You may be considering buying a condominium in Thailand, or you may already have bought one or more. Perhaps you are licking your wounds over a costly mistake, or are wondering where you went wrong in the first place.
Don’t fear, we are here to give you the top things to consider when buying a condominium in Thailand.
- Hire a professional realtor to assist the buying process. It’s free in most cases as the seller pays the commission and the advice can be invaluable
- Hire a local lawyer based on recommendations
- Make sure you have enough money to buy a condominium including all additional costs as advised by your lawyer
- Keep an open mind if purchasing for investment purposes. Something that may appeal to you personally may not be the wisest of investments and visa-versa
- Once you have found a condominium you like, visit it at different times of day. This will provide another perspective on the building, the view, and surrounding neighbourhood
- A parking space is worth extra money. Even if you don’t plan on using it for yourself you can always rent it out to another resident
- Find out who the other occupants are. Preferably, there will be a good percentage of owners living in their own properties within the block.
- Get a conversation with other residents within the block if possible to get direct experience of what it is like living there
- Check out the monthly maintenance fees in detail to ascertain exactly what is and what isn’t included in the price
- Is the general external area well kept, and what is the condition of the lobby? This will give you an insight into the likelihood of the place being kept well in future
- Avoid a condo directly opposite the elevator. This can be noisy and affect sleeping patterns or put off potential investors
- Have a good look outside, as a condo with a balcony overlooking a pretty garden or swimming pool will be more desirable than one that is within the rubbish compound
- Look at other facilities. Is there a gym? A pool? 24hour concierge and security?
- In Thailand your condo will need air conditioning. Take note whether it is working properly and positioned in the right place
- Is your Thai condo pet friendly? If you are renting your property out it may warrant a higher price if you are allowed pets
- Purchase the largest Thai condo you can afford if re-selling. Space is crucial within a condo and an extra bedroom or storage can warrant an easier re-sale and higher price
- If you are purchasing to rent out long-term, then the lower end of the market will be easier to access by the majority of tenants and thus yield better long-term rents
- Do your own research and also ask your realtor what price to offer for your Thailand condominium. What have other similar properties sold for and is there an upward or downward curve in recent times?
- Buy early! Speculating on a freshly developed plot can pay dividends if the development proves popular
- If you are investing in a Thailand condo take a long-term view of the market, as short-term gains are increasingly hard to come by on single property investments
These Find Thai Property tips are designed as a general guide. Developments and investment properties can vary immensely. For specialist up-to-date information please contact us:
Find Thai Property
Thailand Property Expert
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