Purchasing Land To Build Your Dream Home

When looking to purchase land to build a dream home here in Thailand, there are many factors to take into consideration. The first and most important assessment to make is the location of the land. Obviously the more prime the location the higher the price. Pratamnak has become the “Beverley Hills” of Pattaya and most believe this to be the best location in today’s market. Land prices have risen around 150% over the last 8 years and this has shown a huge influence in the re-sale value of some of the housing in the area.

But most importantly is the shape of the land when considering what parcel to buy also. If you have an idea of the house design you want to construct, when looking at plots, make sure the plot can accommodate the footprint of the property.

If you have a set budget for the land and house, it is recommended that you get an indication of what the house is going to cost to build before you start looking at land to buy. In the past we have seen many cases where people have gone and purchased the land only for them to not fully understand many of the costs that they didn’t consider in the build and so go over budget. Employ an architect and get some footprint plans made. Give these to two or three recommended contractors to obtain a quotation so you have some indication of build cost. Now you are in a position to understand your land budget. This in turn may determine the location that you can afford.

Make sure all land plots considered have all local utilities supplied to them or those utilities are very close to the plots. Government water and electric can cost millions to have installed if they are far from the plot. If you are going to build a large house and you require three phase electric, again make sure that this is in place. Water isn’t such a major issue as you can create your own bore well, but water table levels have to be suitable and if they aren’t then you may end up with a house with no water supply. If there is no electric supply to the plot you could wait months to have a supply connected and the costs can be massive, so check these fees before buying. Also if there is insufficient power supply you may end up having to buy a transformer, again more cost.

Whether you are using an agent to purchase land or searching by yourself, make sure you obtain the services of a reputable lawyer to ensure any land you are considering is suitable for what you are looking to build on it. Firstly the land should hold a Channot title. There are many forms of land titles here in Thailand, and the different titles can determine what the land can be utilized for. Secondly, the lawyer should make sure the person trying to sell is the true owner, so obtain a copy of the seller ID card and make sure the name on the reverse of the land title matches that of the person on the ID card.

Make sure the plots considered have sufficient land drainage. You aren’t allowed to have water run-off going on to other peoples land parcels. So make sure the levels of the land allow for run-off and drainage to flow away from adjoining plots. Land fill can be expensive, and in turn this can also increase the build cost of the house if piling is required.

Going back to the locations that you are going to consider, I always try to give the buyer some insight into what the area may hold for future development. In the case of Pratamank, or city living, if there are empty plots close to the parcels you are considering, be aware that condominiums or apartment buildings could be built in the future. This will devalue the price of a property instantly and make it very hard to sell in the future. Try to look for land in areas that are built out already. If you are considering going further from town, for example out towards Huay Yai or Maprachan Lake, where land prices are more attractive, again check utilities and land titles first.

There are projects that offer building plots in enclosed developments here in Pattaya. If you need to be on a secure development and still require the luxury of building your own design, we do have options available to you. Obviously you will pay a premium for such parcels but you are assured to have all required utilities, security, well maintained roads and in some cases communal pools, etc.

See some of the best Pattaya condominiums at pattaya condos and consult with our representatives at pattaya property.

By Tom Aikins

No Comments

Free Money for Struggling Homeowners

A new federal program is now offering financial aid that DOESN’T need to be repaid. That’s right – free money. The government will be giving away funding to those that have fallen behind on their mortgage. To the lucky few who pass the application process, this program could save each homeowner over $30,000.

This program is called the Emergency Homeowners’ Loan Program. The goal is to close the foreclosure flood gates that have opened all across America. Armed with $1 billion, I sure hope this program is successful. At the rate our current government administration is giving away money without results, call me skeptical.

The Housing and Urban Development (HUD) division says this program is meant to be a short-term relief to those that can get back on the proverbial horse in the near future. The loans will be MUCH better than any bank can offer. The loans are completely interest-free. Loans go directly to the mortgage lender and can be put toward past-due and future payments. The assistance period lasts for up to 2 years, and 20% of the total loan is forgiven each year the homeowner stays in the home after the assistance period ends. That means 5 years of steady home payments after the assistance money stops can net qualified Americans up to $50,000 FREE. It almost sounds too good to be true.

The catch occurs when a qualified borrower sells the home in under 5 years. If a home is sold early, the homeowner is required to pay back the remaining balance on the loan. For example, a home sold after 2 years is required to pay back only 60% of the loan.

Current numbers show an estimated 4 million homeowners are behind on their mortgage by at least 90 days. That is a conservative number by my count. This loan program is estimated to help less than 30,000 of these homeowners. What happens to the other 3.97 million troubled homeowners? The other 99%+ are out of luck with this program. What do you think. Does helping less than 1% of troubled homeowners seem fair? Will helping less than 1% of homeowners benefit the economy?

For those having trouble with the mortgage, applications for this program were released almost 2 weeks ago, and the deadline is July 22, 2011. To be eligible for assistance, applicants must have lost income due to involuntary job loss, underemployment, or a medical problem. Other economic conditions will be considered. The homeowner’s home must be at risk of foreclosure. For more information visit the NeighborWorks website.

My name is Jared Heathman MD, and I am a finance author/physician. I want to help you maximize your wealth for free. Visit me and learn more at http://www.RichAsChocolate.com

By Jared Heathman

No Comments