How to safely buy property in Phuket?

In this article, we publish a step-by-step guide on how to avoid pitfalls and protect yourself from regrets after buying a property.

All steps are divided into two parts. The first is the basic level of how to buy real estate from the developer or from the owner in the secondary market.

The second part is an important addition for those who buy objects during construction or at earlier stages.

Purchase of a finished object

Step 1. Determine which form of ownership is needed: leasehold or freehold. From the right choice depends on the price of real estate and the ability to transfer it by inheritance.

Leasehold – long-term lease for a period of 30+30+30 years.

Freehold – registration in the property.

Apartments: in any project, 51% of apartments can be issued in leasehold and 49% in freehold. Apartments in different forms of ownership differ in price. Similar apartments in freehold will cost more than a leasehold by 10-30%. The size of this margin depends on the developer. If you buy an apartment for the purpose of investment, it is more profitable to take a leasehold. For living and inheritance, consider freehold.

Villa: the building can always be issued in freehold and the land for a foreigner can be legally fixed in several ways. Consult with an agent or lawyer about the reliability of methods for each specific case.

Step 2. Check the chanot - a document confirming the ownership of the land. Ask the seller to provide a copy.

Step 3. Determine the final cost and payment procedure. Be sure to check what promotions and discounts are valid. Usually, the developer offers several payment options to choose from, and the size of the total amount depends on the order of depositing funds. When reselling from the owner, also ask this question. Individuals, as a rule, go to meet and offer several payment options. A competent agent takes care of these negotiations.

Step 4. Learn about the guaranteed income program and its conditions: how much interest, in what terms and whether there are restrictions on residence for the owner (usually only in the low season and no more than two weeks a year). Not every developer offers such programs.

Step 5. Understand in detail what is included in the cost of real estate: a package of furniture with a specific specification or indication of "all that is", decor elements, air conditioners, household appliances, dishes and other household items.

Step 6. Calculate the taxes you will have to pay.

Step 7. Make a list of contributions and payments that await the buyer after the transfer of ownership: depreciation fee, payment for the common area, telephone, Internet, television, cleaning, minor repairs and maintenance - what the management company provides, and what will need to be organized independently.

Step 8. Collect feedback about the management company, if any. Calculate the cost of maintenance per month, per year.

Step 9. Demand a contract in English to read and check point by point.

Step 10. Before you buy a property on the beach, learn in detail about the quality of the beach: is it possible to swim, what bottom, how the tides affect the comfort.

Step 11. Study the infrastructure, ask the developer a question about the plans for its development and placement.

Purchase of an object under construction

When you looked at the three-dimensional model of the upcoming complex in the developer's office, went in detail through the eleven steps of the checklist, then there are still four important details left, to ask and to know which is really important.

Разрешение на строительство. Если его нет, то стоит насторожиться и выяснить, по каким причинам разрешения нет. Узнать, когда застройщик планирует получить документ. Иначе вы рискуете получить готовую недвижимость значительно позднее ожидаемого срока.

Какие проекты застройщик строил раньше, сдавал ли в срок. Это даст вам понимание о репутации застройщика и возможность спрогнозировать успех текущего проекта.

Если стройка уже началась, то выясните, соответствует ли стадия строительства сроку. Иначе может оказаться, что вы добровольно вступаете в долгострой.

Plan of your property with clear dimensions, designation of the view from the window and location in the project (building, floor). Review this document to avoid incorrect expectations.

We at InDreams Phuket accompany you at all stages of your purchase, helping you to check every step and make no mistake.

Write or call us - we will select objects that will suit your needs, and help you buy an apartment in Phuket or a villa on the island safely and safely.