A lot of the residents and expats have the desire to purchase a condo unit in Bangkok. However, purchasing a condo unit is a big investment and one that needs to be considered thoroughly.
Here are some helpful tips to help you with the decision.
The restrictions regarding foreign ownership
Based on the law in Thailand, expats or foreigners can’t own land. If you are interested in really acquiring a property, there are two choices. It is either you purchase a thirty-year leasehold or you buy a property via a limited company.
The great news is condo units and apartments can be bought given that a minimum of fifty-one percent of the building is owned by Thais or a Thai company. It is very important to ask for legal advice from lawyers or real estate professionals regarding the restrictions to property ownership.
The best location
It is helpful to really consider the location. Research needs to be done for you to find the best neighborhood. Factors like transportation, commute time, proximity to offices or government buildings, access to necessities are different for every area.
High-rise or low-rise condo
Before entering a transaction, you will need to decide which is suitable for you: a high-rise or a low-rise condo. A condo unit in higher floors means privacy and solitude. However, this might also equate to higher costs.
Condo facilities and amenities
As every person has different preferences, check if they have the facilities and amenities which you are looking for and you need.
Make sure that the condo building is developed by a reputable and renowned company. To do this, check online and offline for their credentials. You can also get in touch with the company about the project.
Finally, if you are looking to apply for a bank loan, research the best financiers, the bank loans available and the requirements. It is also best to talk with real estate agents regarding this matter. They are very much familiar with the condos for sale in Bangkok. They are knowledgeable about the market, as well as the rules and procedures in acquiring a condo unit.