Financing Your Property in Hua Hin

Hua Hin is a beautiful, coveted location to live in Thailand. Expats and tourists alike flock to Hua Hin during certain seasons, but even when the tourism season ebbs away, the city remains an enviable spot to live and spend your days. If your dream is to live in Hua Hin and own property, you are absolutely in luck. The property values are high in Hua Hin, but the actual cost of property is relatively affordable for any budget. However, the question of budget remains when you consider moving costs, travel, and everything else that factors in to moving abroad.

So then the question is this: how can you purchase your dream property when most of your budget has been spent on moving itself? One way is with financing. Financing your property sounds tricky or intimidating, but it really is not. Many people choose financing as an option to choose the house of their dreams. But why do it, and how? Here are some answers.

Getting a Property Loan

Many companies do special international property loans, specifically for people who hope to purchase the property of their dreams in a foreign country but do not have the means to do so. Some places, like UOB International Property Loans, have certain loans or programs for specific places, including Thailand.

It is important to keep in mind that many property loans will not cover the entire cost of purchasing your new home in Hua Hin, but many cover half or more of the price of your home. Most lenders will also work with you to create the right financing and repayment plans for you, so you can comfortably live in your brand new dream home even while paying off your loan.

Many property loans can also be given out to those who simply wish to invest in a property rather than actually move in. This is a great option for those who would love to have property within Hua Hin, but will not be living there year-round. With the right property loan, you can easily make your repayments on time, and you can also look into renting out your property when you are not there to cover some costs.

Financing repayments can be done over an established amount of time, usually determined by the lender and the purchaser. Most property loans have a repayment span of up to 30 years, which allows for smaller payments but a much longer period of paying off the loan. Remember to discuss this with your lender in order to establish the best timeline for you, while still allowing you to comfortably live in your new dream home in Hua Hin.

Owner Financing

In some cases, owners of certain properties will allow you to finance with the home. You and the owner will set up a repayment plan for the purchase of your new home, possibly after a large down payment. Again, much like the property loans, this will allow you to purchase the new home and move in, but it will save you the trouble of needing to drop all the money at once.

Repayment plans are typically simple and will usually work with your budget, and as long as you remember to set aside the money each month, you will be able to comfortably pay off your home and mortgage. However, if possible, you would be safer to get an international property loan, as those lenders often have more flexibility.

Owner financing can be tricky, because often contracts for owner financing have stipulations beyond what you would see in a property loan. On-time payments are an absolute necessity, or you can lose a lot of ground in your repayment.

With lenders, while there would be a consequence for late payments, they would be less severe and more manageable for anyone on a certain budget. You want to be sure you know exactly what you are getting into should you choose to owner finance rather than apply for a property loan.

When financing a property in Hua Hin, you have options. Many places will help you determine a flexible property loan that would be just right for your needs and get you into the home of your dreams in this beautiful beach town.

Owner financing is an option in some areas as well, as long as you know what to look for. If these financing options sound viable for you and you’re ready to invest in the home of your dreams, contact us at Hua Hin Property Partner today! We’ll help you to be well on your way to your brand-new property in Hua Hin!