Top Tips For Young Expat Investors On Buying Pattaya Condos
Condominiums in Pattaya are great opportunities for expat investors who are looking to get a piece of the real estate pie in Thailand. To really make it in this part of the world, you should be prepared to commit to research before you make a choice of which condo to invest in. This article provides a list of tips that may prove useful for the young expat investors in Pattaya:
Get your own valuation
Condo developers will try to take advantage of the fact that you are a young buyer who is not well versed with the fair prices of most condominiums. As a result the price quoted may be higher than the actual value. It is advisable that you carry out your own valuation of the condo to avoid paying for an overpriced condo.
Understand the market
The price fluctuation for condominium units in Pattaya is caused by certain predominant factors and it would be beneficial to a young expat investor to fully understand how they affect the mechanisms of the market. This should assist in predicting the markets’ future trends and investing accordingly.
Remember investment is a game of probability especially in real estate where prices may go up or down.
Understand the law
Remember that this is a foreign country and every country has its own rules and regulations that govern the property market. Research deeply on the topics of how to buy freehold and leasehold properties as well as what each option entails in respect to a foreign investor.
If you are new in Pattaya and you are interested in the purchasing of condominiums, you need to know who to see. Start networking with real estate managers, brokers and developers. Always have in mind that your network is your greatest asset. This is because the network you build will determine the kind of deals you get a sneak preview of. A good network will land you lucrative deals and offers that are not advertised publicly.
There are many people who have made it in the condominium business in Pattaya, some of whom are foreigners like you. Continually seek an audience with such people and inquire as much as possible. The advice you gain from them is as valuable to you as your Pattaya condo investment itself. Learn their success stories and borrow good practices from them as much as you can.
Don’t buy on impulse
Remember you are investing, not knocking down the mall. Every purchase you make must be presided over by good research, thorough purchase planning and a plan for the future. These three steps will provide a basis for making the right choice. Research on the developer and get a good idea of their success in previous projects. You are there on business and no decision should be made based on emotion. Free your mind of emotions so that you thoughts are not clouded and lastly, always have a plan for the condominium you want to buy so that the yields you make from the Pattaya condo will be maximised.