Investing in exclusive pool villas in Thailand come with a range of benefits it offers to the investor. From owning a coveted property in a popular and picturesque tourist location to gaining an attractive return on investment, property investment in Thailand can be highly rewarding.
Buying a property overseas can seem daunting. To make the process easier here are some important tips that will simplify navigating through your property investment journey in Thailand.
Ascertain the Purpose of your Investment
Before you start your property search it is vital that you determine your purpose to invest in pool villas in Thailand. Whether you are buying purely for investment, as a holiday home, or a mix of both, you must know the property's potential. The property location, the expected rental yield, and ease of resale in the future are crucial things to consider before you proceed.
Undertake Preliminary Research
Once you are clear on your purpose of investment it is important to conduct preliminary research. Call some reputed real estate agents and get a viewing. You can also scout popular property portals and local classifieds to know about the local market trends.
Survey the local area, and if possible personally go around the area and see the properties available for sale. Get an idea of the infrastructure, essential amenities, and connectivity. Also, understand the terms of the property. Is it a leasehold or freehold ownership? It is furnished? Are the taxes and utility costs shared? These are certain points you should know about the property before proceeding.
Carry Out a Proper Diligence Check
When you are ready to buy a house in Thailand, especially in certain places like Phuket or Koh Samui, you must carry out a title search on the concerned property as recorded at the Land Department first.
One of the most important aspects of this search is the necessary diligence checks. Namely, you must ascertain if the seller truly owns the land legally or holds any outstanding mortgages, debts, or leases on the property which have not yet been cleared.
If you are planning to buy in an 'off-plan' project ensure that all required documentation such as land & building permits is in your name since the start of construction to avoid any complications in the future.
Also, if you are good with keywords, your title search should also tell you whether the property in question obeys the zoning and environmental regulations or not. It is not humanly possible to carry out such a check without an experienced lawyer or legal consultant's assistance. Thus, you should hire one as soon as possible.
Hiring a Thai Property Lawyer
Foreigners are often, understandably, not well-acquainted with the finer details of the Thai legal system. You should hire a lawyer whose area of specialization is foreign investment. He or she should carefully examine and approve every deposit you carry out and every contract you sign.
Setting up your Own Thai Company
As per Thai laws a foreigner cannot own land in Thailand. However, there is a method by which foreign investors can rightfully own a built structure in Thailand. This process entails establishing a Thai Limited Company where freehold ownership is authorized to the other shareholders on the foreign buyer’s behalf.
The buyer simply needs to employ a lawyer, pay a small fee, and wait for a few weeks for the processing time. The lawyer then appoints the buyer as a Managing Director of the company as a 49% shareholder of the company, with the remaining shares being held by two Thai shareholders who are not associated with one another. This assures complete authority of the buyer over the company and decisions such as replacing the shareholders, developing, selling, leasing, or transferring the property at any given time that they wish to, is completely at their discretion, giving them full-proof safety and rightful ownership of the property.
Find the Right Developer
If you want to buy luxury beach villas in Thailand, you should look for developers who offer end-to-end services, from the initial purchase to management and rental management services. That is because as an investor, you will rarely have the time to take care of your house or entertain visitors there.
You should also give preference to developers who value timely delivery and build quality. If your developer finishes the construction later than promised, you will have to suffer from late rental income. It will help if you check on the past records of the developer regarding the number of projects they have completed successfully with timeliness and quality.
Investing in private pool villas in Thailand can be extremely promising offering great returns. All you need to do is conduct proper due diligence and take assistance from local experts from the real estate industry to ensure a smooth buying process. At SKHAI we offer complete assistance in your buying journey to make it a completely stress free and rewarding investment. Contact our team to learn more.