Three Things to Know About Real Estate in Thailand
Thailand real estate is popular among Westerners and if you are looking to purchase or rent land in an exotic setting, few places can rival Thailand.
No matter whether you are looking for untamed scenery, bustling cities, or an estate tailored to your idea of paradise, you can achieve it all for an affordable price in Thailand.
Understanding Thailand Property Ownership Laws
Many people are attracted to Thai property because prices are very low compared to western countries, but the Thai government has closed a number of loopholes that foreign citizens were using to become home owners. For example, many people created corporations for the sole purpose of buying land.
Interestingly enough, even if you marry a citizen of Thailand, you cannot become part owner of land in Thailand. If the marriage fails, your spouse will become full owner of the property.
The good news is you can still own condominiums, and there are some nice ones! As a general rule of thumb, if you are thinking of Thai condo or property ownership, you should take the time to discuss the process with a reputable lawyer.
Buying vs. Renting in Thailand
Even though you may be planning on living in Thailand for a number of years, you will be well served by considering rental options. Among other things, you can easily rent property with a 30 year lease. These leases usually allow you to rent the property to other people, as well as enjoy almost every other privilege offered to property owners.
At the very least, these arrangements will enable you to gain access to desirable properties without having to go through all the hassle of trying to own them.
The Importance of Finding a Good Lawyer
Individuals that want to rent or own property in Thailand need the advice of a reputable lawyer. As may be expected, if you have not spent much time in Thailand, it may be difficult for you to find someone. You may want to check government offices, and see if they have a list of recommended lawyers. While this will not guarantee sound legal advice, at least you will not be as likely to fall prey to a fraudulent lawyer.
Once you visit Thailand, you are likely to want to invest in property or housing. While you may not have much difficulty purchasing a building, you may find that you will be barred from purchasing land.
Before you decide that you are going to spend the rest of your life in Thailand, you may want to look at some other countries in the same area in order to find out if they have less stringent property ownership rules.
No doubt, if other countries prove more flexible in their laws, Thailand will be left having to compete with them.