2022 Guide for Buying a Condo in Thailand
Often referred to as a condo, a condominium is a complex of housing units in which each unit is owned by individuals even though the units may be found within a single building complex. The facilities around the condominium are jointly owned by all unit owners. Condominiums are the most sought-after form of housing, especially in Thailand’s capital city — Bangkok. It is therefore no surprise that you may be planning to buy a condo of your own. But before you do, you should read up this guide and note the following so that you can make the most informed condo buying decision.
1. What Type of Condominium Is Suitable For Your Needs?
While I will assume that you have weighed the options and ascertained that a condo is that form of housing that would best cater to your needs, there arises an important question: “what type of condo is most suitable for your needs”? Would you be buying a studio, a one-bedroom condo, a one-bedroom plus, or a two-bedroom condo? The size of your family and needs would determine which of these condominium types you should buy.
2. Check The Location
After deciding what type of condo you would want to buy, the next thing most important thing is to check the location. As of 2022 this year, Thailand is developing at an increasingly rapid rate. It is therefore imperative that you should determine the location in which your preferred condo would be located. Is it in a bustling city such as Bangkok or a more reserved and quiet town? The location of the condo would certainly determine the next guide/point to note.
3. Determine Your Budget
As hinted above, the location of your desired condo would go a long way to determine how much such a condo would cost. Condos in cities or business districts are often much costlier than those in less populated areas. Hence, before you proceed, assess your financial status and loan/mortgage rating before preparing a budget to determine what type of condo you’ll be buying and which location you have that suits your budget. Again, size and location determine the cost.
4. Decide On Whether Old Or New Condo
Another thing you need to do if you intend to buy a condo in Thailand in 2022 is to determine whether you will be buying a new or an old condo. Experienced real estate agents often advise that you should buy condos built not later than 5 years ago. However, such new condominiums cost often much more than condominiums that are 10 or more years old. So, are you buying new or old condos?
5. Hire A Realtor & Possibly A Lawyer As Well
Having considered all the above, you are all set and ready to buy your dream condo. But just before you do that, there’s one more thing you need to do; hire a realtor and if possible, a real estate agent as well. No matter how smart and resourceful you are, in as much as you are not in the real estate business, you will need the experience and professionalism of a real estate agent. You may also need the legal experience of a real estate lawyer to understand and draft a good contract between you and the condo developer. Having done all these, you are all set to own your condominium unit.