Buying a condo in Bangkok – be careful! If you are planning to purchase a condo in Bangkok, the following tips will surely help you with everything that you would need. Some of the condo units that you will move in will already have most of the furniture, but usually you will need other things such as kitchen utensils or small additional appliances, bedding’s and towels for the bathroom, etc.
Buying a condo in Bangkok
For those looking to buy real estate in Thailand but are non-Thai citizens, you should be aware that it would not be possible to buy a condo unit unless you are under the 49% ownership category that is currently set for foreign ownership of condominiums in Thailand. The 51% of the building should be Thai-owned, and could be purchased if you set up a limited company for this purpose and registering it under your Thai spouse’s name.
The price of a condominium development project is much lower if you purchase in off-plan instalments before it is being constructed. If you do not plan to make it your primary home, and you are considering investing on those properties that would appreciate its value to provide a faster ROI than saving your money in a bank, you should look out for those units with unique features for a much competitive marketing when you decide to sell it one day.
When planning to purchase a condo and renting it out and have a limited company, it is highly recommended to hire the assistance of a Thai lawyer to assist you with drawing up yearly accounts. As with all condominiums, there usually is a common area management (CAM) fees which are to be paid annually. If you have a professional lawyer helping you out, everything under the Thai property law including the contract will be explained to you thoroughly prior to signing, saving you from any problems that may come up in the future. When Buying a condo in Bangkok always do a duel diligence report on the property as Buying a condo in Bangkok in be very risky.
Before committing to purchasing a condo in Bangkok, you should well be aware of the maintenance fees which will need budgeting for annual payments. Development properties vary on the costs of their CAM fees with the others, although those building which are newly developed area far cheaper. These fees cover maintenance expenses such as repainting, roof repairs and other renovations.