Thailand Townhouses for Sale in Hua Hin - Perfect Property Investment

Payment terms when buying property in Hua Hin:

The majority of new properties in Hua Hin are sold off-plan or under construction. Buyers will always be asked to pay a deposit for the reservation of the unit they have chosen. This ensures that the property is taken off the market. Thereafter, some time (usually 30 days) is allowed to draw up the legal documents before the first payment is made on signing the contract.
Thereafter, the remaining payments are usually spread over the duration of the construction.

Here is an example:

• Signature of the sales contract: 20%.
• Completion of the foundations or base of the villa: 20%.
• Completion of columns, floor slabs and roof frames: 20%.
• Completion of the structure of the villa, including external doors and windows: 20%.
• Substantial completion of the villa and final transfer of ownership: 20%.

Sinking fund:

In a new villa or condominium development, each owner will pay an initial amount into a sinking fund when ownership is transferred. This amount will be used in the future for major renovations and repairs that are not part of the operating budget.

Common area management costs:

In a villa scheme (note that this also applies to a condo/apartment building), specifically appointed property managers will normally be responsible for managing the common areas.

• 24-hour on-site security.
• Maintenance and watering of all common area landscaping.
• Cleaning and maintenance of all common areas.
• Management office and staffing as well as related costs, accounting and insurance.
• Electricity and water supply in the common areas. Waste collection and pest control.

The property management company reports directly to the owners’ committee on management issues and the financial status of the project.

As a reminder, according to Thai law, foreigners are not allowed to own land outright, so a series of 30-year renewable leases are granted (Leasehold).
However, a foreigner can own the house or villa he buys (the building, not the land).

As for apartments or condominiums, there are no restrictions for foreigners to buy provided that the number of foreign owners owning a flat in the same building does not exceed 49%.
Indeed, the law stipulates that the majority of the owners must be Thai nationals.
Of course, Thai buyers are able to purchase land and house in real estate developments that offer the option of full ownership.