Real Estate

What to Think About When Purchasing a Villa in Phuket

Investors and high-net-worth individuals are drawn to the country by its expanding demand for luxury villas. This is largely made up of city dwellers with lofty goals. In the luxury housing market, villas are the clear frontrunner. These villas are highly sought after because to their enviable combination of convenient location, spacious interiors, and proximity to luxurious amenities. Consider the below aspects when looking for a luxury villa for sale Phuket

The Area

One must always keep in mind the maxim that “location, location, location” when purchasing property. Whether or whether that’s the case, it’s undeniable that sought-after vacation spots include exotic islands like Phuket.

However, the area in question encompasses more than just the island itself. Verify if the location on the island where the villas are located is to your liking. The best ones have easy access to major amenities like airports, markets, restaurants, golf courses, the beach, and nightlife without sacrificing the unique, private feel that draws visitors there.

The Layout

Keep in mind the layout as well. You should make sure the villa communities in which you are considering have a layout that suits your needs before committing to one.

Freehold Condominium

Buyers of condominiums have what is known as a “fractional interest” in the building as a whole, including the common areas like the lobby, parking garage, landscaping, fitness centre, and swimming pool, as well as a voice in the condominium association’s decision-making process. The advantage is that the owner retains ownership until the property is sold.

Taxes and Fees

Taxes and levies are mandatory payments to the government in the vast majority of nations. There is a transfer fee when purchasing freehold property in Thailand, albeit the price is occasionally shared between the buyer and the seller. New construction fees are split 50/50 between the developer and the buyer. The rate is 2% each year of the property’s appraised value.

Legal status of property

If you don’t do your homework in this area, you can run into a lot of trouble. Access rights, liens, and building codes are only some of the legal factors that need to be investigated, ideally with the assistance of a local expert.

Declaration of Immigration Status

In Thailand, foreigners do not have the automatic right to stay if they own property as of this writing. Before looking at real estate, it’s important to be sure you won’t have any trouble getting a visa or extending it once you are there. If you are unsure of your visa eligibility, you should seek the advice of an immigration professional, as there are several different visas currently in effect and more on the way.

James Chalmers
the authorJames Chalmers