Whether you're a seller, a landlord, or you're curious about property upkeep, you're in the right place. Property maintenance may sound like a grown-up responsibility. But, it's actually a skill that can help you save money, and increase the value of your home. 

In this article, we'll break down the basics of property maintenance and management. Let's get started!

Why Property Maintenance matters

Property maintenance is important because it keeps properties in good shape. For landlords and sellers, it makes the property look attractive to buyers or renters. Plus, it helps save money in the long run. Because small fixes are cheaper than big repairs.

Regular upkeep is smart for homeowners too. It helps avoid costly problems and keeps your home safe and comfy.

So, whether you're selling, renting, or living in your place, taking care of it is a smart move!

Maintenance Fees

Maintenance Fees, also known as Common Area Maintenance (CAM) fees, are monthly fees of varying amounts depending on the project. In some cases though, these fees may be collected semi-annually while some projects may request them at least a year in advance. Maintenance fees account for general upkeep. This includes regular repair work of common areas and shared facilities. 

Maintenance fees also cover shared facilities such as swimming pools, gyms, gardens, or elevators.

In most cases, these fees range from 40 to 70 baht per square meter. Some larger projects with a more luxurious selection of facilities may ask for higher maintenance fees. This is due to larger upkeep expenses and repair work.

Sinking Fund

A sinking fund applies to new properties. Unlike maintenance fees, which get collected on a regular basis, sinking funds are only collected once every few years.

The sinking fund is for major repairs. this includes repairs like structural repairs or other large expenses that do not occur very often.

A sinking fund is calculated by price/square meter of the living area of the property. Sinking fund payment is due every few years should the need arise.

Basic Property Maintenance Work to Consider before Listing your Property

Clean up and Declutter

The first maintenance work you should consider before listing your property, for sale or rent, is to clean up and declutter. The tidiness and neatness of a property, from houses to condo units, can either make or break a buyer or tenant's decision. Inspect your property in detail as you clean up and declutter personal or unused items.

If you find issues or blemishes, make sure you repair them before taking photos for the listing.

Maintain Shared Facilities and Amenities

For condo projects or villas, maintaining your project's shared facilities is important. This includes cleaning up the swimming pool and gym. Communal bathrooms and fitness equipment should be cleaned. Swimming pool water has to be decontaminated.

For buyers who are looking for condos and villas in particular, shared facilities are another factor that can make or break their decision in addition to the overall property's tidiness.

Check the Electrical and Plumbing Systems

Electrical and plumbing systems are areas that need a lot of attention.

When your buyer or tenant moves in, the last thing they want is faulty electricity or plumbing. Weak water flow or dim lighting will cause complaints.

By performing electrical and plumbing inspections beforehand, you can cut concerns over defects and issues. Not only for yourself but also for your buyers and tenants.

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Bottom Line

It's not only about fixing. It's also about saving money, keeping your space safe, and making a great impression. So, remember, a little effort today can save you big headaches tomorrow. Whether you're a property pro or you're starting out, these tips will help you keep your space in tip-top shape. Thanks for reading, and here's to well-maintained, worry-free properties!

If you're looking to list your property for sale or rent, click the link below to list with us for free! Should you have any questions, our dedicated team will be happy to help you.

From condos to villas, click the links below to begin your next house hunt today!

Many homebuyers may not know what a "Juristic Person" does. You may have heard they collect common area fees for amenities and services. But, you may not know who these juristic persons are. Are juristic persons in housing estates and condominiums the same? And what are their responsibilities beyond collecting fees? To answer these questions, PropertyScout will provide you with the information you need.

What does a Juristic Person do?

The best place to start off is to understand what a juristic person does. A juristic person does property management, which involves ongoing care, maintenance, and upkeep of property. This ensures that residents can use their property effectively and safely, adding lasting value to the community.

According to the legal provisions of the Land Allocation Act of 2000 (B.E. 2543), a juristic person is formed when the property developer or land allocator:

• Sells allocated land exceeding half of the approved number of plots.
• Completes the construction of public utilities according to the project plan.
• Receives approval for the construction of public utilities according to the project plan from the Provincial Land Allocation Committee.
• Prepares a contract for the maintenance and upkeep of public utilities.

