Secrets to Buying Phuket Apartments
One question we are constantly asked is if you have to obtain permission from the government before purchasing Phuket property. To buy a condo or apartment in Phuket is very simple if you are a non-Thai. Most projects have a 51%-49% ownership rule. If the Building is over 51% Thai owned, a foreigner can purchase and own the condo or apartment freehold. If not, you must purchase the apartment as a 30 year lease. Check with the local land office before you purchase if you are unsure about the title deed.
Buying direct from the developer has several advantages: you will get to see a range of properties in Phuket that suit your requirements; you have the benefit of many years experience, as well as a English speaking office to support you in your home country; it may help eliminate any possible misunderstandings; and it helps takes away the stress associated with purchasing Phuket real estate in country or abroad.
Transactions and payments are simply made by wiring from you home bank account. It is always better to let the Thai banks convert your money in Thailand then to let you home bank to convert it to Baht before you wire. This tip along can save you thousands of dollars when you go to wire a large amount. Some developers can lock in a rate for you before you wire. Make sure you can communicate with your agent by MSN chat, Skype or text message in case you have any last minute questions while at the bank.
The Thai currency system is based on the decimal system. One That Baht is divided into 100 satangs. Coins range in value from ten baht to 25 satangs and six bank notes are in circulation: 10, 20, 50,100,500 and 1000. Always keep lots of small bills as it is a very big jump for most thai vendors on the street selling noodles. It is a very big jump between 100 baht and 500 or a 1000. Most street vendors and taxis can not make change for 500 baht or 1000 baht bills. Most motorcycle taxies and car taxi’s can even break a 100 baht bill without having to stop and make change.
Personal effects, household goods and furniture may be imported duty free to phuket. There is very high duty on importing a car. I believe with the hassle of dealing with Thai customs it is better to buy what you need inside of Thailand and leave most of your personal effects at home.
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Scott Riefler is an expert in dealing with Phuket Real Estate http://www.patongharborview.com and related matters. He contributes articles to web guides on real estate and financing. You can sign up for my newsletter at: http://www.patongharborview.com/Phuket_Apartments.htm
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