There are a number of options when buying a condominium in Thailand. The question is always what are my best options while in Thailand or what other options do I have. You can either buy a second hand, a new condo or is it better to buy off-plan while in Thailand.
Condominiums in New Projects
When you but a new condo and into a new project you do get a building that has never been used and being new you will not need to do much maintenance while living in the unit. What you also get is the latest technology such as better faucets in your kitchen, up-to-date technology in your kitchen and better-glazed windows. Your air-conditioning will also have the latest technology and the area most times in Thailand has not developed completely as yet. This allows for the property value to continue to climb.
Latest built-in facilities (Gyms, pools)
With a new building all the equipment in the gym and in the pool area will be the latest and great technology. Nobody can argue that having the latest technology in a building is a bad idea. Also, check to see if your building has gym facilities and a pool deck. Over the years developers have spent more time and have been more creative when developing condo units and better facilities for them.
Usual built in the most convenient locations (Access to public transport)
The advantage of new condo units and buildings is that most times the infrastructure in the area has already bee developed. As we note in Bangkok the new buildings are being erected close to mass transport and also closer to national roads. Access has become a cornerstone of most new property developments in Thailand. Look at some of the largest developments in Bangkok and they are either close to the highway system or very near to the BTS or MRT system .
Capital growth for an initial small outlay
What you notice is that many condo units are sold off-plan and normally the earlier you buy the lower the price. Be it in Thailand or Dubai, most condo units tend to have a lower price at the start. By the time the building is complete the price per unit many times has seen a 20% increase in value. There is however also a risk when buying off-plan as the project might not be completed. To avoid this always ensure that you do a due diligence report on the development. The other downside to buying off-plan is that you cannot occupy the unit until the building is complete.
Resale Bangkok Condos
No risk of developer delays or failure
One of the major advantages is that when you buy a used condo you are less likely to be at a disadvantage where the developer goes bankrupt and you have a total loss of investment. This is normally why people tend to buy a condominium that has already been used. There is no risk of failure and no or should we say less risk to your investment.
Ready for immediate occupancy
Unlike building off-plan you can occupy the building or the unit as soon as the transfer takes place. This is too many of interest as many times people tend to buy a condo unit for the purpose of retirement and not interested in the latest technology but rather to start a new life in a new country. Buying off-plan or into a new building you normally need to wait until everything is complete and the government has signed off on the construction.
The chance to inspect the actual unit, views, and fittings
You don't need much of an imagination when you are buying a used condo. All the fittings, views and other amenities have already been installed. you can view the condo unit now and see how you would want to have changes made before you move in.
The opportunities to seek in some instances bargains
When you buy a condo unit you can always view at least 1-2 of them in the same building. There are options with regards to design, layout and also the views which each one has. Buying into a new development does not have this option. With a used condo there is also room to negotiate a better price.
If you are buying a condo unit in Bangkok or Pattaya or even maybe Phuket then speak to our property lawyers about your ideas, purchase and the property that you are looking at. Let us assist you with your purchase and minimize the risk of a loss of investment.