Checklist for Buying Real Estate in Phuket

Phuket is a bustling hub of real estate development, with an ever-growing number of properties on the market. From primary to secondary markets, there is no shortage of projects vying for your attention. However, when buying property in a foreign country, a number of questions are likely to arise. To help you navigate the process, we have prepared a comprehensive checklist for selecting and purchasing a flat or villa on the island. We recommend saving it for future reference.

It's essential to choose an agent who has your interests at heart

While consulting with developers may seem like an obvious choice, they are primarily interested in promoting their own projects. An agent, on the other hand, acts as an intermediary, focused on finding real estate that best suits your needs. With a deep understanding of the market, an experienced agent can help you navigate current trends, select the best form of ownership, and guide you through the entire transaction process. Furthermore, the cost of these services is typically covered by the developer, meaning that you don't have to worry about any additional expenses.

It's important to decide which form of ownership is most suitable for you

Thailand offers two options: freehold or leasehold. We provide a detailed breakdown of each in our article, "Forms of Ownership in Thailand." Regardless of your choice, you will have the ability to sell, gift, inherit, or rent out the property.

Review the portfolio of the construction company to discover which projects they have already successfully completed

The experience of the developer is a crucial indicator for the successful implementation of future projects, including the construction schedule, the quality of materials, the occupancy rate, and the experience in management and rental management.

Ensure that you have checked the ownership certificate, also known as a Chanote

This is the main and only document that confirms your right to ownership.

Familiarize yourself with the terms of the sales contract to avoid any hidden pitfalls

Make sure that the terms are transparent and understandable.

Clarify the final price of the property and discuss the payment plan if you wish to pay in installments

Many developers and private owners offer several payment options. The payment scheme can affect the final cost.

Ask about the guaranteed income program and the rental pool ratio

Developers offer various guaranteed income options, such as 7% for 3-5 years, which means a guaranteed return on investment of 21-35%. The rental pool or rental income can be in a percentage ratio of 60/40, 70/30, or 80/20, where the greater portion of the income is received by you and the smaller portion by the property management company.

Determine who will be responsible for property management and calculate the costs of maintaining the property (➡️ "Property Management").

The territory and rental of your apartment are usually handled by the property management company. When purchasing an apartment or villa, it is necessary to make a depreciation contribution, pay for the maintenance of common areas and property, cleaning, as well as utilities, including communication services.

Payment and property inspection (➡️"Navigating the Transaction Process: Key Stages, Payment Timelines, Essential Documentation, and Tax Considerations")

You can be in Phuket at any stage of the transaction and make acceptance and registration of the property in the Land Department. It is not always convenient for the buyer to be present, so it is not necessary to be on Phuket when making a purchase. We can help you with the acceptance of the property by notarial power of attorney and register ownership rights.

Do you want to protect yourself from possible problems when purchasing villas or apartments in Phuket? Entrust the transaction support to Apart Homes. We will take care of selecting properties for investment and comfortable living, verifying documents, negotiating with developers and property owners, and all of our services are absolutely free for you.

If you have any questions, please do not hesitate to write to us or call us on our social networks, and we will be happy to provide you with free advice on all matters. ⬇️

✔️ E-mail: hello@apart-homes.com

✔️ Phone: +66 83 503 2555

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