Today, a person who decides to buy real estate in Pattaya is faced with a choice: more than 200 new buildings, more than 60 developers in the city! To navigate through the market and make the right choice in the end you’d better ask yourself some questions.
To buy or not to buy
This, of course, is the main question and everyone decides it for themself. But in favour of the purchase there are many deadly arguments.
1. Firstly, Pattaya is the most famous Thai resort, which has the most developed infrastructure and entertainment in the country (after Bangkok) for every taste and budget.
2. Secondly, owning real estate will allow you not only to ensure a comfortable stay or even accommodation, but also to profitably invest your hard-earned money – housing prices are slowly but steadily growing every year and there is always a demand for resort real estate.
3. Thirdly, your apartment or house can bring you a steady income, while there is no real estate tax in Thailand!
4. And fourthly, the climate allows you to relax here all year round, and anyone who has lived in the city during at least 4-5 months will confirm that the cost of living here is quite low.
Therefore, it is not in vain that more and more foreigners buy real estate here, and as for wealthy Thai citizens, in the last 2-3 years they have staged a real buying boom!
The beginning
What to begin with? Naturally you’d better start from collecting of information. The main trouble of many investors is that they make a purchase spontaneously, without having time to really think about and evaluate what they are buying. And this is wrong, especially when it comes to tens of thousands of hard-earned dollars! Therefore, dissatisfied people keep saying: “We were sold a bad apartment / house! It does not rent / is not for sale, does not grow in price! We didn’t know when we bought it, they just didn’t explain anything to us!” and so on. But now there are no problems with information about real estate in Pattaya – go to the Internet, read, study.
Apartment or villa
This is also a very important question, to which there is no clear answer. On the one hand, for the same money, there will be significantly more private living space in a house than in an apartment. On the other hand, an apartment does not require the same maintenance as a villa. You can close it with a key, turn off the electricity and water and just leave – at least for a year, at most for five years. The house needs constant care – a lawn, a garden, a pool, etc. Therefore, if you are plan short-term visits several times a year – an apartment is better, if you want to live permanently or stay during winter time – it makes sense to think about a villa. If you are a dog lover, a house is the only possible option: according to the laws of Thailand, you can’t live in a condo with dogs! If you are one of those who are thinking about renting out: ceteris paribus, the yield from renting out an apartment is higher than from renting out a house. The main advantage of an apartment is that it can be purchased in your own name, while a house can only be purchased in the name of a Thai company that you own. This is what scares off many buyers of houses and townhouses. But you will read about it below.
Buying in the name of a Thai company
Should I buy in the name of a Thai company? If you have decided to purchase a villa, there are essentially no other options. Buying a house with land for rent for 30 years in Pattaya is very difficult, and is it necessary? An apartment can be bought in the name of a foreigner, and in the name of a Thai company. As a rule, the price in your name will be higher, sometimes even by 15-20% – this is especially significant when renting out. However, the liquidity of an apartment purchased using a Thai company will be lower than if you will use a foreign name: although the price will be lower, there will be fewer people willing to buy. Concerning the legal side of the matter, the purchase procedure for a Thai company has been worked out for decades. All houses bought by foreigners in Pattaya have been decorated this way for over 30 years. That is, a house with land (or an apartment) belongs to the company, and the company belongs to a foreigner.
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