5 Common Mistakes First-Time Property Buyers Make in Chiang Mai

5 Common Mistakes First-Time Property Buyers Make in Chiang Mai

From over 20 years in the Chiang Mai real estate market, More Property CM has observed the same mistakes recurring among first-time buyers. This article will help you avoid every one of them.

Mistake 1: Not verifying title documents thoroughly

Common problems
- Buying SPKOR land that cannot legally be bought or sold
- Missing outstanding mortgage on the property
- Not knowing the land is in a future expropriation zone
- Buying without a lawyer reviewing the documents

How to avoid it
- Verify the original title deed at the Land Department
- Use a lawyer to review all documents before signing
- Check zoning and expropriation plans
- Use an experienced agent to assist with verification

Mistake 2: Not calculating transfer costs in advance

Common problems
- Insufficient funds for transfer fees and taxes on transfer day
- Surprised by costs higher than expected
- Needing to postpone the transfer because funds are short

How to avoid it
- Calculate transfer fee, specific business tax, stamp duty, and withholding tax in advance
- Prepare a cash reserve of at least 5-8% of the purchase price
- Ask your agent to calculate transfer costs in advance

Mistake 3: Not inspecting the property in person before buying

Common problems
- Buying based on online photos alone
- Not checking electrical, plumbing, and air conditioning before transfer
- Discovering major problems after moving in

How to avoid it
- Visit the property at least 2-3 times at different times of day
- Check electrical, plumbing, air conditioning, and structure before transfer
- Photograph and video every area before signing the contract
- Consider hiring a professional building inspector

Mistake 4: Deciding too quickly without comparing options

Common problems
- Buying the first property seen without comparing others
- Pressured by the seller or agent to decide immediately
- Paying above market value due to lack of comparative data

How to avoid it
- View at least 5-10 properties before deciding
- Always research market prices in the area first
- Never rush due to a "special price today only" offer
- Consult an independent agent with no conflicting interest

Mistake 5: Ignoring ongoing costs after purchase

Common problems
- Forgetting common fees, maintenance, and annual taxes
- Buying a property with common fees exceeding the budget
- No emergency maintenance reserve

How to avoid it
- Check common fees and maintenance fund before buying
- Prepare a maintenance reserve of 1-2% of property value per year
- Calculate annual land and building tax
- Plan long-term finances to cover all ongoing costs

Conclusion

Buying your first property in Chiang Mai is a major financial decision. Having a trusted expert by your side from the very beginning will help you avoid all of these costly mistakes.

MORE Value. MORE Trust. Always.
Contact us today for a free consultation:
Line: @morecm | www.morepropertycm.co.th
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