It is an exciting time in anyone’s life when, after working hard, saving sensibly and finding ways to grow wealth, it is possible to start looking to buy a new property. This might be a simple upgrade in one’s home country, possibly because more space is required for a growing family. Then some want to escape and purchase a property in a location that provides a stunning climate, great scenery, and somewhere to enjoy every day.
There is a growing demand from those who wish to relocate fully or spend extended time so that they can relax with a comfortable lifestyle. While some choose luxury hotel accommodation to fulfil this, a far better option is to check out the Phuket luxury villas for sale. But before doing so, it is important to consider the following, which can lead to issues if ignored.
- Owning a property in Thailand is more complicated than in many other countries, with certain regulations in place. Foreign ownership of land in Thailand is restricted, so it’s crucial to understand the legal structure of the purchase. Most foreigners buy luxury villas on a 30-year leasehold which come with potential renewals, or through a company specialising in such transactions when wanting freehold. Consulting a trusted local lawyer to verify ownership, contracts, and to conduct due diligence before signing anything is a wise move for anyone unsure.
- Like anywhere that might be considered when purchasing a property, location is key in Phuket, especially for luxury properties. There are popular areas offering beach proximity and privacy, along with a strong resale value. Access to international schools, hospitals, shopping, and the airport might be more important to some than others, including those looking to start a family. Villas with unobstructed sea views may come with increased maintenance costs, which is worth remembering.
- It is vitally important to check out the reputation of the company that the villa is being purchased from, along with researching the developer’s track record, completed projects, and financial stability, if the property has recently been completed. Luxury villas should include quality fittings, solid foundations and proper drainage, with warranties included in case any future issues need correcting.
- For those looking at the rental potential from their investment, perhaps while occasionally visiting the villa on an appropriate visa, it is wise to ensure that the villa meets the expectations of guests in design, layout, and amenities so that the maximum income can be accrued. Finding a company that deals with all aspects of property management will provide peace of mind.
- Other things worth bearing in mind are whether the villa is part of a community with gated security, and if it offers privacy, which adds to its exclusivity, allowing those staying there to unwind fully away from the hustle and bustle of some nearby resorts.
A luxury villa in Phuket can provide a fantastic investment and somewhere amazing to live, offering comfort and relaxation, if thorough research has been carried out to avoid any issues cropping up later.
