So, you’ve vacationed in Hua Hin, and you‘ve fallen in love with the place, people, climate, and its cosmopolitan vibe. Next, you want to know what it takes to own a villa in this tropical paradise.
Well, you are in luck because it’s entirely legal for foreigners to buy a property in Hua Hin. One can buy villas, condos, apartments, and houses. This mini-guide will help you to buy a villa in Hua Hin.
Let’s Start From the Beginning
Whether you are a foreigner or a local, the first step is always to identify many villas located in an area you prefer, your price range, and all the amenities you need for a comfortable stay.
To that end, you can turn to Google and start searching “villa for sale Hua Hin” or you can hire a real estate agent to do that for you. In both cases, you don’t need to be physically present there, as all can be completed online.
For this step, it is best if you can fly in and start checking out places on your own. Keep notes on every villa you visit, go through their documentation, and inspect both the inside and the outside of the villa.
Make sure that the villa doesn’t have any outstanding debt, there aren’t any building restrictions, and the rest of the paperwork is in order. Primarily, make sure that the land paperwork (chanote) and the titles deeds are in order.
If you think that you can’t make a proper inspection, you can always hire a professional property inspector.
In Thailand, everything is up for negotiation; real estate property is not an exception. It is almost as it is part of their culture, and everyone does it. Your real estate agent might try to assist you, but be aware that the agent is on a commission. So, the higher the price, the bigger his/her commission. That means you can rely on your agent only up to a certain point.
Keep your cool, don’t make hasty decisions and act as if you are ready to walk away at any moment.
Deposits and Fees
Typically, a holding deposit of 10% is made as insurance for the purchase. The deposit is refundable, but for some reason, the purchase is not completed. In addition to the deposit, the buyer is obligated to cover these fees:
- Transfer Fees (2% of the property value)
- Income Tax (2% or less for low and medium valued properties. 3% or less for luxury properties )
- Specific Business Tax (3,3% of the purchase price)
- Stamp Duty (0,5% of the purchase price)
If you want all to go smoothly and efficiently, it is highly advisable to hire an independent solicitor that will help you with all the legal stuff. Furthermore, make sure that you use the services of a reputable real estate agent. Other than that, be persistent in your search and try to get the best possible deal.