So, you’re in the market for a new property, but you’re not sure which type. Should you buy a house, a spacious condo, or a smaller studio? What factors should you weigh in your decision-making? Making the best choice can be difficult. In the right circumstances, though, buying your studio might be the best option for you. Here are a few things to consider when deciding whether a Bangkok studio might be right for you.
Condo vs. Studio Properties in Bangkok
Studio properties are typically smaller than condos. There is generally no separation between the kitchen, living room, and bedroom areas. Most studios have only one bathroom. On the other hand, condos are larger, with more clear divisions between rooms with different purposes, and may have multiple bedrooms and bathrooms.
Studios are better suited to young professionals without children. They are more affordable. Buyers can sacrifice a little bit of extra space in a condo for a more ideal location – i.e., in the Central Business District of Silom. Air-conditioning and electrical usage are reduced in studios because of their size. In Bangkok, the total monthly operational expenses of studios can sometimes be reduced by a third compared the cost of a condo in similar circumstances. Also, many studios have all the common amenities that come with condo ownership, including access to fitness centers, saunas, garden areas, and more.
For many reasons, studios are more popular with younger generations. There is less work involved because of the reduced space. That means less cleaning, less maintenance, and less clutter. Studios are more conducive to a “minimalist” aesthetic which is popular today – the idea that more is less and the general rejection of consumerist values.
Buying vs. Renting Your Studio
Buying or renting is an important decision. Each option has its benefits and drawbacks. You should consider several factors when looking to buy or rent. Buying a studio can add value to your portfolio overall time. However, owning a property comes with responsibility for the upkeep of the property. The market sometimes makes unpredictable moves, and not always for the better. It is entirely possible to lose a significant amount of money when investing in the wrong property at the wrong time in Bangkok, especially if you don’t understand all the dynamics that affect Thai property values.
Renting affords much more freedom. If you decide to move, you don’t need to deal with the hassle of finding a buyer or renter. The responsibility for utility repairs and other fixes falls on the owner. Also, there is not the financial requirement of large down payments or qualifying for credit that comes with buying a condo.
Studios in Bangkok
Multiple studio properties are available for sale in Bangkok. Resources like hipflat.com and Thailand-property.com are great resources for browsing available studio properties by location, size and price range. Data tracking the values of the properties across time can help assess their long-term value. Studios are particularly common in Silom and Sathorn where a large number of international firms and embassies are located. Many come already furnished.