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Before you start
looking for a new home, sit down and take some time to think about
exactly what it is you want in a new home:
The best way to know
what you are looking for in a home is to write your preferences down as
a 'wish list'. This list should detail all the qualities
and facilities of your ideal
home, including preferred location, price, type, style and features.
To assist you in
developing a 'wish list' you can print out our
wish list template and
simply fill in your requirements.
| Developing
this 'wish list' will save you time when you start to
look for your new home, and will allow you to spend most of
your time on only those homes that come close to meeting
all of your requirements. It will also be of value in
explaining to real estate agents exactly what you are
looking for in a home. |
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| How
much can you afford to spend |
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The first step when
you start thinking about buying a new home, is to sit down and work out
how much you can afford to spend. Bear in mind that it is almost
impossible for a foreigner to directly obtain mortgage financing in Thailand.
When calculating how
much you have to spend on a new home, don't forget to take into account
all the 'add-on' cost associated with the purchase, such as:
- government
charges (stamp duty, transfer tax, business tax and income tax)
- building
inspection costs
- legal expenses
- insurance
- repairs
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a rough guide, be prepared to pay an additional five
percent of the property value to cover these extra,
'add-on' costs. |
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When you are
satisfied that you know how much you can afford to spend on a home,
enter this figure onto your 'wish list'.
Your budget and your
desired lifestyle will influence where you want to live. When
considering the financial aspects, start by taking a look at the average
property values in the areas you like. This will give you a good
indication of whether the properties in these areas are within your
price bracket.
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you really like a particular area but find that the
average property price is well out of your range, don't
despair, remember the old real estate adage 'buying the
worst house in the best street is better than buying the
best house in the worst street'. |
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Always ensure that
you get professional advice on the cost of any repairs or renovation
work you expect to undertake on the property.
The home that you
purchase is likely to be one of your most valuable financial assets,
therefore, you should endeavour to select a property that is likely to
substantially increase in value over time. Prime locations to consider
are those where property prices have performed well in the past in terms of capital appreciation.
Finding a location
that suits your particular lifestyle requirements is also very
important. Perhaps you need or want to be located close to specific
amenities such as:
- Family and/or
friends
- Shopping
facilities
- Public
transport
- Work place
- Educational
facilities
- Beaches
- Parks
- Sporting
facilities
- Entertainment
facilities
- Low noise area
- Quiet safe
street
Finally, don't forget
to note down on your 'wish list' all those areas you would consider
living in.
As well as deciding
on where you want to live, you also need to decide on exactly what type
of home you want. Again, your choices may be influenced or constrained
by your budget. For example, if your dream home is out of reach at the
moment, you could decide to buy a block of land and defer building your
home until a later date.
Below is a list of
options you will need to consider when deciding on your type of home.
- Type of home,
free-standing, semi, condominium, terrace (shophouse, townhouse)
- New, used or
old
- Renovated or
unrenovated
- Number of
bedrooms
- Number of
bathrooms
- Yard, courtyard
or balcony
- Garage, under
cover parking or off-road parking
- North facing
- Floorplan and
facilities with access for furniture and whitegoods
- Privacy and
security
- Swimming
pool
Don't forget to
update your 'wish list' to reflect those items above that are important
to you.
The next thing to
consider is the time frame you want for moving in to your new
home. You may have to move out of rented accommodation by a certain
date or perhaps you are relocating as a result of an employment
transfer. Whatever your circumstances, you will need to plan ahead to
ensure a smooth move to your new home.
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in mind that several hours each weekend, or during the
week will need to be set aside for viewing prospective
properties. Be realistic about the amount of time house
hunting is likely to take. |
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You
probably won't be lucky enough to find your dream home within the first
five houses you see - possibly not even the first twenty houses, so if
you are working to a tight schedule, try and make your 'wish
list' as
accurate as possible and discuss this with your Real Estate Agent prior to
inspecting any properties.
The next step is to
begin
your search.
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