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.