Beginner’s guide to buying your first property: Getting your money’s worth from the start

"Tips & tricks for beginners!"

Many of you who are interested in buying a property will most likely have difficult factors to consider like whether this place is right for you or will you be getting what you pay for. Whatever factor you consider when buying a new house or condo/apartment, today PropertyScout will help walk you through with a beginner's guide to choosing and purchasing the ideal property!

Important factors to consider

Sometimes you end up with a property that you feel is ideal but the price is way out of your reach, making initial property purchasing a significantly challenging task as there are various factors to consider when doing so. Below are key factors to consider when buying your first property.

The price & your budget

Your budget is the top priority to consider when it comes to buying your first property because if you can estimate and manage your budget, finding the right condo that fits your budget will be easier than you ever imagine! Furthermore, prices of condos always fluctuate depending on types of units and various factors, with some offering the same prices for different types of units while some offer similarity both in unit types AND prices.

If you can find an acceptable price rate, an agent or sales representative will be able to give you the right suggestions as you already have a set budget in mind in which you are able to keep in check.

Location

The next financial factor to consider when buying your first property is "Where would you like to live?", as locations vary in the way of lifestyles, amenities, and surroundings.

For instance, if you would like to live near your workplace, you have a couple of options to choose from such as Thong Lor, Phrom Phong, or Ekamai, all of which are considerably high in price. On the contrary, if you are on a tight budget yet you still would prefer to live relatively close to your workplace, Rama 9 may be a suitable alternative to consider.

Going back to the previous point regarding budget, each location prices are different due to equally varying land prices (according to the Treasury Department). For example, it would be more expensive if you would like to live within the CBD (Central Business District) due to a variety of different amenities and key surroundings. On the contrary, if you decide to live in the suburbs or provinces within the metropolitan area in favor of peace, prices will be less as a result.

The condition of the property

Last thing to consider for first-time property buyers is which condition are you comfortable withpaying for, which are either brand new or second-hand, once again with varying prices depending on the condition of the house/unit and amenities within.

Brand New

In case you are interested in a brand new property, there will be two key phases during the purchase:

1. Pre-sale: This is when the condo is available for reservation and purchase before its intended sales period, to which this price will be cheaper than the original price after the construction has been completed.
2. Ready-to-move: This is the more common period for most property buyers, in which the condo has been completely finished in the way of construction, which also means costing at least 1-2 times as much.

Second-hand

Despite the misconception, second-hand property doesn't always mean there are already existing tenants living in said property, but it also means the buyer has listed the property out for sale or rent as well.

Regarding price, second-hand properties can be both expensive and cheap depending on its condition. However, another benefit of considering a second-hand property is any decoration and furnishing will be done for you, eliminating the need for self-furnishing and decorating upon moving in

Q&A For Foreigners

We already explained the factors to consider when buying a property and the options available. But we also thought, "Why stop there?" We're sure there are foreigners who would like to relocate to Thailand and settle down with a property here, so we will be answering some of the key questions foreigners may have as well.

Can I buy a property in Thailand?

Yes, of course, it is legally possible for foreigners to buy property in Thailand. However, please do keep in mind that foreigners are legally forbidden from owning property with his/her name in the title deed, whether it's a house or condo.

Fortunately, foreigners can buy property in the form of condominium as the title deed is not listed in the name of the foreigner, essentially not guaranteeing the foreigner's complete land ownership.

Additionally, the foreigner-to-Thai property purchase ratio is relatively close, coming in at 51% and 49% for Thais and foreigners, respectively.

Am I able to do transactions in Thailand?

Foreigners are able to get a mortgage as well as a loan, with the only condition being that the foreigner must only be a spouse of a Thai local, allowing for guarantee as well as joint borrowing. The Thai spouse must have a career with an income, while the foreigner must have a work permit for no less than one year.

Conclusion

If you made it this far into the article, you will now realize that buying your very first property isn't necessarily as daunting or difficult as it seems at first glance. You just have to know your budget, find the right location, and choose the condition you're comfortable with in order to choose your desired house or condo more efficiently, all of which will allow you to keep your budget and spendings in check.

We hope you found this article useful and informative in buying your first property and we wish you the best of luck in finding your ideal location in your desired location in the most comfortable price and condition possible. In the meantime, let us know what you think in the comments below and thank you for reading from the very beginning until the very end.

Got any further questions? Contact us!

If you still have any further questions regarding the do's and don'ts in buying your first property or if you are a foreigner relocating to Thailand looking to buy a new property, or if you are just looking to buy, sell, or rent a property overall, please don't hesitate to speak up and contact us. Our property consultant team will be very happy to help answer your questions and concerns.