DON’T MAKE THESE 5 MISTAKES WHEN INVESTING IN THAILAND PROPERTY
Buying property in Phuket, Thailand is an exciting investment that requires careful consideration. As with any significant investment, it is essential to avoid costly mistakes. Here are the top 5 mistakes that buyers make when purchasing property in Phuket, Thailand, along with some tips on how to avoid them.
- No Title Search
One of the most crucial steps in purchasing property is conducting a title search. It is a comprehensive examination of a property’s history, including mortgages, liens, zoning, and environmental/planning codes. A title search will ensure that the seller has a clear and legal title to the land. - Buying Without a Lawyer
Hiring a lawyer is essential when purchasing property in a foreign country like Thailand. They will guide you through the process, ensure that you fully understand it, and safeguard your investment. - Using the Wrong Real Estate Agent
It is crucial to work with a reputable real estate agent when purchasing property in Phuket, Thailand. It is essential to ask questions about their experience, knowledge, and expertise to find the right agent for you. - Buying into a Mismanaged Project
Purchasing a property in a mismanaged project can lead to delays, issues affecting the design and aesthetics, and issues after completion. Due diligence on any developer you’re interested in purchasing from is essential. - Making a Decision on the Basis of Price Alone
Assessing the price of a property involves considering several variables, such as the quality of materials used in construction, noise levels, flooding, and future construction projects. A knowledgeable agent can help assess market value.
Conduct a title search, and due diligence through a lawyer, find a reputable real estate agent, ensure good property management, and research market value to avoid common mistakes when purchasing property in Phuket, Thailand.
