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How to rent the property in Bangkok
Bangkok is one of the world’s most dynamic cities, and there is a huge range of apartments to rent from palatial to modest. While Thailand is a developing country, Bangkok is not a particularly cheap place to live rentals wise – this guide gives you some pointers on how to find Bangkok apartments that suit your budget and what to look out for so you can make an informed decision.
What you need to know about Bangkok traffic
Bangkok’s traffic situation has greatly improved since the advent of the Sky train and MRT at the beginning of the 21st century. However, the streets still regularly gridlock, so if you live somewhere that requires a taxi journey to move around, be prepared for unpredictable delays on a regular basis.
The best way to see all of Bangkok’s Sky train and MRT stops is to get a good Bangkok map like the Bangkok Groovy Map. This clearly shows all the station stops and Bangkok’s points of interests, including landmarks, restaurants, shopping complexes and more, all in one easy to digest fold out map. Once you’ve got a grasp of the different areas of Bangkok and how they are related to one another, you can start looking for Bangkok apartments with a much better idea about location.
Bangkok Apartment Prices
Your choice of apartment in Bangkok is likely to be determined mainly by price. Bangkok apartment rentals are good value compared to Europe and America, but they are still not particularly cheap. The average monthly price for an up market, well located 2 bedroom Bangkok apartment with access to a swimming pool, gym and public transport networks is around 40,000 to 60,000 Baht and 3 or 4 bedroom Bangkok apartment with access to a swimming pool, gym and public transport networks is around 70,000 to 100,000 Baht up. You get a lot for your money, but the base price is still quite high. You also need to consider the additional monthly expense of utilities.
Bangkok Apartment Terms Of Lease – What to Expect
- Apartments in Bangkok usually lease on a minimum 12 month period. You cannot break the contract without losing your total deposit. You can ask for a “diplomat” clause to be inserted into the contract to let you exit after six months with one month’s notice, but this will still lose you 1 month’s deposit. It is not a given that a diplomat clause will be offered.
- Bangkok serviced apartments offer the flexibility of month by month leasing but are more expensive in terms of monthly rent and also utility pricing. However, they offer a great start to Bangkok living – cleaning, bed linen changing and kitchen utensils are included in the price, so you’re ready to go as soon as you move in.
- Bangkok apartments are usually furnished, but do double check that is the case
- Bangkok apartment landlords, whether leased or serviced, expect two month rent as a deposit and one month in advance. The last month of the lease is typically paid from the deposit.
- Monthly utilities to consider are electricity, water, UBC (satellite TV), phone landline, high speed internet. Depending on usage, these can be 5000 Baht a month added to your basic rental cost.
- You may also want to consider getting a cleaner that visits a couple times a week. This can be a couple of thousand a month, or less if you can bargain down.
- Never sign up to a lease or make any sort of commitment without inspecting the apartment in person first. Take a checklist with you to ensure that you remember to look at everything.
How to buy the property in Bangkok
Buying property in Thailand and Bangkok has its limitations. Foreigners can buy a unit in a condominium, but they cannot own free land and houses. There is a rule that foreigners can only buy a certain percentage of the total area in a condominium. Foreigners may have ownership in a condominium unit in a proportion not higher than forty nine percent of the total SPACE (not number of units) of all units in that condominium. When buying a property, you will in general have to prove that you have brought in the money involved from abroad. Banks have special forms to fill out for this purpose. So when you bring in the money to a Thai bank, with the purpose of using it to buy property, please be sure to make it clear to your bank.
The Key Factor of buying the property
Location – the location of a property can be one of the most important factors when buying a property. The overall quality of the area in which a property is located is paramount when investing in a property, as it influences both current and future value prices. If an area is not well-known to you, perform a little research on-line, or ideally visit the location and drive/walk around to get a better idea.
Neighbors – often overlooked, but a very important aspect of property buying. Obviously, it’s not always possible to meet the neighbors when initially viewing a property. However, it may be an idea to schedule a second viewing at a different time, ideally in the early evening and, if possible, introduce yourself to the neighbors and ask a few questions about the area in general. Also look out for signs that may be a potential future problem with neighbors, for example; loud dogs kept outside, messy, unkempt gardens and any boundary issues such as walls and fences. If you spot any issues immediately, there is a chance they will develop into bigger ongoing problems if you actually move into the property.
Roads/Traffic – close proximity to public transport links can be very beneficial, especially if you commute to your place of work using Sky Train/Subway etc. However, you don’t want any such links to be too close. Always think about the potential noise and pollution. Good access to roads and expressway is also beneficial, but for the same reasons, you ideally don’t want anything too close to your property.
Schools – if you have children, or are planning to start a family, you need to consider the school catchment area. It is worth remembering that the quality of local state schools can have a major influence on the prices of properties. Also, a property located in a reputable school catchment area will always be easier to resell in the future.
Obviously, these are just some of the broader areas to consider, you will no doubt have more specific requirements when buying a property, for example the number of rooms, floor space, parking options, gardens etc. It is important however to fully evaluate the general location, to avoid any potential issues. After all, many would argue that the location of a property is the most important aspect of all.
(Source from www.realestateproarticles.com)
for Buying and Selling Property in Thailand
Every person residing in Thailand, regardless his/her nationality shall be responsible to pay taxes and fees when buying or selling property. These taxes and fees are as follows:
1. Transferring Fee :The Transferring fee is 2% of the registered value of the property. Whether, the buyer or the seller is paying forthis fee, is depending on the Sale and Purchase Agreement. Normally the buyer partly pays for this fee. This fee will be paid to the officer at the land office, upon the day of the transfer of ownership.
2. Stamp Duty:Buyer or seller is subject to a 0.5% Duty Stamp from either the appraised value of the property or actual purchasing price, whichever is higher. The parties reliable for this additional 0.5% of Stamp Duty can be agreed in Sale and Purchase Agreement. Stamp Duty is to be imposed unless the Specific Business Tax (SBT) is paid.
3. Specific Business Tax (SBT) :SBT will only be imposed if you are selling your property, which you have own less than a period of five years. The tax rate is3.3% of the selling or assessed price of an asset (whichever is higher).
4. Withholding Tax :Individuals selling their property: the withholding is determined under to Revenue code of Thailand. The seller shall withhold such tax and pay to the Revenue Department, when he/she earn an income from the sale of immovable property (including condominium unit). Withholding tax rate are calculated based from government assessed price with a deduction of possession year, which are varied depending on the year of your possession (the more years of possession, the more the deduction) and calculate that amount based on the income form the progressive tax rate (range from 0- 37%).
Company selling their property : the withholding tax of 1%from appraised value of property or actual selling price, whichever is higher, must be paid by the Seller.
However, there are no property taxes as such in Thailand that are exactly equivalent to the property taxes in the West. Commercial properties incur a small tax which is collected infrequent.
In term of registering a lease agreement, a registration of a lease for duration of more than 3 year required to pay a registration fee rate of 1% plus a 0.1% rate of stamp duty. Rates are calculated from the total amount of the rental fee or the key money or both.
(Source from www.siam-property.com)