If you are planning to buy a house or condo in Thailand, there are two major ways that it could be done. Both of them are good options and neither one is more preferable. Your option will be dependent on the homeowner, the goals you are aiming for when purchasing a property as well as the money you are willing to shell out as investment. These two major options are buying a house or any property under leasehold or buying a condo under freehold in Thailand.
You may not be aware of the difference between leasehold and freehold. For leasehold, the property will only be bought and owned at a specific time frame and when the time set is over, the property will be returned to its original owner. Freehold means that you are going to purchase a property and the title deed will be yours for a lifetime or until such time that you decide that you want to list it on the market for sale.
Leasehold might sound a bit confusing because homeowners might feel like they are just renting since the property will be returned to its owner after a time. The difference between renting and leasehold is that you, as an owner, have total control of the property. You will be paying a mortgage and no rent will be paid to a landlord. You will not be the lifetime owner which means that you don’t need to buy the land which results to you paying a much lower price compared to buying a freehold property. The usual length of leasehold is 30 years while there are shorter contracts.
Buying a freehold condo, on the other hand, may not be as appealing as having your own house but it is the most common methods used by foreigners when they want to purchase properties in Thailand. With this, they have the option to resell the property later on. Foreigners buy condo in prime locations as a long term investment because they know that the price will appreciate after a few years. If you are looking for a good condominium investment, check out condo in Thonglor.