Real estate is basically booming on the island of Phuket. More and more locals and foreigners are eyeing the many available properties on the island either for personal or commercial use. One of the more popular kinds of real estate properties that many choose to buy would be Phuket villas. There are a lot of villas available for individuals or investors to rent or buy.
Although you can definitely find those villas for sale which do not set a limit for buyers on the number of days that they can stay annually, a lot of the newer Phuket villa developments have been built with investment returns in mind.
When the owner is not staying in the villa, it is turned over to some kind of villa management program, making the villa available for rent for other tourists and visitors who are having their vacation in the island. The unused days by the owner can also be assigned for rental. Many villa owners see this as a great way to earn from their property, especially those who just go to Phuket seldom or for a short time only.
By owning a villa of your own in Phuket, you would be able to enjoy having a relaxing vacation every year on a beautiful island. You would no longer have to pay for your accommodations at a hotel but would still get the same treatment as a valued guest. You would also be entitled to the same amenities that are available to those who are renting these villas and when you are not at the island vacationing, you would be able to earn some money as other vacationers rent out your villa. As a matter of fact, there are some developments and villas which guarantee the buyers a certain percentage rental return for a particular number of years after purchasing.
For foreigners considering buying a villa in Phuket, it is essential to decide what kind of development that they want to purchase. A lot of the Phuket villa developments cater to many foreign investors and they usually thoroughly explain all the legal aspects of a property purchase. However, it would still be best to have a lawyer who is familiar with Thai property laws check everything.
In cases where the villa is located on an individual land plot, the villa developer is the one who holds the land title. Foreigners could purchase an apartment freehold, but for villas, they would usually be restricted to just leasehold, which would be a period of 30 years maximum, with two 30-year extensions, or purchase through their own Thai company.
Another thing that you must do, if you are a foreigner as you select or buy a Phuket villa is examine the developer’s background. It would also be advisable to check the background of the architect and construction companies. This is because there are some developers and architects who just came to Phuket to make fast cash without making the necessary considerations for construction. There are actually some developers who have never even handled a construction or property development project before they came to the island.
Do not just assume that all the buildings and structures in Phuket have been constructed after considering Western standards. As a rule of thumb, it is best to be very cautious in making any real estate transactions as Phuket is considered to be a “buyer beware” place.
Another factor that you would need to consider as you look for villas in Phuket would be location. If you want to spend quiet holidays there, you could purchase something over the east coast. However you also need to consider the fact that most vacationers and renters prefer to rent properties near commercial facilities and the west coast beaches.
Also make sure that you would be studying the rental management program and facilities. Check if they would have the capability to ensure that your property is well-maintained throughout the year. Also inquire as to what they could do in order to make sure that your villa will be rented out as often as possible. If you end up with a management program that is not professional, you could just wind up with more problems than a good return of your investment.
Now, if you think that there is a possibility that you might want to stay there for longer periods of time, more than the set limit, then it might be a wiser choice to get an apartment or a house. You can just ask the help of local real estate agent to have your place rented out when you are not there. You can also look for villas which do allow the owner to occupy it throughout the year.