Guide to Buying a Condo in Thailand: Tips for Buyers

With bustling cosmopolitan cities, beautiful sandy beaches and steamy rainforests, all soaked in a generous portion of tropical sunshine, it’s no surprise that this Southeast Asian jewel continues to attract visitors from far and wide. It is also no surprise to learn that many of these visitors are keen to stay as long as possible and that buying a condo in Thailand is the goal of many who reach these shores. To find out how to achieve this goal, we invite you to continue reading this guide.

Why Buy a Condo in Thailand?

Aside from the reasons already mentioned above, here are some of the most commonly cited motivations for buying a condo in Thailand:

• Laidback Lifestyle
  Many people buy condos here to enjoy the relaxed lifestyle that Thailand offers on a more long-term basis.
• Investment
  If you believe property prices are likely to rise, a condo in Thailand could be a good investment.
• Income
  You may be able to generate a rental income from your condo if you do not plan to live in it full-time.
• Retirement Accommodation
  Quite a few foreigners purchase condos in Thailand to live in them when they retire.

There are many good reasons to consider buying a condo in Thailand, some of which may be more relevant to you than others. Whatever your reasons for wanting to purchase a property in this part of the world, you can achieve your goal efficiently by following the instructions and advice below.

Step-by-Step Guide on How to Buy a Condo in Thailand

If you are seriously considering buying a condo in Thailand, for whatever purpose, we suggest following the steps below to ensure that you acquire a suitable unit with a minimum of fuss.

• Assess the Market
  Before evaluating individual properties, you need to have a good idea of the current state of the local property market.
• Find the Perfect Property
  Once you have a good idea of the prices that condos in different areas are selling for right now, you can start your search for the perfect property. Of course, your search will be faster and easier with the help of the best real estate agent in Bangkok so don’t hesitate to call if you’d like our assistance.
• Gather the Necessary Documentation
  This will include a Foreign Exchange Transaction Form, a sale contract and personal identification.
• Transfer Funds into Thailand
  Before you can complete the process of buying a luxury condo in Thailand, you will need to transfer enough money into the country to cover the total purchase cost, including all relevant taxes and fees.
• Pay the Seller and Receive Your House Registration Book
  Finally, you can transfer the funds to the seller (assuming all the paperwork is in order) and take possession of your new condo, along with your house registration book.

There may be several, smaller, intermediate steps that need to be completed but the above represents the general process of buying a condo in Thailand as a foreigner.

Top Tips for Finding the Perfect Condo

We asked our in-house experts for their top Thailand condo buying tips and here’s what they had to say:

• Work With Real Estate Professionals
  Whether you want to find a riverside condo in Bangkok for sale at a reasonable price or you’re interested in properties located in another part of the city completely, a real estate agent can help you avoid common pitfalls.
• Double Check Everything
  This advice applies to all documentation but especially to documents that demonstrate your entitlement to purchase a specific property.
• Hire a Competent Lawyer
  To ensure that your purchase complies with all relevant laws and property regulations, we recommend hiring an experienced lawyer.

Above all, at each stage of the buying process, you must confirm every detail before proceeding to the next stage.

Understanding Legal Requirements for Foreign Buyers

You must ensure you are legally entitled to enter the country and purchase a property in Thailand. A good agent and lawyer can help you to do this.

Conclusion

Buying a condo in Thailand needn’t be a difficult or time-consuming process, especially if you enlist the help of local legal professionals and property experts. For expert assistance with condo purchases in Bangkok, contact the team at Citadel. In addition to condos for sale in the capital, we can also help you find condos for rent in Bangkok Thailand. Call or email us to get started.