Juristic Person Types

When it comes to juristic persons, there are two main categories. "Juristic persons for condominiums" and "juristic persons for housing estates." Both help maintain the well-being of their projects for the benefit of the residents. Now, let's take a closer look at how these two types of juristic persons differ in their roles.

Juristic Person for Condos

A condominium juristic person is a management team structured as a company. They manage, oversee, and maintain various assets in condos' common areas. Each project may have its own set of rules and regulations that differ from one another.

Juristic Person for Housing Estates

A juristic person for a housing estate, established by law, is a management team managing the assets within the housing project. They are responsible for both the common areas and various public utility systems within the community. They also take on the duties of the property developer.

Also , there must be homeowner representatives within the project. They become members of the juristic person for the housing estate. Every homeowner has the right to elect members of the management committee of the juristic person. This ensures that there is a community-driven effort to maintain the housing estate. with homeowner members participating in its management and upkeep.

Scope of Responsibilities

For Condos

• Carry out duties according to established policies and regulations for the residents, which must receive approval from the Condominium Juristic Person Committee and comply with the Condominium Act of 1979 and the regulations of the condominium juristic person.
• Ensure the safety within the condominium project.
• Manage and maintain all common buildings and assets to prevent deterioration and ensure cleanliness.
• Assess the condition of common areas and propose improvement plans to the residents.
• Maintain order and harmony within the project to provide a peaceful living environment for all owners.
• Administer the collection of common area fees from the residents and budget for all related expenses associated with common areas.
• Conduct various meetings such as annual general meetings, public relations, and communication activities, as well as organize events related to community living for the residents.

For Housing Estates

• Fulfill duties in accordance with the regulations of the Land Allocation Act of 2000 and the establishment of a juristic person for the housing estate.
• Maintain and oversee common areas and public utility systems within the project, such as roads, community parks, playgrounds, clubhouses, and all communal garden areas, to prevent deterioration.
• Manage electrical infrastructure and lighting systems within the common areas of the project.
• Supervise parking arrangements along the community roads to ensure a smooth experience for residents.
• Ensure cleanliness and waste management, including garbage collection in front of every house.
• Prioritize the safety of residents within the housing estate.
• Assess the condition of common areas and present improvement plans to residents.
• Maintain order and harmony within the project to provide a peaceful living environment for all owners.
• Administer the collection of common area fees from the residents and budget for all related expenses associated with common areas.

Bottom Line

And that's a wrap on housing and condo juristic persons. Before we go, we'd like to say that both types of juristic persons are beneficial to residents. They help create a more organized management system within the project and reduce internal conflicts. Also, juristic persons enhance residents' confidence in safety. They make sure that amenities are well-maintained. They also contribute to ongoing improvements. Residents can also voice concerns or questions at general meetings.

We hope this article was informative and helpful. If you have any comments or questions, please feel free to leave them in the comments section below.

Looking for a well-organized condo or housing project that welcomes you with open arms? Get in touch with us today to make sure your next move is worth your every penny!

Interest Rate Hike likely to affect the Housing Market

According to analysts, interest rates should not rise as doing so would affect the housing market where demand is weakest. Mr. Therdsak Thaveetheeratham, executive vice president for research at Asia Plus Securities, said the Thai economy passed its valley and could grow by 3.3% this year. He stated that the economy needs to grow by 3.8% in the latter half of the year. This growth might be possible thanks to anticipated results in the fourth quarter. Which estimates suggest could be the strongest of 2023.

With that in mind, interest rates should not rise as baht is one of the world's most resilient currencies. Meanwhile, monetary policy was also excessively tight.

For More Information: https://www.bangkokpost.com/property/2653018/rate-hike-would-likely-hurt-housing-market

Department of Business Development implements thorough review process for businesses

Nominee arrangements see Thai partners holding shares on behalf of foreigners. But the Commerce Ministry’s Department of Business Development has introduced a more thorough business registration review process. This involves assessing financial documents from banks to check on Thai shareholders’ or foreigner-partnered nominees’. This stricter review process ensures that Thai individuals have the financial capacity for independent investment.

