You might be familiar with the concept of a credit bureau, which acts as a repository for our financial history, documenting various credit-related transactions we've been involved in. When we contemplate important financial endeavors such as applying for a home loan, purchasing a car, or obtaining a credit card, financial institutions delve into this data to assess our financial track record. They particularly check for any negative financial history. In this article, PropertyScout is ready to guide you through the straightforward process of checking your own credit bureau. Let's discover how easily you can do it on your own.

What is Credit Bureau?

A Credit Bureau is the 'National Credit Data Company Limited,' which is responsible for collecting data on all your financial transactions, including credit card usage, cash advance loans, home loans, car installments, and more. It records and stores your entire financial history, whether it's good or bad. In simple terms, it serves as an intermediary that provides financial transaction data to various institutions for assessing credit approvals or loan applications.

The process involves examining this data to evaluate spending habits and debt repayment discipline each month. This ensures that when financial institutions or banks approve credit for individuals, the borrowers can adhere to the loan terms and repay debts accordingly. Hence, being 'listed in the Credit Bureau' or 'blacklisted' simply refers to those individuals with a history of poor debt repayment or failure to comply with loan agreements. It does not involve being listed in any specific system.

Checking Credit Bureau

Credit Bureau Monitoring Centers

According to the Credit Information Business Act of 2002, Section 25, for the benefit of data owners and to ensure fairness, data owners have the right to access and review their own information. Credit Bureau Public Company Limited (Credit Bureau) is pleased to provide you with the opportunity to check whether you are listed in the Credit Bureau. The procedures conducted by the company (Credit Bureau Monitoring Center) are as follows:

The 9th Towers Grand Rama 9 2nd Floor (Plaza Zone)

• Opening hours: Mon-Fri 9am-4:30pm (closed on public holidays).
• Available for individual customers and authorized credit scoring (both individuals and legal entities/corporations/legal entities with power of attorney/foreigners). For legal entities, service can also be accessed via registered mail.

Pearl Bangkok 3rd Floor (Bank Zone) (BTS Ari Exit 1)

• Opening hours: Mon-Fri 9am-6pm (closed on public holidays).
• Specifically for individual customers and authorized credit scoring (individuals)/foreigners.

BTS Saladaeng Station

• Opening hours: Mon-Fri 9am-6pm (closed on public holidays).
• Specifically for individual customers and authorized credit scoring (individuals)/foreigners.

Tha Wang Lang, located at the entrance-exit area of the pier, near Gate 8 of Siriraj Hospital

• Opening hours: Mon-Fri 9am-6pm (closed on public holidays).
• Specifically for individual customers and authorized credit scoring (individuals)/foreigners.

BTS Mo Chit Station

• Opening hours: Mon-Fri 9am-6pm (closed on public holidays).
• Specifically for individual customers and authorized credit scoring (individuals)/foreigners.

J-Venue (Nava Nakhon) 3rd floor, adjacent to the Social Security Office

• Opening hours: Mon-Fri 9am-6pm (closed on public holidays).
• Specifically for individual customers and authorized credit scoring (individuals)/foreigners.

The Steps to Take in Checking your Credit Bureau at monitoring centers

Required Documents:

• For Individuals
  • Please present your valid national identification card, passport, or original foreigner identification card for verification.
• For Legal Entities
  • Please provide a copy of the certified document certifying the legal entity, not older than 3 months, and signed by an authorized director.
  • Include a copy of the national identification card or passport of the authorized director and their signature for verification, along with the original documents for inspection.
  • If available, provide the official seal or stamp of the legal entity for the credit information verification application.

The data owner authorizes another person to act on their behalf and provides the following supporting documents:

• For Individuals
  • Prepare the letter of authorization for an individual person, fill in all the required details, and ensure that the signature is complete and accurate.
  • Provide a copy of the national identification card of the authorizing person, along with their signed certification of accuracy, and present the original document for verification.
  • Provide a copy of the recipient's national identification card, along with their signed certification of accuracy, and present the original document for verification.
• For Legal Entities
  • Letter of Authorization for a Legal Entity. Please complete and sign the letter of authorization with all the required details accurately.
  • A copy of the certified document certifying the legal entity, not older than 3 months, and signed by an authorized director, with the official seal or stamp of the legal entity (if available).
  • A copy of the national identification card or passport of the authorized director, with their signature and certification of accuracy, along with the original document for verification.

*Data owners can request to receive the credit report on the same day of application or submit a written request for delivery via registered mail (registered mail delivery costs 20 Baht per copy).

Check Your Credit Bureau Yourself Through the Kiosk

Credit Bureau Public Company Limited (Credit Bureau) provides a self-service Credit Bureau Checking Kiosk (Kiosk) that allows customers to receive various credit reports, including Credit Bureau reports, credit scoring reports, summarized Credit Bureau reports, and Electronic Credit Reports (E-Credit report) via email instantly. Additionally, customers can also obtain printed reports at the counter.

Check Your Credit Bureau Online

The following are ways to check your credit bureau online:

Email Report

• KKP Mobile app, instant credit and credit scoring information via email. For more information, call 02-165-5555.
• TTB Touch app. For more information, call 1558.
• Krungthai Next app, receive credit and credit scoring information via email within 24 hours (subject to Credit Bureau's conditions). For more information, call 02-111-1111.

*Sending the NCB e-Credit Report electronically allows you to receive the information within 3 business days. The service fee is 150 Baht.

Report delivery through Registered Mail

• Option 1: Bank Counters (all branches) of Krungsri, Krung Thai, TMB, Land and House, and GSB. Notify the staff at the counter and present your national identification card.
• Option 2: Use your ATM card from Krung Thai or SCB. If you have a card from another bank, use the ATM of that bank and select the "Credit Bureau Check" menu.
• Option 3: Use the mobile applications for Krung Thai, TTB, and Kiatnakin. Perform the transaction through the bank's mobile app on your smartphone.
• Option 4: Use the online service via the websites of Krungsri and Krung Thai.
• Option 5: At any Thailand Post office counter and Post Office service counter nationwide.

*Once you check your Credit Bureau through these channels, you will receive the registered mail report within 7 business days. The service fee is 150 Baht. For further inquiries, please contact Thailand Post at 1545.

Legal Protection for Data Owners in Case of Loan Denial Due to Credit Bureau Listing

If a financial institution denies or declines your credit application, citing the Credit Bureau under the Credit Information Business Act of 2545, which safeguards data owners, you have the right to inquire about the reasons for the decision. You can easily check your Credit Bureau for free at the mentioned service points by providing your valid national identification card and the credit rejection letter (within 30 days from the date of rejection).

It's worth noting that the Credit Bureau retains payment history for up to 24 months. Therefore, all payment data from the past 24 months will be visible. If you have a history of making timely payments without any delays or defaults, you need not worry about being blacklisted.

Closing Comments

Having a history of late or missed payments, even for a single installment, can result in a negative credit history, being listed on the Credit Bureau, or being blacklisted, a topic commonly discussed. Such payment defaults can create obstacles when seeking loans or pursuing financial goals. It may take around three years to clear the blacklist, leading to missed opportunities for significant investments like buying a house or a condominium. Prioritizing financial discipline before getting into debt is highly recommended for a more favorable financial outlook.

Investors, are you looking for an ideal property to invest in? Let PropertyScout help make your property investment goals a reality today!

In the face of a persistent and challenging inflationary environment, numerous countries, including Thailand, are resorting to raising interest rates as a measure to combat soaring inflation. This surge in interest rates has naturally sparked concerns among prospective real estate investors, as it translates to higher interest costs on home loans. In this blog post, PropertyScout will take an in-depth look at the phenomenon of "rising interest rates," its underlying causes, and provide crucial insights for individuals considering real estate investments amidst this period of increasing interest rates.

