Investing in a property is always a good idea if you think it out thoroughly. Since it is an investment that is really hard to fail because the prices of the houses or apartments are constantly rising. However, if you are a foreigner, and you plan on buying property in Koh Samui, you will have to do good research on whether that is a good investment for you or not. That can be determined by the purpose of your purchase.
If you plan on getting a house or an apartment so you can spend your retirement days, or you plan on going there often for a vacation, then it might be worth it because you can rent it whenever you are not there so you can earn some money, or you can cover your expenses which is also good. Because of the fact that investing in a property outside of your state may be confusing and hard, here are some tips for buying property in Koh Samui.
1. Make a good plan
Before you try to do anything, make sure that you make a good plan, and do great research so you can be prepared for everything. Gather information on how the prices are going, how big is the rent if you plan on renting your place sometimes, how is the trend of the prices for property going, and similar things. Also, you should understand how much some legal stuff costs, so you are prepared on time.
2. Find a way to buy the property
Because of the fact that you are not allowed to own land in Thailand if you don’t have Thai roots. However, there are few ways to make that purchase. Firstly, you should think about the option of owning an apartment because that way you don’t own land so you can actually buy it. There is a regulation to that as well, so the apartment complex or the building has to be more populated with people from there so you might need to find an appropriate one.
The second way is to open up a business there and buy the land in the name of the firm. That way you are allowed to own it. The third way is to marry someone from there, so you can be eligible to own that property.
3. Define your budget
Before you make any investment, you should understand how much do you own, and how you are willing to spend because if you don’t, you might end up spending more than you can afford, and not being able to fix things if needed, or other expenses that might come out.
4. Find a good location
This is a really important tip because you don’t want to spend nearly the same amount for a place that has a bad location. Since the prices are basically around the same range, you should always look for options, and find the best one, even though it might be a little bit more expensive you can earn more in the long run. Other than finances, a good location is important for your pleasure when living there or when you go on a vacation there.