The Ultimate Guide To Buying A House In Chiang Mai
You probably already know that Chiang Mai is an attractive place to live.
Now, you may be wondering:
Should I buy a house in Chiang Mai?
Can I buy a house in Chiang Mai?
How do I buy a house in Chiang Mai?
Well, today you are in for a treat because I have put together a complete list of tips that will answer all these questions… and more.
Here is what you will learn:
1. Can Foreigners Buy A House In Chiang Mai?
This is one of the most common questions, so let’s answer it outright.
An individual foreigner is not legally able to purchase land in Thailand.
However, if a foreigner is interested in owning property in Thailand, there are two ways this can be achieved.
1. A foreigner is permitted to purchase land, house, and property through a limited company.
2. A foreigner is able to enter into a 30-year leasehold agreement.
2. Avoid The 5 Biggest Mistakes When Buying a House in Chiang Mai
Check out this video to learn the most common mistakes when buying a house in Chiang Mai… and how to avoid them.
1. don’t understand process of purchase
2. incorrect chanote
3. miss good opportunity
4. property valuation
3. How to Purchase a House in Chiang Mai in 4 Steps
Follow these steps to ensure success when you buy a house in Chiang Mai.
1. Locate Suitable Properties.
The first step is to determine which properties interest you, according to factors such as your budget, house features, and location of the house.
2. Negotiate with sellers.
Make an offer on houses which interest you. It is often useful to handle negotiations through a local real estate agent.
3. Create a purchase contract.
When an offer is made, the buyer and seller enter into a purchase contract. Typically, a deposit is made by the buyer, and a time frame is determined for the remainder of the payment.
4. Complete the purchase contract and transfer the title deed (chanote).
4. How To Choose The Perfect Home In Chiang Mai
When you are decide to buy, make sure you consider these factors to ensure a happy purchase:
1. Property Location
Location is a key factor in your purchase. Think about these things: the location in the city, proximity to schools and other attractions, the type of road that reaches the property, and whether it is in a moo baan (gated community).
2. Property Features
Houses have a wide variety of features in Chiang Mai. Some include: private swimming pools, air conditioning, full furniture, bathtubs, CCTV, automatic gates, gardens, Western kitchens.
There is a wide variety of prices for houses in Chiang Mai. Depending on your budget, you will have a selection of houses to choose from.
4. Relative Value of the House
The relative value of the house you are interested in is an important factor. For example, if you are interested in houses with an asking price of 7 million Thai Baht, you will find that some have greater value in terms of location and features.
5. Age of the House
Generally speaking, newer houses command a greater value. Depending on the type of construction, as well as the quality of construction, you may only be interested in recently completed houses.
5. What Are The Best House Locations In Chiang Mai?
Chiang Mai is growing fast, and some areas of the city are increasingly popular. Here are a few of the areas that show ongoing demand from homebuyers.
1. Hang Dong
The area extending south of Chiang Mai continues to be one of the most popular areas of Chiang Mai to purchase a house.
2. Doi Saket
This area to the east of the city has many new housing developments and is conveniently located to one of Chiang Mai’s newest shopping malls, Central Festival.
3. Mae Rim
This area to the north of Chiang Mai is well known for its green areas and upscale properties.
In the mountains to the southwest of the city, Samoeng contains many large properties, lush greenery, and great views.
5. Jed Yod
Close to the city center, this area is popular with tourists and expats.
6. Why Buy a House in Chiang Mai?
So, you may be wondering why you might want to buy a house, rather than rent in Chiang Mai.
And it’s true: for a lot of people, renting is a better option.
But there are some very good reasons that you might want to buy in Chiang Mai.
1. Long-Term Stay
If you are planning on staying in Chiang Mai for a long period of time, buying may be a better option for you.
If you are interested in property as an investment, purchasing a house in Chiang Mai may be a better option.
3. Specific Requirements
If you have specific requirements and want to construct or renovate yourself, you may want to buy a house rather than rent.
7. What Features Do Chiang Mai Houses Have?
When you buy a house in Chiang Mai, here are some of the feature you may require:
- Private Swimming Pool
- Landscaped Garden
- Covered Garage
- Gated Community
- Communal Spaces
- Tennis Courts
- Fitness and Gym
- Built in storage
- Western Kitchen
- Fully Furnished
It is really up to you to decide what features are important to you when you make a purchase.
8. What Is The Right Time To Buy A House In Chiang Mai?
When it comes to choosing the best time of year to buy a house, there are two typical times that are popular for buyers to find a house in Chiang Mai.
1. Winter (November to March)
The winter typically is the busiest time for house sales in Chiang Mai.
There is a simple reasons for this. It is when more people come to visit Chiang Mai.
As a result, many sellers prepare properties to be sold in Chiang Mai during this time.
2. Summer (April-May)
As in many countries, the summer is a time when many people move. So there are more houses available on the market during this time.
9. House Much Do Chiang Mai Houses Cost?
When you plan your budget for buying a house in Chiang Mai, it is a good idea to have a general expectation for how much a property will cost.
Typically, quality houses start at 4 to 5 million Thai Baht and upwards, depending on the location and the features of the house.
The Chiang Mai housing market continues to be strong, and prices continue to rise. Houses in Chiang Mai are still quite reasonably priced and well-featured when compared with other parts of Thailand and other parts of the world.
10. Avoid The 5 Biggest Contract Mistakes When Buying In Chiang Mai
When it comes time to make a contract for your purchase, there are some important mistakes to avoid.
1. Not checking the translation
Typically, contracts are translated into two or more languages. It is important to check the translation as often one language is considered to be the correct version.
2. Check the terms of the contract
It is important that you fully check the terms of the contract, including things such as agreement about transfer date, deposits, furnishings, and other contractual obligations.
You should never take an oral arrangement as contractual. Instead, you must make sure it is stipulated in the contract.
3. Ensure witnesses to the contract
Housing contracts are signed by the buyer, seller, and one or two witnesses. Ensure that the witnesses are present, and photograph the signing of the contract for your records.
4. Work with licensed representatives
Many buyer’s employ both a real estate agent and a legal representative to ensure that the contractual agreement meets there expectations. It is recommended that you do so as well.
11. How to Choose a Chiang Mai Real Estate Agent
Many people choose to use a real estate agent to buy a house in Chiang Mai. There are several reasons for this:
1. Help with researching properties.
2. Help with negotiations between buyers and sellers.
3. Help with the purchase process.
If you use an agent in Chiang Mai, here a few things to consider when making your choice of who to work with:
1. Good working relationship
2. Good knowledge of the local market
3. Available during the time of your property search
5. Good references
12. Next Steps
Do you still have questions? Are you interested in a custom house search?
Contact one of the agents at Lekproperty.com today!