Real estate on the island of Ko Samui in Thailand attracts many visitors the whole year round. It is especially interesting and profitable for foreign investors. Here the threshold to enter the real estate market is low, and the yield is higher than in Europe. Therefore, property for sale in Ko Samui is affordable for those who plan to rent it out and for future house owners coming to Thailand for permanent stay. This article will be especially useful for those who are looking at the purchase and calculate how much they will pay for the maintenance of the villa or apartment on the island.
Fees in the process of buying real estate in Ko Samui
Beside the value of the object, it is necessary to remember about extra fees, obligatory to any buyer.
Transfer fee is a fee paid for the transfer of ownership from one person to another. It is 2-5% of the estimated price of the purchased property or its appraised value. This payment occurs at the Land Department. It is advisable to note that the fee should not always be paid by the foreign buyer, so that this point should be clarified with the seller. It is possible that this fee can be paid in half.
-The lawyer services
If you are not confident in your abilities or are afraid of the illiteracy of the transaction and further bad consequences, the services of a lawyer you just need. The transaction executed by a competent specialist, hired by a foreign buyer, will cost about $300.
Furniture in the home also needs to be paid for. The furniture package will cost you 10% of the total price. Typically, the initial amount includes the “essentials”: air conditioning, plumbing, and built-in furniture.
This fee is paid only once and costs about $17 per 1 total area (apartment or plot of land).
Standard meters are installed for electricity and water, and they will cost you $300.
-The plot maintenance
The real estate registration stage is followed by the payment (by the foreign buyer) for the maintenance of his territory (plot). The cost varies slightly – from $47 to $470 per month, which is paid in advance for each year. The price depends directly on the type of property purchased.
Fees after the purchase of real estate in Ko Samui
The amount of future expenses is greatly predetermined by the type of property. Apartments, villas, houses, and condos are a little bit different in maintenance and repair. However, to present the general picture we singled out the following obligatory payments:
It is the amount that covers the total cost of maintaining the complex. Usually it is security, garbage collection, parking maintenance, cleaning the common pool, etc. The only peculiarity is that the owner of the villa or apartment pays this amount a year in advance. If you are buying a property in the secondary market in the middle of the year, it’s likely that this amount is already paid.
A cubic meter of water costs $0.6 to $0.9. Electricity is $0.15 per kW. The total depends on your individual consumption, but it is often a large expense due to air conditioning.
Usually it is a connection and subscription fees for Internet and TV. To conduct each service will cost about $ 130, the subscription fee will be about $ 20-30 per month.
Taking out the insurance is always at the discretion of the owner. Whether or not to insure is your choice. Sometimes it is advisable to consult with a specialist and rely on their experience.
-Other costs that come with owning a villa
These fees are specifically highlighted for the villas` owners. They include such expenses as pool cleaning, the services of a gardener, a cook, and a maid. Some other services should also be added to the final amount.
The final word
Thailand and Ko Samui in particular, is a hospitable country, which has long been loved by foreigners. For this reason, there will be no difficulty in adapting and understanding the locals. Thailand-Real.Estate displays a proven base of housing on the island. Offerings from sellers range from properties under construction to fully finished villas. If you are still not sure about the necessity of buying real estate on the island, go on vacation to sunny Ko Samui and make a wise decision.