For More Information: https://www.nationthailand.com/business/property/40031313

Ananda Cutting Prices for Ready-to-Move-In Units to Boost Liquidity

Property developer Ananda Development Plc will cut prices for its ready-to-move-in residential units. This approach reduces the company's gross profit by 8% and aims to boost liquidity as well as bolstering cash flow amid bond rollover inability risks, along with the Ashton Asoke case.

For More Information: https://www.bangkokpost.com/property/2654017/ananda-opts-to-initiate-price-cuts

Habitat Group and ECG Jointly Invest in a Luxury Condo Project in Pattaya

Property developer Habitat Group and Thai private equity firm ECG Venture Capital have jointly invested in developing a luxury condo in Pattaya. The joint investment aims to tap into strong demand among foreign buyers. According to Habitat Group's chief executive, Mr. Chanin Vanijwongse, this joint venture was the third project they had invested in with ECG.

For More Information: https://www.bangkokpost.com/property/2653427/habitat-group-ecg-jointly-invest-in-condo-project

Are you ready to embark on a journey into the world of property investment? In this blog post, we'll take you on a tour of some of the most enticing regions and cities for property investment. So, whether you're a seasoned investor or you're getting started, let's explore the best destinations for property investments. Get ready to discover where the key to your financial future might just be a property investment away!

The Best Places for Property Investment in Bangkok

Siam

One of the most popular areas in Bangkok is Siam. Nestled in Pathum Wan district, Siam has practically everything you could ask for when it comes to amenities of any kind. Familiar faces aside from its BTS station of the same name include Siam Paragon, Siam Square One, Siam Discovery, CentralWorld, Siam Center, Chatrium Grand Bangkok, MBK Center, Chukalongkorn University, and Samyan Mitrtown.

Nana

Neighboring Asok, Nana features its own BTS station like many other central business districts (CBDs). Foreigners are drawn to Nana due to its abundance of condo projects, shopping centers, and other amenities. Its close proximity to Asok, being one BTS station apart, also allows access to Asok's amenities.

Asok

Speaking of Asok, this district features dozens of amenities ranging from its own BTS stations to shopping malls and restaurants and of course, condo projects. Popular amenities include the Terminal 21 Asok shopping mall, the Celes Asoke condo, and the Ashton Asoke condo. Asok is also one of the most expensive districts when it comes to property, which is evident in the fact that most individuals choose to buy or rent condos near the Asok BTS station in hopes of avoiding traffic congestions.

Phrom Phong

Once again close to Asok and one BTS station apart is Phrom Phong. Much like its counterpart, Phrom Phong is also a well known CBD with various amenities all around. Some amenities aside from its designated BTS station of the same name include Emporium and Emquartier shopping centers, Park Origin Phrom Phong, and The Estelle Phrom Phong. All these known amenities in the Phrom Phong area makes this district adored by tourists and residents alike.

Thonglor

As popular among expats and locals is the Thonglor area, with a sizeable Japanese population in particular. Prices in Thonglor are considerably higher due to high occupancy rates and the obvious proximity to its designated BTS station of the same name. Some other amenities aside from the Thonglor BTS station include Marche Thonglor mall, Somerset Serviced Apartment, Eight Thonglor, Grand Center Point, and Donki Mall Thonglor.

Ekkamai

Moving on, we now have the Ekkamai area. A BTS station away from Thonglor, Ekkamai is home to various amenities ranging from shopping malls to condos and, of course, its BTS station. In addition to its BTS station of the same name, its other amenities include Gateway Ekkamai shopping center, Major Cineplex Sukhumvit, Ekkamai Bus Terminal, RHYTHM Ekkamai, and The Lofts Ekkamai.

Sathorn

Taking one big leap to one of the biggest business areas in Bangkok, here we have Sathorn. Sathorn is the honeypot for skyscrapers, luxury properties, office buildings, along with restaurants and nightclubs or jazz bars. Sathorn is also known to garner a lot of attraction from foreigners as property prices there are relatively high.

Final Verdict

In the colorful tapestry of Thailand's property market, opportunities await those who dare to dream of smart investments. Whether it's the cosmopolitan allure, the tropical charm, or the promise of high returns, Thailand beckons with open arms. So, as we wrap up our journey through these popular regions and cities, remember that the world of property investment in Thailand is a realm where your financial aspirations can take flight. Take a leap, make informed choices, and let your investment story in the Land of Smiles begin!

