For most expats, Thailand works as a hub. As it is almost in the middle of everywhere, so it is very easy to commute to different parts of the globe.
For the Others, Thailand work as a retirement home. This is their ultimate destination after they have retired. The wonderful culture and hospitable people make it a wonderful place to live in.
The final party consists of frequent travelers. These are the people who travel to Thailand 3 or 4 times per year and spend way too much money on hotel rents. They want to avoid this rent and hassle and have a permanent place of their own.
There is very little restriction in owning a Condo in Thailand unless there are more than 50% of foreigners living in the same place. So investing in a Condo could be a wise decision.
If you are a cautious person who has saved up money and wants to make a good investment, this article is for you. Here are a few things to consider before buying a Condo in Thailand.
1. Where Is The Location? Does it add value?
Where is the condom situated is a very important question. Because it fits you differently depending on your purpose in Thailand.
If you travel very frequently you’d want to live in a place very near to the station. This would make commuting easier for you. But if you are a retiree who just wants to relax at home, a busy place like the station would not be the best place for you. You’d want your Condo to be in a secluded place with less noise and more serenity.
So checkout the location of The Condo and how well it is placed. Buying a Condo 40 kilometers away from the airport would not be a good idea for a frequent Traveler.
2. Does Size Really Matter?
Of course, it does. But, it also depends on how much money you are spending to get the Condo. There is no hard and fast rule about the price of the condos. Usually, the rates are very inflated in the market. Sometimes, you’d pay 2/3 times more if you are a foreigner.
You better be used to working in a tight space if you want to buy a Condo in Thailand. You will be surprised to see how a 40 sft has two bedrooms. The prices substantially go higher as the size increases. So, you have to do the basic math of how much space you would need.
3. How’s The Real Estate Situation Back Home?
I know owning a place in Thailand sounds pretty exciting. But in order to make a smart decision, you need to compare the prices. Sometimes it is observed that a Condo in Thailand costs equally as much as a place in the west.
Is it really worth it?
Note down the real estate prices in your area and compare them to the ones in Thailand. Also, do a rough estimation of how much you spend on the hotel. Analyze the difference between the hotel prices and The Condo prices.
Remember, most Condo comes unfurnished so add-in that expense as well.
Now you have to ask yourself, would you spend the same amount of money back home for the same size Condo? If the answer is no then you might have to reconsider.
4. What Is the Construction Quality of the Condo?
Very thin walls, cheap tiles, bathroom design flaws, inadequate kitchen setup – these are major red flags. Do not get fooled by fancy advertisements. It ultimately boils down to the construction quality of The Condo.
Often it is not very safe or comfortable to live in one of these condos because of how poorly they are made.
Most of the condos advertise themselves as European standard condos. But before you can finally invest in them do some inspection. Check out the measurements and the materials they are using in order to build The Condo.
If it is already built, check for historical data and designs. Make sure they have proper licensing for building and adhere to the safety measure.
5. What Added Facilities Comes with the Condo?
The ultimate goal of buying a Condo is being able to live comfortably. And that is not possible if you do not have added facilities with your Condo. You must make a list of facilities available and then decide how much money you want to spend on them.
Does your Condo come with furniture? Does it have enough light movements and ventilation? Does it have proper water, gas and electricity supply? How is the safety and security condition of The Condo? How is the neighborhood like? What is the nearest train station or airport? How is the pollution rate around the area? Research these things in advance.
6. How Trusted is the Provider?
Usually, you have to make a big deposit if you want to buy a Condo. This ensures your will to buy The Condo. But, sometimes you might change your mind about it afterward.
But you should be able to get the deposit back, in theory! But if you are dealing with a rough real estate agent, you may not get your deposit back.
Plus unverified providers might also give you false information about the property. There are instances where the same Condo has been sold over and over again to different people.
So, before you plan to buy a Condo find the provider whom you can trust easily. Look for certification and license. Negotiate good terms in order to get your deposit back within a specified date.
7. How Does the Surrounding Environment Suit You?
In some condos, you will feel more at home with similar people. They are meant to be used by expats. But, others are more like a hotel and less like a condo. Some of them are just built like a Condo but they are rented out like a hotel.
This might create an uncomfortable situation for you. A hotel in Thailand usually means a lot of people, a lot of noise, and a lot of troubles. There will be flocks of new faces jumping in the pool, there will be tourist’s making loud noises and party crazy hippies keeping it REAL all night.
So take your time to have a look at the situation and environment of The Condo and see if it suits you.
8. Other Variables
There are other very important variables that should be considered before investing in a Condo. These are;
Will there be enough space in the condo for you and your partner to move around freely?
Will the price of The Condo increase or decrease in future days?
Is there any room for updating or moderating the floors and walls of The Condo?
How is the view from the Condo and is there any balcony?
Does it come with a good gym a good swimming pool and a good reception for the office?
Who is responsible for maintaining the place and how well is it maintained?
9. Do Not Underestimate the Power of Online Sources
There are a lot of online sources that provide verified properties. Most of these are extremely efficient and easy to find. You can identify your desired condo in a matter of minutes as you can enter your preferences and specifications.
For example, you can go to cornerstone and start looking for condos along with other properties. It’s simple, quick, easy and very cost-effective.
Buying a Condo is a very big investment. So sit down and make notes of things you like to have in your Condo. Analyze your present and future needs for The Condo before you make the final investment. You might want something different in the future and not have the money to make another investment.
So this is your time to really think about what you want. I hope this guideline will help you in understanding what to look for a Condo. Until then enjoy the beautiful life of Thailand and all it has to offer.