What is Interest Rate?

To comprehend 'rising interest rates,' it's essential to grasp that they pertain to the policy interest rate, a vital tool wielded by each nation's central bank for monetary policy. It can be adjusted to boost the economy and investments through rate cuts or curb inflation by raising rates. The central bank utilizes this mechanism to guide economic growth and domestic inflation effectively. Typically, financial institutions' rates are influenced by the policy interest rate.

Causes of Rising Interest Rates

Amidst a severe inflation crisis, central banks worldwide are responding by gradually raising interest rates, resulting in a period of rising rates. The implications of this escalation for the overall economy are significant. Let's now delve into its impact.

When Central Banks Raise Interest Rates, What Are the Economic Impacts?

• Strengthening Baht Value

If interest rates in Thailand are higher than those in foreign countries, foreign capital may flow in for investment or profit-taking in the Thai baht. This is due to the higher returns compared to foreign currencies, leading to a stronger baht value. However, a stronger baht may impact export-oriented businesses, as their revenues could be affected by reduced exchange rates after calculations.

• Cautionary spending by Citizens to avoid debt

As interest rates rise, people become more cautious in their spending, reducing discretionary expenses, and being mindful of excessive debt. With higher financial costs, individuals refrain from accumulating debt as before, which can slow down economic growth and contribute to inflation.

• Delayed Investment

Rising interest rates diminish the appeal of investments, leading people to prefer depositing more money in banks due to higher returns on deposits. This reduced motivation to invest in risky assets is because the returns may not differ significantly from bank deposits. Businesses face higher financial costs from increased interest rates, potentially leading some companies to delay expanding their operations or exercise more caution in investments.

Investing in Real Estate amidst a Rising Interest Rate

As interest rates rise by 1%, borrowers' burden increases by 7%. In this scenario of escalating interest rates, individuals looking to secure a home loan should adequately prepare to minimize the impact of higher interest costs as much as possible.

• Planning to Increase Income and Reduce Expenses to Accelerate Mortgage Debt Repayment and Save on Interest

Amidst rising interest rates, homebuyers can optimize their free time by exploring extra income opportunities and reducing unnecessary expenses. This strategy enables them to boost monthly savings, which can then be channeled towards accelerating mortgage debt repayment, leading to quicker debt relief and lower interest costs.

• Maximize Your Down Payment Savings

When applying for a home loan, a larger down payment results in a reduced loan amount. Consequently, this leads to lighter monthly installments and lower interest costs.

• Compare Loans Wisely: Strive for Low-Interest Rates

Before finalizing a home loan, it's crucial to compare interest rates. This enables borrowers to accurately calculate their repayment obligations. Opting for lower interest rates means a larger portion of each installment goes towards reducing the principal amount, making it a favorable choice, especially during times of rising interest rates for homebuyers.

Choose Fixed-Rate Mortgage Option

Some banks initially offer home loans with low-interest rates, often as fixed-rate mortgages, to attract customers. Later, they may switch to higher floating interest rates, lasting until the end of the loan term. Amid rising interest rates for homebuyers, opting for a fixed-rate mortgage in the beginning helps manage interest expenses over time. As the loan nears the floating interest rate period, interest rates may begin to decline again.

When approaching the floating interest rate period, borrowers can negotiate interest rate reductions or explore refinancing options with their current bank or another institution offering lower rates. However, before refinancing, it's crucial to consider hidden costs like prepayment fees, property valuation fees, and mortgage registration fees to ensure it is a financially sensible choice.

MRTA Insurance

When seeking a home loan, getting Mortgage Redemption Term Assurance (MRTA), a life insurance policy that covers the loan, may lead to a slight reduction in interest rates from banks. Usually, the discount falls between 0.25% to 0.50%. Nonetheless, it is crucial to thoroughly review the terms and conditions to assess if it is a beneficial choice.

Closing Comments

In light of the rising interest rates and their impacts, it is clear that investors must review and adapt their goals and investment strategies to the current situation. Adjusting to the prevailing conditions is essential for achieving successful outcomes. Seeking expert advice and consultation for real estate investment planning, such as from PropertyScout, can be highly advantageous.

Homebuyers, despite challenges from increasing interest rates, can mitigate the burden of mortgage interest through effective planning and preparation. With careful consideration, they can navigate the era of rising interest rates without major financial impacts.

Looking to invest in real estate but you're not quite sure? Get in touch with us at PropertyScout today for tips and tricks to make your real estate investment an epic reality!

Unlocking the Power of MRTA Home Loan Insurance: Your Guide to Enhanced Mortgage Protection. When it comes to securing a home loan, MRTA offers an intriguing proposition – combining life insurance coverage with the mortgage. But what advantages does it bring to borrowers who opt for this protection? And for those considering refinancing with a different bank, what steps should they take with their existing policy? PropertyScout presents all the insights you need in this comprehensive article.

What is the MRTA Insurance?

MRTA, or 'Mortgage Reducing Term Assurance,' is commonly referred to as 'Mortgage Life Insurance' or 'Mortgage Insurance' in Thai. It is a type of life insurance specifically designed to protect borrowers during the period when they are repaying their home loan. In the unfortunate event of an unforeseen circumstance, the borrower can find solace in knowing that the burden of mortgage repayment will not be left to their family. If the borrower becomes unable to continue the mortgage payments, the responsibility would be passed on to the family members, as per the usual principles.

Types of MRTA Insurance

In general, banks can offer various forms of MRTA insurance alongside home loans, tailored to the suitability and financial capacity of the borrower. These insurance options may include coverage with a decreasing sum assured each year based on the remaining loan balance or coverage with a fixed sum assured throughout the loan period. Additionally, borrowers can choose a coverage duration shorter than the loan term if they plan to settle their mortgage before the original timeline.

Benefits

Risk Prevention

With MRTA Home Loan Insurance, unexpected events won't leave your loved ones with the mortgage responsibility. Financial institutions receive payments from the insurance company until the end of the loan term, securing your home and family's future.

Home Loan with Simultaneous Personal Loan

Borrowers can opt to include insurance premium in their loan amount, allowing them to borrow additional funds to cover the insurance cost. This flexible approach lets borrowers customize their insurance coverage without the need for full coverage or throughout the loan term.

Tax Deduction

MRTA insurance premiums are tax-deductible, offering additional tax benefits alongside the home loan interest deduction. By choosing MRTA coverage for at least 10 years, borrowers can deduct life insurance premiums up to 100,000 THB per year, providing financial security and tax savings simultaneously.

Lower Interest Rates

If borrowers choose to have MRTA coverage, they will receive a lower home loan interest rate compared to the regular rate, with a difference ranging from 0.25% to 0.50%. The insurance reduces the risk, offering borrowers a more favorable interest rate.

Certainly, MRTA Home Loan Insurance can be highly beneficial in unexpected events that affect the borrower's life. The insurance payout can relieve the borrower, their family, or heirs from the burden of mortgage payments. However, the significantly higher premiums compared to other insurance types make it a decision that requires careful consideration.

Bank loan officers often advertise that having MRTA insurance can make it easier to get a home loan or even offer lower interest rates if borrowers opt for both simultaneously. This claim may not always hold true as MRTA insurance is purely optional, and it might not necessarily lead to interest savings as advertised. PropertyScout advises borrowers to thoroughly assess the additional costs involved, such as whether they need to take out an extra loan to pay for the MRTA premium, before making a decision.

What to Do with MRTA Insurance When Refinancing? Renew or Reapply?

