Purchasing Land To Build Your Dream Home

When looking to purchase land to build a dream home here in Thailand, there are many factors to take into consideration. The first and most important assessment to make is the location of the land. Obviously the more prime the location the higher the price. Pratamnak has become the “Beverley Hills” of Pattaya and most believe this to be the best location in today’s market. Land prices have risen around 150% over the last 8 years and this has shown a huge influence in the re-sale value of some of the housing in the area.

But most importantly is the shape of the land when considering what parcel to buy also. If you have an idea of the house design you want to construct, when looking at plots, make sure the plot can accommodate the footprint of the property.

If you have a set budget for the land and house, it is recommended that you get an indication of what the house is going to cost to build before you start looking at land to buy. In the past we have seen many cases where people have gone and purchased the land only for them to not fully understand many of the costs that they didn’t consider in the build and so go over budget. Employ an architect and get some footprint plans made. Give these to two or three recommended contractors to obtain a quotation so you have some indication of build cost. Now you are in a position to understand your land budget. This in turn may determine the location that you can afford.

Make sure all land plots considered have all local utilities supplied to them or those utilities are very close to the plots. Government water and electric can cost millions to have installed if they are far from the plot. If you are going to build a large house and you require three phase electric, again make sure that this is in place. Water isn’t such a major issue as you can create your own bore well, but water table levels have to be suitable and if they aren’t then you may end up with a house with no water supply. If there is no electric supply to the plot you could wait months to have a supply connected and the costs can be massive, so check these fees before buying. Also if there is insufficient power supply you may end up having to buy a transformer, again more cost.

Whether you are using an agent to purchase land or searching by yourself, make sure you obtain the services of a reputable lawyer to ensure any land you are considering is suitable for what you are looking to build on it. Firstly the land should hold a Channot title. There are many forms of land titles here in Thailand, and the different titles can determine what the land can be utilized for. Secondly, the lawyer should make sure the person trying to sell is the true owner, so obtain a copy of the seller ID card and make sure the name on the reverse of the land title matches that of the person on the ID card.

Make sure the plots considered have sufficient land drainage. You aren’t allowed to have water run-off going on to other peoples land parcels. So make sure the levels of the land allow for run-off and drainage to flow away from adjoining plots. Land fill can be expensive, and in turn this can also increase the build cost of the house if piling is required.

Going back to the locations that you are going to consider, I always try to give the buyer some insight into what the area may hold for future development. In the case of Pratamank, or city living, if there are empty plots close to the parcels you are considering, be aware that condominiums or apartment buildings could be built in the future. This will devalue the price of a property instantly and make it very hard to sell in the future. Try to look for land in areas that are built out already. If you are considering going further from town, for example out towards Huay Yai or Maprachan Lake, where land prices are more attractive, again check utilities and land titles first.

There are projects that offer building plots in enclosed developments here in Pattaya. If you need to be on a secure development and still require the luxury of building your own design, we do have options available to you. Obviously you will pay a premium for such parcels but you are assured to have all required utilities, security, well maintained roads and in some cases communal pools, etc.

In A Space of Their Own-Real Estate Agents

The real estate market has now become extremely organised with the presence of licensed real estate agents, real estate consultants and corporate type of offices where these agents and consultants do their business.

The people who deal in sale and purchase of industrial, commercial and residential properties and also rent and lease businesses are broadly categorised under the real estate dealers or brokers or real estate agents. A service that used to be once a bastion of the strong and mighty and those who used to have real muscle power – for the risks involved – has come to be a gentleman’s business of modern times.

Today, the real estate agent works as a help to a prospective buyer or a seller depending upon which side he is on. In case of a seller, the real estate broker works towards getting the highest possible rate for the property and on the best terms while when working for a prospective buyer, the efforts are to get the cheapest deal with the best of terms and conditions.

Meanwhile, a real estate consultant, who is a comparatively newer operator in the real estate market, limits his/her work to providing details and requirement-based analysis about the right places to invest or make deals after a thorough investigation about the property.

In such a case, even the rates of a consultant are pre-decided with respect to the kind and details of the services he is expected to provide which may include, showing the property with a detailed assessment of the value of the property, its mortgage options, providing renovation and restructuring contractors and many such services. The consultants, though a new face in the real estate markets, are making their presence felt due to people seeking their help for the detailed services they provide.

Licensed real estate agents are certified persons by either a state or a local administration to practice as real estate agents or brokers. Such people usually get the certification after gaining some real expertise in the real estate field and thus are considered eligible to assist others in the sale and purchase of properties.

The real estate companies deal with major property deals that include industrial, commercial and residential property transactions at a considerably big stage. For example they provide various kinds of services in this regard and prefer to deal with people who wish to be part of considerably big real estate projects like building apartments, dealing in big land acquisitions and sales and such kinds.

Meanwhile, the small real estate agents who usually function individually also provide details on the sale and purchase of property but at a smaller scale. In fact, they usually come into picture when there is a sale or purchase of a few apartment/plots in different societies etc. Meanwhile, these brokers or dealers are more visible in rental/lease market where the requirement is to strike a deal between individuals with regard to small and a fewer number of spaces.

The small real estate agents are becoming very much visible these days in most of the big cities across the world, where there is heavy movement of people with regard to work and then find an accommodation there.

Real Estate – Historic Perspective

Real estate means having to something with the land. Historians have been trying to find the real meaning of the real estate and its historic perspective aboutthe first use of this word but haven’t been able to agree on one. There are different references made by different people to justify their claim. Some of them say that real estate basically is another term that is used to define the land possessed by the king and the people living in those lands, used to pay some kind of money directly or indirectly to the king, as a payment for living. Others however disagree and support their point of view by claiming that the initial and the oldest meaning of real meaning is ‘to do something with. There are many laws relating to the real estate in England. Some of the land in the ancient history was used by the Kings themselves and only they had the right to pass through that land.

These roads or passes were once known as ‘King’s Highways’ and now they are known as ‘Queen’s Highways’. The history of such laws regarding the passage of monarch date back a long time, as much as the year 859 of the modern era and C14th in Wales while there is still some evidence that these traditions even existed even before these dates. These laws have the support of the blessings of Pop and we may find the origins of that tradition back in the days of Roman Empire, after Christianity became its official religion. ‘King’ in the ‘King’s highways’ mean ‘Son of God’. It also meant as ‘King of kings’. It gave the impression that he conquered all the land and the water. He could walk on the water. There is also some evidence from the days of Crusadesthat supports the idea of the term ‘real estate’beingused in those days. Pilgrims, adherents, servants and soldiers of the Roman Catholic Church had similar rights throughout the continent and also in some parts of the Middle East and North Africa.

In British terms, ‘real property’ is often shortened to just ‘property’ and is generally referred to landand fixtures. The term ‘real estate’ is frequently used in the context of probate law and implies the interests held by a deceased person in a land at the time of death. The business of the real estate is quite different in the states of Mexico, Canada, Guam and Central America as compared to the United States. Some of the similarities that these states share with US are legal formalities (with real estate agents considered for helping out the client in need of guidance in matters pertaining to the land), amount of tax to be paid, titlewill be ensured by the legal paperwork and a neutral party be responsible for handling the documentation and the money in order to make the exchange smooth. Many of the US title companies are offering their services for US buyers in the states of Mexican and Central America.