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  • The Benefits of Owning a Rental Property in Thailand: A Guide for Passive Income Seekers

    The Benefits of Owning a Rental Property in Thailand: A Guide for Passive Income Seekers

    Whether you want to live and remain in Thailand for good or to expand your financial portfolio and secure a passive income. In this article, we’re going to highlight some of those benefits and talk about how you can enjoy a healthy monthly sum entering your bank with very little effort on your part whatsoever. Here’s everything you need to know… 

    What are the benefits of owning a rental property in Thailand? 
    Let’s kick this article off by listing some of the benefits of owning your own rental property in Thailand:

    • It’s yours whenever you want it: renting in Thailand is well worth considering if you live elsewhere but like to visit Thailand as often as you can to enjoy a much-needed tropical vacation. Owning your own rental property means that whenever you decide to hop on a flight and make your way to paradise, you’ll have a property of your own ready and waiting for you. Of course, you’re better off using the property during the off-season so you can capitalise on your vacation rentals when it’s busy.
    • A retirement plan: another great advantage to owning a rental property in Thailand is that should you decide to retire in the future and move to Thailand permanently, you can finally move into your rental property permanently and make it your forever home.
    • Earn a passive income from holidaymakers: having a holiday rental in Thailand means that when you are at home working, your property in Thailand can be filled with holidaymakers, granting you a steady passive income on the side. So, not only do you have an attractive financial asset on the books, but it will also be making you money consistently each month.
    • Someone else can manage it: depending on the condominium complex that you buy with, you can have the building management take care of your rental property on your behalf. This means ensuring that the property is in tip-top shape, while also turning it around and cleaning it in between tenants.
    • Long-term rentals: you also have the option to look for long-term tenants, rather than letting your property out to holidaymakers. There are many expats who live in Thailand permanently – many of which are unable to or uninterested in purchasing a property of their own. In this case, you can find long-term tenants to rent your property, thus granting you a steadier and consistent passive income on the side.

    What’s the best way to get set up with a rental property and start earning passive income? 
    If you are hungry to invest and start making some money on the side, here are some tips to help get you started: 

    • Research locations: of course, buying any old property and hoping to rent it out is much easier said than done. The property rental market in Thailand is highly competitive, which means that before you make any commitments you really should do as much research as possible into the various locations throughout the Kingdom. Would you like to rent a condo in Sukhumvit, Bangkok? Or are you looking for a luxury beachfront villa in Koh Samui? Or perhaps you are more interested in a mountain-view condo in Chiang Mai? If you do your due diligence and ensure that you invest in up-and-coming neighbourhoods in the most popular tourist destinations, you should have a much easier time filling your property with regular tenants and securing your passive income.
    • Choose the right real estate agency: navigating the real estate market in Thailand without in your corner is like jumping out of a plane without a parachute and hoping to ‘wing it’. It’s going to be difficult. Instead, take the time to research the various real estate agencies, shortlist your favourites, and go from there. If you have any questions for the team at Lazudi, please feel free to contact us today and we’ll gladly assist you.
    • Choose the right property type: depending on whether you want a holiday rental or you’d prefer long-term tenants, you need to be mindful of which property type you invest in. For example, buying a house in Phuket would be more attractive to long-term rental expats, whereas a beach-front luxury villa on Koh Pha Ngan would be a more viable option.
    • How you will market your property: another consideration is how you plan to market your property. Will you be renting it out on Airbnb? Or paying a real estate agency to handle that side of things for you? You can have as little or as much input into the process as possible. If you’d rather not worry about it, having a reputable real estate agency on your side is worth considering.
    • The legalities: you should also hire a lawyer before committing to any property in Thailand. The same applies to which type of property you are legally allowed to invest in (and which legal workarounds you can take to make it work). 

    Final thoughts 
    All in all, making passing income in Thailand is relatively straightforward – provided you do your research and make shrewd decisions. The fact is, everybody wants to be a holiday homeowner so they can make easy money on the side – which means you need to go that extra mile if you want your property to stand out from the rest and gain regular interest throughout the year. 

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