It is important to note that Thailand, particularly Bangkok, has lots of housing opportunities for you to consider. In fact, you may take advantage of current condo listings that will surely make your purchase worthwhile. Choices come from affordable to mid-range, as well as luxury listings and new developments.
Potential Buyers Need to Consider
1. Foreign ownership rules
You must be aware that there are foreign ownership rules that may suit your preferences. The Condominium Act of Thailand says that you can own up to 49% of a condo’s total floor space, but you have to register it first. If you are going to buy properties, it must have a foreign quota available for purchase.
2. Financing options
When you buy a house, you might want to think about financing choices instead of paying cash. Although many purchases are based on cash payments, many financing options are limited for non-residents. Additionally, some real estate developers provide instalment payment plans during the construction of the property.
3. Taxes and fees
You also need to be aware of the transfer fees that are typically 2% of the registered property value.This information will be exchanged between the buyer and the seller. There are also sinking funds and common area maintenance fees that you need to pay annually for the upkeep of the property.
4. Preferred locations
It is also more convenient if the property you are going to buy will be in proximity to BTS (skytrain) or MRT (Metro) stations. This option will also increase the value of the property over time. Popular districts favourable for expats and investors include Sathorn, Silom, and Sukhumvit.
Evaluating the Common Factors
The developer’s name is one of the things to think about. To make sure you get good building and service after the sale, you should choose developers that are well-known and have a track record. Also, you should check the quality of the construction, especially if you are looking at older houses. Know the condition of the shared areas, lifts, and amenities like gyms and pools.
You may also evaluate the size and layout of a potential condo unit to buy. Note that Bangkok condos range from compact studios to spacious penthouses. So, you can have a lot of options to think about. The view and orientation of the units may also affect the price with city or river views typically demanding a premium. If possible, confirm what fixtures and furnishings are included when you plan to buy a condo for sale in Bangkok.
Buying a condo unit also gives you an investment potential for rent or resale. Thus, you may want to check the average rental yields in the area and the demand in the neighbourhood. Likewise, you may need to evaluate the growth prospects based on future infrastructure projects.
However, you may not be able to accomplish these on your own. Thus, you may need the services of professional real estate agencies with solid reputation in the industry. They will be happy to help you pursue your plans of owning a home in the heart of Thailand.
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin