Many foreigners prefer Koh Samui to Phuket. Samui has much of what Phuket offers however the property market is not a good as the Phuket property market. If you are looking at a large investment then Phuket has more to offer in terms of rental options for your property as well as a growing market price as land becomes less available for development. Samui is less expensive than Phuket however you need to understand their building codes before you buy any property.
Buying property is not everyone’s idea of retirement in Thailand or living in Thailand. Many expats opt to buy the property after having lived in the property for a few years. There is good reason for that. You might discover that twice a month they hold a disco outside the property or that the traffic on a Monday morning is not what you expected. If you bought then there is no way out and property leasing comes in as a solution.
When you are buying into a new development in Thailand the developer needs to be properly registered with the Thai government. As explained on this website about property problems, many times the developers take shortcuts to avoid all the paperwork which needs to be completed from the government for the property development to commence. It was also explained why this was important.
Considering buying property in Thailand also requires considering a due diligence in Thailand. Servitudes should be checked for when buying property in Thailand. This is registered against the title deed and normally brings down the value of the property, depending on the type of servitude. These servitudes usually affect 2-3 properties but in remote regions this could be even more.
Superficies is one of the strategies used by expats in Thailand since owning land in Thailand is not possible with millions in investment and permission from the Minister of the Interior for owning 1 Rai of land. Superficies allows you to build on land which you do not own. Many times foreigners will place the land in the name of the wife or child and then build a house on it in their own name after registering a superficies over the property.
If you are going to buy a condominium in Phuket then you should have a property lawyer in Phuket calculate the transfer duty and taxes for you. The transfer costs are also split between the buyer and the seller. Before you buy a condominium always do a due diligence on the property before you sign the sale agreement or provide a deposit on the sale.
The usufruct is a right over a property to use and benefits from its ‘fruits’. Most foreigners in Thailand opt for a usufruct over a property as a safety net during a divorce. The usufruct can either be used to negotiate a better divorce settlement or provide you with a roof over your head until you die. Usufructs are usually registered for a period of 30 years or for the lifetime of the usufruct holder.