Thailand: a modern Shangri La
Located in the center of South Asia, Thailand is often referred to as ‘the land of smiles’ and ‘the golden land’, the former due to the contagious warmth of the local people, their kindness and genuine nature, and the second because of its fertile soil and the illuminating glow it gives off.
The only nation in Southeast Asia that was never colonized, Thailand is a constitutional monarchy and is steeped in ancient history and architecture. There is no denying that most people who visit this stunning country fall in love with its grand temples, lush green land, world-class beaches, and unique Buddhist attitude that lies at the heart of the culture, not to mention the wonderful food. .
Covering an area of approximately 514,000 square miles, almost the size of Spain, Thailand is a large country and shares borders with Burma, Laos, Cambodia, and Malaysia.
There are so many places to find great holiday properties in Thailand, but generally speaking, when thinking about where you would like to start looking for a property, you can think of the country in three main areas; The north, Bangkok and the south, where there are many stunning islands to choose from.
The North: This is mystical Thailand, with wonderful hospitable peoples, hill tribes and wild nature including whitewater rafting, mountain trekking, elephant safaris and waterfalls. The north is full of cultural cities and impressive old buildings and you will find this part of Thailand to be a mainstay for cultural vultures that come to visit. The capital of the northern part is Chiang Mai, often considered the most beautiful Thai city, attracting more than five million visitors each year. Here it is not uncommon to see monks in their traditional orange robes taking morning strolls through the city’s markets, teeming with merchants selling their handmade wares.
Bangkok – A true cultural phenomenon and ‘the’ mecca for shopping in the region. Bangkok is a fantastic city, full of life. A large capital that is partly overcrowded with its shopping malls, discos and concrete bars and partly a cultural metropolis. Great antiquity sits next to today’s tack with such ease that it is only known in this city. A place where new visitors feel from the first moment, connected in the moment by the strength and energy of this intoxicating city. Bangkok is not for everyone. But, if it’s for you, then you’ll love it like life itself!
The South – This is where you come for the sun, sand and sea, truly some of the most stunning beaches in the world. The southern part of Thailand reads with incredible jungle islands, such as Ko Samui and Ko Phangan to the east and Phuket and Ko Lanta to the west. Each island has a different flavor; some like Ko Lanta are much quieter places for a relaxing break. Others like Samui and Phuket have great infrastructure and are small power economies in their own right, built up by the sheer number of tourists over the last twenty years. These islands offer fun on the plate with great service, hotels, nightlife and food, coupled with stunning beauty that would melt the hearts of the hardest to impress.
Regarding the political situation in Thailand, it is fair to say that they have had some turbulence over the years, but Thai people are always very careful not to let their political conflicts affect tourists and, for the most part, these Conflicts are not violent. In the rare moments when violence has broken out, it has been quickly contained as the Thai authorities are well aware that it is imperative for them to preserve its image as a safe place to travel and invest. The money generated by the tourism business is vital to the economy. At the time this article was written, there are no issues with traveling anywhere in the country. Thailand is generally considered a peaceful and safe place to travel and live.
With such a rich abundance of super locations to buy property, it’s easy to see why Thailand is more popular than ever for foreign buyers looking for the good life, however, take care to familiarize yourself with the ins and outs of the buying and selling procedure before you go. enter to make any type of offer on a property. That way, you can make sure that your dream really comes true.
Here are some of the main points to consider when buying a property in Thailand:
As a foreigner planning to buy a villa or land, you will first be required to set up a Thai Limited Liability Company at a cost of £1000 and you should also be prepared to expect a monthly fee of around £50 per month. The other option is to buy through a lease. This is also considered a good way to buy a property safely. The initial purchase agreement must be transparent and explain all costs, terms and conditions. The deposit is normally 10% and is refundable if the sale does not materialize, as long as the buyer is not at fault.
A popular option for many buyers looking to buy in Thailand is condominiums, as they can generate solid returns on investment through vacation rentals. Again, they can be purchased on a lease or freehold basis depending on the development. The lease option works for periods of up to thirty years but make sure you have the possibility to renew. If you are buying a condo an initial reservation fee of approximately £1000 must be paid and will be deducted from the total price. This is followed by payment of around 10% of the total price once the deal is signed. The balance is paid according to the terms of the contract, this can be in installments or in a lump sum at the time the title is transferred.
Once you have established where you would like to have your property in Thailand, a good agent is essential to guide you through the process. Make sure whoever you use has a great reputation and has been in business for a good amount of time. As a good indicator of the costs of a residential sale, expect total taxes and fees to reach approximately 2.5% of property value.
To ensure that you understand all legal aspects and procedures, it is necessary to appoint an attorney who is fluent in your language for the following services:
* Making sure the correct titles are in place and nothing is owed on the property.
* Review the contract in detail and explain all obligations in full.
* Help ensure that all payments are made in a secure transfer.
* Register the property under the new name after the purchase has been completed.
Historically, mortgages have been difficult to arrange in Thailand, however, as the government works hard to make it easy to buy property, Bangkok Bank offers mortgages that offer up to 70% financing for up to 20 years. This is a very new service, so anyone looking at this should do their research before signing on the dotted line.
With Thai property prices still very competitive and the standard of living so high, Thailand is an absolutely first class choice for anyone wishing to live abroad. As long as you hire a good agent and lawyer, with the patience to take the process step by step and ensure that protocol is fully followed, owning a home in paradise can be a reality.
