If you are thinking about moving into the property rental sector, Thailand is a great location, being a premier tourist attraction, where luxury condos and villas are very much sought after. In this short article, we take a look at investing in luxury real estate in Thailand with a view to entering the rental market.
Create a Business Plan
Every business needs a plan of action, firm direction that leads to sustained development; such a plan would include a detailed list of assets, properties, vehicles and office equipment, renovation and property management costs, expected rental, marketing strategies and a 5-year forecast. All running costs should be reported, with revenue recorded, plus and organisation flowchart that shows all employees and their roles. This document should be 10-25 pages and is your guideline to success and should be referred to on a regular basis.
Online Real Estate Agents
Check out the luxury apartments for sale in Jomtien Beach from Chonburi’s leading real estate agent and start looking at properties within your price range. The agent can arrange a private viewing and if you are ready to make an offer, the agent provides you with everything you need, helping you with paperwork and recommending a real estate lawyer to handle the conveyancing.
Register the Business
If you are going to generate income from renting properties, you have to register your business; talk to an experienced Thai commerce lawyer for the best advice; there are several types of business entities that you can create. Hire a local accountant to handle bookkeeping, they will ensure that you remain compliant with local rules and regulations.
Filing Tax Returns
Like every business, you have to file tax returns at the requested time; outsourcing bookkeeping and accountancy takes care of that.
Property Management
If you own several condo units in Jomtien Beach, a local property management company can maintain the properties, liaise with the tenants and carry out essential maintenance, while also providing security when unoccupied. There are sometimes real estate disputes, so you need access to legal advice. Unless you are living in Thailand, managing your assets is impossible and using a top-rated property management firm is the smart way to look after the business. They also have a service to source and screen tenants, which means you won’t have to place ads and tenants are pre-screened. You receive weekly reports on every aspect of the business and you have 24/7 access to legal advice, should you ever have the need. A reliable outfit ensures your properties are well-maintained and tenants are happy.
Buying Real Estate
Most foreign investors stick to condos and apartments, as foreigners are unable to own land in Thailand; when you are ready to make an acquisition, contact a leading Pattaya real estate agent with English-speaking staff and the best listings in the region.
Thailand is a great place to invest in luxury real estate and by setting up a Thai company, you can own real estate in the name of the business entity.