Whether you're an investor or you're looking to move to Thailand, we've got something for everyone. Get in touch with us today to begin embarking on your new journey!

Are you ready to take a deep dive into the world of sale and purchase agreements? Whether you're a seasoned negotiator or you're starting out, understanding and signing a sales agreement is a crucial step in sealing the deal. In this article, we'll break down the complex jargon and make it easy to understand for everyone. So, grab a pen, get comfortable, and let's unravel the mysteries of sales agreements together!

What is the Sale & Purchase Agreement?

The Sale & Purchase Agreement is a binding and legal contract between two parties, a buyer and seller. The contract is for real estate transactions and finalizes the terms & conditions of the sale, serving as the culmination of the negotiation process of the sale. The contract can come in both English and Thai languages. But whichever language your sale & purchase agreement comes in, it's important that you review the contract in detail before signing it.

What should a Sale & Purchase Agreement Include?

Besides to the seller and buyer's contacts, any sale & purchase agreement should include the following information about the property:

• The description of the property.
• The presence of any mortgages and/or easements.
• The exact address of the property.

The following are factors in which the sale & purchase agreement must mention:

• The Sales Price.
• Property Availability date.
• Deposit Amount.
• Terms of the Payment.
• Ownership Transfer Date.

Conducting a Contract Review

Now that we've covered what a sale & purchase agreement is and what you can expect to see in the contract, let's move onto the most important process that can make or break your agreement. That is the contract review process. It's of utmost importance that you review all details and terms or conditions in the contract in detail before you sign. That way, you are fully aware of your rights and obligations as the buyer, how much deposit you need to pay, and what is the full price. In some cases, assuming the property's construction might not be completed yet, you will also be able to know the property availability and ownership transfer date.

What to consider in a Contract Review

1. Make sure the information mentioned in the title deed is consistent with the sale & purchase agreement and vice versa. What can happen is that information discrepancies can lead to legal issues in a long run. Thus, it's essential to verify the information consistency between the title deed and the sale & purchase agreement. Be sure to also check if the land and building abides by Thailand's environmental and zoning regulations as well as whether or not is has been granted permits by government authorities.
2. Check for the original assessed price of the property and get verification from the Land Department. What might happen is some sellers ask for higher prices than what it's actually worth.
3. The seller must verify that the title deed was legally transferred to the seller and the property acquisition was not through illegal shortcuts. Both parties must also ensure the other party is a Thai citizen rather than a foreigner due to prohibitions from owning land for the latter.
4. Both parties must ensure their rights and obligations are correctly stated in the contract. You can try to negotiate if you wish.
5. It's essential for both parties to carefully review the payment schedule in a sale and purchase contract. Mistakes like incorrect dates or locations for payments can cause significant issues. Also, it's crucial to verify that the payment method and the buyer's payment timeline to the seller are accurately stated in the sales contract.

Once you have reviewed and verified all the information in the sale & purchase agreement, then you can finish off by signing the contract.

Bottom Line

In conclusion, grasping the ins and outs of a Sale & Purchase Agreement is your key to navigating the world of real estate transactions. Remember, every detail in this document carries weight, ensuring a smooth journey towards your dream property. So, next time you're handed that contract, don't be daunted—be empowered. You've got the knowledge to protect your interests and secure your slice of the real estate pie. Happy home hunting!

Navigate your homebuying journey effortlessly with us today. Our property consultant team will be happy to help you find your dream home.

In the world of real estate, lawyers play a crucial role that often remains hidden behind the scenes. Imagine buying your home or investing in a property. It's not only about location or square footage. Lawyers and legal due diligence is the sturdy foundation of a magnificent building. They ensure your real estate transactions stand strong. In this blog post, we'll unravel the mystery behind their vital role, making it easy for you to understand. Whether you're a seasoned real estate enthusiast or you're starting your journey. So, let's dive into the world of real estate law and discover how it shapes your property dreams into reality.

Responsibilities of Real Estate Lawyers

Real estate lawyers help handle transactions and will always be present when signing documents with their clients. It's a lawyer's responsibility to ensure an ownership transfer is legal and in the best interests of the client. Lawyers help review documents relating to sales and purchase agreement, title documents, mortgage documents, and transfer documents.

