We are all looking to generate enough wealth to have a secure retirement and while there are many investment paths you could take, few offer the same benefits as real estate investment. The top strategy is to buy property and rent it out, which can generate long-term wealth; another way of looking at it is that your tenants pay the mortgage and when it is paid off, the property is yours!
Why Bangkok?
There are many expats and digital nomads who live and work in this amazing city; take this as an example, The River Condo Bangkok for rent ensures you get a high rental, while real estate prices are always rising. While foreigners are not permitted to own land in Thailand, you can purchase condo units, providing at least 51% are owned by Thai nationals.
Busy rental market
Bangkok is one of the most visited cities in the world, with many foreigners staying long-term. Most rent condo units on yearly contracts and top developments mean top rentals. If you would like to view some of the condo units up for rent, Google can take you to top real estate agents and you can get an idea of rental prices.
Property management companies
If you are going into real estate rentals, you will need to connect with an established property management company; they handle everything from tenant screening to building maintenance and upkeep. Of course, there are fees, but you should come out on top at the end of the financial year; hire a good tax specialist and you won’t regret it. Click here for more information on property management companies.
Crunch the numbers
When looking at condo units, you need to calculate how much it will cost to make the unit ready for occupation, add the maintenance fees and take a look at expected rentals. Write up a business plan that shows profit for the first 5 years, along with projected real estate value over time. Every business demands a lot of market research, especially a rental property venture; hire a good accountant and you can minimise taxation.
Vacant properties
If you have a unit that is empty during low season, you can take advantage by having a Bangkok holiday; you might be lucky and find tenants that wish to live year-round in the unit, which is obviously the preferred situation.
Research into condo developments is necessary prior to buying units; check out the amenities, tour the development to be sure it is maintained correctly. It is a risky move to buy condo units that have yet to be built, as there are no guarantees it will even be completed. Prime real estate has higher price tags, but it does offer the best returns in terms of rentals.
If you decide to set up a business in Thailand, there are many incentives such as low taxation and working visas.
