In 2015, months after the military coup in Thailand, the country—or at least its property market—seems to be getting back on its feet. Despite the political unrest that rocked the nation, the price for single detached homes in the Thai property market surged by about 4.9 percent for the 4th quarter of 2014, the Global Property Guide reported. This came in the heels of an annual house price increase of 4.19 percent in the 3rd quarter. The figure was 4.81 percent in the 2nd quarter and about 5.71 percent in the 1st quarter.
Better Option than Its Neighbors
One of the reasons for the surging popularity of Thailand’s real estate seems to be rooted in the fact that Singapore and Hong Kong’s real estate are deterring buyers instead of encouraging them, FT says. Singapore’s higher stamp duty and the harder to fulfill down payment requirements in Hong Kong are doing their best to kill buyer interest. That makes the housing market in Thailand an affordable option.
Another reason for the rise in foreign investors is the much-improved local infrastructure. It’s mass transit routes make it easy to go around the capital. And with plans to build a railway that goes from China to Thailand and back, for a stretch of 8867 km, interest from these sectors aren’t going to go away any time soon.
Home Buying Tips
So if you’re in the market for property in Thailand, then here are a few tips to help make the search easier for you:
Know what you’re buying
What kind of home fits you need the most? If living in a building with all other tenants appeals to you, then getting a condo might be a good option. You can have access to the building’s facilities such as a pool for your morning swim or a gym for your workouts. If you don’t like the idea of condo living, you could go for a townhouse instead. This could offer you more ground as well as allows you to get away from that cramped and crowded feeling that some condo units tend to give.
Close to your work
It’s ideal to choose a location that’s near your workplace. That or look for dwelling places that’s just a stone’s throw away from major roads or highways as well as transportation hubs. Thailand is well known for its mass transit routes so getting a home that’s near one of these should be easy enough.
Use online listings
You could also use online listing portals. With sites like DDProperty, a detached house is simple enough to find. That way, you won’t have too much trouble commuting to and from work. If you spend too many hours traveling to and from work, you might need to move somewhere closer to consider renting.
If there aren’t good residential prospects right now, then don’t try to rush or force yourself to like a property. Unless it clicks with you, unless it gives you what you want and need, then put off spending on a house. Consider renting instead. It’s a good option for you while you wait out the market. If you’re under a deadline—your lease is ending and you need to move—don’t try to convince yourself that buying property is the better option for you. You might find yourself in too much of a rush that you might not give the thought the time it and clarity it needs.
Check out photos and information
Photos improve buyer reception. Shots that really present the house in the best light are all well and good. But know enough to look beyond the trappings of the photos posted on the listing site. Look past the staged furniture and lightning to the architectural details and bones of the space. Examine the home carefully, from its size to the location and type, before you decide if it’s the right one for you. That means seeing it face to face.
Pay a visit
There’s only one way to find out if it’s the right one for you. That means paying a visit to the property. Be on the lookout for any signs of infestations, any unpleasant smells or broken or damaged parts of the home. Leaky roof? Noted. Shaky footsteps in the back porch? Noted. Windows that won’t open or budge? Noted. Pay attention to these things. You’ll need the details when you ask for new stipulations or conditions to be added to the contract.
Hire a lawyer
Lawyers have great negotiating skills and that will come in handy for you if you want to renegotiate certain conditions or terms of the contract. With the help of someone who knows how the legal side works and how to make it work for you, you have a much better chance of getting the right home at the right price.