3 Crucial Things You Should Know Before Purchasing Luxury Property in Thailand
Thailand is one of the recommended countries for property investment. One of the reasons is that non-Thai people can own up to a maximum of 49% of all available condo units in a building. This country also has abundant natural resources and the best business and living conditions. Conrad Villas property agency is ready with a luxury property in Thailand for those who want to invest. Here are crucial things you should know before buying a property in Thailand.
Buying a Luxury Property in Thailand for Foreigners
As a foreign investor, you should know the rules to buy a property in Thailand for foreigners. Nowadays, unfamiliar people or investors can buy condos even up to 49% of all units. On the other hand, there is still a restriction for non-Thai to purchase freehold land.
It doesn’t mean that foreigners can’t buy property in Thailand at all. You can purchase property securely in Thailand with the help of legal support. The process is much easier when using a leasehold agreement or building a Thai limited liability company.
You are asking for help from a specific professional property agency, such as Conrad Villas agency is a good option. The team will help you from the beginning until you get the best property and even after owning the property.
The Requirements to Buy a Condominium in Thailand as a Foreigner
Buying a condominium in Thailand as a foreigner is straightforward. Ensure that you bring local currency or Baht. Then, you can go to the place where you want to buy a condominium or the address of the condominium for sale in Thailand. Ask about the additional requirements there. Follow all the needs, and you will be the owner of a condominium soon.
Land Measurement in Thailand
You also should know the way Thailand property contractors measure the land because it is different from the UK, the US, and Europe. The measurement uses local methods known as Wah, Talang Wah, and Rai. For example, 1-meter land equals 0.5 Wah whereas 1 square meter of land equals 0.25 Talah Wah. 1 acre of land in Thailand equals 2.43 Rai, and 1 hectare of land equals 6.25 Rai.
Land Titles in Thailand
Besides learning the land measurement, you also need to learn the land titles in Thailand. It also uses local methods: Chanote, the Nor Sor 3 Gor, and Nor Sor 3. When you buy a property in Thailand and get Chanote land title, it means that you have full rights over the property. It’s up to you whether you want to subdivide, sell, transfer, assign, utilize, and possess the property. You often get this title when buying a condominium.
You may get a Nor Sor 3 Gor if the property is still waiting for a full title. In this case, The Land Department is still measuring and determining the land and property you own. You still have to change it to a full title or Chanote when wanting to do something with the property.
The Nor Sor 3 land title means that the property and land are not measured yet by the Land Department. It means that you aren’t sure yet the size of the land and property you have. As a result, you can’t sell or transfer this property to others. The best thing you can do is change it to Chanote land title. Indeed, you need to know this knowledge when buying a luxury villa in Thailand, even with the help of an agency.
Read Also: Market a House for a Retirement Fund