The act of purchasing a property is in itself a huge commitment. After all, you need to dedicate a lot of time and energy into doing your research, sorting out your finances, going on many property tours before settling on one, negotiating the terms and conditions of contracts before signing them, and much more.
If you’re looking to purchase a property in Phuket, we have laid out below the steps you’ll need to take.
Stage 1: Decide on the Details
If you jump into the property hunting process without making certain decisions, well, you may find yourself running in place. As a first step, it’s important to ask yourself (and answer) the following questions:
– What’s my budget?
– Which neighborhoods would I like to live in?
– Should I purchase a condo or a villa?
– Should I go for a newly-developed or pre-owned property?
– How big should my condo or villa be?
– How many rooms and bathrooms do I need?
– What amenities and/or facilities should my condo or villa have?
If you’re unable to answer some of these questions, it’s alright as long as you have a general idea of what you’re looking for in a property. As you go house hunting, the missing answers will all come to you!
Stage 2: Find an Agent
When purchasing a property in Thailand, enlisting the help of an agent can be extremely valuable as they have market insights, a plethora of property listings at their fingertips, and the resources to guide you through a property deal from beginning to end. Once you tell an agent your preferences, they are more than capable of shortlisting properties that best suit your wants and needs, saving you time and resources that would otherwise need to be spent on first-hand research.
If you’re on the lookout for a great property agency in Phuket, PropertyinPhuket.com is always at your service!
Stage 3: Go on Property Tours
When you’ve found an agent, the next logical thing to do is—you guessed it right!—go on property tours. After doing your research and pinning down the initial details of your ideal home, viewing properties can help you visualize the space you want to live in and make adjustments accordingly to your answers to the questions in Stage 1.
PropertyinPhuket.com’s multilingual agents have in-depth knowledge of the developments and properties available on the island. They can take you on property tours, and explain its features and answer any questions you have at your pace and in your language. If you want to schedule a property tour, get in touch with the agents.
Stage 4: Get a pre-qualification or pre-approval for a mortgage
Stage 5: Negotiate
If you’ve found the property after going on tours with your agent, it’s time to negotiate, and if you choose to use the services of an agent, they’ll be with your every step of the way. Since Thais are the vast majority of property owners in Phuket and Thailand in general, an agent who is fluent in the language can bridge communication gaps and allow for a seamless negotiation process.
Stage 6: Sign a Contract
Once you’re done negotiating, you should sign a contract with the seller to confirm your commitment to the property. A sales contract is an agreement a seller makes to the buyer agreeing to sell his/her property to the buyer in exchange for a non-refundable deposit, which is normally 5-10% of the property value.
Stage 7: Get a Mortgage
Once you pay the deposit for a property, you’ll need to pay the remainder of the property’s price before the agreed-upon date. Contact a mortgage lender whose terms and conditions best suit your needs.
When you get a mortgage, your lender will give you a fixed sum of money to purchase your property that you need to repay, usually with interest, over a period of years. You don’t actually own your property, which is the collateral, until the mortgage is paid off.
Stage 8: Sign the Deed of Sale
Signing the Deed of Sale is the final step of a property purchase. In fact, you only become full owner once you sign this document at the Thai Land Department. You’ll receive the Deed of Sale and the Title Deed when the transfer of ownership takes place, allowing you to exercise your rights as an owner.
Stage 9: You’re officially the owner of the property!
Once the transfer of ownership is done, congratulations are in order as you’d be the official owner of the property you’ve been waiting to make yours. You can then go on renovating your property as per your liking, move in, and live your dream.
If you’d like to invest in a property in Phuket, contact PropertyinPhuket.com, one of the finest property agencies on the island that is under the Blue Horizon Developments group.