Use a Real Estate Agent or buy direct? A Helpful Guide
Statistically, about 20% of property purchases are direct between the buyer and the seller. Buying direct from the owner can be easy but it’s more than advisable to have an awareness of several factors and to do your research.
The main difference is of course, you will have to do everything on your own if you buy direct. You’ll need to contact the owners, make the appointments, find the location of the properties and seek out good, independent legal advice.
Here is some free advice on how to conduct a straightforward, cost-effective transaction with a property seller:
- Price and Place: the two primary factors. What’s your budget? What [kind of] area do you want to live in? These two factors relate very closely to one another: what and where you buy depends very much on your budget.
- Property Search: here’s the fun part. Use the property listings on huahinpropertydirect.com to find your ideal home / property.
- Contact the Owner or Developer Directly: when you see a listing that interests you fill in the ‘contact owner’ form to contact the owner directly, request more information and arrange a viewing. Focus on gathering facts and pertinent information in order to deduce if the property fits your criteria for price, location, style and function.
Some questions you might want to ask:
How old is the property?
Is the price negotiable?
What is the land title deed?
How was the property purchased?
Whose name is the land in?
Can the property be purchased ‘freehold’?
If it’s a development, what are the common fees? What’s included in that fee?
What other running costs are there? (water, electricity, pool and garden upkeep)
- Make an Offer: Once you have seen the property and gathered information you can then consider the sales price. Is it priced realistically in comparison with other similar properties on the market? It’s certainly advisable to see many properties in your price range in order to effectively evaluate if the asking price is accurate / fair. Remember to factor in other functional attributes: swimming pools, Jacuzzis, terraces and dining salas all add to the quality outdoor lifestyle afforded by living in Thailand. The seller will certainly feel factors such as this will add to the value of the property. Once all this has been taken into account you are ready to negotiate. You need to come to an agreement on the terms of price, transfer costs, deposit and any other negotiables such as furniture.
- Close the Deal: The seller will expect the deposit to be paid before it can be taken off the market. The deposit is usually non-refundable unless there is any legal reason for the sale not to go ahead. Your lawyer will handle most of the details and advise you on any and all documentation. On transfer day the seller will sign over the deed of the property at the land office. You will then transfer the outstanding amount and be given the keys to your new property.
If you are interested on expanding your search then try looking on our sister site www.tchhuahinpropertyagent.com. At TCH we offer a full range of carefully selected properties and offer a complete real estate service.
Using a Real Estate Agent
Doing your own research and legwork can be beneficial if you are prepared to put the effort in. You could save yourself time and potential stress by using a real estate agent.
Here are the benefits of using a real estate agent:
- An agent will have local knowledge of the area and should be able to show you all your best options in relation to your budget and specifications.
- An agent can advise you as to if they feel a property is good value and suitable for you. They can then negotiate a deal for you.
- An agent will arrange viewings for you, collect you and take you to see the properties.
- An agent will take you through the whole buying process from viewing, negotiations, recommending a trusted lawyer and taking you to the land office to complete the purchase.
- An agent can help you with other aspects of re-locating to Thailand, such as opening a bank account and obtaining a driving license.
Word of warning: The real estate industry in Thailand is totally unregulated so it’s more than advisable to exercise caution and still do your own research. Sales commissions can be inflated; agencies with higher rates of commission can affect the price you pay as there is little room for negotiation. This could also result in buyers not being shown all their best available options as clients will be pushed towards particular properties.
At TCH Hua Hin Property Agent we adopt a strict policy of maintaining professional and ethical standards. We promote all properties and developments fairly without misrepresentation and bias, putting the needs of the customer first. We will remain fully impartial in relation to promoting developments and properties and provide honest, reliable advice.
Our rates of commission are as follows:
www.huahinpropertydirect.com and www.huahindevelopmentsdirect.com are free for direct sales and 3% if our services are requested.
www.tchhuahinpropertyagent.com is a full real estate service where we actively promote and advertise properties through various social media channels and other websites around the world and take a full set of high res photos. Our commission is 5% or 6% if we co-broker with an affiliate.
Our levels of commission are in direct relation to the amount of work put in to generate a sale.