One common concern among borrowers is what to do with their MRTA insurance when it's time to refinance and switch to a new bank. The situation becomes tricky when the policy's beneficiary is still the previous bank, despite changing to a new one. However, there are two possible solutions to help borrowers manage their MRTA effectively during this transition.

Solution 1: Change the Beneficiary's name

This approach is suitable for MRTA policies that still have sufficient coverage after refinancing, or for individuals who want to keep their existing insurance for peace of mind, even if they don't want to spend extra on additional coverage. At least, it provides some level of protection in case of unexpected events, even if the insurance amount may not fully cover the outstanding loan balance.

Borrowers can request to change the beneficiary's name in their MRTA policy. In this case, the borrower will continue to receive continuous coverage as before, but the beneficiary's name will be updated from the previous bank to the new bank.

However, it is essential to note that the insurance amount in the policy may be lower than the new home loan amount after refinancing. This could be an issue for borrowers who refinance for additional funds, such as home renovations or personal expenses. Also, if the MRTA policy has a decreasing sum assured each year and the coverage amount is lower than the new loan amount with the new bank, the MRTA policy may not fully cover the excess amount.

Solution 2: Surrender the Existing Policy for Cash Value

This approach is suitable for MRTA policies that have accumulated sufficient cash value and can be surrendered to use for other purposes. Borrowers can choose to surrender the MRTA policy to receive the cash value if they no longer wish to continue with the insurance or want to utilize the funds for other needs.

By informing the insurance company of the intention to surrender the MRTA policy, borrowers can receive the cash value. The amount received depends on the duration of the policy in force and the terms and conditions set by the insurance provider.

The cash received can be used for various purposes, such as paying off the old bank to reduce the outstanding loan balance with the new bank, thereby reducing interest expenses. Alternatively, the cash can be used for home renovations or any other necessary expenses.

The surrendered cash can also be utilized to purchase a new MRTA policy with the new bank or for any other beneficial purposes, depending on the borrower's needs.

Closing Comments

In conclusion, the significance of MRTA insurance varies based on individual circumstances. For those who are primary providers for their families and seek to safeguard their loved ones, MRTA coverage is highly recommended. It offers a sense of security, ensuring that unexpected events won't burden their family members in their absence. On the other hand, individuals without dependents or family responsibilities may find MRTA insurance less essential. In such cases, the property would eventually become the bank's asset if anything were to happen to them.

PropertyScout advises borrowers to carefully assess their options when it comes to MRTA insurance during the refinancing process. Whether it's choosing to keep the existing policy, using the cash value for a new policy, or utilizing the funds for other needs, borrowers have the freedom to manage their MRTA insurance according to their preferences.

If you're looking for the right property to invest in, click the links below and get in touch with us to make your dream property investment a reality!

Selling your house may not be an overly complicated task, but it certainly isn't a walk in the park either. Gone are the days when you could simply post an ad online and wait for buyers to come flocking. Today, home sellers must go the extra mile to prepare their properties meticulously before putting them on the market. Why? Because it's the small details that can make all the difference – leaving a lasting impression on potential buyers, speeding up the selling process, and even securing a better price.

In this article, we'll delve into the often overlooked aspects of selling a house that many sellers tend to neglect or underestimate. Join us as PropertyScout reveals these hidden gems, offering you valuable insights on how to impress potential buyers and achieve a successful, lucrative sale. It's time to pay attention to the finer points and turn your home into an irresistible offer that buyers can't resist!

Keep Personal Belongings stored Away

When it comes to selling your home, leaving personal items like clothes, toothbrushes, and family photos in plain sight can be a turnoff for potential buyers. It creates the impression that the house is still occupied, dampening the selling vibe. Ideally, it's best to remove all personal belongings, leaving only essential furniture and minimal decorations for a better selling impression.

Clean the Windows

Many people often forget about the interior mirrors in their homes, whether it's full-length mirrors or clear glass on doors and windows. Did you know that mirrors can be a powerful tool to make your home look brighter and more spacious? However, they can also create a negative impact if they are cracked, marked, or hazy, making your home appear gloomy. Homeowners should ensure all mirrors are clean and, if any are damaged, it's best to replace them. This small step can greatly enhance your chances of selling your house with ease.

Cleaning the Neglected Corners of Your Home

In many houses, there are often dark and cramped corners located in various spots, such as under the stairs, in front of the bathroom, or along narrow hallways. When potential buyers come to view the house, these neglected corners can make the home feel claustrophobic and unwelcoming. Therefore, before selling the house, homeowners should find ways to minimize these dark corners. They can use bright paint, add additional lighting, or decorate with stylish stickers to create a more inviting and pleasant atmosphere.

Carefully check the Electrical and Plumbing Systems

In general, most prospective homebuyers don't just come to view a property with a casual glance. They often test the electrical and plumbing systems by randomly turning on lights and faucets to ensure they are in good working condition. Therefore, it's crucial to have everything properly repaired and functioning to eliminate any worries for both ourselves and potential buyers. Providing a hassle-free experience can greatly enhance customer satisfaction and increase the likelihood of a successful home sale.

Clear out all old and unused items

Selling a house and including household items may not always be the best option. If some items are no longer useful or in poor condition, it's better to dispose of them instead of cluttering the house. A clutter-free environment with only functional and relatively new items creates a more appealing look. Outdated furniture and worn-out belongings can make the house appear less attractive.

Stay INFORMED!

Creating a lasting impression is vital, but there's more to it! These often-overlooked details not only leave a mark on potential buyers but also help them make their decision. And wait, we can't skip the pricing game! Unravel the mystery of proper pricing, a game-changer in the real estate world. Mastering pricing dynamics is the ultimate key to sealing the deal and triumphing in the competitive market. Don't miss out on this winning formula for a successful home sale!

If you are looking for a property for rent or sale, whether it be for residential or investment purposes, then you are at the right place! Click the links below to check out our expansive selection of properties available throughout Thailand to make your dream haven a reality!

Life is a journey filled with uncertainties, where unexpected events can disrupt even the best-laid plans. The dreams we envisioned sharing with our loved ones may be altered by unforeseen circumstances. Yet, amidst the challenges, some responsibilities persist, like "syndicate home loans" - a significant, long-term commitment. If co-borrowers set out on this journey together and tragedy strikes, how does it affect the situation? What steps should the surviving party take? In this article, PropertyScout delves into these questions, providing support to those navigating such difficult times.

How Does the Co-Borrower's Passing Affect Mortgage Repayments?

• In the initial stages, the co-borrower's passing does not immediately impact the existing mortgage for the residential property, which is still under the active loan agreement. The loan contract remains unaffected by the death of either one or both co-borrowers. The status of each co-borrower remains the same as before their passing.
• Changes to the details of the home loan occur when the relevant parties inform the bank about the co-borrower's demise. The bank will then request heirs or estate managers of the deceased co-borrower to sign documents indicating their intention to assume the debt within one year.
• Accepting the debt obligation ties the heirs of the deceased co-borrower to the role of debtors with the bank, taking the place of the co-borrower who passed away. However, there is a limitation that the heirs eligible to assume the debt must have reached legal age.

Does the Co-Borrower's Passing Affect Home Ownership Rights?

The passing of a co-borrower can indeed impact the ownership rights of the home. Initially, when co-borrowers apply for a loan together, each holds a fifty-percent share in the property's ownership. Therefore, when one co-borrower passes away, their fifty-percent ownership share passes on to their heirs. To effect this change, the heirs and estate managers must proceed with the necessary procedures at the local land office. They will need to submit a request for transferring the ownership title from the deceased co-borrower's name to their own. However, this process incurs a transfer fee equivalent to 2% of the property's assessed value.

Various solutions for a Syndicate Home Loan after your Co-Borrower's untimely death

The following are possible solutions for your syndicate home loan in the event of your co-borrower's untimely death

If your late co-borrower has MRTA Insurance

MRTA, or Mortgage Reducing Term Assurance, is a life insurance option that borrowers or co-borrowers can choose when obtaining a loan from a bank. This insurance provides coverage for the insured individual in the event of death or permanent disability. In case of such an unfortunate event, MRTA will pay off the outstanding home loan amount based on the coverage amount chosen by the insured. Therefore, if a co-borrower has taken out MRTA insurance, the insurance payout will be used to settle the remaining mortgage debt.

Example

If the home loan amount is 2 million Baht and there are 2 co-borrowers, each co-borrower is responsible for 1 million Baht of the debt.

Suppose one of the co-borrowers takes out MRTA insurance with coverage of 600,000 Baht. In the event of their passing, the insurance will pay out 600,000 Baht to settle a portion of the co-borrower's debt. This leaves a remaining outstanding debt of 400,000 Baht, which will be the responsibility of the deceased co-borrower's heirs to assume and repay.

Your late co-borrower's heirs

In the event that the heirs of the co-borrower show intent to assume the debt, the outstanding loan amount they would need to co-repay with the remaining co-borrower is equal to half of the latest remaining debt. To be eligible to take over the loan repayment, the heirs must have reached legal age and undergo an evaluation by the bank to determine their ability to meet the financial obligations as co-borrowers. This evaluation considers their income and the amount of debt they can comfortably manage.

Continuing the installment payment on your own (if possible)

In the case where an individual has the capability to continue repaying the loan both for themselves and on behalf of the co-borrower who passed away, the bank does not consider it a problem. However, there is an issue to address. Half of the ownership rights to the house still remain with the heirs of the deceased co-borrower.

Seek another co-borrower

The co-borrowers can find a new co-borrower to assist with continuing the home loan, but there is a condition that the new co-borrower must have a family relationship with the existing co-borrower. The request to change the co-borrower can be communicated to the bank, which will assess the new co-borrower's ability to repay the loan similar to a new loan application.

Typically, the bank accepts a debt burden of around 40-60% of the co-borrower's income. For example, at Kasikorn Bank, if the borrower's income is below 30,000 Baht, the debt burden can be up to 40%. If the income is above 30,000 Baht, the debt burden can be up to 50%. For incomes of 70,000 Baht and above, the maximum debt burden can be up to 60%, and so on.

If you can't continue paying on your own, nor can you find a co-borrower

In this case, the bank will provide a period of time for the co-borrowers to find a new co-borrower, and they may offer flexible repayment options during this period. For instance, Kasikornbank allows a 3-month grace period for paying only the interest. However, if the co-borrowers are unable to find a new co-borrower within this timeframe, they may have to sell the property to an external party. To do this, they must coordinate with the estate manager of the deceased co-borrower to obtain consent for the joint sale since a single co-borrower cannot sell the property independently.

Ultimately, if they cannot sell the property or repay the loan, the bank will consider both the original co-borrowers and the heirs of the deceased co-borrower in breach of the loan agreement.

Closing Comments

In the event of a joint home loan where one of the co-borrowers tragically passes away before completing the repayments, we at PropertyScout offer our heartfelt condolences to those going through this difficult time. Remember, the key is to act quickly and inform the bank of the situation to discuss possible modifications to the loan agreement. The heirs or estate managers, deemed capable of continuing the repayments by the bank, must take charge and continue the loan journey. We stand with you and provide support throughout this process. Stay strong!

For residential or investment purposes, check out PropertyScout's expansive selection of over 270,000 properties throughout Thailand in the links below!

For many individuals embarking on their careers and building up savings, the decision of whether to buy a home or a car first becomes a universal dilemma. Both are crucial investments that enhance convenience and comfort in life. However, choosing between the two can be a daunting task. In this article, PropertyScout will delve into the principles and factors to consider when making this pivotal choice. Let's explore together!

Why not Both?

Simultaneously buying both a home and a car may not be feasible, especially for those just starting their careers. The cost of acquiring both assets can be substantial, and if one's income is not sufficient, it's crucial to avoid exceeding a 40% debt-to-income ratio.

Let's consider the benefits of purchasing a house or condominium. It eliminates the need to pay rent to someone else and serves as an appreciating asset over time. However, the initial cost is significant, and the long-term commitment of a 20-30 year mortgage should not be taken lightly. On the other hand, buying a car can greatly enhance commuting convenience. Yet, cars tend to depreciate rapidly, making them a less attractive long-term investment. Therefore, if income is limited, it's advisable to prioritize purchasing one item at a time.

Consider your Preparedness before buying a home or car

For salaried individuals or those who have recently started working with limited income, the prospect of buying both assets simultaneously requires careful consideration. It's essential to assess which purchase takes priority based on individual needs and circumstances.

As there are no strict guidelines to determine whether one should buy a house or a car first at a specific age, the decision varies depending on each person's readiness. Let's explore further to see whether buying a home or a car is more suitable for each individual.

Why should you buy a house first?

If you plan to start a family

When young professionals enter the workforce or have been working for a while, many begin envisioning their future and desire to establish their own families. This often involves moving out of their parents' homes and aspiring to have a place of their own. Some may contemplate whether buying a home first is a practical choice, allowing them to make payments while they work on building their family. When the time comes, they could be ready to handle mortgage payments, ensuring that the burden of debt isn't overwhelming when the family arrives.

If you are a City-Dweller

For individuals residing in major cities like Bangkok, where public transportation is well-established and efficient, buying a home might take precedence. With extensive coverage of buses and trains within and beyond the city, there are no concerns about transportation. Whether commuting within the city or traveling to other provinces, public transit offers a convenient and accessible option. So, considering these advantages, purchasing a home first could be a favorable decision for city-dwellers.

If you have verified your financial preparedness

However, for those who prioritize owning a home, it is essential to ensure having sufficient savings to proceed with applying for a mortgage. The expenses involved can be considerable, encompassing various costs such as reservation fees, contract fees, down payments, and numerous other fees from the initial booking to the move-in day. Even after moving in, there are additional expenses for interior decoration and maintenance that add up significantly over time.

Apart from the lump sum required for contract-related expenses, there are monthly costs associated with mortgage repayments. These payments must meet the minimum requirements, but it is advisable to have extra funds to expedite the repayment process and reduce the duration of the debt. Owning a home involves long-term financial commitment and responsibility, and careful financial planning is crucial to ensure a smooth and manageable homeownership journey.

Why should you buy a car first?

If you aren't planning on moving

Some individuals may not currently consider family planning or have no intention of starting a family, and they may prefer to continue living with their parents. In such cases, buying a home might not be necessary. However, if the desire to start a family or provide a new home for their parents arises in the future, purchasing a home wouldn't be a problem, especially if they have a history of car ownership. Having a car can make obtaining a mortgage easier.

Moreover, for those residing far from the city or their workplace, requiring extensive and multiple commutes on public transportation, owning a car might become more necessary. It would save time and make the journey more convenient compared to relying solely on public transportation.

Parking Space

Many people overlook the importance of parking space and assume that once they have a car, they can figure out where to park later. However, in reality, it's essential to have designated parking before purchasing a car. The lack of proper parking arrangements can become a significant issue for homeowners, as it tends to create disorder and inconveniences. Unfortunately, this problem has become widespread due to a common mindset where individuals follow the same pattern without considering its implications. As a result, many experience frustration due to the lack of proper parking space, parking in others' designated areas, or even violating parking restrictions. Addressing the parking situation is crucial, especially for those planning to buy a car before a house.

