This article has been written in order to prevent typical errors of Phuket real estate first-time buyers.

#1 Lack of information

Before buying a bike or a video player people often compare different models, brands, they ask a lot of questions about features, try to clarify which option is better and which one will be more valuable to buy. So when it comes to a purchase of overseas property, you should collect and analyze information more carefully and attentively. Moreover, it is very important to find out all necessary details not only about the building but also about the location, infrastructure, amenities and many other things. Here is an approximate list of questions which a prospective investor had better ask:

  • Why is the estate being sold? 
  • Are there any problems or damages with the property?
  • Is there any long-term construction nearby your potential purchase?
  • Is the property located in a danger zone (natural disasters, floods, etc.)?
  • Is it freehold or leasehold?

#2 Lack of experience

Many buyers feel pretty sure they have read lots of books and have talked with many friends to make a proper buy without any professional assistance. In fact, even if they have been lucky before, it will not last forever because paying real estate investments abroad requires taking part of qualified agents and lawyers who know The Thai Legislation, Asian mentality and language. 

#3 Overpayment

It is true that it sometimes takes a lot of time to find an ideal house or apartment. You should be patient and not be in a hurry to make a decision to pay deposit if the property is not appropriate for one of your criteria, for example, budget. It should be taken in consideration that there are other units that meet your requirements without a necessity to overpay.

#4 Underestimating expenses

Every holder can confirm that there are lots of expenses which must be paid after having bought a dwelling (gardening, pool cleaning, pest control, rehears, maintenances, etc). But almost all first-time buyers forget about these additional expenses. The best way to avoid such mistakes is to ask for a list of monthly expenses that are spent for the propriety maintenance.