Tips for buying a condo in Bangkok, the capital city of Thailand.
Tips for buying a condo in Bangkok. Like every major city in the world, there is always a demand for accommodation. Business people, families as well as tourists all have a role to play in city life. Bangkok in Thailand is no different. With a population reportedly above 8.2 million people, it is easy to understand why the property is in demand. Here is a list of top tips to consider when buying a condo in Bangkok.
Tip 1. Location in Bangkok
Bangkok appears on a map as a relatively typical city centre size. It covers an area of approximately 600 square miles divided into East and West regions by the Chao Phraya river. Condos in Bangkok are prevalent as this allows for more residents to live in the heart of the city centre.
Before you commit to particular condo development, give serious consideration to the location. How will you travel around the city, is the condo close enough to your work establishment, transports easily accessible? Bangkok is renowned for gridlock traffic during most of the day, and especially when people are travelling to, or returning from work.
Be particular that the location of your condo can satisfy all your needs and requirements.
Tip 2. Tips for buying a condo in Bangkok – Is your condo big enough?
How many times do we say “it’s OK, we will manage”! Which means that the condo is not big enough, but for whatever reason, you want to buy the condo apartment. Walking around pre-sale, looking at a possible future home, is far different from actually living full time there. Yes, the location may be fantastic, but if the condo is not big enough, you will soon become frustrated and resent living there. Not a nice feeling if this is your full-time home.
It is common knowledge that the closer to the city centre you live, the higher the purchase cost, and the smaller the condo. Consider looking at other condos that maybe only a 5 minute BTS Sky-train journey away further out of the city centre. You may find a much larger condo for the same price that will give you a better quality of living space.
Tip 3. Is this condo worth the asking price?
Emotions often drive decisions, and some decisions are not always the best ones. You have walked around your potential new condo, and now it is time to decide if you can afford it? The question has to be, is the condo priced correctly?
The further into the city centre you venture, the higher the price tag. Then a reality check is required to make sure you are not paying way over the odds for your condo. One of the biggest tips for buying a condo in Bangkok is to make sure you can afford it! Prices vary considerably around the city, so be sure to compare prices and make sure you are not overpaying for your condo and that you can afford it!
Tip 4. No-one mentioned I had to pay this service charge!
Now you are all moved in, and suddenly there is a service bill in your post box demanding payment for amenities and service charge. Before you decide to buy the condo, speak to the condo office and confirm what or if there are any additional charges. It is prevalent for condo residents to pay a monthly fee for the upkeep of the gardens, cleaning of the communal areas and pool maintenance if you have a pool.
Check out what the monthly cost is as this may have a severe effect on your ability to live there. Especially if you receive a costly service bill, you may not have included this in your monthly budget. The last thing you want is to be under financial pressure before you even sit down to watch TV.
Tip 5. Tips for buying a condo in Bangkok – Neighbours!
So you sit down to watch your favourite TV programme, perhaps you want to relax after a long day at work, and suddenly all hell breaks out. Loud noises, people shouting, kids playing games outside, you get the picture right! Take a look around at the other residents who live in the condo block. If you see plenty of children running around, you know what to expect.
Likewise, be neighbourly, knock on the people’s doors next to your intended condo and introduce yourself. Then if you see a young person open the door, you may find they are not so neighbourly as perhaps an elderly couple. Then may also tell you some real truths about living there that maybe the current owner may not wish for you to hear!
There is always a reason why an owner wants to sell, be sure that the reason the owner states is genuine and not hiding an uncomfortable truth.
Tip 6. Furnishings you think are included in the sale.
We have all walked around a brand new show home and dreamed of living in a condo like this. Of course, developers make sure that when they present the show home to you that it looks as amazing as possible. But before you get too excited and put pen to paper, confirm what you are going to get for your money.
New condo developments offer furnishing packs to new buyers. Make sure you understand what each furnishing pack includes and what you will receive. There is no worse feeling than walking into your new condo to find an empty shell if you were expecting a furnished palace.
You are purchasing a condo from a private seller, be careful. Get it in writing what will be left behind or removed before paying the purchase price. Don’t fall for any verbal agreement as that will not help you in court. Should you find that all you expected to be left behind has been removed, you will need written evidence to prove otherwise should you end up in court!
Tip 7. Is your investment safe, do you have any guarantees?
You see what appears to be a condo progressing towards completion in all its glory. You walk around the exquisite showroom and fall in love. Your heart rules your head, and you commit to a deposit and purchase agreement.
Sounds amazing right? But if you have not carried out any due diligence, you may find the unthinkable happens. Nobody ever thinks a company building a condo in Bangkok could go bust. Impossible right? Wrong! Sathron Unique Tower is just one example of things that can go wrong.
Seek legal and professional advice as to the financial stability of the developer. Be confident that the developer can complete the project as projected. Does the developer have a history of successful builds in their portfolio? These are all indications that reflect the developer you are potentially trusting your money with!
Tip 8. Is your condo investment a good investment or a chain around your neck?
Right now, you are looking at finding tips for buying a condo in Bangkok. Hopefully, our article has helped you with that. But there may and most likely come a time when you want to move on and sell. So when this time arrives will you be making a profit or considering a loss?
An essential factor to consider is what future plans are in place for the area your condo is located. If significant developments are happening, maybe a considerable shopping mall, for example, then chances are you will be able to sell at a profit. Demand for an area has a significant financial implication on property prices.
If in two or three years the area has improved, you could sell your condo for a nice profit. However, the opposite side of the coin is if the local area takes a turn for the worst. If tourism is a prominent part of the lifestyle, consider if there is a lull in visitors. Bars and restaurants closing in the neighbourhood is not a good sales pitch when you come to sell your condo. Check the stability of local businesses and consider what their business derives from and what customers then need to survive.
Tips for buying a condo in Bangkok – In Summary.
Bangkok is a beautiful city, the capital of Thailand. It is a hive of activity and naturally a desirable location to live. When you are looking at buying a condo in Bangkok, take your time. Do your homework first and don’t let emotions get the better of you, especially with impulsive decisions.
Consult with reputable real estate companies who can assist you. Look for real estate agents who have excellent knowledge of the city and can share their experience with you.