Cheaper than buying a house

The lump sum required for a car down payment is generally smaller compared to buying a house, and it can be saved up in a relatively short time. However, owning a car comes with maintenance costs, fuel expenses, and other similar expenses similar to owning a house. These additional costs need to be budgeted for as well.

Car financing typically involves a shorter repayment period compared to a house, with a maximum of around 7 years. This is faster than paying off a house, which could take up to 10 years or more if there is no lump sum to reduce the loan or when only making minimum payments. To avoid long-term debt, opting for a shorter car financing term allows for a quicker route to saving up for a home down payment.

Preparing the Down Payment

Whether buying a house or a car and seeking a loan from the bank, it is necessary to prepare a significant down payment. Generally, when applying for a home loan, one needs to have approximately 20% of the house's price as a down payment, while for a car loan, around 25% of the car's price is required. Therefore, before making a decision about taking on substantial debt, one must assess their readiness in terms of the down payment funds.

Example

For a house priced at 3,000,000 Baht, it is advisable to have a down payment of approximately 600,000 Baht. Let's assume the plan is to buy the house in the next 2 years, and there won't be any significant windfall gains or lottery winnings. In that case, one would need to save around 25,000 Baht per month.

However, if the monthly savings target is too high and beyond one's capability to save, the goal of applying for a loan might need to be pushed further. For instance, the plan could be adjusted to apply for the home loan in 3 years instead of 2 years, allowing more time for the down payment to accumulate. Alternatively, one could consider looking for a cheaper home option, such as purchasing a smaller house with a reduced price, say, 2.2 million Baht, to ensure that the monthly savings target remains within a manageable range without feeling overly burdened.

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Calculating Affordability for Repayment

After making the decision to buy a house or a car and preparing the down payment, another crucial aspect to consider is the ability to make repayments. This will help determine how much one can afford to spend on the purchase.

Generally, when applying for a loan from a bank or financial institution, the monthly debt burden should not exceed 40-60% of the income. The debt-to-income ratio allowed depends on the monthly income; the higher the income, the higher the allowable debt-to-income ratio. However, it is advisable to keep the monthly debt burden at no more than 30% of the income for the best financial outcome. If the debt-to-income ratio is too high, there is a greater risk of facing financial issues in the future.

Example

Let's say you decide to buy a house first. If your monthly income of 30,000 Baht and a bank's requirement of a debt-to-income ratio not exceeding 40%, the total monthly debt burden should be 40% x 30,000 = 12,000 Baht.

Choosing a repayment period of approximately 20 years, one can request a loan amount of around 1.3 million Baht from the bank. However, if the decision is to buy a car first, with a car price of approximately 600,000 Baht and a 5-year repayment plan, the monthly installments will be around 11,000-12,000 Baht.

Closing Comments

After carefully considering both options and finding that neither meets the necessary criteria or appears suitable, it becomes crucial to reconsider and thoroughly evaluate the decision. The first step is to assess the actual need for these purchases at this particular time. While purchasing a house involves higher and more extensive expenses, from the initial reservation to ownership and occupancy, it also offers the potential for long-term returns, especially when considering factors like location and monitoring the real estate market.

On the other hand, cars generally depreciate over time, yet they offer the undeniable convenience of transportation. Before finalizing the decision to buy either property or a car, it is essential to prioritize the necessity and carefully evaluate personal readiness. The commitment to such significant purchases means committing to debt repayment over several years, making it crucial to ensure that the down payment is sufficient, and the monthly installments are manageable. By adopting this approach, it becomes possible to prevent potential financial difficulties in the future.

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Thinking about real estate investment and considering expanding your portfolio or purchasing two houses at once? The prospect of financing two properties simultaneously can raise some doubts, particularly if you still have an existing mortgage. In this blog post, PropertyScout offers valuable insights and guidance to shed light on the feasibility of dual home financing and securing necessary loans.

Is it possible to finance TWO houses?

Is it possible to have two mortgages at the same time? While it is feasible, it depends on the specific conditions set by the bank. Typically, most banks allow a single borrower to finance around three properties, including houses, townhomes, or condos. Here are the details to consider.

Example

How to finance two homes simultaneously

If you plan to finance two houses simultaneously, the key steps for applying for a mortgage with the bank are not significantly different. Borrowers must be well-prepared with the necessary documents, including identification, financial capability proofs, employment verification, and various income-related evidence, such as payslips and work certificates. Additionally, documentation regarding the details of the property to be financed must be provided.

In addition to financial preparation, it is essential to be financially ready since mortgage approval considers income and deducts existing debts to assess the monthly repayment capacity. Once all these aspects are accurate and complete, obtaining approval for a second home mortgage becomes a definite possibility.

Tips for Financing two houses simultaneously

Examine if you have any debt carried over from your first house

Description: While it may be possible to apply for multiple home loans, getting approval to finance two houses simultaneously is no easy task. First and foremost, you should examine the remaining debt of your first home, how much is left to repay to the bank, and the remaining repayment period. This will help you understand the expenses and calculate the total repayment duration.

If you plan to handle two mortgages and the outstanding debt is not too high, it is advisable to settle or pay off the old debt before applying for a second home loan. This prevents taking on excessive debt burden and simplifies the process of meeting the criteria set by the bank for a second home loan application. Moreover, it increases your chances of obtaining a higher loan amount for the second property.

Consider your Financial Readiness and Plan Correctly

Checking your financial readiness and thorough planning are essential, especially for those who have prior experience with buying their first home. Being well-aware of the significance of financial planning becomes even more crucial when undertaking the challenge of financing two houses. The bank's scrutiny intensifies, making it vital to assess your financial stability and plan meticulously to avoid falling into debt traps in the future.

Once you've made a preliminary assessment of your readiness, remember to include other existing expenses you are currently managing, such as car payments, credit card bills, and other miscellaneous costs. If your total expenses amount to over 40% of your income, even with a high income, it might be necessary to put the plan for financing two houses on hold for now.

Refinancing for Lower Payments

Refinancing allows homeowners to request a reduction in home loan interest rates from one bank to another, making it possible to secure a lower interest rate. This option becomes available once you have completed at least 3 years of mortgage payments or based on the conditions set by the bank. Refinancing is a valuable method to decrease the financial burden of paying off your initial home loan before considering a second home loan application.

Example

If you borrow 3 million for a house at an interest rate of 5% per year, your monthly installment would be approximately 17,200 Baht. However, by refinancing at a reduced interest rate of 4% per year, your monthly payment would decrease to 15,200 Baht. Despite the 1% decrease in interest rate, you can observe a significant reduction in debt burden by 2,000 Baht per month.

Seek a Co-Borrower

After securing a mortgage for your first home, you might find that the burden of purchasing a second property becomes overwhelming when considering your reduced repayment capacity after deducting the existing debt of the first home. Fearing the weight of taking on excessive debt or potential bank disapproval, seeking a joint borrower can be a viable solution.

The bank will assess the combined monthly income and existing debts, including credit history, to determine the repayment capacity of both borrowers. It's crucial to carefully study the terms and conditions of various banks since they may differ. Once approved, both primary and joint borrowers become co-debtors, sharing the responsibility for the loan.

What to do next

The ultimate key goal for financing two houses simultaneously is to repay them as quickly as possible, which can be achieved through the following methods:

Pay Extra in every Installment

The most crucial target for financing two houses simultaneously is to pay off the mortgages as quickly as possible. Typically, each installment payment includes both principal and interest, with interest taking up a significant portion. To address this, consider paying an additional 10-20% or more on top of each installment. The surplus amount will be deducted from the principal, effectively speeding up the repayment process for both homes.

Pay Extra Annually

For those who find it challenging to pay more each installment, an alternative is to opt for additional annual payments. Instead of the usual 12 installments per year, consider making 13 payments annually. Although the increment may not be a substantial amount, it helps in reducing the principal amount over time. This approach enables borrowers to lessen the burden without putting excessive strain on their finances.

Seize the Chance to Make Extra Payments

Especially during the initial 3 years of mortgage repayment, banks often offer relatively low-interest rates as part of their terms or promotions. Home loans typically follow an amortization schedule, where both the principal and interest decrease over time. Utilizing the opportunity to make additional payments during this period can significantly reduce both the principal and interest, helping borrowers pay off their mortgages more efficiently.

Debt Restructuring

Refinancing with a new bank that offers lower home loan interest rates can help improve financial flexibility for individuals financing two houses or refinancing with their existing bank. This option is suitable for borrowers with a good repayment history, as banks are more likely to consider reducing the home loan interest rates, making the process of adjusting the repayment terms more accessible.

Closing Comments

Venturing into the realm of financing two houses simultaneously is no small feat, as it entails substantial long-term commitments and financial complexities. PropertyScout recommends that those exploring this option should demonstrate strong financial discipline, steer clear of unnecessary debts, and embrace prudent planning for unforeseen circumstances. It's crucial to account for potential scenarios like salary reductions, job insecurity, or termination that might affect their capacity to manage repayments for both properties effectively.

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If you're a condo seller looking to navigate the dynamic real estate market with finesse, you've come to the right place. In this comprehensive guide, we'll delve into the three powerful methods of selling condos: Reservations, Down Payments, and Transfers. Each approach offers unique advantages to help you seize the perfect opportunity and become a key player in the realm of homeownership. From quick returns to long-term profitability, we've got you covered. Get ready to gain valuable insights, hone your selling strategies, and embark on a rewarding journey to elevate your condo sales game to new heights. So, let's dive in, embrace the possibilities, and unlock the door to your condo selling success!

Reservations

Condo reservation refer to a process where individuals confirm their interest in a condominium property. It doesn't grant ownership rights but secures the desired unit temporarily. To ensure you don't miss out, keep track of project websites for registration and sales launch dates, including sales office locations. Investing in condo reservations can be profitable; targeting those who missed booking or recently discovered an appealing project. Mostly located near transit, competitively priced, buyers may offer premiums to reservation sellers, creating a lucrative investment opportunity for them.

Benefits

Condo reservation sales offer a unique investment opportunity with short-term returns. Typically spanning around one month, investors aim to capitalize on the price difference before the official contract signing with the project owner. Sellers of condo reservations can earn a profit margin ranging from 50,000 to 100,000 baht, depending on the project's appeal.

Drawbacks

Known for its investment nature, condo reservation sales come with inherent risks. Before diving in, thorough research is essential. Factors such as location suitability, project developer's credibility, unit positioning, project reputation, and effective marketing campaigns should be evaluated.

Down Payment

As condominium projects often start selling before construction begins to raise capital, interested buyers can immediately reserve their desired unit through a reservation contract. These buyers have the option to pay the down payment in installments while waiting for the completion of the project and the transfer of ownership, following the project's specified conditions.

If a reservation holder wishes to sell the condo before the ownership transfer date, they can do so by assigning the buying contract to another person. This process allows the reservation holder to sell the condo, and the new buyer continues paying the remaining down payment installments. It's a flexible way to secure your dream condo and an opportunity for those who might have to change their plans or financial circumstances before the completion of the project.

Benefits

Selling condos through down payment arrangements offers significant advantages in terms of the amount of capital required. Sellers can become condo owners with minimal expenses, aside from the reservation fee, contract fees, and monthly installment payments. Moreover, if the reserved condo becomes highly sought-after, sellers can increase the down payment price to capitalize on market demand and boost profits. Additionally, sellers are spared from the complexities and expenses of transferring ownership, making the process hassle-free and cost-effective.

Drawbacks

Despite the allure of condo down payment sales for investment purposes, there are notable drawbacks and risks that both sellers and buyers should be aware of. Many projects are aware of the profit potential in selling down payments, leading to the imposition of significant fees for contract assignments. Sellers may incur substantial expenses when executing these transactions. Additionally, some sales may lack proper ownership documentation, which can erode buyer trust and make reselling or financing difficult. Moreover, buyers may find it easier to walk away from their down payment if the condo project faces challenges or gets canceled, leading to potential complications and delays in refunding their installments. I

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Transfers

Condo transfer sales occur when the current owner, who has legally acquired the rights to the completed condo (with the ownership deed), decides to sell it to interested buyers. Whether the seller resides in the condo, rents it out, or has it mortgaged with a bank, they have the authority to sell their own property. This type of sale is commonly referred to as "reselling a condo" or "secondary condo sales."

Benefits

The key advantage of condo transfer sales is that buyers can make informed decisions and pay for a condo that is ready for immediate occupancy. Unlike off-plan purchases, where construction may not be completed, condo transfer sales offer the certainty of moving into a fully constructed unit. Moreover, if the seller's condo is located in a prime area or has a positive reputation, the property's value increases, allowing sellers to wait for long-term profits. Additionally, during the period before selling, sellers can generate additional income by renting out the condo for short-term periods to contribute to their mortgage payments.

Drawbacks

One of the drawbacks of condo transfer sales is the limited room for customization. Unlike purchasing a pre-construction condo, where buyers can often select specific finishes, layouts, and design elements, condo transfer sales offer little to no flexibility in personalizing the unit. Buyers must accept the condo in its existing condition, which may not align perfectly with their preferences and lifestyle. Additionally, if the condo has been occupied previously, there might be wear and tear issues or the need for repairs, which buyers should carefully inspect before finalizing the purchase. While condo transfer sales offer the advantage of immediate occupancy, the lack of customization options can be a downside for buyers seeking a more tailored living space.

Which Condo Sales Method is most suitable for you?

Urgent Sales

In urgent condo sales, sellers may have personal issues, dislike the location, or face financial difficulties. Even if they are still paying the down payment, they can choose to sell the condo quickly. It's advisable to set the down payment sale price not lower than the amount already paid. In extreme cases, selling the condo at a loss might expedite the process. As for condo transfer sales, if possible, sellers should wait at least one year after becoming the owner to avoid substantial business-specific taxes that might force hasty selling decisions. Being patient can prevent sellers from facing losses and unnecessary pressure during the process.

Short-Term Profits

If you're looking to generate short-term profits from condo sales, we recommend considering condo reservations and down payment sales before the actual transfer of ownership. With these methods, sellers can avoid significant upfront investments and the hefty costs associated with ownership transfers. By selling only the contract to buy, sellers can facilitate a quick and hassle-free process, making it an attractive option for those seeking lucrative returns in a short period. The key lies in reserving and selling down payment condos, making it an easy buy-and-sell opportunity, especially for properties located in prime areas. Secure your investment by reserving a condo before it's too late!

Long-Term Profits

If you're aiming for long-term profits from condo sales, we recommend holding onto condos in prime locations that are already completed and ready for sale. Condo values tend to appreciate over time, similar to the appreciation seen in the housing market. As a condo owner, you also have the option to generate rental income while waiting for the optimal time to sell. However, when investing using this approach, it's crucial for sellers to conduct thorough research and analysis, as not all condos will consistently fetch premium prices. Successful investments require careful consideration of market trends and potential growth opportunities. While the potential for long-term profit is promising, it's essential to approach this investment strategy with diligence and a well-informed approach.

