5 Tips to Mitigate Risks when Buying a Condo in Phuket

It is a dream for many to buy a condo or holiday home, and it’s fair to say that people are looking beyond the shores of Europe. Given relatively low air fares to Thailand, and the lower cost of living, there could be no better place to buy one than in Phuket.

The city is buzzing with tourists throughout the year and investing in a condo will not only allow you to stay in during your vacation but also serve to earn passive income by renting out the property. But many people feel it is risky to buy a property in an unfamiliar location. The following tips will assist in writing off those risks you have in mind:

1.  Research the real estate company or builder

Your first job before signing the equity agreement or contract of sale with the developer is to collect information about the real estate company. You should always check the official website of the company. If the condo is under construction, make sure you visit the site. It will be best if you can talk to the workers to find out if they are on schedule if the company pays their wages on time, and if the company offers additional services apart from real estate. A background check of the real estate company is essential since you are buying a property away from your home.

2. Analyze the prices of other condos

Always compare the prices of different condos from different real estate companies. Don’t stick to one Phuket property just because the location is better than the others. Try searching for the average market value of condos in Phuket before signing the agreement papers.

3. Check representative documents

Whether you are a resident or an outsider searching for a condo in Phuket, you need to learn about the constituent documents of the construction company and their authorized representative’s documents carefully. Clarify with the company about the person who has the rights to negotiate on behalf of the company. You can also ask for certificates that prove their admission to invest and the permission to build the property on the selected land. Most importantly, check the period of validity of the documents. One of the essential documents is the indication of admission that permits the real estate company to sell the property.

4. Examine the condo carefully

If the construction of the condo is complete, don’t forget to take a tour inside. Examine the construction and inspect the condition of the area. Damaged building materials, lack of people, trash, or any sign of neglect should be a strict no-no. Since buying a condo in Phuket involves a tremendous investment, make sure you pay attention to the details such as quality of the staircases, attic, elevators, basements, and the interiors.

5. Water supply

Most enthusiastic buyers overlook the importance of water supply to the condo. Not just the water supply, you should investigate the entire plumbing system before signing the contract papers. This ensures that you wouldn’t face water supply problems and leaks once you move in.

Do not hesitate to ask questions to the representative of the real estate company. Your research will be crucial to buying the best condo in Phuket based on your needs and budget.

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