Guide In Purchasing Koh Samui Property
When planning to purchase a property from Koh Samui, there are things you need to know as well as legal facts you have to be aware of before making a final decision. It is not as easy as looking for Koh Samui property for sale and paying for it. Below are some things you have to keep in mind before buying:
- If you are a foreigner planning to buy a property in Koh Samui, remember to learn about the laws that govern the real estate sector of Thailand. The legal conditions are most likely different compared to purchasing a property in a country where you are recognized as a citizen to another country where you are considered as a foreign investor.
- The total land area of KohSamui is 247 square kilometers but every part of the island has a different land characteristic. Before purchasing a property, make sure that you have researched more regarding the location. There are locations preferred by tourists and more popular compared to the rest of the island. These are Choeng Mon, Chaweng and Bo Phut which are close to attractions, commercial areas, communication hubs and hospitals. When buying properties from these places, expect to pay more and there is not much options because of the high demand.
- For someone who is not local to KohSamui, it is essential to have a real estate agent who is familiar with the laws and the market in the island. They know where to find properties that will satisfy the requirement of the buyer.
- There are many types of properties including townhouse, condominium, apartment and house. Foreigners should know that according to Thai law, they are not entitled to own a land under their name. They have other options though such as leasing the land or purchasing it under a limited company in Thailand.
- Lastly, before deciding to purchase a Koh Samui property for sale, the buyer must know the finance options available for them. Foreigners will have a hard time to get loan approval from a bank in Thailand so they have to process a loan in their own country.