The Covid-19 pandemic has ended, borders of most countries have reopened and travelers are able to travel to Thailand again without requiring permits and certifications. The pandemic, however, has changed our lives forever and we have had to adapt to situations we were not used to before Covid-19. This unique time has demonstrated to us that several tasks can be completed online leading to more and more consumers using the Internet in order to purchase products or even order food from a restaurant.
Why not taking this trend to the next step now and consider purchasing property in Thailand online? By doing so, you would not have to travel to Thailand in person, thus saving both energy and money, and could start to rent out your property immediately after the date of transfer of ownership thus earning fast and easy profits.
When purchasing online remotely, and to an even greater extent than for a standard transaction, attention to details is very important and it is much recommended to contact a trustworthy agent with a serious background and reputation.
Start by telling the agent your exact property requirements so that they can prepare a customized selection for you. Such requirements would include the budget you intend to spend for the purchase, the general location you would like to target, the type of property you favor, the number of bedrooms you need as well as the amenities and facilities you would like to have both onsite and within a close perimeter of the property. You may also want to specify the purpose of the purchase since the property selection could be different depending on whether you plan to live in the property yourself or rather decide to rent it out.
Once you have selected a few properties of your liking, the next step is to compare each one in order to narrow down your choice, weigh pros and cons and end up making the right decision. While you will always find it easier to do all this in person by carrying out a “physical viewing”, you can also now perform all this online! The so-called "virtual viewings" can actually prove very effective and have become a growing trend and an essential property marketing tool in Thailand thanks to the advancement of technology.
There are many kinds of virtual tour options offered to potential buyers these days but we will focus on three types here.
The first type is to browse images taken by 3D cameras using programs such as Matterport or Vizoport which enables potential buyers to create independent 3D virtual tours of the home. It is similar to the concept of a "journey" through Google Earth. With the help of a computer mouse one can move around the property and view it from different angles.
The second type is to review a pre-recorded footage of the property, typically made by the owner or by your agent. To enhance the experience, these recordings could comprise of audio comments explaining the advantages and disadvantages of a given unit, rooms and space. Please note this is not a "live" tour so you will not have the possibility to stop, emphasize on a particular space or ask questions.
The third type is to perform a live viewing of the property with your agent, which is the most efficient and widely used option since you can see the current condition, noise and brightness of the unit and the common areas as if you were there yourself. By using this option, you would also be able to discuss facts and figures with your agent in person and could request a close-up view of certain parts of the property or even ensure the view towards the outside is open and will remain so in the future.
If you decide to purchase a house you will need to make an offer and once both parties can reach an agreement on the price, you will have to finalize the transaction.
As long as you are advised by a professional agent and a reputable lawyer, you will find the remote purchasing process is actually very similar to a standard purchasing process, the only difference being the type and number of documents requested from you.
While your property agent and lawyer will handle everything for you, it is still important you understand the following purchasing steps when buying a property in Thailand:
Once the terms of the Sales and Purchase Agreement (S.P.A) have been accepted by both parties, you will need to start making arrangements with your bank for an international money transfer. Ensure that you plan in advance in order to avoid any last-minute delays and comply with the signing deadlines specified in the S.P.A. In the event you purchase a condominium unit, you will also have to follow the fund transfer instructions of your lawyer closely by ensuring amongst other things the funds are wired from abroad in foreign currency and by specifying the correct purpose of transfer.
Your lawyer or agent will then handle all the formalities leading to your final ownership of the unit, including but not limited to retrieving bank documents essential to the transfer of ownership, preparing cashier cheques for the seller, attending the Land Office on the property transfer date and keeping custody of your new ownership documents while you are not here.
As you can see, the virtual purchasing process is not that dissimilar to the standard purchasing process. However, since you are in another country, you will rely more than ever before on an agent to advise you on the market trends, locate suitable properties and conduct the live inspections and on a lawyer to complete a variety of administrative tasks on your behalf via Power of Attorneys you will have signed and made certified by a notary public in your home country.
How has already been covered, the only question left to ask yourself now is where.
https://www.fivestars-thailand.com/en is present in Bangkok, Phuket, Samui and Hua Hin. Browse our website and contact us now if you are ready to proceed to inspections, either physically or virtually!
