3 Surefire Tips for Successful Real Estate Investment
Purchasing a home to live in, a home to rent out, or a property to sell for a higher price at a later date are three different types of real estate investments. Regardless of where you fall on the scale though, whether as a foreigner or a Thai citizen, there are always numerous factors to take into account. There are many laws pertaining to what type of property foreigners can acquire, for example. In terms of the real estate sector for citizens, there are lots of different factors that go into when the market is ripe for investment. Here are four tips to ensure that you make the smartest and most successful investment possible.
Choosing the Right Type of Property
In order to find the right type of investment that will suit your needs youi first need to figure out what type of property interests you. There are many types of real estate on the market in Thailand, including villas, condos, and apartments, amongst others. If you’re interested in community living, then condos are the way to go and they also offer good rental options since they’re often located near public transit hubs. Villas can be a decent purchase, but due to the fact that they’re often aimed at a particular crowd of renters who can afford luxury and depending on a sales market where luxury needs to be in demand, renting out a condo can be a safer bet. Searching the term condo for sale on DDProperty is a good way to figure out what’s on the market right now, and find what might appeal to you. Location is especially important if you plan on renting out your property. The same goes for resale value, since no matter how nice a property is, in the future if you’re dealing with a huge group of buyers looking for practicality over luxury, you need to ensure that those basic perks are there. Decent parking, access to public transportation, and proximity to basic amenities like grocery stores and schools are all important factors to consider.
Comparing Different Types of Real Estate
The differences in property types don’t just make practical common sense they are also quantifiable in real estate market trends and predictions. For example, according to The Nation, experts reported that the super-prime market for condos in Bangkok performed successfully, and predicted that prices for these types of condos will increase from 10 to 15 percent this year. This is especially prominent in areas where access to rapid transit is available.
It’s important to watch for this type of advice that requires research. While condos are slated to increase in value and perform successfully on the market, other types of property may be the exact opposite. The lesson here is the fact that you can’t take the Thai real estate market at face value as a whole and expect to make any gains. Focusing in on a particular type of property that seems promising, like a condo, is the best way to make a wise investment.
Common Pitfalls to Watch For
Apart from the ins and outs of the real estate sector that have more to do with the fluctuations of the market and government intervention than anything else, there are also mistakes would-be investors make that leave them broke. One of the biggest issues is fake brokers looking to rip off over eager buyers. Beware of fake deals by looking for property only on reliable sites and avoid prices that seem too good to be true, since there are unscrupulous people out there who dupe both domestic and foreign buyers all the time. This entire practice is a common phenomenon in both Thailand as well as other real estate markets where there have been major ups and downs, and buyers are looking to make a fortune over night. If you’re really looking for a reliable investment and want to do it the right way, then take it slow and steady. Working with a reliable broker is a must, and that requires confirming references and credentials. Don’t skimp on your scrutiny of an offer or real estate broker.
Investing in property the smart way means being informed first and foremost. This goes double for investors, versus buyers who are looking to simply become homeowners. If you’re treating a property purchase as a business decision then you’re definitely going to need an extra layer of knowledge about the real estate market, and you should be following news reports on a daily basis to track trends and other factors that cause fluctuations. Government programs and regulations will also make a huge impact on how you can buy property, when, and where. Whether you’re a first time buyer looking for the best deal possible or an investor who’s trying to be savvy, the most important tool you can have in your arsenal is information. Don’t jump into the real estate game blindly, and you’re much more likely to find a good fit for your needs.