What Not To Do When Buying Property In Hua Hin Thailand
Buying Without An propper Real Estate Agent In Hua Hin
Back home….. you are always told that if you invest in property, you should always invest in an area that you are familiar with. This is because property markets are affected by so many variables. It is important to know the market and manage the potential risk which may be involved in any transactions.
That why a local agent broker in Hua Hin, will find you well before you take such a big decision.
Investing in Thailand or Hua Hin is no different from that, please always remember that. You always need a local expert who is experienced in real estate transactions in the local area. The agent broker knows how to communicate in Thai and they’re familiar with the location and the general geographical area.
They can show you many quality properties in their inventory based on your needs and desires. Typically, a good Hua Hin Real Estate agent will weed out the poor quality units. Dream Estate Hua Hin will have satisfied clients and help you to avoid problematic developments.
Think about it: you may not really know the community and area and it would be wise to find someone who has in-depth knowledge and experience with the property market where to buy and where not to buy. The most telling benefit of a using an estate agent is that they will act as a conduit between you and the seller.
Dream Estate Hua Hin will always obtain a fair price for you and act on your behalf to respect your best interest throughout the entire process.
Tranfering The Deposit Too Early
Sellers and Hua Hin Real Esate Agents obviously want to sell properties. When you have found the ideal property and you are satisfied that it will meet all your expectations, the usual process in a transaction is to put down a reservation fee or an earnest deposit. In return, the seller or agent will reserve the property for you and begin the process of drafting the contracts for the acquisition.
This is normally a amount of 5 to 10% of the purchase price. This will in most cases be deducted from the original purchase price, if the contract is fully performed by both parties. However, in the event that you are not going to go through with the purchase, it is the Seller’s right to retain the initial reservation deposit. If in case, it is through Sellers default, this amount is usually refundable. Be sure to retain a deposit receipt and terms of agreement in respect of the reservation deposit.
This is not always the case as sellers and Hua Hin Real Estate agents sometimes keep this fee for the opportunity cost involved while the property was reserved. See here some great and safe choices here for Find your right developer in Hu Hin right here…
Buying In A Mismanaged Hua Hin Project
Several areas in Hua Hin and around in Thailand have recently seen a surge in new property developers arriving on the scene to build villas and Hua Hin apartments. These developers do vary a lot in size and the lack of experience.
There are too many Hua Hin developers who see the potential in property development as a lucrative business in Hua Hin and decided to venture in this industry. They may not have the necessary experience to manage the project so you would often see long delays and other fundamental construction problems many times. However, these developers do tend to offer much better prices and are more flexible in their approach to cater to your needs in the beginning. Please do not hesitate to ask your Dream Estate Agent where the pittfals are, and there is plenty of them we can tell you.
The key factor is to find a trustfull developer in which you feel comfortable with. It is recommended to check their previous projects for the quality of their work and ask questions from people who have purchased from them before. Here you will hear about the pitfalls and problems there might have been…
Considering The Surrounding Area
If you purchase in a popular development like La Bua Resort & Residence or Red Mountain Woodlands, most likely the developer will be eager to repeat their success and start a Phase II right next door. You should plan for this accordingly in your plot selection. It would be most unfortunate after having waited for one year while your new home to be build is being built, and then to move in to endure another one or two years of construction noise next door.
Choosing On The Basis Of Price
There are many variables involved when evaluating the price. In general, you may wish to check the prices of adjoining projects in the surrounding area and that would give you a fairly good idea whether you are paying too much for your property.
Forgetting Your Heirs
It is strongly recommended that you have a Last Will & Testament prepared in both your home country and in Thailand to include your newly purchased property. It is not a pleasant thought to think of your demise; however you should plan in advance regarding your estate so the affairs are in order in the unfortunate event of your passing.
The document will detail your assets in Thailand, such as property, bank accounts, vehicle, and personal items. Dream Estate Hua Hin highly recommended that you always have a separate Will for your assets in Thailand. Please note that Thailand does not have any inheritance tax in general; however, the beneficiary will have to pay certain fees payable to the Land department upon transferring of title, to effect their name in the title deed.
We at Dream Estate Hua Hin hope to hear from you when buying your next dream home in Thailand or Hua Hin, so you safe can make the right choice for you.