How To Make Money In Thailand – “Investing in property” is not just one thing. Read on to learn about the three most common ways people make money with real estate.
The most common way to invest in real estate is to buy a property that you live in. It’s technically an investment because you sell the property when you no longer need or want to live in it, so all the money you put into the mortgage is returned to you, and then some if the property appreciates. Property and land tend to appreciate naturally as they develop around it, so when you own the property you live in you can sell it back for a higher price than you bought it for. This profit you make is your return on investment.
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It’s an investment for those who don’t want to rent, because the general attitude toward rental properties is that when it’s time for a tenant to move, there’s nothing to show for all the money he or she spent. That rent money is never returned to you but instead goes to your landlord.
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A more effective way to earn a return on your investment is to buy a property that you can rent out to someone else. This means you live in a different property and someone else lives in the investment property. It is an investment because, like the first type, you can sell the property for more than you bought it for due to the appreciation of the land beneath it. At the same time, you can collect more rental income than the mortgage, meaning you receive extra money each month to own the property.
It’s a faster and more efficient way to earn a bigger income than living in a property yourself. But there are even bigger ways to come back. This leads us to our next type of investment:
The fastest way to earn a return on your investment is to buy a property that sells quickly for a higher price than you bought it for. One way to do this is to invest in fixed-upper property in a good area. Location is everything when it comes to selling a property, but not everyone has the time to buy a great location and spend on renovations. If you can handle it, trust that your return will be swift and powerful.
Honorable Mention: This option requires significant upfront capital, however buying in bulk is the best way to make huge profits. You can often make good deals with developers who are eager to sell their properties, which gives you a great advantage as an investor when it comes time to sell the properties. If you get a large number of properties, you can sell them at market price and make major income. Combine these methods by buying an entire floor of a condominium building, then live in one while you rent out the others, and sell when the land beneath the condo appreciates. Then, “bingo,” you’ve got major ROI. When traveling abroad it is always difficult to understand the tipping culture in that country. Tipping in Thailand is no different. When should you tip in Thailand, are you tipping enough in Thailand?
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Our first trip was on our Thailand honeymoon and since then we’ve lived in Thailand for the past 3 years, so we’ve put together a guide to tipping in Thailand to help you out.
*Searching for the best price and largest selection of hotels in Thailand on Booking.com, we found them to be the best selection and best cancellation policy.*
This tipping in Thailand guide is intended for tourists in Thailand, as it is not common for local Thais to tip. Although tipping is more and more common in Thailand.
Tipping is not mandatory in Thailand but is always appreciated. Europeans read this and say we’re crazy to tip so much, and Americans feel guilty for tipping so little, however, tipping is generally accepted in Thailand.
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As a tourist in Thailand, please realize how low the daily wage is for most locals. The average Thai salary is less than 9,000 baht per month ($300USD). That extra twenty baht tip might mean nothing to you but can really add up to a local server.
A good tip is to tip roughly 10% of the bill and top up or down as you would at home. If eating at a fancier restaurant and the bill is high, you can ignore the 10% rule and tip at least 100 baht based on how the experience felt. Always check the bill and see if service charge is included, no need to advise if service charge is included.
When tipping at a sit-down restaurant it’s not a straight percentage of the check. Also, look at meal and service costs. Like you’re at home.
Do you tip if you don’t have such a good waiter at home? Yes, you can probably tip but you tip less. If you have an awesome server you tip a little extra. And you probably wouldn’t tip if you had a terrible server and dining experience. The same goes for tipping in Thailand at restaurants.
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It is not uncommon to tip street food vendors as they may get confused if you tip them and try to return what they see as overpayment. Most street food items are fixed and prices are clearly labeled and no tips are required and bartering at the price of the food is not acceptable. If you see a tip jar at a street food stall and throw in a few baht coins.
How much to tip at a bar in Thailand really varies from bar to bar. If it’s a bar where you go to a bar and order your own drinks, no tip is needed. If you are at a beach bar all day on Koh Lipe you may want to tip 10 baht on the first drink so that the waiter will come and check on you later. Don’t tip over the next drink if they don’t come back to check on you. Tip 50 baht or more if you spend a few hours at the bar chatting with the bartender and having a good time.
Always check the bill and see if service charge is included, no need to advise if service charge is included. It’s common for sky bars in Bangkok to charge a service fee, so this is exceptional service and no need to tip unless you want to leave an extra tip.
No need to tip at fast food restaurants or coffee shops like KFC, McDonald’s, Starbucks, Tom Tom’s, etc. There is no need to leave a tip if the server does not come to your table.
Bangkok Thailand: Fruits Stall Everywhere In Thailand. Editorial Image
Before entering a taxi in Thailand make sure to agree on the price in advance or make sure it is a metered fare. When taking a taxi in Thailand it is common to round the fare to the nearest bill and leave the change as a tip.
Update: Uber is rare in Thailand but is known as Grab Taxi in Thailand. Download the Grab Taxi app, it works similar to Uber. You mark your pickup and drop off addresses and it tells you the fare estimate and you can pay through the app with your credit card. We now usually use Grab if we are going somewhere complicated or there are no taxis nearby.
Uber/Grab Taxi is located in Thailand and is our preferred mode of transportation in Thailand. Uber/Grab taxi is very easy and cheap in Bangkok. We have used Uber and Grab Taxi dozens of times in Bangkok and Chiang Mai. It’s great because you don’t have to agree on a price or try and communicate where you’re going.
We asked several ex-pats living in Bangkok if they tip Uber drivers, and they said the average is at least 10 baht. For example, an 11 km ride that takes 23 minutes costs just 90 baht. Uber takes the bulk of your fare and any tips the driver appreciates.
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Always negotiate the price before hiring a tuk-tuk. In Bangkok and other tourist cities, expect some degree of bartering on fares. Tuk-tuk drivers in Bangkok are particularly notorious for scams that bring you to shops that charge high fees or take a commission. We try to avoid using tuk-tuks if possible.
Only tuk-tuk drivers in Thailand are not expected to have an agreed price for ride tipping.
Don’t feel guilty if you don’t tip after a relaxing massage? Massage is hard work and doesn’t pay well. Many masseuses only get a small fraction of what you pay
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