4 things Thais rarely know when they want to own a house.

4 things Thais rarely know when they want to own a house.

Thinking of buying a house? What are the expenses involved, and how much money do you need to prepare? This is a crucial question, especially for those planning to purchase a home. There are many things to know and prepare for when buying a house, moving in, and long-term maintenance.

A recent DDproperty’s Thailand Consumer Sentiment Study revealed interesting information: only 11% of those planning to buy a house are confident they have sufficient knowledge about homebuying. However, the majority admitted to lacking knowledge in several areas related to homebuying, including:

1. Additional expenses related to purchasing a home: 19%
2. Knowledge of various taxes: 16%
3. Legal fees: 12%
4. Eligibility for a home loan: 12%

Other issues included knowledge about housing projects, choosing a house, down payment, insurance, and stamp duty.

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Home-related expenses: Things most people still don't know

Considering income and age groups, several interesting findings emerge, including:

1. Additional expenses related to purchasing a home: The group with the least knowledge is the low-income group, aged 50-59.
2. Knowledge of various taxes: The group with the least knowledge on this topic is the middle- and high-income group, aged 30-39 and 40-49, respectively.
3. Legal fees: The group with the least knowledge on this topic is the high-income group, aged 30-39 and 40-49, especially renters and those living with parents.
4. Eligibility for housing loans: The group with the least knowledge on this topic is the low-income group, aged 50-59.

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Family and friends: Important sources of information in homebuying.

Although the survey indicates that Thais have relatively low knowledge about homebuying, when deciding to purchase a home, they often seek opinions or study additional details from various sources to help make the decision. From the survey results:

1. Seeking advice from family and friends: 81%
2. Listening to advice from experts or gurus in the real estate industry: 68%
3. Looking at online reviews: 52%
4. Real estate forums: 48%
5. Agents: 39%
6. Influencers on various social media platforms: 11%

Specifically, the group that prioritizes seeking advice from family and friends is those living with parents and those with low incomes. Investors prioritize advice from experts or gurus in the real estate industry and from real estate forums the most. The group that most frequently seeks advice from agents is young adults aged 22-29, as well as those with middle to high incomes.

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Young adults are interested in real estate information and preparing to own a home in the future.

Considering the group that does not yet own a home, they are certainly another group with a high likelihood of looking for housing in the future. The majority are in the 22-29 age range.

According to the latest DDproperty’s Thailand Consumer Sentiment Study on the housing market, those who do not yet own a home want the following information:

1. Information about additional costs involved in purchasing a home (60%)
2. Details of housing projects (45%)
3. Future development plans for the area (41%)
4. Information about the debt-to-income ratio (41%)

Other information they want to know includes eligibility criteria for purchasing a home, understanding the mortgage process, and necessary guides or documents. All of this information is related to homebuying, and some is linked to expenses and income.

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This trend of those who do not yet own a home wanting to gather information in advance before making a purchase decision is a positive sign. It reflects that a significant number of young people are increasingly prioritizing research into the real estate market, conducting thorough research early to prepare and plan their finances before becoming homeowners in the future.

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Thank you for the valuable data from DD-Property.