Think about the resale potential
The best time to achieve a good deal is when you first buy the property. You need to think about what would make it attractive to future buyers should you ever wish to sell. The location, the facilities, the local amenities and its proximity to city are all important. The chances are, if a property appeals to you, it will appeal to others but it is worth taking that little bit of extra time to think before making your final decision.
Anyone looking to make a good investment in Thailand should follow these five simple rules. They will help to stop you getting caught out and provide you with a property that brings you years of happiness and satisfaction. There are lots of great deals when it comes to properties at the present time, so why not take you time to look through them all before making a decision.