HOW TO RENT OR BUY A PROPERTY IN THAILAND?
Buying or renting property in Thailand can prove to be a long and complicate process: comparing real estate adverts, visiting properties, filling out numerous forms, providing the right financial warranties and so on.
The least you want is to get involved in a process you do not fully understand in a language and a country you do not entirely know. Contacting a professional real estate agency with a wide property portfolio, a long presence in the market, an enthusiastic and competent staff as well as a good relationship with the property owners can make your life much easier.
In Thailand, the real estate market is extremely attractive in terms of price and procedure. The requirements to buy or rent properties in Thailand are easy, compared to most countries. The question of property ownership, along with the quality of life, the strong purchasing power and a favorable tropical climate all year long, led tens of thousands of expats to choose Thailand over other destinations.
In Thailand, the buyer and the tenant do not have any commission fees to pay to the real estate agents for their services. When renting properties, the moving-in can be really fast. You simply need to be present during the inventory inspection and provide the following:
- A copy of your passport
- The lease contract duly filled out (the real estate agency will help you with that)
- A security deposit equivalent to a two-month rent
- A month rent in advance
When renting property in Thailand, the rate is mostly determined by the location of the unit (how close to the business district, amenities and public transportation), its size and date of construction, the number of rooms, if the property is furnished or not and the duration of the contract.
The monthly maintenance costs (electricity, water, Internet, Satellite/Cable) are usually not included in the rent but most rental properties come already furnished. However for those who wish to bring their own furniture, some residences propose unfurnished options.
When buying property in Thailand, the procedure would be a bit longer (it generally takes around a month for a property deal to complete). Once your real estate agent has managed to negotiate an enticing price with a seller for a given property, your lawyer would take care of the whole legal procedure on your behalf (there are no notaries in Thailand).
Your lawyer would first prepare a due diligence report (establish there are no legal problems with the property you are buying), then work on the Sales Purchase Agreement on your behalf (either prepare a draft of the S.P.A and wait for the seller’s lawyer comments or verify the S.P.A already provided by the seller’s lawyer) and last represent you at the Land Office for the transfer of property.
In Thailand, there is a wide variety of properties available for rent or purchase, for all types of budget and needs, ranging from studios, condos and apartments to luxury houses and villas. Most would give access to a pool (private or communal), a gym, a sauna, 24-hour security onsite, parking spaces…
Please do not hesitate to contact the Five Stars real estate agency if you are looking to rent or buy a property in Thailand. We have real estate agents in all resort destinations (Bangkok, Samui, Phuket, Hua Hin, Pattaya and Chiangmai) and would ensure your purchasing experience in Thailand is completely hassle-free from start to finish!
The Five Stars Team.