Life is kind of predictable for most of us; after years of education, we make our way into the career arena and after more than 40 years of doing our best in our respective profession, we finally reach the day when we can retire. All those years of paying that private pension now pay dividends and with the big equity you have in your home, which is bought and paid for, you can look forward to a retirement with financial security.
Escaping the Cold European Winter
Let’s face it, we all want to head south at the end of September and now that you are not ties to work, you can acquire one of the stunning villas for sale in Koh Samui from Sunway, and spend 6 months of the year in your tropical paradise home. Many European owners live in the second home for half the year and they enlist the services of a property management company that rents out their property during the months it is empty, giving you a regular income from your investment.
Choosing a Development
If you are targeting the South of Thailand, there are options; Phuket is a premier retirement destination, while the paradise island of Samui is another firm favourite. Avoid property developments that are yet to be constructed, as this merely adds another layer of risk; should the developer fold, where would you stand? Choose a property development in a gated community, one that is managed by the developer who has a good reputation with existing property owners and you are less likely to have any issues.
Much like the family home, your holiday villa needs upkeep and maintenance and when you are in Europe, your holiday home would be managed by the property management company. If you want to make money, by all means rent your home during the months it is not in use, otherwise, the property management company will pay regular visits and keep you informed. The management company has an in-house team of builders and any repairs are promptly carried out, with your approval, of course, and when you rent your villa to tourists, the management company handle every aspect and will transfer the rent into your account.
Land prices always go up; it’s merely a question of by how much and as land is a finite commodity, its value will continue to rise, as the population grows. While you may have no plans to sell your luxury villa in Thailand, the asset would see a steady rise in value and should you ever decide to sell, you can expect to see a very healthy profit.
Aspects to Consider
When looking at retirement homes, there are many options, from a small condo near the beach to a full-on luxury villa overlooking the Andaman Sea and everything in between. If you are looking to live within a gated residential community, this offers many benefits, such as security and the use of the private amenities, while a detached property in a natural setting might have water or access issues. It is a buyer’s market at present and if you take your time, you will eventually find the perfect property.
Take a Long Holiday
Once you are ready to make the acquisition, book a long holiday in the South of Thailand and you can begin to view properties at your leisure. Make sure that your lawyer reviews any contracts and your next holiday will be a long one, staying in your very own luxury pool villa in the tropical paradise of Thailand. Click here for an informative article on why long holidays are the new normal.
If you are over the age of 50, you can apply for a retirement visa, which will allow you to spend as much time in Thailand as you wish. Like most countries, Thailand has immigration laws and requirements and you would need to deposit a specific amount of money into a Thai bank account and meet the other requirements. This visa is renewable annually and if you have no desire to return home, you can stay in Thailand indefinitely on a retirement visa.
Travelling to Thailand
Prior to booking flights, check the current Covid-19 situation in Thailand and check with the Thai Embassy in your home country regarding entry requirements. The Thai government dealt with the virus effectively and the infection numbers are very low; you might have to provide a Covid fit to fly certificate and Thai immigration may require additional medical insurance to cover Covid-19.
Join the many retired people who have a luxury second home in the tropical paradise that is the South of Thailand and make sure that your golden years really are golden.