The Thai property market is once again booming after an uncertain few years during the COVID-19 pandemic! This is good news for those who are looking to invest in property overseas. Of course, as much opportunity as there is, it doesn’t mean that you should rush into any financial decisions before doing your due diligence.
In this article we’re going to highlight the most common pitfalls when investing in property in Thailand.
1. Investing without a lawyer
You may be confident enough navigating the real estate market in your home country, but Thailand’s real estate market is likely vastly different and going it alone without the proper legal representation is an unnecessary risk.
2. Searching without a reputable real estate agent
Again, it doesn’t matter how much experience you have buying and selling property, you should always have a real estate agent represent you in Thailand. You’ll have a much easier time finding the best investment opportunities when you have a reputable real estate agent with their ear to the ground. For example, the amazing condos for sale at The Residences At Mandarin Oriental Bangkok may otherwise go unnoticed if you go it alone.
3. Investing on price alone
Price is certainly a critical factor when making your investment decisions, but it’s not the only important factor. For example, your primary focus should be on finding the best, up-and-coming neighbourhoods to ensure that your new investment property is more likely to appreciate in value in the years to come.
4. Purchasing property in a mismanaged project
This is another reason to have a reputable real estate agency representing you. While there are many, many incredible investment opportunities in Thailand—not to mention a wealth of exceptional developers—the nation is not without its inequitable and mismanaged projects. The best lawyers and real estate experts can help you avoid potential project disasters and steer you toward equitable opportunities.
5. Not doing your due-diligence
It can be all too easy to get swept up in the thrill of buying a new property – particularly when distracted with a new and exciting destination. You must take your time, research thoroughly, consult your legal representation, and ensure that you’ve covered every base before you part with your cash and sign your name on the dotted line.
These are but a handful of the common pitfalls that new investors face when navigating the Thai real estate market. Other issues include:
- Failing to conduct a title search
- Not thinking about your future heirs
- Parting with your down-deposit too soon
- Failing to full understand the market
- And more.
Provided you keep an eye out for all of the above pitfalls and take care to proceed with the ideal representation, you shouldn’t have any problems finding the perfect property for you!