Is it worth buying and renovating property in Thailand for profit?
If you have been giving some thought to investing in property in Thailand for the purpose of renovating them and flipping them for profit, you’ve likely been met with a cacophony of mixed reviews online.
On the one hand, many people swear by its incredible potential and how you’d be mad not to; while on the other, everyone else claims it to be a dangerous waste of money. So, how can you decide which side to believe?
In this article, we’re going to take an honest look at whether or not buying and renovating in Thailand for profit is a viable idea. Here’s what you need to know…
Real estate is never a sure thing
First off, it’s important to note that real estate is never a sure thing. There are risks involved no matter where you purchase – particularly in an overseas market that you are unfamiliar with.
Does that mean that you should write it off entirely? No. All it means is that you must take extra precautions before signing on the dotted line, making a commitment, and parting with your hard earned cash with overseas property.
The property market in Thailand has fluctuated many times over the years (but always bounces back)
It’s no secret that Thailand has had its fair share of problems over the years, particularly when it comes to political unrest and economic uncertainty. However, there is one thing that is for certain: The Thai property market always bounces back.
The fact is, Thailand has long been (and likely always will be), one of the most sought-after tourist destinations in the world. Given its immense beauty, tropical climate, world-class cuisine, and friendly people, there’s no reason why holiday makers and expats alike will give up on the dream.
Do your research and hire the professionals
Yes, there are many horror stories about people investing in property in Thailand only to struggle to sell it and/or lose profit on their investment. What do most of these stories have in common? Poor decisions.
You see, if you thoroughly research the Thai property market, choose a location that is ‘up-and-coming’, and then hire a reputable real estate agency with a proven track record of success, you will significantly increase the odds of experiencing success when making an investment of your own.
Invest with purpose
The real estate market is somewhat saturated in certain areas of Thailand, particularly when it comes to condos. Which is why if you are serious about investing in property in Thailand for profit, it’s worth thinking outside the box.
One example could be bringing a whole new aesthetic to property in Thailand. Many people struggle to flip condos because they’re all very samey, however, renovating property with functionality and spatial optimisation in mind (e.g., hiring the best outdoor kitchen designers), you might have a better time distinguishing your property from the rest.
As another example, there are many factories for sale in Thailand that could be refurbished and renovated for commercial use. By developing commercial property, you might have a far greater chance at yielding profit. It all depends on the extent of your market research and the quality of your real estate / legal representation.
Again, investing in real estate is never a sure thing, however, there are so many steps and precautions that you can take so that if and when you do invest in property in Thailand, you’ll have an exceptionally high probability of making profit as intended. Fortunate favours the bold, right?