Buying Vs. Renting Houses In Thailand: Which Is Best For You?
Whether you are planning to move to Thailand or you have already expatriated and would like to prolong your stay, one of the biggest considerations is of course, property. Where are you going to live? What type of property would you like to live in? And should you buy or rent a house in Thailand? In this article, we’re going to list some of the pros and cons for both buying and renting so you can make the right decision for you.
Consider how long you will be going to stay
The first and obvious consideration that you must think about is how long you will be planning on staying. If for example, you are securing a retirement visa and plan to spend the rest of your days in Thailand, then buying could be a good option.
If on the other hand you are only looking for a 2-3-year visit, then perhaps purchasing a property won’t be the best approach – unless of course you are looking for investment opportunities.
The pros and cons of renting property in Thailand
Pros:
- Greater flexibility and the ability to pack up and move on whenever you wish.
- Being able to live in an area that you otherwise not be able to afford to buy in.
- Your monthly rent may likely be cheaper than a monthly home loan repayment.
Cons:
- You can’t make any changes to your rental property, leaving you in a position where you simply have to make do with the property as it is.
- The money spent on rent is gone and you will never see a return on that investment.
The pros and cons of buying property in Thailand
Pros:
- Your purchased property will likely increase in value and should you decide to sell in the future, you can make a profit.
- With total control over the property you can make as many changes as you like without having to gain approval from a landlord.
- It is yours for life (or for as long as you hold onto it).
- You can rent it out as a holiday home when you are away on your travels.
Cons:
- A large upfront financial investment is required.
- There’s always the risk that a property doesn’t hold its value.
- You will be tied down and unable to enjoy the flexibility that renting offers.
- There are legal complications surrounding foreigners owning land and houses outright in Thailand.
Conclusion
All in all, it’s a pretty close call. Ultimately, it all comes down to personal preference and your individual circumstances. If you are in it for long the long haul, you’ll find some great houses for sale in Rayong from DDproperty. We highly recommend doing some shopping around; you’ll be blown away by the amazing variety of properties available to purchase in Thailand right now
