Are you a tourist looking to invest in properties? Do you plan to own a vacation house in a relaxing place like Thailand? Are you a foreigner constantly traveling to a particular location for business? There are a lot of properties out there being offered on the market and most likely, you may have heard of cheap houses for sale in Pattaya. Regardless of the property being invested in, the laws of certain countries have to be looked into in relation to the right of foreigners to own land of properties there. In Thailand for example, foreigners are not allowed to have land and there have been discussions on whether or not the prohibition of owning land also extends to landed properties. Besides worrying about government laws which you can solve by getting the expert advice of a solicitor or real estate broker , the temptation of acquiring one of cheap houses for sale in Pattaya may not be resistible. So what do you need to know when acquiring property?
In most cases, the properties or houses being put on the market fall under two conditions. They are: freehold and leasehold. The two options have a major difference and that is legal right/ownership over the house.
What is Freehold?
In the case if freehold, the rights and ownership of the property belong to the buyer as transferred by the seller for a certain fee. If a loan was used to acquire the property, then most likely the home would be mortgaged and payments would have to be paid till the bank recovers the cost plus interest. In this case, rent is not paid as the buyer owns the deeds to the house and can put it up for resale if wanted.
What is Leasehold?
Places like Australia and Thailand have a lot of properties operated on lease. Lease is basically a rental agreement entered into buy a landlord with a tenant allowing the tenant use the property in exchange for lease rentals without ownership changing. Sometimes, the lessor or landlord could be an individual, organization or even government depending on the type of property involved. When the terms of the lease expire, then the lessee is required to vacate the property unless a renewal is in process.
If you are considering buying cheap houses for sale in Pattaya, then it is most likely you intend to create an abide there for yourself in the foreseeable future. In that case, freehold properties should be gone for. But if the place is just going to be used while on business or touring, leasehold is better. Although a property may be acquired for assets gathering or reinvestment, a leasehold can also have a subtenant agreement which can be used to set off shirt workings owed to the landlord.
Regardless of the intention of looking for cheap houses for sale in Pattaya, expert advice is still needed. Thompsons have the largest house and condo sales and rental portfolio in Pattaya.