How to save money: buying land in Phuket

How to save money: buying land in Phuket

A few years ago people were trying to save money buying condos or villas in Phuket. Today many of them understand investing in land is a more reliable and profitable deal because plots of land are not a hand-made product, they cannot be produced and it means their costs will be growing from year to year.

If you keep the same idea in mind and are looking for Phuket land, this article has been written for you. Three basic but very important points of the question of getting suitable land are described below. 

#1 Legal status of the land and all constructions built up on it.

Buyers should clearly understand who is owner(s) of this plot and find out the land title. The point is that land holders often do not have rights to dispose it. For example, owners can own and use the land by rights of perpetual inheritable possession. So this site continues to belong to municipality and the holders may erect building there. However, any disposal of this lot is not allowed, land transfers resulting from an inheritance are an exception. If you are eager to obtain exactly this site, you must buy it from the government in order to continue to be in command of it.

#2 Don’t chase around getting the cheapest lot.

It is pretty clear that any purchaser prefer to find the cheapest but the most profitable site. Unfortunately, low price may cause a lot of big problems. It is necessary to pay attention to possible burdening-easements. Formally, your lawyer is in charge of checking documents when you make a transaction. But it will not be superfluous to get total confidence that the land is not rented out or deposited. As we have mentioned above, sellers may have rights to use the land, but not to be the owner of the lot. In this case you will buy only the right of using and will not get any ownership. 

#3 Do not trust any copy confirming ownership. The seller must show you Chanotte, this is the only true confirmation of all deals concerning the land. This certificate includes the full description of the plot (precise size, places of boundaries, history of registered transactions and divisions of land allotment). This is the only type of land title, which gives the full right to own estate. The others give only the right of possession.

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