My Thailand Guide

Posts Tagged ‘property’

Retiring in Thailand is becoming more popular as more people are looking to make their dollars and Euros stretch in their golden years. I want to spark some ideas in your mind and maybe you’ll start to regard Thailand as an excellent retirement target for you. I’m no proficient in this area, but I do have quite a bit of acquaintance. Nevertheless I am quite a some years before my own retirement (I’m only 41 years old) I have been researching Thailand superannuation because I propose on eventually ending up there. I’ve found there are quite a few things one demands to consider if they want to ultimately retire and go to Thailand.

Here’s a list of the issues that I’ve come up with regarding making the jump to retirement in Thailand:

Where will you live – Depending on your lifestyle and the things you like you have a good selection of locations to retire in Thailand. Those looking for more cosmopolitan exhilaration will want to opt for Bangkok or Chiang Mai, while those looking for a more laid back lifestyle will be looking more towards the provinces of Thailand or even one of the seaside destinations like Phuket or Samui. The good thing is Thailand offers numerous different options in lifestyle and I’m sure one will fit you.

How much money will you need – If money isn’t a deliberation then no demand to worry about this. If however you think you’ll have limited income during your retirement you’ll presumably want to go for places that are more off the beaten track like the northeast of Thailand (known as Isaan) or some of the more faraway beach locations. Even Chiang Mai can be affordable compared to the U.S. and Europe. Those of you looking to retire to Bangkok should possibly have a bit more retirement revenue since the Big Mango can be quite expensive if you want to enjoy it fully.

Issues of Thai visas – The visa issue is a big one since you definitely want to be legal while you’re a visitor in Thailand. Fortunately for those over 50 the visa issue is quite easy. Superannuation visas are available and they are both affordable and easy to get. If you’re under 50 it becomes more intricate and you’ll need some cause such as work or family to keep you long period in Thailand.

Arrange for the hereafter – Obviously as you age your demands will change. Inflation will also eat into your retirement in Thailand just as it would in the west. Health care turns more important as well. Consider your needs 20-30 years from now and have a plan before moving to Thailand.

Assurance – Will your current insurance cover you abroad? If not then you’ll want to make adjustments. Health care is easily 1/3 the cost in Thailand as it is in the west, anyway it will still be costly if you have a major health emergency.

Buying vs renting in Thailand – While renting drains your finances without adding any justness it is still the excellent alternative in Thailand. Owning property is not a potentiality in Thailand (well not easily anyway) so renting is your solely choice in several cases. Are you able to live with this or do you demand to be able to own your own location be it house or condominium.

While not extensive by any means that’s at least a quick run down on deliberations for retiring to Thailand. There are apparently more things to think about of, but total in my viewpoint there is no place like Thailand. If you’re looking for adventure and outlandish living in your retirement then I strongly indicate you give Thailand a thought.

Latest property estimates to be proclaimed starting next year will be based on market price data as well as projections of economic growth and inflation rates.

The purpose is to guarantee that values depict as closely as plausible real market stipulations, according to Amnuay Preemanawong, the deputy director-general of the Treasury Department.

Estate estimates set by the Treasury Department and the Land Department are used as a baseline not only for market bargain proceedingses, but also for tax intentions and collateral assessments by local financial institutions.

Estimation are revised every four years on a nationwide principle, with the newest values to take come into force from 2008 through 2011.

The Treasury Department, which conducts public lands on behalf of the government, is responsible for accomplish the estimation survey.

For the new survey, the department has rend its work into three phases.

First it will update values for land plots that are already in state databases, based on the most current transaction data for near properties as well as economic data over the prior three years.

Second, it will appoint estimates for 400,000 plots for the first time, mostly representing sites in Surin, Chiang Rai and Buri Ram provinces. The third phase will concern assessing values based on wholesale blocks.

Ultimately, the department hopes to collect a nationwide database with price and geographic report both for particular plots as well as broader blocks.

The incipient survey is expected to be finished in July, after which the department will meet with provincial working groups to finalize the observations starting from August.

Mr Amnuay said the new estimates would not perforce result in increases in all areas, specially in provincial areas.

The department follows 28 million property plots nationwide, of which two million are located in Bangkok.

All real property in Bangkok has already been classified on a plot principle, even though most provinces still have estimates based on block zones.

Estimations in some districts, for example Silom and Yaowarat roads in Bangkok, mostly post little vary from one survey to the next, due in part to the comparatively few transactions registered in the market.

In consequence, official estimates in some of the most expensive areas of Bangkok are listed at around 600,000 baht per square wah, even though private valuers would allocate values of up to one million baht for the same plot.

For districts with comparatively few market transactions to serve as a baseline, the Treasury Department will turn to other indices to evaluate land values, such as rental and lease rates for an area and values attached to comparable plots in the district.

Under the latest estimate schedule, first used in 2004 and set to expire this year, the top values have been assigned to lands along Silom Road, at 340,000 to 600,000 baht per square wah.

Yaowarat Road in Chinatown is valued at 260,000 to 510,000 baht per square wah, and Thaniya Road off Rama IV is valued at 340,000 to 510,000 baht.

The public can get information on the estimation process, including data for individual plots, on the Treasury Department website: http://www.treasury.go.th