As a Tourist center, prices of Properties for sale in Chiang Mai should be as high as those in Bangkok, the capital city of Thailand. The reverse is the case. Properties are cheaper in Chiang Mai when compared with those in Bangkok. To help in making better choices, here are some tips you need to know before buying properties in the mountainous city of Chiang Mai.
- Hire an agent
The best practice is to get a local property agent who will give professional advice according to property preference before buying. A property agent who resides in Chiang Mai knows the nooks and cranny of the city. For instance, an agent is aware of the market value of properties and will advise a buyer to buy houses less than 15 years in Chiang Mai. It is always hard to sell houses older than 15 years if you are planning to own a house for a few years and resell.
- Investigate title
There are different titles to properties. A title in Chiang Mai less than a chanote is not advisable to buy. A chanote is a legal deed to freehold land in Thailand. Freehold property is free from any commitments such as a mortgage or loan and the titleholder can use the property as they wish.
- Review legal documents of a property
A Chiang Mai local lawyer can help investigate title documents as well as review legal documents on a property as there are some legal terms written in title documents that will need to be explained to a client. Before buying a property in Chiang Mai, contact a local lawyer to review the documents.
- Inspect the property yourself
Prior to investing in a property, check out the property yourself. Although using a local property agent in the city can be time-saving it is still advisable for you to have a detailed look at the property.
- Buying a Condominium as a foreigner
In Chiang Mai, the law does not permit a foreigner to own land. Some may view this as an anti-economic development law. On a closer look at the promulgation, the law is made to protect the interest of Thai nationals and its natural environment while ensuring the prices of real estate in the country remain affordable for its citizens.
Taking the above into consideration, the law allows a foreigner to own a condominium in their name. A condominium (condo) is a building comprising a number of individually owned apartments. The law is 51% of the other apartments must be owned by the Thais and 49% by foreigners.
- Buy properties in your Company name
A registered company in Thailand, foreign or not, can buy properties in the company’s name in any city within the country. Chiang Mai is not an exception.
The tips above will aid you in acquiring choice-properties in Chiang Mai and other cities in Thailand. Investigate, hire the services of an agent and a lawyer and inspect the property before buying.