Buying a home is possibly the most significant investment of our life. With the dynamic nature of the real estate market making informed decisions is crucial in every aspect. Below are essential tips and a few industry tricks to support you, the homebuyer in the process of your dream home purchase.
1. Location, Location, Location
Lifestyle, workplace, long term value all depend on the location of the property and is possibly the biggest determining factor when choosing a property.
Tips:
- Work and Amenity Proximity: Choosing the right location for your work and free time is essential. Easy access to the places you spend time will mean shorter commute times. All along the BTS and Skytrain stations, there are popular condos and villages where people utilize the access that these amenities offer.
- Vibes of the Neighborhood: Be sure to spend a good amount of time in the potential neighborhood to get a feel of both the atmosphere and the community at large. Going at different times of the day will ensure that you won’t have any surprises when you live there permanently.
- Areas Future Development: Be aware of future developments in the area. While some developments enhance your property others may be detrimental such as changing your view or infrastructure in the area.
2. Financial Readiness and Budget
Being realistic with your budget and preparing according to your own individual situation. Be realistic when setting your budget so not to over allocate your outgoings
Tips:
- Budget Comprehensively: Balance all of your income and outgoings making sure to reflect new costs that you wouldn’t have had before owning a home. This may include: insurance, repairs, down payment, mortgage payments, common area feed, transfer fees, property/ land tax or other costs that you need to be aware of before purchase.
- Pre-Approval: You can ask for credit scores and how much money you may borrow towards the house. Then you can look specifically within your given budget remembering that negotiations of prices are possible also. Pre-approval will also speed up the purchasing time of the home.
- Homebuyer Programs for First Time Buyers: There are often government and bank initiatives to support first time buyers. They also often offer extra incentives, better interest rates and other benefits for banking with them.
3. Condition and Age of Property
This is an important aspect to check. It can significantly affect value and the level of maintenance required as well as services offered in a condo or village.
Tips:
- Home Inspection: Find any underlying issues through a home inspection. Home inspections cover all aspects of the home and make sure that there are no surprises when you move in.
- Renovation Potential: Whether you are buying to flip or to renovate into your dream home, the costs can be high. Make sure to obtain quotes in order to have full understanding of the situation before contemplating work. Older homes can offer more charm but can also carry a heavy price tag to maintain.
- Energy Efficiency: Modern homes and building materials should ensure that any appliances and services you put in can run efficiently. Making sure of the quality of the windows, door frames and seals can be extremely important when battling the heat.
4. Size and Layout
The unit should be able to accommodate your budget and future plans. Whilst budget will determine choice, being aware of immediate and future plans will make sure the home is appropriate for you for the foreseeable future.
Tips:
- Rooms: Can the bathroom accommodate you and your known plans e.g. bathrooms and bedrooms.
- Flexible Spaces: homes with spaces that are multifunctional are appealing. This way when life throws things your way you can be ready and able to manage every situation.
- Functionality: Open plan, modern or other layouts that are available can be very appealing. Think about the practicality of if you would like more privacy of a segmented layout or open plan feel.
5. Outdoor Spaces
The outdoor spaces can really enhance the living space especially with many properties in Thailand having pools or gardens.
Tips:
- Size: remember that bigger isn’t always better. Large gardens take a lot of maintenance so make sure to choose one that fits the commitment you would like to make.
- Outdoor Features: What features are there already? Are there decks, patios, gardens, gazebos? Utilizing what is already there can save costs for you to do renovations at a later date when you’re ready.
- Security: Security should be taken seriously. You have the right to feel safe in your home. Check what security measures are already in place and if you feel that any further provisions need to be added.
6.Community
Available activities within the immediate community can impact greatly on your life. Making sure that the community around you supports your lifestyle not only makes sense, it is the most important part of your decision process.
Tips:
- Schools: What school does your child attend? How long will their commute be? The sois of Bangkok each have their own life and it's important you understand not only your commute but also the commute for anyone in your family.
- Recreation: What is important to you - shopping malls or parks? Make sure you have adequate provision in the area.
- Engagement: What events are going on in the community and are they of interest to you and your family? Many families find support and guidance from the community at large.
7. Market Trends and Current market trends within the place you are purchasing is vital.
In one soi in Bangkok prices vary vastly. This can include within the same building depending on the floor of the unit and size etc.
Tips:
- Market Research: watch the market. Make sure you find all available units and have all information regarding your target. Real estate agents may be able to support you with this.
- Seasonal Alteration: Some aspects of the real estate market are seasonal. This can mean during the high season in Thailand (October to March) prices of rentals and selling properties can be vastly inflated. Make sure to catch the right trend to get the right price.
- Long Term Market Value: The price of properties tend to rise however this isn’t always the case. Make sure that your investment has viable long term gains that will be of benefit to you.
Summary:
There are many factors to consider when buying a home in Thailand. Making a wise investment is what we all aim to achieve. By being fully informed in all aspects of the purchase including location, financial readiness, conditions, community, outdoor spaces, market trends and expected renovation cost, you can rest assured that you will be able to find your dream home.
