With the recent housing boom of the past 15 years or so, there’s a wealth of houses, villas, and condos for sale in the seaside city of Pattaya. However, as a foreigner, you have to abide by the property ownership laws of Thailand.
With few exceptions, foreigners must bring the funds to purchase their home from overseas. Mortgages from a Thai bank or finance company are generally unavailable to foreign property hunters.
Foreigners are also restricted in their choice of properties they can legally buy. Foreigners are not allowed to buy a detached house or villa in Pattaya. The only types of property permitted to be owned by foreigners in Thailand are condo units in a development where 51% of the units are owned by Thai nationals.
The residential housing boom in Pattaya produced a wide variety of economy and luxury condo units in and around Pattaya. But what about foreigners who are moving to Thailand with a large family and want to buy a house or villa? Or those who simply need the larger space and yards offered by private homes and villas. Professional property agents in Pattaya commonly offer up to 30-year lease arrangements that enable foreigners to live in a spacious home or villa for decades.
Life in Pattaya
There is much to be said for living in a detached house or villa in Pattaya. There’s the added privacy of having your own yard, which is a must for families with young children who need to run around. A house with a yard also makes it easier to own pets. And a house or villa with a pool is just the thing for cooling off on a hot day or entertaining guests poolside. A detached house or villa also typically offers more storage room and places to indulge in hobbies without disturbing the neighbors. You also won’t be awakened by the footsteps and noise of neighbors above you.
Many of the villas and houses in Pattaya are also located in a gated community with security guards and CCTV. This means that your detached home is just as safe as a condo unit in a secure building.
With the security of a long lease, you’ll also be more inclined to make little improvements to your home suit your lifestyle.
Leasing a House or Villa in Pattaya
Foreigners who want to lease a house or villa in Pattaya are encouraged to work with a local professional property agent agency to locate the perfect property and help draw up the lease.
Every lease in Thailand has to be written in the Thai language for it to be legal. There are also certain other regulations it has to adhere to. If your lease is for more than three years, it should be registered with the Pattaya Land Office with the correct amount of stamp duty. Registering the lease agreement makes the terms of it legally enforceable.
A foreigner seeking a long-term lease must negotiate all the terms of the lease agreement before it is signed by the lessors and the owners of the property. This is where an experienced Thai property company like Pearl Property Pattaya can help. We negotiate favorable terms that protect your legal rights. The terms should cover all aspects of the property and take into account the length of the lease and the condition of the individual property.
The longer the terms of the lease, the more care needs to be devoted to the working terms of the leasehold agreement. The property agents at Pearl Property Pattaya are experts in creating leasehold documents that are fair to both parties and uphold the legal rights of the foreigner. We can also advise you on the costs of stamp duty and other transfer fees before we start.
If you’re a foreigner considering leasing a house or villa in Pattaya, contact Pearl Property Pattaya. We’ll show you the properties in and around Pattaya that best suit your requirements. We’ll also take care of all the details and drawing up a legal lease that satisfies you and the property owner and protects your legal rights.
Visit Pearl Property Pattaya today.