Closing Comments

Congratulations, condo sellers, you've now unlocked the secrets of Condo Sales 101! Armed with the knowledge of Reservations, Down Payments, and Transfers, you hold the key to successful homeownership ventures. Whether you're looking for quick returns or aiming for long-term profit, understanding these sales methods is vital in navigating the ever-evolving real estate market. Remember, condo reservations offer swift opportunities, while down payment sales allow for flexible and profitable investments. For those seeking stability and capitalizing on value appreciation, condo transfers are your ticket to long-term success. So, seize the moment, strategize wisely, and embark on your journey to maximize profits and secure the perfect home for eager buyers. Happy selling, and may your condo sales journey be nothing short of exceptional!

Looking to list your condo for free with no hassles? List with us at PropertyScout today!

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Are you ready to embark on a thrilling journey that unveils the power of controlled destruction and paves the way for new beginnings? Whether you're an aspiring property developer, a homeowner seeking a fresh start, or simply curious about the intricate world of demolition, this blog post is your ultimate gateway. We'll navigate through the maze of regulations, permits, and safety precautions to empower you with the knowledge and strategies needed to transform structures legally. Join us as we break down the walls of confusion and reveal the secrets of demolishing property in a responsible and efficient manner. Get ready to witness the birth of new opportunities and embrace the excitement of turning dreams into reality. So fasten your seatbelts and prepare to demolish the old to make room for the extraordinary!

What to know about Property Demolition

Demolishing property will require an official permit issued by the relevant authorities in accordance with Section 39. The types of houses and buildings that require demolition permits include:

1. Houses or buildings exceeding 50 meters in height, with a distance less than the height of the building from other buildings or public areas.
2. Houses or buildings located within a distance of less than 2 meters from other buildings or public areas.

For example, if your house is taller than 15 meters and there are other buildings or a community in close proximity with a distance of less than 15 meters, you would need to apply for a demolition permit as the owner of the property.

However, there are minor renovation and adjustments that do not require the need of formal paperwork provided that such work adheres to appropriate standards. It is important to note that homeowners should still inform the relevant authorities before proceeding. These cases are governed by the Ministry of Interior's Regulations No. 11, issued under the Building Control Act of 1979.

1. "Increasing" or "decreasing" the floor area of any single level by a total of no more than 5 square meters, without adding or removing columns or beams. If the area exceeds 5 square meters, a permit must be obtained.
2. "Increasing" or "decreasing" the rear area by a total of no more than 5 square meters, without adding or removing columns or beams. If the area exceeds 5 square meters, a permit must be obtained.
3. Making structural changes to the building using materials of the same size, quantity, and type as the original ones. If there are changes in the structural materials, a permit must be obtained.
4. Changing any parts within the house that are not part of the building's structure, using materials of the same type as the original ones or other materials that do not increase the weight of the original structure by more than 10%. If there are changes using different materials or an increase in weight exceeding 10%, a permit must be obtained.
5. Changing, extending, adding, or reducing any area within the house that is not part of the building's structure, without increasing the weight of the structure by more than 10% of the original building's weight. If there are changes, extensions, additions, or reductions using materials different from the original ones or an increase in weight exceeding 10%, a permit must be obtained.

Legally Demolishing Property

Documents Required

Applicants seeking a demolition permit must prepare necessary documents for submission to the district office or local governing body responsible for the area where the demolition will take place. The required documents include:

1. House Plans, which should consist of:

• Floor plans for each floor.
• 2 elevation diagrams.
• 2 cross-section diagrams.
• Bill of Quantities, covering the entire process of demolition, including a detailed breakdown of the materials to be used, ensuring completeness according to the principles of building demolition.

2. Kor.1(ข.1) Application Form.

3. Copy of Identification Card and copy of House Registration of the applicant.

4. Landowner's Consent Letter (used when the applicant is not the owner of the land).

5. Landowner's Identification Card.

6. Copy or photograph of the actual Land Title Deed (Chanote)

7. Documents related to engineers and architects:

• Letter of Consent and Certification from the engineer and architect.
• Copy of Professional License of the engineer and architect.
• Letter of Consent and Certification from the Work Supervisor of the engineer and architect.
• Copy of the professional license of the Work Supervisor.

8. Other Documents:

• Wastewater Treatment System Presentation.
• Calculation list for wastewater treatment system.

*In cases where the demolition involves industrial factories, markets, restaurants, accommodations, or hospitals.

Once all the necessary documents are prepared and complete for the permit application, the applicant can proceed to submit them to the relevant authorities. The applicant is required to pay the application fee on the day of submission. The authorities will then review all the documents and process the issuance of the demolition permit for the applicant.

The Demolition

After obtaining the demolition permit from the authorities, the applicant can proceed with the actual demolition process. The following preparations need to be made:

1. Display project signage for the demolition, providing complete details as required by the Building Control Act.
2. Deliver the construction permit along with the relevant plans to the construction site for demolition.
3. Specify the start and end dates of the demolition, the work supervisor, and provide a letter of consent from the work supervisor to the district office or local governing body for further documentation.

Penalties for Unauthorized Property Demolition

Engaging in demolition activities without obtaining the required permit or failing to adhere to the conditions specified in the demolition permit can result in legal violations. Offenders may face serious consequences, including imprisonment for up to 3 months, a hefty fine of up to 60,000 Baht, or both. Furthermore, a daily fine of up to 10,000 Baht can be imposed for each day of non-compliance with the regulations outlined in the demolition permit. It is crucial to understand and abide by the legal requirements to ensure a smooth and lawful demolition process.

Moreover, in cases where the demolition is not rectified according to the permit requirements or if the homeowner refuses to address the issues, the authorities have the power to issue an order for the complete demolition of the house or building. Non-compliance with such orders can lead to further penalties, such as imprisonment for up to 6 months, a substantial fine of up to 100,000 Baht, or both. Additionally, a daily fine of up to 30,000 Baht may be imposed until the necessary rectifications are made. It is crucial to prioritize compliance with regulations to avoid severe consequences and ensure a smooth demolition process.

Property Demolition Fees and Expenses

When it comes to demolishing a house or building, the cost typically falls within the range of 5,000 to 30,000 Baht. However, keep in mind that the actual expenses can vary depending on factors such as the property's size and the complexity of the demolition process. If you're planning for design or remodeling aspects, additional costs may apply based on the standard rates set by the esteemed Association of Siamese Architects under the Royal Patronage. The following rates cover specific elements of interior design and decoration:

1. The design fee for residential houses with a budget of no more than 10 million Baht is typically calculated at 7.5% of the budget.
2. The design fee for interior decoration with a budget of no more than 10 million Baht is typically calculated at 10% of the budget.

Good luck with your Property Demolition!

Congratulations! You've reached the end of our comprehensive guide to legally demolishing property. Armed with knowledge about permits, documentation, and the necessary steps, you're well-equipped to embark on your demolition journey with confidence. Remember, it's crucial to follow the rules and regulations, ensuring a smooth and lawful process. Whether you're bidding farewell to an old structure or making way for new beginnings, embracing the power of controlled destruction opens doors to endless possibilities. So go forth, unleash your inner demolisher, and witness the transformation that awaits. Good luck with your property demolition adventure, and may your vision for the future rise from the rubble, bigger and better than ever!