In case of property disputes, lawyers will help represent their clients should the situation wind up in the courtroom. Lawyers will then get facts from both sides of the dispute and bring the dispute to a resolution.

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Due Diligence in Real Estate

Due Diligence in real estate verifies everything about the acquisition. Steps include researching and analyzing the company, organization, or individual. This helps prepare for a business transaction or investment. It also helps identity and prevent potential risks and liabilities.

Why Due Diligence Matters in Thai Real Estate

Any real estate investment will involve a lot of money. But, there are also risks of scammers or sellers and developers taking advantage of new investors. Thus, investors and buyers should proceed with caution before finalizing any transactions. Failure to conduct due diligence could result in regretful consequences such as serious financial and legal distress for the buyer. So, it's important for the buyer or investor to conduct due diligence before closing deals as sellers will not hold responsibilities for issues they did not discover.

Important Factors to Consider in Carrying out Due Diligence in Real Estate

• Make sure the seller holds the property under a true ownership title. Thus, land descriptions in any title deed must match the Land Department's records. It's also important to prove that the title deed is correct and legal.
• Be mindful of burdens on the property. Remember to review the Register of Records on the back of the title deed.
• Determine who owns the title to the property and may have the right to sell the property.
• Stay mindful of any pending or possible legal action involving the property.
• Ensure the developer has all permits and legal documents for a project that isn't built yet.
• You might need to correct certain sales contract details before signing off.
• Know the details and status of the developer as well as their credibility and amount of registered share capital.
• Understand each party's rights and obligations. This includes who pays the taxes and fees, deposit and balance payment dates, project completion waiting time, and possible remedies in case of completion delays.
• Enlist the help of lawyers to help you review the contract drafted by the seller. Lawyers will help verify that the contract contains proper terms and conditions. Make sure the contract does not contain any terms regarding hidden costs or drawbacks. The lawyer can also negotiate and discuss with the seller on your behalf on any changes until both parties' mutual agreement and the signing of the final contract.

How long is the Due Diligence Process?

The duration of the due diligence process depends on the scenario. Due to the research, it's a good idea to set aside some time to ensure all the topics are covered. Lawyers or consultants will help assess and determine the timeframe for the due diligence process.

Bottom Line

In the grand tapestry of real estate, lawyers and legal due diligence emerge as unsung heroes. They work to protect your interests and ensure that the path to property ownership is secure. Meanwhile, legal due diligence uncovers hidden issues and ensuring that the property you desire is a gem worth possessing. So, remember, when embarking on your real estate journey, these two pillars, lawyers and legal due diligence, are your allies, ensuring that your investment flourishes and your dreams find a solid foundation in the world of real estate.

Looking for a hassle-free process in searching for your dream home? Get in touch with us today and our property consultant team will get back to you as soon as possible.

Welcome to the fascinating world of foreign property ownership laws in Thailand! If you've ever dreamt of owning a piece of paradise in the Land of Smiles, you're in for an exciting ride. In this blog post, we'll unravel the legal intricacies surrounding the ownership of properties by foreigners in Thailand. So, let's dive into this tropical legal adventure and discover how you can make your Thai property ownership dreams come true!

Can Foreigners buy Property in Thailand?

In simple terms, it IS possible for foreigners to buy property in Thailand with a few minor regulations to keep in mind. The first and most obvious hurdle is that foreigners cannot own land and any property owned (such as a condo or one's own company) must not exceed the 49% ownership quota limit set for foreigners (meanwhile the other 51% is Thai-owned). On the flip side of things, foreigners can own condos or structures and buildings located on a plot of land.

Buying a condo is the easiest method for foreigners to own property in Thailand and have their name registered on the title deed (known in Thai as Chanote; โฉนด). Be sure to verify that the title deed is real and officially originates from said property, all of which you can do so at the Land Department.

Buying a Condo

According to the 1979 Condominium Act, foreigners can own at least 49% of the total unit space in any registered condominium building. The buyer must request a letter of guarantee from the condo's juristic person to set out the foreign ownership proportion. Then the buyer must submit the guarantee letter to the Land Department upon ownership transfer.

Common Alternatives for Legally Owning Land

The following are the common alternatives to owning land for foreigners while still abiding by Thai laws.

