Monday, April 27, 2009

Property of the month - The Address Chidlom

Property of the month - The Address Chidlom

The Address Chidlom is Bangkok’s finest landmark building and will fill the final prestigious piece on the heart of Chidlom. Surrounded by five-star neighborhood like Central Chidlom and Park Nai Lert Hotel you will enjoy the ultimate luxury living. Located at Soi Somkid, The Address Chidlom’s location is extremely convenient with direct access to Chidlom BTS station

The Address Chidlom offers a choice of studio to three-bedroom luxury condominiums provides a full range of magnificent facilities including luxury outdoor swimming pool, fitness center and sauna that ensure the superb lifestyle. Priced from 115,000 baht per sq.m.

Monday, April 20, 2009

Property Rental in Phuket by Allan Mossop

Phuket is experiencing a very positive response to the private home / apartment rental market. This accommodation segment has only really come to the fore since 2000 when a few intrepid developers realised the potential of Phuket in the international housing market. Phuket has long been a popular tourist attraction and with the recent improvements in the islands' infrastructure, many regular visitors have decided to purchase homes here.

Similarly, many regular visitors who are familiar with the island find that the facilities offered by the traditional hotels or resorts to be somewhat "cloistered" which can often lead to a feeling that as a visitor, you are not able to experience the local culture to the full. With the current upswing in development in many areas of the island, Phuket is becoming known as a destination where you can take advantage of renting a privately owned home.

There are a number of considerations that need to be taken into account before considering your rental returns.

Owner requirements

When considering the options available to you for rental returns, it is most important that you consider what the motivations for your purchase are. If you would like to occupy the home over the Christmas / New Year holiday period, the rental prospects of the home will decrease significantly. This time of year is by far the most lucrative period for holiday rentals, which yield the best returns.

If you are purchasing the home as an investment property with the view to owning the property for a few years whilst trying to minimise the expenses and eventually sell the home for a profit, the returns under these circumstances can be extremely attractive.

Owners who are willing to maintain a level of flexibility in their occupation will do well when trying to minimise the expenses associated with a holiday home. Should you wish to use your home, you may do so as long as the necessary notice periods are respected. Should the home be available and you would like to visit at short notice, this is, also possible.

Setting up your home for rentals

There are a number of important considerations when setting up your home for rental purposes. Keep in mind that you will be opening the home to total strangers and careful thought should be given before costly purchases are made. Please refer to the sample inventory and handy PIPS tips.

For a complete version of the property rental in Phuket, please stay tuned.

About the Author

Allan Mossop, with a background in International hotels, has been Managing Director of Phuket Island Property Services since 2001. Being at the forefront of the property management, rental and furnishings markets, he has advised many of the Islands Owners to maximise their investment properties potential.

Thai Property and Real Estate: Issues Under Thailand Law by Benjamin Hart

Buying Thai Property can be an expensive and difficult proposition. Due to legal restrictions placed upon foreigners, Thai Property purchase could be illegal and cause a loss of investment if the transaction does not properly comport with Thai law. This piece is designed as a summary of steps that should be taken before making a property purchase in the Kingdom of Thailand.

Due Diligence in Thailand

Due Diligence should be conducted before purchasing any type of Thai property. As an example, in Thailand a Bangkok attorney would be hired to assure that the Thai real estate is titled to the party asserting that they will sell. Also, a proper due diligence search should be done in order to ascertain whether or not a Thai mortgage is on the property and what needs to be done in order to ensure that the Thai property passes to the new buyer unencumbered by this mortgage. A due diligence search would also look to see what type of Chanote (or Thai property Title) the owner of the Thai property has. Generally, where a lower form of Thai Title is being held it might be in the interests of the prospective buyer to ascertain whether this Thai Title can be upgraded.

A Special Note about Due Diligence on Thai Condos

For Thai condominiums, it should be noted that a due diligence search will also seek to ascertain if the Thai Condo in question comports to the standards of the Thai condominium act and if so, is the buyer purchasing a Thai freehold title. Those purchasing a condominium in Thailand are only allowed to take title freehold if non-Thai ownership is less than 49% of the total number of units in the condominium complex. A due diligence search can ascertain if a Thai condo building is in compliance with the rules and regulations.

Lawyer Accompaniment to the Thai Land office at the Time of the Property Transaction

It is also recommended to have a Thai lawyer accompany a prospective property purchaser to the local land office to make sure that the transaction is properly executed and the property is transferred in accordance with the parties' agreement. In Thailand, this phase can be especially important for the foreigner due to the fact that Thai is often not the native language of the prospective purchaser and therefore a lawyer can assure that all of the proper formalities are met.

No part of this writing should be used in lieu of advice from a duly licensed legal professional in your jurisdiction.

About the Author

For more information about Property and Real Estate matters in Thailand please see: