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Handy Tips for Renting a Condo in Thailand

Called Venice of the East, Bangkok is one of the most vibrant cities in the world. Go on rides on the Chao Phraya Express. Pay a visit to popular temples such as the Grand Palace Museum, the Reclining Buddha and Temple of the Sun. Or just bop around from one mall or flea market to another, shopping to your heart’s content.

But that’s not the only place worth seeing in the country. Visit Ayutthaya for a few days of biking in the old capital, or spend a few days in island paradise in one of its many beaches. Considering the many charms it offers, from scenic temples to shopping haves and culturally rich sights, Thailand is firmly at the top of anyone’s list of must-see places in the world. That’s why it’s hardly surprising to see a lot of people make the big move and call Thailand their new home.

New Budget for Housing from MBK

MBK Plc, behind one of Bangkok’s most popular malls, is set to expand its housing budget and retail by at least 6.5 billion baht, with 1 billion baht specifically set aside for three housing projects, two of which are located in the Bangkadi district of PathumThani and one along the Nine shopping centre, right on Rama IX Road, according to the Bangkok Post. With demand bigger than ever, more and more property developers are building residential projects to meet the need.

Rise of Condominium Prices

Despite China’s economic letdown, Thailand’s real estate market doesn’t seem to be slowing down any time soon. Sansiri Plc, the country’s second largest property developer in terms of sales, plans to improve its target sales this year by marketing condominium properties to Japanese investors, Bloomberg reports.

Senior executive vice president Uthaisangsuk says he’s committed to achieving about a 7 percent raise in the company’s total profits recorded from last year, bringing the figure from 2 million dollars or 70,335,000 million baht to 10 million dollars or 351,675,000 million baht.

Inheritance Tax in 2016

One possible pickle for many property owners is the new inheritance tax, already put in effect February of this year, says the Thailand Business News. The law will charge beneficiaries who have more than a 100 million THB in immovable assets alone. This is also true for cars, shares or cash, so it doesn’t rely on the total revenue of the deceased’s estate. The rate for lineal relatives has been set to five percent while others are set at ten percent. Still, concerns seem to be unfounded. With the high tax free allowance as well as the low tax rate charged, property owners might have anything to worry about, after all.

Investing in Bangkok

So if you’re in Thailand and looking for a home, why not consider a condo? The Global Property Guide says that city’s condominium index soared by 14 percent last year. Since a lot of Bangkok people live in condominiums more than in any other housing type, this index is a relevant indicator. Still, when you compare real estate prices in Thailand to those in Singapore, you get homes four times cheaper. That’s the appeal Thai properties have in the international real estate markets. If you’re after capital appreciation in the long term, it wouldn’t hurt to invest in these properties.

Finding a Home

However, you don’t want to have to rush through this, especially if you’re making the big move. A smart move would be to try it out with a rental condominium just to see how it goes. Don’t know the first thing about finding rentals in Thailand? Here are a few handy tips for you:

  • Use property listings. Everything you need might be just a keystroke away. So start your research by going to property listing portals. Rent a condo with DDproperty, for instance. These online listings make searching for a condo rental much more convenient. You won’t have to waste time looking over every potential property there is. With photos and descriptions, you can pretty much generate a list of prospective homes you want just by browsing through the available listings.

  • Get help from an agent. If you’ve got plenty of time to look around for properties on your own, then you might have what it takes to survive the rental market. However, if you haven’t got that much free time to spare to dedicate to the task, it’s a simple matter of hiring an agent to help you through the steps of renting a condo.

  • Consult a lawyer. You’ll sign a lease contract. Make sure everything is accurate and that the terms and conditions favor both parties. If you want to make sure you aren’t missing any legal loopholes that could cause trouble in the future, review the document together with a lawyer. That’s one way to have your bases legally covered.

Never Do This…

  • Don’t rush. It’s a cliché but it’s true. A lot of people often want to get this done as soon as possible. But finding the right rental property is important, especially if you’re thinking about living in it long-term. So take your time. That way, you can make the best possible decision for you and your budget.

  • Don’t go over budget. Set a budget and stick to it. That’s important. No matter if you’ve got a few funds set aside for a rainy day, it’s never wise to spend too much above your means. You might think that it’s just a few hundred or thousand baht over your budget. But all that money adds up, which you could’ve spent on other things instead of rent.

  • Don’t let your emotions decide. With so many properties, it’s easy to find properties that stun and impress you senseless. However, don’t say yes right from the get-go. That won’t just give you less bargaining power when it comes to negotiating the rental price, it also keeps you from exploring other options that might be as wonderful or even better than the first one you saw. So don’t let your initial reaction to the property get the best of you.

  • Don’t skip the inspection. Before you say yes and move into the property, make sure you do a final run-through of the property. Make it as thorough as possible. It would be even better to hire an inspector to go along with you. That way, even if you miss the signs of a pest infestation, extensive floor or roof damage or even plumbing issues, your inspector will be sure to catch them. They might be enough to break the deal for you. Or you could put in stipulations in the contract, put those details in writing to ensure you didn’t cause the damage and arrange for your landlord to take care of the repairs before you move in.

  • Don’t dip into your emergency funds except for actual emergencies! Your emergency funds are there to act as a financial safety net for you. So if you lose your job or get into an accident, you’ll have the funds you need to take care of your monthly expenses. That way, you won’t have to worry about overdue rent or not having enough to cover the cost of your groceries and utility bills.