Hi there those with experience of buying a house in LOS,

Mam and I built a house in her village about three years ago, and very lovely it is.

We are now in the process of buying a new-build townhouse in Surin, as village life will not be enough to keep me sane when we retire there in 2 or 3 years.

We have paid a deposit and will travel to LOS in December to complete the purchase.

We know what we are committed to for the house. Are there any charges/taxes we are not aware of that might throw our financial planning off course eg. equivalent of stamp duty/ government tax/etc

Would be very grateful for members with experience to let us know.

Thanks

Mam and John B

I guess some of you out there have bought a house in LOS and know the answer to this question.

Just flagging it up again in the hope of a reply.

Thanks in advance.

Mma and John

Property Taxes and Costs

On all purchase/sale of property in Thailand Stamp Duty is payable at 0.5%. In addition, a Transfer Fee of 0.01% is charged and a Business Tax of 0.11%, which is levied against an owner who has been in registered possession of the property for less than 5 years.

Land Tax

This is an annual tax levied on land ownership. The amount is often so small that in practice the body charged to collect it rarely bothers to do so. When they do collect it, it is usually after several years when the amount has accumulated.


not sure the latters get charged often...


I purchased some land recently and the taxs were less than i had expected


hope this helps a little

Thanks for the reply.

It doesn't seem to amount to too much, then. No big surprises in store.

Cheers and thanks again,

Mam and John

John,

One thing to be wary of - the seller will often ask you to pay a percentage of the purchase price 'under the table' so as to avoid tax. This is particularly true if they have not owned the property for 5 years and are then deemed as having bought it with the intention of making a profit.

Obviously its up to you if you agree to enter into such a deal with the owner but there are several potential drawbacks - apart from it being illegal. Should you in turn,come to sell the property within 5 years then you could fall foul of the same situation as on paper, your 'profit' will be inflated because of the low (false)purchase price. Another potential problem could arise in the event of any defective title claim or similar. For example, you could hardly claim 3 million from someone if you (on paper) only paid 1.5 million.

I'm just coming across a thing called an e-value (I think) which if I understand it correctly is a system where properties in certain areas are valued at a set price, regardless of the purchase price - maybe this has been implemented in response to the 'fiddling' I refer to above?