If you are planning to relocate to the Land of Smiles and you are interested in rental properties as a form of investment, you have come to the right place. In this article, we take an in-depth look at how to invest in rental properties in Thailand.
In order to do business in the Royal Kingdom of Thailand, you need to register your business; approach an English-speaking law firm that is based in Bangkok and they can show you the various business registration options that are available to you. The Thai Board of Investment offers attractive benefits to foreign investors and your lawyer can assist you in many ways.
Acquiring Rental Properties
Talk to Coastal Real Estate Pattaya about rental properties that are within your budget and we recommend you enlist the services of an established property management company that is based in Pattaya. What can they do for you? They will protect the property, carry out essential building maintenance and even screen potential tenants and the more properties you own, the more you need such a partner. If you forge an alliance with a leading real estate agent, they can acquire the best properties when are ready to expand your business.
Compliance with Thai Laws
It is crucial that your business activities comply with Thai law and the best way to ensure this is to forge an alliance with an English-speaking lawyer, who will always have your best interests at heart. Of course, you will have to pay tax, but your lawyer should be able to minimise this, while also ensuring that your business is fully compliant.
As a property landlord, you have many legal liabilities and tenants are usually well-versed on the laws regarding living in rental properties. Your lawyer can help by drafting tenancy agreements and should there ever be legal issues, your lawyer can offer you the best advice. It is very easy to fall on the wrong side of the law as a landlord and an English-speaking lawyer is a must. Click here for real estate tips.
Furnished or Unfurnished
This is something for you to decide; of course, a fully furnished property would fetch a higher rent than a property that is unfurnished. It will certainly cost money to furnish a property and you need to crunch the numbers to find out how long it will take to recoup your furniture investment. In terms of marketing potential, a fully furnished property is certainly more appealing and there are companies that can furnish the property for a reasonable cost.
Land Prices are Low
Now is a great time to acquire property in places like Pattaya and Hua Hin, as land prices are at an all-time low, largely due to the pandemic. As we move into 2023, prices are sure to rise, meaning that your investment is a wise one.
If you have the capital to get into rental property in Thailand, make sure that you do your research and take legal advice, which should help you with your planning.