Here’s our recommended Order of Operations when it comes to buying property:
1 – Choose an ideal location
Location is everything when it comes to buying real estate. With so many diverse options of where to buy property in Thailand, the task of choosing just one unit can be overwhelming. If you have selected an area, you will automatically slash your options, making it that much easier to determine what the absolute best property for you is. Also, because you can essentially find something to suit any price-range anywhere in Thailand, it is best to determine your ideal location even before you set your budget. If you only want to live in Koh Samui, only look there. If you only want to purchase beach-front property, disregard all other options. This will quicken the process for you and will help you feel more assured that when you find something you love, you can be sure that it’s definitely the right property for you.
2 – Determine what you can afford
If you are blindly looking at a market without knowing how much you can (and cannot) afford, you are setting yourself up for a financial struggle. You may see an apartment you love, set your heart on it and then realize its well above your price range. This can then severely disappoint you as a buyer, putting you in a position where you’re not happy with any of the options that you can actually afford and possibly causing you to raise your budget. Sometimes property buyers will have the mindset of “where there is a will, there is a way,” meaning that if there is a property that they really want, they can figure out a way to get it. This may be true as there is the possibility of loans and readjusting mortgages, selling other property, etc. However, it’s still in your best interest to stick to the budget that you set right from the start; to manage expectations and maintain a payment plan that you can definitely afford moving into the future.
3- Find a reputable broker to work with
The key word in this tip is “reputable,” as there are many real estate brokers and professionals in Thailand, but not all are equal in their skills and trustworthiness. Find a broker that seems ultra-familiar with the area, and ideally one that has helped someone you know complete a successful transaction. The right broker will help you navigate overseas fund transfers, and may even be able to help you manage or rent out the property if you are away or can’t put in the time to do it yourself.