Buying a condo in Thailand: 4 things to know

[Thaiger]

As condos are increasingly becoming buyers’ favourite investments, their potential to yield a profit is high. From low maintenance costs to the ability to use the property for residential or investment purposes, condos can offer great value and accessibility. Here, we have 4 things that potential buyers should know before investing in a condominium. 1. The purpose of your investment For foreigners wanting to purchase a condo in Thailand, it is important to be prepared for a more complicated purchasing process than Thai citizens. Expect additional costs, regardless of how you intend to use the condo. If you want to […]

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[Prosaap]

Make sure you deal with the owner and trasfer money to the owner to many agents run away with the money you pay the owner the owner give the agent comision do not trust them

[Prosaap]

Do the same as you rent one also 

[Scribble]

If you really want to buy. I'd recommend only buying a condo you can afford to buy outright. Do you really want to be in debt to a Thai / Thai company / Thai bank?

And also never expect to sell it. You might be able to, but don't expect to.

[Scribble]

One important thing missed in this article when calculating the cost... For a lot of condos there is a regular 'common area fee' for maintenance, lighting, pool cleaning, security staff wages, bin collection etc etc. The payments don't stop after buying.

Edited October 9, 2021 by Scribble

[NCC1701A]

In Thailand, no matter how improbable it may seem, always assume that your view will be blocked one day.

never believe anything a real estate agent says in Thailand. they can lie all they want. 

if you think a conspiracy between the land office, the seller and your attorney sounds far fetched, i have a house in Hua Hin I would like to sell you. 

If you are reading an ad on line for a property in English you are already paying too much. 

every property is listed at twice it's actual value.

never assume there is any correlation ever between the Thai real estate market and the real estate markets in other western countries. 

 

  

[Cathat]

8 hours ago, Scribble said:

One important thing missed in this article when calculating the cost... For a lot of condos there is a regular 'common area fee' for maintenance, lighting, pool cleaning, security staff wages, bin collection etc etc. The payments don't stop after buying.

The common area fees in thailand are generally pretty reasonable but you are correct they are often ommited and it does add up.

The big one is the sinking fee for anything major that comes up and that one seems to always be omitted.do not underestimate the sinking fee fund especially with older condo's.

Find out about it all before money changes hands.

[Robin]

8 hours ago, Scribble said:

One important thing missed in this article when calculating the cost... For a lot of condos there is a regular 'common area fee' for maintenance, lighting, pool cleaning, security staff wages, bin collection etc etc. The payments don't stop after buying.

I am renting a 80m2 condo. Coincidentally found the maintenance bill in my mailbox 18.000 Baht per year. Condo is only 3-4 years old. Everything looks fancy, pool area and shiny at first glance. But once you have a closer look the built quality is catastrophic. The walls become wet from the inside of the apartment if it heavily rains. I would never buy a condo unless I rented it for a longer period of time.

[Marc26]

30 minutes ago, Robin said:

I am renting a 80m2 condo. Coincidentally found the maintenance bill in my mailbox 18.000 Baht per year. Condo is only 3-4 years old. Everything looks fancy, pool area and shiny at first glance. But once you have a closer look the built quality is catastrophic. The walls become wet from the inside of the apartment if it heavily rains. I would never buy a condo unless I rented it for a longer period of time.

As I said a bunch of times on here

A lot of times condo prices in Thailand are not that far off or the same as in the West for similar size/luxury level with vastly inferior build and fittings 

[MelBurn]

Just one thing to know - Do not buy! You are going to be locked out anytime. Not talking about details like lack of maintenance.

[DWiener]

Watching condo builds happening in Hua Hin right now. I wouldn't touch a new build with a barge pole. One big condo development in Khao Tao has been sitting idle since the GFC and work has just recommenced. So the original concrete and rebar has been sitting in the elements for...12 years! And the quality of the concrete work looks like it was done by a 5 yo who got a Fisher-Price 'My First Masonry Set' for Xmas one year. 

I'm just amazed a condo block here hasn't collapsed like the one in Florida yet. It's only a matter of time, surely?

[BIGGLES]

My view as a single guy in my 60's is never, ever buy!

If I don't like my location for whatever reason, I'm gone.

Given how desperate the property market is, aswell as the state of the economy in general, cash is king, and deals are there to be done, if you're hard faced ( with a smile), and take advantage of the situation. Always, always deal with the owner direct, and never, ever part with money until you have dotted all the I's and crossed all the T's, and even then do even more due diligence. 

Nothing romantic about being ripped off all for the love of some concrete and reed bar!

Edited July 25, 2022 by BIGGLES

[MadderMax]

There is a book on this subject on Amazon.com - 'Buying a Condominium Unit in Thailand. It gives details of all the processes and documents required. Also gives some of the pitfalls and a checklist for prospective buyers.

[TSS]

Best tip for buying condo in Thailand: don't get stuck. They either are shabby under the gloss, or will look shabby soon. As a renter, you just move on. From the many I've seen-very poor builds.  Too many on the market, you'll never recoup your investment IF you can shift it at all.