Long-Term Leaseholds

One alternative to owning land for foreigners in Thailand while abiding by the law is buying a leasehold property. The basic leasing period is 30 years with the option for at least two renewals of the same duration, which totals up to 90 years. While leasehold does not grant complete ownership in the same vein as freehold, leaseholders should at least gain exclusive rights to the property.

Since you are the legal owner of the property, the land possession gets secured. As a result, the lessor cannot claim the property when the lease expires. This is because the property is distinct from the land and doesn't fall under the Civil Law as an integral part.

Setting up a Company in Thailand

If you prefer greater ownership rights without the confines of leasehold terms and conditions, setting up a company in Thailand to buy a property might be a viable option. Foreigners can set up a Thai company for indirect ownership and control as long as the company is at least 51% Thai-owned while the other 49% is foreign-owned and vice versa.

Buying Property via Marriage to a Thai Spouse

The other option for buying a Thai property is getting married to a Thai spouse. This way, you get to settle down and have a family as well as getting a place to call home in one go. Do keep in mind, though, that the property will get bought under the name of your Thai spouse even if you intended to buy the property.

Final Verdict

Thailand's foreign property ownership laws, while complex, offer exciting opportunities for those looking to invest here. With leasehold options and legal safeguards in place, your dream of owning a slice of Thai paradise is within reach. By understanding these regulations, you can begin your journey to becoming a property owner in the Land of Smiles. So, whether it's the bustling cityscape of Bangkok or the tranquil beaches of Phuket that call to you, rest assured that Thailand's real estate market has a place for everyone. Cheers to your future as a property owner in Thailand!

From condos in the bustling cities of Bangkok to pool villas in Phuket, get in touch with us today to begin your property ownership in Thailand!

If you've ever dreamed of owning a piece of paradise in Thailand, you're not alone! Thailand's culture, landmarks, and cities make it a top choice for foreigners. Yet, navigating the property market as a non-citizen can be tricky due to restrictions on foreign ownership. But fear not! Today, we'll explore some alternatives that allow you to fulfill your Thai property dreams with ease. Whether you're a city enthusiast, or a nature seeker, we've got options that will pique your interest. So, let's dive into these creative avenues to make your Thai property dreams come true!

Setting up a Thai Company

If you've got eyes on a Thai Property, one of the alternatives is to set up a Thai company. But, do bear in mind that this option comes with its own set of regulations.

First up, be mindful of the 51/49 ownership quota in which the company's ownership needs to get split up. The former of which, 51%, is Thai local-owned whereas the latter 49% is foreigner-owned. Also, your company needs to get accepted by law as a working business that makes money and includes real Thai investors.

Once you've set up your Thai company, you can then use it to buy a property in Thailand. Due to its complexities, we recommend you to consult a lawyer to help guide you.

Investing through the BOI (Board of Investment)

Another one of the alternatives is to invest through the Board of Investment (BOI). One of the benefits of a BOI investment is the ability to buy residential land for employee housing. But, the investment must benefit the country's economy in the form of assets or bonds.

The investment might also need approval from the Ministry of Interior before benefiting foreign investors. Note that your heirs won't be able to inherit the ownership as these privileges do not extend past your lifetime.

Be a Permanent Resident in Thailand

Being a permanent resident is also a good idea as you'll get more choices. You can stay in Thailand without the need for extension applications as long as you'd like. Your name will also get added to the house registration document. You can also buy a condo without having to make any overseas bank transfers. Being a permanent resident in Thailand will also increase your chance of getting mortgage financing approval.

Buying Leasehold Properties

Another alternative is to buy a leasehold property. The basic leasehold period is 30 years, with an option for at least two extensions, making it 90 years in total. You may not get complete property ownership like buying freehold property, you will gain exclusive rights to the property at the very least.

Getting Married to a Thai Spouse

Another option for buying property in Thailand as a foreigner is getting married to a Thai spouse. But, do keep in mind that your Thai spouse will need to prove that the money used in buying the property was theirs. The Land Department will also need a signed declaration from the couple to verify the money used belongs to the Thai spouse. This means the property will get registered under your Thai spouse's even though you intended to buy the property. You won't get to own the property with your spouse in a jointed manner, so the property will not be a shared asset.

