So many people arrive to Pattaya and fall in love with the city. Some arrive and never leave, they set up home and look for work to continue their stay. Some spend their two weeks or more on holiday, and dread the day they need to head back home. But in reality, if you are going to stay in Pattaya, which decision makes the most sense? Do you look for a property for rent in Pattaya first, or do you just buy a property outright?
There are several factors you need to consider before making your decision. Of course, on holiday you mainly only see the good parts, irrespective of where you are in the world. If your head is telling you this is the place to stay, it is hard to see otherwise. You can probably relate to this feeling, right?
So, with so many properties available both for sale and for rent in Pattaya what is the right decision and why? Here is a list of considerations to think about when coming to your decision!
Why should I rent a property in Pattaya first, and not buy outright?
- Buying a property in Thailand is not as straight forward as it may seem. There are several legal requirements you need to meet first. As a foreigner in Thailand you are also restricted on what property you are eligible to purchase. So, renting a property makes perfect sense to avoid all the paperwork and restrictions set out.
- Despite how your head and heart maybe telling you Pattaya is a dream location, feelings change. What once appeared as paradise can quickly turn into anything but paradise. If you are renting a property in Pattaya and want to move on, at worst, you may only end up losing your deposit. If you serve the required amount of notice to your landlord you may get your full deposit refunded back.
- Renting is a much better option when it comes to choices of property available to you. You can rent a small apartment or a substantial villa, the restrictions are only down to your finances, and what you can afford. To find a property for rent in Pattaya you can visit one of the many Real estate agents in the city. Alternatively, you could take a drive around the many villages in the area, and look for signs of properties available for rent. Most houses have signs outside and telephone numbers to call.
- Downsize or upsize at your leisure. Circumstances often change as life progresses. You may be in a situation where you need to upsize the property you are living in. Likewise, you may need to downsize if the property is becoming to hard to maintain. If you rent a property, then moving is not as difficult than if you owned your property outright.
- Mortgages in Thailand are not easily obtained. Thailand is a very difficult country to obtain any finance for buying a house or property. In general, and with few exceptions, only a Thai national can obtain finance. So, unless you are married obtaining a mortgage is virtually impossible. At least with renting the maximum you will need to find is the equivalent of two months rent as a deposit, and a months rent in advance.
What if I want to buy a property in Pattaya instead of renting?
- Many people consider renting a property as throwing money down the drain. Of course, if you are looking to purchase a property for the long term, then this makes much more sense. Be aware of the additional payments you are expected to make apart from the price of the house. Condominiums carry a maintenance fee, whereas, houses in villages have an annual village maintenance fee. Both fees are for the upkeep of the building or area you live in.
- Purchasing a house is a good option as an investment if you are looking to rent it out. Many investors buy property to rent out. This is a good way of securing a return on your property investment whilst still owning the property. Be certain to talk to local Real estate agents and seek further advice and information.
- If you own your property you are able to modify and refurbish the property at your leisure. Of course, if you are renting there is no point in doing so. However, as a home owner you can improve your property, and often at a lot less cost that you expect. Building services and labor costs are far less expensive than in many other countries.
- Depending on when you purchase your property, and depending on the current financial situation, you may well get a return on your investment. Investors who purchased property in Thailand back in 2010, if they sold today would make a solid return, and a healthy profit on their initial investment. In general, if you purchase a property and can afford to wait a few years, the chances are in your favor of a healthy return on your investment.
- Value for money is nearly always favorable to the potential buyer. The cost of property here in Pattaya, and across Thailand in general is very good. A property in Thailand is generally far less expensive than a property the same size in many other countries across the world. So for those looking for a grandeur property at an affordable price, Thailand may well be the place for you.
If you decide to rent or purchase a property in Pattaya, whatever you decision, Pattaya is a wonderful city to live in. For those who venture to this incredible part of Thailand they soon come to realize there is so much more about Pattaya that is unheard about.