For first-time buyers, purchasing a house for sale in Bangkok is a big decision that needs a lot of consideration. Especially since it would require spending quite a significant amount of money to purchase a house in one of the desirable areas in Bangkok. We share some useful tips to help you through the real estate purchasing process:
- Find a suitable house for sale in Bangkok. The real estate industry is booming in Bangkok; do your research by visiting reputable real estate sites and seeking the services of real estate agents.
- Research the area. It is not enough to find the house you want to buy. You have to do your homework by finding out more information about the surrounding area your house is located in. For instance, should you decide to live there, are there BTS stations, schools, hospitals, shopping malls, restaurants, and major roads in the vicinity?
- Find a reliable and trusted property lawyer or real estate agent who can guide you through the legal process of buying a property. The land ownership laws in Thailand restrict foreigners from owning land; however, there are ways to deal with it. For example, while owning the land is not allowed, ownership of a house can be registered and transferred separately from the land on which the house was built. To do this, they must have a Thai-registered company, such as a Thai limited company.
- Do your due diligence on the property you want to buy. Due diligence involves doing a title search to ensure there are no problems with the property and it has rightful ownership. Make sure that the details presented in the contract are accurate and valid by consulting a property lawyer before signing the contract.
- Find out the cost of transfer and Thailand property taxes in advance since they will be part of the total purchase cost of the house. The transfer of ownership is subject to income withholding tax, transfer fees, stamp duty, and business tax on registered sale or appraised value.
- Get a consultation from a bank if you need to apply for a mortgage or property loan.
- When you have purchased the house, you must proceed to the Land Office to transfer the ownership. Bring the necessary documents, such as the official documents related to the real estate, passports and IDs of the owner and buyer, the land title deed, the house book (or tabien baan), and the building permit.
Purchasing a house for sale in Bangkok is a significant undertaking, and following the regulations and requirements will make it a smooth process for both buyer and seller. We hope these tips help you find and own your dream home in Bangkok.