Bottom Line

In conclusion, Thailand's allure is undeniable. With the right alternatives, your dreams of calling this land your own can still come true. So, whether you crave the streets of Bangkok or Phuket's beaches, Thailand welcomes you with open arms. Embrace these alternatives, and let the Land of Smiles become your new home away from home. Your Thai adventure awaits!

Are you looking to relocate to Thailand? We're happy to tell you that you're at the right place! Click the links below to begin your next move with us.

Welcome to the enchanting world of Thai real estate! Thailand offers various types of properties to suit every lifestyle preference. From single houses cocooned in serene neighborhoods to sleek condos in bustling city centers, there's something for everyone. If you crave the tranquility of suburban living, detached houses and townhomes might be your ideal pick. For a touch of luxury, villas are a tempting choice. So, whether you're a first-time homebuyer or a seasoned investor, let's dive into the delightful options Thailand has to offer!

The Types of Properties

Detached House

A detached house in most cases consists of two floors along with two to three bedrooms and bathrooms, one living room, and one kitchen. Detached houses offer maximum privacy but come at a higher cost due to large amounts of space.

Semi-Detached Houses

With similar features to a detached houses, what makes semi-detached houses different from their counterparts are the inclusion of shared walls on one side. This type of house, due to its lack of popularity, may be harder to come by.

Duplexes

A duplex house consists of a central wall and consists of two living units, either side-by-side or on two floors with separate entry points. While a duplex housing plan consists of two floors, the entire duplex house is sold and owned together.

Townhomes

Townhomes are modern style homes with greater interior space and akin to a detached house. In simpler terms, townhomes are like a cross between a house and a condo. Townhomes often have 2-3 floors and some include unique additions such as swimming pools or a gym.

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Apartment

An apartment is a rental room in a building which has one owner. The room consists of basic furniture such as a bed, a closet, while lacking a kitchen so the rental fee is not too expensive.

Condos

Probably the most common type of property available to choose from in Thailand is a condo. Unlike an apartment which has one owner, a condo has individual owners.

A condo is a room sold in one building by a property development company, each building owned by different owners. Buyers have the option to buy or rent the condo units from the owner or a real estate agent. Furniture in a condo unit may vary depending on the type and size of the unit. Basic types of units in a condo include Studio (one room), 1-Bedroom (living room with bedroom), and 2-Bedroom (living room with TWO bedrooms).

Condos also feature the addition of shared facilities such as basics like a swimming pool or the gym. Some luxury projects may get creative with their inclusions with unique facilities such as a Japanese onsen pool or automated elevator parking.

Prices of condo units will depend on the unit type and condition that it's in.

Penthouses

Taking up more than half of a project's floor area, a penthouse is a unique type of condo unit located on the highest floor of the building. Penthouses are often found in luxury high-rise condominiums (though there are some rare instances where they are also in low-rise projects). Penthouse units are a lot larger than common condo units, consisting of multiple rooms ranging from kitchens and bathrooms to bedrooms, living rooms, and maid's rooms. Penthouse units also offer exclusive built-in amenities such as swimming pools, a jacuzzi pool, and a small garden.

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Villas

A villa is a large house found both in rural and urban areas. You may recognize villas as vacation homes for the wealthy. Villas offer a luxurious and exclusive lifestyle as well as a high level of privacy. Villas offer basic amenities such as a backyard, parking space, and unique inclusions such as gardens and swimming pools.

Property Conditions

Bareshell (Unfurnished)

Bareshell units offer only basics such as flooring, walls, and ceilings, while lacking electricity and plumbing systems. This type of property condition would be ideal for you if you would like to start from scratch with customizations of your own. But, furnishing and fitting along with help from technicians or architects will become costly.

Standard (Mildly Furnished)

While standard units are vacant spaces like its bareshell counterpart, standard units feature at least 30% furnishing to help save you money to some extent. For instance, standard units will include electricity and plumbing systems so that you can prioritize your budget with furniture and customizations.

Fully-Fitted (Mostly Furnished)

Further furnished in a way is a fully-fitted unit. Here, in addition to the already-included electricity and plumbing, fully-fitted units feature furnishing to an even greater extent. Included in a fully-fitted are bed frames, kitchen counters, closets, and sanitary ware. With a fully-fitted unit, you get to save even more money with not having to do the fitting and basic furnishing yourself.

