Mistakes when choosing real estate in Thailand
Purchasing real estate in Thailand is a complex process, especially for foreigners. A lack of understanding of local laws and market nuances leads many to make mistakes. Each mistake can cost significant money and time. From choosing unreliable agents to making impulsive decisions, such errors are common when selecting property in Thailand. To avoid common problems, it's essential to approach the process carefully and consult reputable agents like Apart-Homes. This article will examine the 8 most common mistakes foreigners make when buying property in Thailand.
Paying for Real Estate Agent Services
In Thailand, foreigners often encounter fraud when paying for agency services. The primary issue is that local rules dictate that the seller pays the realtor's fees, similar to the American system. This attracts unscrupulous agents who may demand payment from the buyer under various pretexts. It's important to remember that the payment should be the seller's responsibility, and any demands from an agent should raise a red flag. To avoid falling victim to scams, it is recommended to work with reputable companies with a strong track record.
Discounts on Property Prices
In Thailand, agency commissions have their own peculiarities, and professional realtors are rarely interested in offering significant discounts. When you're offered a "super discount" on a property, it's wise to be cautious: such offers are often a ploy to attract clients. The price of a property through an agent in Thailand should be transparent and based on market value. The temptation of large discounts can lead to financial loss or acquiring a problematic property.
Expensive Post-Sale Services
Post-sale services are another risk area for property buyers in Thailand. Unscrupulous agents may impose unnecessary services at inflated prices, promising help with property management, rentals, or repairs. It's crucial to clarify in advance what post-sale services include and on what terms. Reputable agencies like Apart-Homes offer transparent and favorable terms, helping their clients avoid unnecessary expenses and issues.
Misunderstanding Property Ownership
One of the most serious mistakes when purchasing real estate in Thailand is misunderstanding property ownership. Foreigners can own a condo unit if the foreign ownership in the building does not exceed 49%. However, scammers may claim that foreigners are prohibited from directly owning property and offer their services as "reliable intermediaries." It's important to remember that owning a condominium is a legal right, and there's no need to involve third-party companies for property registration. However, when purchasing, it's important to consider certain legal nuances and ensure all documents are correctly processed.
Misunderstanding Pricing
Unscrupulous agents may convince buyers that more expensive properties are always the best choice. In reality, the price of real estate in Thailand is determined by many factors, and a higher cost does not always guarantee better quality. Differences in location, infrastructure, and housing condition can greatly affect the price. For example, when exploring the Phuket market, you can find apartments within walking distance of the sea at a lower cost than similar properties in the city center. It's always wise to analyze the market and compare offers.
Fake "Hot" Deals
One of the popular tricks of scammers is offering real estate at unbelievably low prices, supposedly with discounts of up to 50% off the market value. However, such "hot" deals are often scams. Genuine discounts on apartments in Thailand do occur, but they rarely reach such levels. If you're offered a property with a large discount, it's wise to be cautious and thoroughly verify the information. We recommend consulting reputable agents like Apart-Homes to avoid such situations.
Buying Property Online
Modern technology allows for the safe purchase of real estate in Thailand, even online, but there are risks. A transparent process involves photo and video demonstrations of the property, real-time communication with the agent, and access to all necessary documents. If an agency avoids these steps or delays, it could be a sign of fraud. At Apart-Homes, you will always receive complete and transparent information about the property, as well as support at all stages of the purchase.
Impulsive Property Purchases for Investment
Investing in real estate requires careful analysis. It's easy to be tempted by an attractive offer, but it's important to consider factors such as location, developer reliability, and future area development. If new projects are planned nearby, it could decrease the value of your property. Scammers often try to sell unprofitable properties, convincing you of their investment potential. To avoid such mistakes, it's best to work with reputable agencies like Apart-Homes.