This can sometimes be a bit daunting, but do not be discouraged. There are thousands of real estate websites for property related to Thailand. Some of the key points to look out for when searching for the right property in Hua Hin are:
Be as specific as you can. If you are looking for a property at 5 million Baht, best to do a filtered search for properties between 3 million Baht and 7 million Baht – there are always deals out there.
Make a clear distinction between “resale” or “off plan” is important if you are specifically only looking for an existing, ready to move in property versus one that you can reserve your preferred land plot and choose certain design aspects before construction.
For those of you who don’t want to spend hours online searching, try to make a bullet list of items that would tick all the boxes in a property you would like.
Type an email with all these points and be specific about price points and budgets + perhaps add a brief personal description of yourself and family and send an email to [email protected] so we can get back to you with a personalized list of recommendations. It’s our job to get to know you and predict what you would and would not like, so being as open and clear as possible helps us help you.
Whichever way you look at it, agents will always form an integral part of your search for the right property in places like Hua Hin for example, where it is truly the lifestyle choice where you need someone with local knowledge to point you in the right direction.
We at Stonehead Real Estate have that local knowledge and know-how to find the right property for you.
Communication is always key, and our agents at Stonehead Real Estate will communicate openly and clearly.
Any good agent will be able to find properties listed on any website and provide details of that property for you. Remember in Thailand, it’s an open market and sellers list with multiple agents so a property that is on one website is likely on another also. If it’s not, keep in mind that agents in Thailand work together when they need to, to find the right property or the buyer.
We get to know you better to advise you on the best location for you to be. This is something that is truly underestimated in this industry. We don’t just see our clients as numbers. We see them as people, and treat them with curiosity and respect. We ask the key questions in our qualification process in order to narrow down the list of properties that will suit your needs and requirements.
One of the most important things to consider when deciding to buy a property is the location.
Hua Hin is divided into the following areas, and we break down each area with a brief description so you can have a better overview of each area:
There are more areas north and south of the areas mentioned above that differ in many aspects. If you have any questions about these areas and you prefer to be further away from the big city and you dream of having a secluded home in mountainy paradise – give us a call to go through all the important points about what it is you are looking for and trust us to find your dream property in paradise.
The transfer fee is not a tax but a government fee (like stamp duty) on the sale and transfer of ownership of real property and collected by the local land office upon transfer of ownership. The fee is imposed at the rate of 2% over the appraised value of the property. The appraised value or government assessed value is not the sale price but an assessed value of the real property based on a calculation method by the Land Department and the Treasury Department and is used by the land office to determine the amount of tax that must be paid. The registered sale value is the actual registered sale price between the parties. The appraised value used by the land office value is often pretty much lower than the actual sale price.
This transfer tax is generally charged if the seller is a company (specific exemptions applied) or if the seller is a natural person and sells the property within five years of the purchase registration date. Specific business tax is an assessment tax on the transfer of real property calculated over the registered sale value or the government appraised value of the real property, whichever is higher. This tax is imposed at a rate of 3% plus a municipal tax of 10% assessed on the amount of the specific business tax bringing the total tax rate to 3.3%.
The transfer of real property would not be subject to the specific business tax if the seller is an individual and meets the following conditions:
Specific business tax is an assessment tax, check the relevant section in the Thailand Revenue Code
Stamp duty is charged at a rate of 0.5% over the registered or appraised value, whichever is higher. The obligation of payment of stamp duty depends if the seller is also subject to specific business tax or not. When specific business tax is applicable the seller is exempt from the payment of the stamp duty, however, if stamp duty in this case has been paid the seller has the right to claim for the refund of stamp duty in full within 6 months after the payment.
When you are a foreigner (e.g. selling your apartment) you must make a tax withholding payment to the local land office. The payment must be made at the time of transfer of ownership but before the transfer is recorded on the deed. Income withholding tax for natural persons is calculated at a progressive rate based on the appraised value of the property with a deduction depending on the number of years of possession (exemptions are applied in certain specific situations but usually do not apply to foreigners). When you sell your condo apartment the land office will issue a tax receipt that you will need to transfer the proceeds of the sale out of Thailand.
If the seller is a company then withholding tax is fixed at 1 % over the registered or sale price or government assessed value of the property (whichever is higher).
Simple sample tax calculation (what to pay at the land office) of the total cost applicable for the transfer of a condominium unit with a 5 million baht value and 3 year ownership by a private owner:
In a normal sale of real property in Thailand there is no standard fixed rule for who pays the transfer fee, stamp duty, specific business tax or even personal withholding income tax associated with the transfer of ownership. This is usually a subject the seller and the buyer must agree upon in the sale and purchase agreement. The recommended schedule in Hua Hin is:
Also, any and all other fees incurred as a result of a property transfer of ownership are to be shared equally between the buyer and the seller.
Only in a new build government licensed housing or condominium development the law specifies that only up to half of the 2% transfer fee may be transferred to the buyer by the developer. All other transfer costs are by law the responsibility of the developer.
Other taxes: when owning a real property in Thailand there are no general property taxes (reforms have been proposed in 2010). Real properties put to commercial use (residential houses not ‘owner occupied’ and commercial buildings) must under the Building and Land Tax Act pay a ‘rental’ tax at a rate of 12,5 % of the annual rental value. For undeveloped land there is a very small annual local land development tax depending in the size and use of the land – (building and land tax).
Own more than 5 years:
Own less than 5 years:
Company Tax and transfer fees: