Every foreigner knows that there are only two ways of being able to purchase or own real-estate property in Thailand. They can either purchase actual land or they can choose to put in money into a condominium unit.
Question is, is it really more beneficial to own a condominium unit instead of the usual house-and-lot if you are a foreigner expatriate in Thailand? The answer is, “Yes.” Of course, there are benefits to choosing to buy a condominium unit in Thailand, and let us discuss what those advantages are. People who are planning to retire in or establish a business presence in Thailand should appreciate these benefits as well.
The Advantages of Being a Condominium Owner
The following are the benefits of being able to acquire a condominium unit as an expat in Thailand:
Thailand’s laws make it difficult for expats to be able to purchase land in Thailand. You have to have a local spouse and, worse, you have to purchase the property in your spouse’s name leaving you with nothing to your name when the marriage crumbles. However, foreigners can easily purchase condominium units in their name under the Condominium Law of 1979. The only requirement is that the condominium project has 59% of its units owned by locals, so you would have to hurry up if you want to acquire a unit.
When you purchase a condominium unit, the unit is already made up for you. The only expenses you probably have to make when the unit is turned over to you is for furnishing the unit with upholstery, furniture and other creature comforts. The project will construct the room itself for you so it’s ready when you finally receive the keys to the property.
More often than not, condominium projects are in the center of town so, when you acquire that unit, you are positioning yourself to be in close proximity to the important venues in the city. If you’re planning on conducting business in any city in Thailand, acquiring a condo unit in that city will definitely be in your best interests. You can live, work and even play in one central location as everything you need are, in most cases, very close to your condominium unit.
Last but not the least, condominium units are also easy to sell and transfer to another owner in the event that you want to leave Thailand. You cannot do that when you have purchased land, because the property was not purchased in your name.
The next time that you are wondering if you should or should not buy a condominium unit in Thailand, simply think of those four benefits that we have outlined above. A house-and-lot could be nice, but can also be risky on your part as