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Whether it's through being widowed following a spouse's untimely death or a divorce that led to single parenthood, the journey of a single parent is one marked by resilience and strength. As you embrace the role of both caregiver and provider, there comes a time when the desire for stability and a place to call home takes center stage. Buying a house as a single parent is an empowering endeavor, representing not only a secure haven for you and your children but also a symbol of your determination to build a brighter future. In this blog post, we will explore invaluable tips and insights specifically tailored to single parents who are embarking on the exciting path of homeownership. From financial considerations to finding the perfect neighborhood and beyond, we are here to guide and inspire you as you navigate the thrilling world of real estate, ensuring that your dreams of owning a home become a tangible reality. Get ready to embark on a transformative journey that will leave you equipped with the knowledge and confidence to make informed decisions, creating a lasting foundation of stability and happiness for you and your family.

Assess your Financial Situation

When transitioning into the role of a single parent, managing finances can become one of the most significant challenges. Gone are the days of sharing expenses and responsibilities with a spouse. Whether you have experienced the loss of a partner through an untimely death or a divorce, the financial burden now rests solely on your shoulders. From electricity and water bills to taxes and maintenance fees, these expenses can feel overwhelming without a second income.

Take a comprehensive look at your income, expenses, and savings to establish a realistic budget for purchasing a home. Consider factors such as monthly mortgage payments, property taxes, insurance, and ongoing maintenance costs. Evaluate your credit score and explore options to improve it if necessary. Additionally, research down payment assistance programs or grants that may be available for single parents. By carefully assessing your financial situation, you can gain a clear understanding of your affordability and make informed decisions to ensure a secure and sustainable homeownership journey.

Plan your Finances ahead of time

Given the significant financial implications of purchasing a house, especially for single parents without a second income, it is crucial to proactively plan your finances before diving into the homebuying process. Taking the time to carefully assess your financial situation enables you to make informed and prudent monetary decisions that align with your goals as a single parent and ensure the well-being of your child(ren). By proactively planning your finances, you can set a solid foundation for a successful and financially secure homeownership journey.

Reviewing your Credit

Taking control of your credit history is crucial when preparing to buy a house as a single parent. It's important to obtain a copy of your credit report and thoroughly review it for any issues or errors that could impact your ability to secure a new home or rental. Late rental payments or other credit mishaps could potentially hinder your housing options. To safeguard your financial future, focus on improving your credit history by ensuring that bills and fees are paid promptly. By demonstrating responsible financial behavior, you can enhance your creditworthiness and strengthen your chances of obtaining favorable terms for your new house or condo.

Consider Down Payment

When faced with the challenge of being unable to pay the full price of a home upfront, down payment can be a viable alternative. It serves as a partial payment, typically ranging from 5% to 20% of the total price, required by housing or condo projects to secure a booking. This option allows you to secure your desired home, even in unfinished projects or at pre-sale prices. By utilizing a down payment, you can take advantage of the opportunity to reserve a property and gradually fulfill the remaining payment over time. This flexible arrangement offers single parents a chance to enter the housing market and embark on their homeownership journey with more financial feasibility and convenience.

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Determining your Housing Needs and Priorities

Determining your housing needs is a critical step for single parents venturing into the realm of home buying. As a single parent, your priorities and requirements may differ from those of traditional households. Take the time to assess your specific needs and preferences, considering factors such as the number of bedrooms, proximity to schools, safety, and access to essential amenities. Additionally, envision your long-term goals and evaluate the suitability of the house for your family's evolving needs. By clarifying your housing needs, you can focus your search on properties that align with your lifestyle and provide a comfortable, secure environment for you and your children.

Research the Neighborhood

When determining your housing needs and priorities as a single parent, conducting thorough research on the neighborhood is crucial. By delving into the local community, you can gain valuable insights that will contribute to your decision-making process. Start by examining market trends in the area to understand property values and potential for appreciation, ensuring that your investment aligns with your long-term goals.

Safety is paramount, especially when raising children, so investigate the neighborhood's crime rates and overall security measures. Look into the presence of community policing initiatives, gated communities, or other safety measures that contribute to a secure environment for your family. Additionally, consider the proximity to schools and the quality of education they offer, as well as the availability of nearby hospitals and healthcare facilities to ensure convenient access to medical services.

Take into account the availability of amenities that cater to your family's lifestyle. Research nearby parks, recreational facilities, shopping centers, and entertainment options that can enhance your quality of life. Evaluate the convenience of transportation options and the impact of traffic on your daily routines, considering your commuting needs and the accessibility of public transportation.

Market Trends and Future Development Plans

It's also essential to explore any future development plans for the neighborhood. Identifying potential growth or expansion projects can provide insights into the area's long-term prospects and any anticipated changes that may impact property values or quality of life. Additionally, assess noise levels and consider the overall ambiance of the neighborhood, ensuring it aligns with your preferences and desired lifestyle. By thoroughly researching the neighborhood, you can make an informed decision that matches your housing needs, priorities, and aspirations as a single parent.

Don't be afraid to ask for help

When facing financial challenges related to fees, expenses, and taxes during the process of buying a new house, it's important not to hesitate in seeking help. As a single parent, it's understandable that managing all the financial responsibilities can become overwhelming without a second income. Don't be afraid to reach out to your family members, including those from your former spouse's side, and explain your situation. They might be willing to offer support and assistance during this transitional period. Additionally, reaching out to a trusted friend can help alleviate some of the financial burden by providing a lending hand or offering guidance on navigating the expenses associated with buying a house. Remember, seeking help is not a sign of weakness but rather a testament to your resourcefulness and determination to provide the best for your family.

Consult a Real Estate Agent

Consulting a real estate agent is a vital step for single parents embarking on the journey of buying a house. With their expertise and knowledge of the local market, a reputable real estate agent can provide invaluable guidance throughout the entire process. They understand the unique needs and challenges faced by single parents and can tailor their services accordingly. A skilled agent will assist you in identifying suitable properties within your budget, negotiating favorable terms, and navigating the complex paperwork involved in a home purchase. Their support and professional advice will help you make well-informed decisions, ensuring that your homebuying experience is smooth and successful. By enlisting the services of a trusted real estate agent, you can alleviate stress, save time, and ultimately find the perfect home that meets your needs as a single parent.

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Conduct a House Inspection

Once you have successfully secured the house you have set your sights on, the next crucial step is to prioritize conducting a comprehensive house inspection. This process allows you, accompanied by your real estate agent and potentially a salesperson from the housing project, to carefully assess the property for any issues and ensure it aligns with your needs. During the inspection, don't hesitate to ask pertinent questions regarding the housing project to gather all the necessary information. This is your opportunity to gain clarity on important aspects such as proximity to transportation options for you and your child(ren), the distance to your child(ren)'s school, available amenities in the area, and the quality of furniture or materials used in the construction. The real estate agent and salesperson will be there to address your inquiries and provide the assistance you need to make an informed decision. By thoroughly inspecting the house and obtaining answers to your questions, you can ensure that the property meets your expectations and requirements as a single parent.

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Good luck finding a home as a Single Parent!

Congratulations! You have reached the end of our blog post. As you close this chapter and embark on your new journey as a homeowner, we wish you the very best of luck in this exciting phase of your life. May your new home be filled with love, joy, and cherished memories as you create a nurturing environment for yourself and your child(ren). Remember, you have demonstrated incredible strength and resilience throughout this process, and your dedication to providing a stable and secure home for your family is truly commendable. Embrace this new chapter with confidence, knowing that you have equipped yourself with the knowledge and tools to make informed decisions. Here's to a bright future filled with happiness, growth, and a home that is truly your own. Wishing you all the success and fulfillment in your role as a single parent and in creating a beautiful life for you and your child(ren) in your new home. Cheers to your journey ahead!

Looking for a nice, safe home for the best prices possible for you and your child? Get in touch with us at PropertyScout today to make your dream haven a reality!