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Many of my clients often ask me, "what next?" when they have found the property to rent in Bangkok.
The first thing you should know is that properties change hands fast in Bangkok. I would imagine it's the same situation in any big cities, especially when the apartment is popular amongst expats. So, when you have finally found that one property you like, try to stop yourself from wanting to see more "just in case there is something else out there" because from my experience, people always come back to the first one they like. Those who are decisive move in weeks after, excited while those who hesitate too long end up settling for second best and sometimes, may even cost them more in rent.
The first thing you need to do is tell your agent you want to go ahead with that particular property. You then need to decide what extras you need in the property and the price you are happy to pay. Then the agent can go off and negotiate on your behalf. Once the rental price and extra items are settled, you need to arrange for an initial deposit, or what we call a "booking fee" to secure the property. Without a booking fee, either party can change their mind on the deal but for you, it means that the landlord can rent it to someone else while you are happily packing up for your big move! To prevent that from happening, the initial deposit required here is usually equivalent to one month's rent with the remaining to be paid at the signing of the contract. This can be done once the contract is approved on both ends.
If you are renting an apartment, which is owned by a single entity or business, chances are the contracts are not going to vary very much since these are very standard, thus you can quite confidently put down the deposit and then have the contract sent to you later. Most apartments are flexible on simple clause changes (within reason) but if you require a diplomatic clause included, it's best you settle that before you put down the booking fee.
The standard security deposit in Thailand is two months rent, plus a month's rent in advance. Therefore, you pay three months upfront when you move into a new premise. You are entitled to have that security deposit returned to you at the end of your lease term, provided the property is handed back to the owner in good condition, taking into account normal wear and tear. Should you terminate the lease before your lease expires, the landlord shall have the right to retain your deposit unless you have a diplomatic clause in place. However, a diplomatic clause is only applicable in cases of overseas job transfer, termination of work or political crisis, and requires company supported documents as proof. You not liking the place you rented does not render that clause effective.
Maddy Barber is the leasing manager at the established Bangkok real estate agency , and also co-owns the Hua Hin Property agency, Hua Hin Finder. Whether you are looking to buy, rent or sell a property in Bangkok or Hua Hin, you can contract her via both agencies for assistance.
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