Here are a few of the most common mistakes to avoid when buying an apartment in Bangtao:
1. Not doing your research
Before you start looking at apartments, it’s important to do your research on the area and the different types of apartments available. This will help you to narrow down your search and find the right apartment for your needs.
Some things to consider include:
- Location: Where in Bang Tao do you want to live? Do you want to be close to the beach, the shops, or the nightlife?
- Type of apartment: There are a variety of different types of apartments available in Bang Tao, from studios to penthouses. Choose the type of apartment that best suits your needs and budget.
- Amenities: What amenities are important to you? Some apartments have swimming pools, gyms, and other amenities, while others do not.
- Price: Apartments in Bang Tao can range in price from a few million Thai Baht to tens of millions. Set a budget before you start shopping so that you don’t overspend.
2. Not getting a lawyer
It’s important to get a lawyer when buying an apartment in Bang Tao. A lawyer can help you understand the Thai legal system and ensure that your purchase is protected.
Here are a few things that a lawyer can do for you:
- Review the contract: A lawyer can review the contract of sale and make sure that it is fair and in your favour.
- Check for liens: A lawyer can check for any liens or other encumbrances on the property.
- Transfer the title: A lawyer can help you to transfer the title of the property to your name.
3. Not budgeting for the hidden costs
There are a number of hidden costs associated with buying an apartment in Bang Tao, such as transfer fees, registration fees, and stamp duty. It’s important to budget for these costs so that you’re not surprised by them later.
Here are some of the hidden costs to be aware of:
- Transfer fee: The transfer fee is a tax that is paid to the government when the title of the property is transferred to a new owner. The fee is currently 2% of the purchase price of the property.
- Registration fee: The registration fee is a fee that is paid to the government to register the transfer of ownership of the property. The fee is currently 1% of the purchase price of the property.
- Stamp duty: Stamp duty is a tax that is paid to the government on certain types of documents, such as contracts of sale. The stamp duty on a contract of sale for an apartment is currently 0.5% of the purchase price of the property.
4. Not buying the right insurance
It’s important to buy the right insurance when you buy an apartment in Bang Tao. This will protect you in the event of damage to the property or theft of your belongings.
Here are some types of insurance that you may want to consider:
- Property insurance: Property insurance will protect your apartment from damage caused by fire, floods, and other natural disasters.
- Contents insurance: Contents insurance will protect your belongings from theft or damage.
- Liability insurance: Liability insurance will protect you from financial losses if you are sued as a result of an accident or injury that occurs on your property.
5. Not understanding the Thai property market
The Thai property market is different from the property markets in other countries. It’s important to understand the unique characteristics of the Thai property market before you buy an apartment in Bangtao.
Here are a few things to keep in mind:
- Prices are rising: Prices for apartments in Bang Tao have been rising steadily in recent years. This is due to the increasing popularity of the area with tourists and expats.
- There is a shortage of supply: There is a shortage of supply of apartments in Bang Tao, which is driving up prices.
- Foreigners can own apartments in Thailand: Foreigners are allowed to own apartments in Thailand, but there are some restrictions. For example: foreigners can only own apartments in condominium buildings.
By avoiding these common mistakes, you can increase your chances of buying a great apartment in Bangtao.
