Buying a vacation home is always an exciting undertaking. It doesn’t matter if you’re looking locally or you’re ready to purchase a property abroad in the exotic destination of Thailand. Of course, if you’ve got your eyes on a vacation property in Thailand then there are a few extra factors to consider that will help ensure you pick a property that meets your needs and wants and ensures your investment is a sound one. It doesn’t matter if this is your first vacation property purchase, or you’ve purchased properties in the past, a few extra tips can always prove to be quite useful.
Take a Close Look at the Real Estate Market
While your vacation property is meant to be your retreat and escape from the daily grind at home, at the same time the location you choose should ideally be one that is stable as far as an investment standpoint. What this means is that it is either a well-established area for tourists and real estate as a whole, or it’s an area that is showing signs of steady growth.
Take for example the Koh Samui real estate market that has been showing plenty of growth and interest over the last few years, which is obviously getting the attention of tourists and foreign investors/buyers. By looking at the market and the trends, you’ll be able to narrow down properties that will grow in value rather than decline, which means you’ll be making a wise investment.
Can You Rent It Out?
Now because this is meant as a vacation property in Thailand, it means you won’t be living there permanently so there will be many times when the property will be sitting empty. This leaves you with the option to actually rent it out to tourists during the times you won’t be there.
If this is a route you are interested in taking, then you need to look at properties from a rental income perspective. What this means is that it not only needs to be a property you want to spend time at, but it also needs to appeal to tourists. This means location, amenities on-site and nearby, and the size will all be extremely important.
Does it Come Furnished?
Another consideration is how you plan to furnish the property. Depending on the property and seller, sometimes you can purchase a furniture package. While this will add to the cost of the property, it can alleviate a lot of hassle since you won’t have to worry about shopping for furniture, having it delivered, and then set up. The property will be pretty much ready to go right from the start.
Think About How You and Your Family Will Use the Property Now and In the Future
If you happen to have a family with young kids, you also want to envision how the property will be used now and as they grow older. Will it offer you enough space and the right kind of space? Remember, teenagers like to have their own area so things like the number of bedrooms and common rooms can be important.
A vacation property in Thailand can offer wonderful opportunities, but it’s important you keep your list of must-haves close by and think long and hard about whether or not the location and style of property fits your needs.