Sino ThaiI would like to talk in detail about the process of selecting real estate for our clients.
The Phuket market offers a huge number of real estate properties from a variety of developers on the island. Probably the easiest thing would be, having found out your search parameters (type of property, price, etc.), to offer everything in a row, in the hope of quickly completing the transaction. And perhaps some unfortunate realtors, who have now multiplied in incredible numbers, do just that – they have worked for the season and are no longer there. But companies like ours, which value their reputation and want to work with their clients honestly and for a long time, before offering you anything, must analyze proposals from developers and reject the most risky ones at the initial stage.
So what points do we pay special attention to?
First, we check the history of the developer, what projects he has already built and not only built, but also fulfilled his obligations to buyers regarding the registration of the chanot. It is also important in what time frame he completed past projects – unfortunately, construction delays are not uncommon in Thailand. The price and quality of construction, finishing materials, furniture and household appliances are also of great importance.
Secondly, we check the construction permit and whether the developer owns the land. Some beginners, and not only developers, are in no hurry to acquire land ownership, they launch sales, and buy the land later. Of course, in this case there is also no building permit, which requires a lot of effort and time to obtain (maybe a year) and which may not be obtained at all, for example, if the land or part of it is located on the territory of a nature reserve. Therefore, through our Thai lawyer, we check the land under the future project and its location in relation to national parks and state-protected areas.
And thirdly, the reputation of the developer on the island in general. We live and work in Phuket and are aware of many situations related to the island’s developers. For example, how they carry out repairs and maintenance of the residential complexes they have built, how they solve emerging requests and problems of their customers, and whether they are open to dialogue in difficult situations. And the most important thing is whether the constructed complex corresponds to what was stated in the project at the initial planning stage and what the buyer has already paid for.
After assessing all this, we decide whether we will recommend this or that property for purchase to our clients. In conclusion, I would like to add that the right choice of developer is perhaps the main criterion when purchasing foreign real estate. Many people underestimate this stage and, as practice shows, it’s in vain!
As you understand, buying real estate in Thailand is not a simple process and in order not to lose your money, contact only serious real estate agencies that operate officially, such as the Sino-Thai company!