Fully-Furnished

While costing a lot more than unfurnished units or standard and fully-fitted units, a fully-furnished unit will ensure you get your money's worth right from the day you move in. Gone are the needs to equip your unit with electricity or plumbing and the need to do every kind of furnishing on your own. Being the most cost-effective unit option, a fully-furnished unit is the most sought-after unit type and condition for condos and other property types.

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Bottom Line

As we end our journey through Thailand's world of real estate, remember that your dream home is a choice away. From detached houses to condos and townhomes, Thailand has something for everyone. Take your time, explore, and make a choice that resonates with your heart. With countless options to choose from, your perfect Thai property is waiting to welcome you. So, as you embark on this exciting adventure, may your home in the Land of Smiles bring you joy, warmth, and endless memories. Happy house hunting!

From condos and penthouses to detached houses and villas, click the links below for an excellent selection of properties ready to welcome you with open arms today!

Are you dreaming of owning a piece of paradise in Thailand? Well, you're not alone! Thailand's landscapes and culture have been attracting people from around the world. But, it's essential to understand the costs involved. In this blog post, we'll break down the fees when purchasing property in Thailand, especially if you're a foreigner. From the purchase price to taxes and other fees, we'll guide you through the financial aspects of turning your Thai property dream into a reality. So, let's dive in and uncover the secrets to owning your own slice of Thai paradise!

Purchase Price

The term Purchase Price is pretty self-explanatory and, chances are, you may have already heard it in one way or another. In real estate, purchase price refers to the total amount in which a buyer pays for a property. A seller and a buyer would agree on a sum after finalizing negotiations, settling on a particular purchase price.

Taxes

The following is an overview on Thai property taxes, the party responsible, and how it's calculated:

Business Tax: Levied on companies and individual owners who held the property for under five years.

Transfer Fee: Charged by the Land Department and collected upon the ownership transfer date.

Withholding Tax: Varies depending on the ownership (individual or company).

Stamp Duty: Not imposed when the business tax is due.

Thai Leasehold Taxes & Fees

The aforementioned property taxes and transfer fees do not apply to leasehold transactions.

Leasehold Transaction Fee

The leasehold registration fee for property is calculated at 1% along with a 0.1%. This results in a 1.1% applied to the total amount of the lease throughout the duration of its full term. The Land Office will collect the leasehold transaction fee upon registration.

Transfer fee of Leasehold Property in Thailand

The same 1.1% tax applies here. This time, though, only for the value of the remaining term on the lease agreement. To calculate, take the full lease amount and divide by the total amount of years. Then, multiply by the remaining years of the lease term.

As with the lease registration, you must pay the transfer fee upon transfer date at the Land Office. In most cases it's your responsibility to pay the transfer fee as a buyer but you also have the option to share it in equal amounts with the seller.

Renewal fee of Leasehold Property in Thailand

The renewal fee is based on the original lease cost, or an evaluation from the Land Office.

How much is Tax on Rental Income in Thailand

Thai residents are subject to a 5% withholding tax. Meanwhile, foreigners are subject to a 15% withholding tax.

Other Fees

Maintenance Fees

Maintenance fees are for everyday repairs and maintenances on your property. This could range from gardening to tidying up the place for upkeeping. Maintenance fees often range from 40 to 70 baht per square meter. Larger projects with luxurious array of facilities may have higher maintenance fees.

Sinking Fund

Sinking fund is a one-time payment, paid to the juristic person by condo unit owners. This covers maintenance and general upkeeping or repair work on the building. As for how much the sinking fund is, it varies depending on the project and its roster of shared facilities.

Final Verdict

In conclusion, while owning a piece of Thailand's beauty is an exciting prospect, it comes with its fair share of expenses. Remember, understanding these costs is crucial for a smooth and successful process, especially for foreigners. By being well-informed and prepared, you can navigate the journey towards your Thai paradise with confidence and ease. So, whether you're envisioning a beachfront bungalow or a tranquil hillside retreat, now you're equipped with the knowledge to take that next step towards making Thailand your home away from home. Happy property hunting!

Whether you're making your next move on your own or as a family, let us lend you a helping hand. Click the links below and let's begin your journey together!