Retirement in Thailand – Condo or House?

Many retirees choose Thailand as their preferred destination and who could blame them? Tropical weather and a low cost of living combine to provide the ideal environment and once you have made up your mind that Thailand is the place for you, you need to think about accommodation.

The pros and cons of land ownership in Thailand

Thai law states that no foreigner can own land, a law initially created to prevent the Japanese from buying up large sections of Bangkok, yet there is one way to side-step this, which is to set up a limited company, with a Thai or Thais holding 51% of the company, while you may hold the remaining 49%. Be aware that the said company must be trading, if the Thai government think the entity was created solely to acquire real estate, they could confiscate the said asset. If you are planning to start a business in Thailand, this is ideal; consult with an English-speaking Thai lawyer for more information.

Condo ownership

All you have to do is pay a monthly maintenance fee and the management company handle all upkeep and maintenance, which is great! Check out the leading real estate agent for condo for sale in Pattaya Thailand and browse their listings. Once you find the unit of your dreams, you can make an offer; you will have to open a Thai bank account, into which you transfer the funds and obtain a Foreign Exchange Certificate that shows the funds came from another country.

Luxury amenities

A leading condo development in Pattaya would be luxurious by anyone’s standards and would include:

• Swimming pool
• Fitness room
• Covered parking
• Pleasant gardens
• Hi-speed Internet
• 24-hour security
• Sauna & spa

When you buy a unit, it comes fully furnished; all you need to do is pack your clothes and move in! Who pays for the upkeep of such a development? The annual cost is divided into the number of units and each owner pays an agreed amount per month to cover everything.

Analyse your lifestyle

Are you the kind of person that loves to potter in the garden and carry out home improvements, building your dream home would be the obvious choice. If, on the other hand, you are a person who likes to be out and about, a condo unit gives you luxurious living space without any maintenance. Even though you are sharing with other owners, you have access to everything you could possibly need and that suits many retirees. Here are a few interior design ideas for your dream home.

Renting

Some people do not wish to burn their bridges by selling up at home; they prefer to rent property in Thailand, as this gives flexibility. If you are planning to live in Thailand year-round, you can get a reasonable deal on renting a luxurious pool villa in Pattaya or Phuket; it all depends on how much you are prepared to pay. Once you’ve been here for 12 months, you should know whether Thailand is right for you, then you can start looking at buying a condo.

Here is a link to the BOI website that offers information on condo purchasing and we hope that you enjoy your golden years in the Land of Smiles.