Buying property in Thailand can be an exciting opportunity, but it’s important to avoid making costly mistakes. In this article, we’ll discuss the top five mistakes buyers make when purchasing property in Phuket and provide tips on how to avoid them.
- Not conducting a title search: A title search is a thorough examination of a property’s history, and it will ensure that you’re getting what you’re paying for. It will tell you if the seller has a clear and legal title to the land, if there are any mortgages, liens, or other charges against the property, and information on zoning and environmental/planning codes. Clear and legal title, mortgages, liens, encumbrances, and zoning, environmental, and planning codes are all important factors to consider before making a purchase.
- Buying without a lawyer: It’s essential to hire a lawyer when purchasing property in Thailand. As a foreigner, you’re almost certainly unfamiliar with Thai contracts and the country’s legal system, and a lawyer will ensure that you fully understand the process and safeguard your investment. When hiring a lawyer, consider their experience in real estate/contract law, independent reviews of the law firm, and legal fees.
- Using the wrong real estate agent: Real estate agents in Thailand don’t need a license to operate, and it’s important to find a good one. When searching for an agent, ask how long they’ve been working in real estate and living in Phuket, what area of real estate they specialize in, how long their agency has been operating and if it’s registered in Thailand, if it’s possible to speak to any former clients, and if they have any public reviews from independent sources.
- Buying into a mismanaged project: Mismanagement can lead to delays in completion, issues that affect the design and aesthetics of the development, use of inadequate building materials, and issues that arise after completion. To avoid this, conduct due diligence on any developer you’re interested in purchasing from by looking at their previous projects and financial standing.
- Not understanding the local market: The Thai property market is different from other countries, and it’s important to understand the local market before making a purchase. Consider factors such as property taxes, maintenance fees, and the cost of living.
In conclusion, by avoiding these common mistakes, you can make an informed decision when buying property in Thailand. Always conduct a title search, hire a lawyer, find a good real estate agent, conduct due diligence on any developer you’re interested in, and understand the local market before making a purchase. Our Team at 999phuketproperty.com will be happy to assist you, to get your process done smoothly.
