Just like in other cities in Thailand, buying property in Phuket can be a make or break decision for every investor. As much as possible, there shouldn’t be any room for mistakes in risking hard-earned money into something that will be regretted after.
According to WWW.THAILANDFLAT.COM/CITY/BANGKOK/ , here are some tips to ensure that you will be avoiding the pitfalls in buying properties in Phuket.
- Before purchasing, be sure that the property has a title search.
A title search is an essential document that explains the property’s background, from the previous to the present owner. Moreover, it is in here that the buyer can confirm its legality check its environmental codes to ensure that proper restrictions have been followed in building the property, and also the mortgages, leases and ownership creditor because these can be largely affected in connection to the future ownership transfer.
- Do not hesitate to get a lawyer to assist you.
The presence of a lawyer is still strongly recommended when buying a property in Phuket despite the permission to buy some even without the presence of legal authorities.
Here are the things why having a lawyer must be considered:
- Especially if you are a foreigner, a lawyer can help you transact and deal since they know the language, legal system, policy, and even the culture.
- A lawyer can help you during the whole business deal and will assure that you understand the entire process.
- A lawyer’s knowledge and experience can safeguard your money, lessening your stress and anxiety.
However, if you will hire a lawyer, you must choose a Thai since they know more about the country and its system better than you do. Do your research and look for a reputable company. Most of all, never replace a lawyer with just legal websites to assist you.
- Do not disregard the need to have a real estate agent.
If a lawyer will aid you in the legal matters of the purchasing, a real estate agent will assist you not just in looking for a property to purchase, but also to aid you in the geographical and the present market in real estate, guiding you in looking for the best property with a fair price.
- Never purchase property in a mismanaged project.
With the huge number of property developers in Thailand, there is always a possibility that you can encounter a not reputable developer.
As a buyer, you can be badly affected in purchasing a mismanaged project because of the following:
- There is always the p
- ossibility of non-completion or delay in property accomplishment
- The negative effect in some areas like its design and over-all appearance
- Possibility of having insufficient materials
- Future issues such as damages and unfixed areas can also happen
To prevent this, always look for either a large development company that is more transparent and more credible or a small development company that is sure to provide you cheaper rates and more flexibility to the individual needs.
- Never decide to buy a property only because of the price.
Aside from the property rate, there are other essential matters to be considered before deciding to purchase the property