Is Condo Living Suitable For You?

If you are one who frequents open houses for condominiums in Pattaya, you surely have noticed that the market is very diverse in Thailand. There are many first time buyers who consider getting into this market, investors who snap up rental properties, and baby boomers who want to downsize space and their responsibilities.

Condos can come in different forms, such as freestanding houses, townhouses, low rise or high rise buildings, duplexes, triplexes or even “mixed use” like those above storefronts or offices. They can also be brand new, resell or a conversion, which are buildings that previously were factories or apartments now turned into condo buildings.

Condos are different from the freehold houses because owners own a unit but also share land ownership, as well as the building and the common areas. The condo owners share the costs with other members of the condo association, and the management company or board of directors usually make the big decisions.

Benefits to living in a condo

Someone else handles maintenance. A huge draw of a condo ownership is the freedom from having to maintain a property. The condo fees paid monthly will cover the maintenance services.

Lifestyle. Condos let owners have their own space compared to renting. There are also common areas like recreation rooms or pools that offer the opportunities to know neighbors or socialize with them.

Amenities. Several condos provide benefits that are not in average homes or apartment buildings, such as a party room, gym or swimming pool.

Customization. An owner can paint walls, put some pictures up and renovate, unlike renting.

Price. Depending on location, there are condos which are more affordable than freehold homes, and paying for a mortgage with condo fees can be equal to a rent.

Location. For a prime location, a condo is a practical option. An owner has easier access to public transportation, work, dining, shopping and others.

Security. The marketers say that condos provide better security compared to renting or a freehold home. Those condos for sale in Pattaya are going to make an owner feel safer with their neighbors on each side and make them worry lesser when traveling.

How To Purchase A Condo In Bangkok

For investors who are planning to own a luxury condo in Bangkok, there are a few things you should know. First, if you are a foreigner then you have the capacity to own a condominium under your name which will be in freehold. This means that they can only purchase from freehold condo projects, only 49 per cent of the total project must be owned by a foreigner and the purchase amount must be money coming from overseas and was transferred to a local bank in Thailand. If you are buying a condominium, a title deed will be given to you. The title deed may be used as collateral in Thailand and maintenance fees in the country is cheaper compared to other countries.

Before purchasing a condo, you must do your research such as the type of property you want, the price range of the property you are willing to consider, the location of the property you want, the reason why you will be purchasing and the criteria you have set for the property you are going to buy including the floor number, style and many others.

After choosing the luxury condo you want, make sure you check that the title deed belongs to the owner of the condo. Make sure that the building is part of Thailand’s foreign quota and the unit can be used as collateral. Contact the management of the condo to make sure there are no damages in the unit, ask about the payment for the common expenses and there will be no substantial costs that will be shouldered by the buyer regarding renovations.

If you have a real estate agent, they will be the one to make negotiations as to the price of the property, how the taxes and fees will be divided, prices of the furniture included in the unit, the payment terms as well as the date when the title deed will be transferred. After this, a purchase agreement will be made and signing of contract will follow. The foreigner may then transfer the money for payment from overseas to a local bank. Final procedures will then be conducted between the seller and buyer through the real estate agent. If you are still looking for a condo unit, check out the luxury condo in Thonglor.