If you're buying newly constructed condominium closer to the beach, it can go maximum four storeys but higher storeys are available as you go further away from the beach.
The other big step is the precautions to be taken while you indulge in buying a property or land. The law states foreigners can't buy hours or land in the first place. So if you have a trust-worthy Thai partner or companion, do it through his or her name, plain and simple. But when you don't have anybody, then where to go? You from a company which has seven or more than seven shareholders and foreigners own 49% or less than 49%, balance 51% your estate company should arrange. This you're doing by registering a company, lawyer involvement is a must. In a company the number of Thai shareholders always have to be one higher than foreign shareholders. The registration fee is about Baht 30,000. You should have power of attorney and to sign on all the documents.
Once the paper work is completed, now you have to transfer the fund. Please ensure the money is paid into the account of realestate company and not into any individual's and you must have the receipt. In this case work with a real estate agent which has been in existence for number of years and have a good track record. Once you have seen the constructed house, you need to make sure water, severage and electricity are in place. Buy a house which is facing south or east so that afternoons are cool in summers.
If you're buying a constructed house, you're not paying to pay 5.5% to the government. There is minimal land tax in Thailand. If you're buying a newly constructed house, there is house registration fee of 2% charged by real estate developer, or you can hire a lawyer to do it. You should find time to see as the construction is going on. In the contract it should specify after the foundation is laid certain percentage, once walls are done certain percentage of money to be repatriated. See fitting are of good standard and if you want any alterations, you still have time to do it.
There is another option where a foreigner can lease the property for thirty years and this can be re-newed till 90 years. There is a treaty of Amnity signed between Thailand and USA, where US citizens can own a company or buy 1 rai of land in their name and vice versa.
When you're buying a condo the regulations are different.
Suppose the total area (constructed and not constructed) is 100,000 sq meters, a foreigner can buy only 49% of the total area.
Is a public road to be constructed leading to the condominium and to check status of 49% shareholding, only a real estate company can check , as all papers are in Thai and he has to go to the land department.
The owner of the condo has to pay extra monthly for maintenance of common area, swimming pool and security guards etc.