Posted on 18 February 2012.
By Sarah Manchester
Buying a home can be very exciting, whether you are a first time home buyer or an experienced veteran. However, as exciting as it may be, there are some things you need to consider when buying a house. Keeping these things in mind will help keep things in perspective for you while looking at houses so when it comes time to buy, you are confident in your decision. So, before you go out house hunting, here are a few things to consider.
First you need to consider the needs of you and your family. This may mean if you have children, what school would they be going to and could you afford it? If you do have kids, you will want to consider what kind of neighborhood you would like to move to. Surely, you want your kids to be able to play with children their own age. This would mean moving into a neighborhood that has kids around the same age as yours. Perhaps you don’t have children and don’t want to worry about it, and then you could move into a neighborhood that is more established with most of the children in high school or off at college. As they say, location, location, location.
While looking in the house, try looking past the color of the walls or any furniture that is in the house when you do your walk through. Instead of looking at the paint on the walls, look at the wall itself; you will be looking for stains, cracks, holes, and water marks. You will want to pay close attention to the ceiling for the same things as well. Ceilings that do have stains or water marks may indicate a leak which if it goes unchecked can lead to some very expensive repairs.
Make sure that all of the faucets get running water and the quality of it. Check the water pressure in the bathrooms to see if it has the pressure you want. You will also want to look at the quality of the water that comes out of the faucets. If the water comes out brown, wait a little bit to see if the pipes just needed to be cleared out or if there is a real problem with the water. You might even do a little taste test of the water. Of course that one is optional, but then you know if you like the tap water and if it is clean enough for you and your family.
Of course the most important thing to think about is how much money you are willing to spend. Before going out and looking for a house, talk to your bank, or whoever you would like to lend from to see if you can be pre-approved for a home loan and what the mortgage rate will be. There are a few things that can affect how much you may be loaned as well as what price range of houses you will want to look out. Make sure that you have enough money in savings for a down payment. The higher the down payment, the lower your monthly mortgage rate will be.
Posted in Buying
Posted on 09 November 2011.
Posted By: Tom Aikins
When looking to purchase land to build a dream home here in Thailand, there are many factors to take into consideration. The first and most important assessment to make is the location of the land. Obviously the more prime the location the higher the price. Pratamnak has become the “Beverley Hills” of Pattaya and most believe this to be the best location in today’s market. Land prices have risen around 150% over the last 8 years and this has shown a huge influence in the re-sale value of some of the housing in the area.
But most importantly is the shape of the land when considering what parcel to buy also. If you have an idea of the house design you want to construct, when looking at plots, make sure the plot can accommodate the footprint of the property.
If you have a set budget for the land and house, it is recommended that you get an indication of what the house is going to cost to build before you start looking at land to buy. In the past we have seen many cases where people have gone and purchased the land only for them to not fully understand many of the costs that they didn’t consider in the build and so go over budget. Employ an architect and get some footprint plans made. Give these to two or three recommended contractors to obtain a quotation so you have some indication of build cost. Now you are in a position to understand your land budget. This in turn may determine the location that you can afford.
Make sure all land plots considered have all local utilities supplied to them or those utilities are very close to the plots. Government water and electric can cost millions to have installed if they are far from the plot. If you are going to build a large house and you require three phase electric, again make sure that this is in place. Water isn’t such a major issue as you can create your own bore well, but water table levels have to be suitable and if they aren’t then you may end up with a house with no water supply. If there is no electric supply to the plot you could wait months to have a supply connected and the costs can be massive, so check these fees before buying. Also if there is insufficient power supply you may end up having to buy a transformer, again more cost.
Whether you are using an agent to purchase land or searching by yourself, make sure you obtain the services of a reputable lawyer to ensure any land you are considering is suitable for what you are looking to build on it. Firstly the land should hold a Channot title. There are many forms of land titles here in Thailand, and the different titles can determine what the land can be utilized for. Secondly, the lawyer should make sure the person trying to sell is the true owner, so obtain a copy of the seller ID card and make sure the name on the reverse of the land title matches that of the person on the ID card.
Make sure the plots considered have sufficient land drainage. You aren’t allowed to have water run-off going on to other peoples land parcels. So make sure the levels of the land allow for run-off and drainage to flow away from adjoining plots. Land fill can be expensive, and in turn this can also increase the build cost of the house if piling is required.
Going back to the locations that you are going to consider, I always try to give the buyer some insight into what the area may hold for future development. In the case of Pratamank, or city living, if there are empty plots close to the parcels you are considering, be aware that condominiums or apartment buildings could be built in the future. This will devalue the price of a property instantly and make it very hard to sell in the future. Try to look for land in areas that are built out already. If you are considering going further from town, for example out towards Huay Yai or Maprachan Lake, where land prices are more attractive, again check utilities and land titles first.
There are projects that offer building plots in enclosed developments here in Pattaya. If you need to be on a secure development and still require the luxury of building your own design, we do have options available to you. Obviously you will pay a premium for such parcels but you are assured to have all required utilities, security, well maintained roads and in some cases communal pools, etc.
Posted in Home Building