Tips To Consider Before Buying Or Investing In A Condo In Bangkok

The relentless pace of development in Bangkok, Thailand, often creates opportunities for potential investors or owners. Even though there are still massive cultural and language barriers to contend with, the urban landscape in Thai’s capital is constantly reshaping. The unique property standards in Bangkok cause uncertainty with many interested parties more often than not. Conflicting information and multi-levels available can confuse. In Southeast Asia, Bangkok is still one of the top tourist destinations. Its regional force in business, finance, and a wide range of attractions makes many ex-pats choose to live and work there. Condo for sale in Bangkok near BTS is the most sought-after condo unit. These units are backed up by entry systems and security guards. Here is what you should consider;

The right location

With the sheer volume of condo projects being sold and developed in Bangkok, it may be overwhelming to find any kind of property in the area. The renting potential and attractiveness of the property in Bangkok are the main determining factors when it comes to investment value. The Thai nation relies on the BTS for transport because traffic congestion is a massive bane to Bangkok residents. Buying condos for sale in Bangkok near BTS station are ideal. Do a little research to get a handle on residents and demographics. This gives you an idea of acceptable sales prices and possible rental rates. Bangkok’s rental market is centered in and around the CBD and has a large ex-pat sector.

New projects Vs resale properties

Even though there is a vast range of existing and established properties in Bangkok city, new projects are being launched almost constantly. Potential homebuyers can either invest in off-plan projects direct from the developer or buy resale properties on the secondary market. In both options consider their advantages and disadvantages.

Foreigners in Thailand have some limitations with property ownership

Foreigners in Thailand are allowed to own condominium units but they cannot directly own ‘land’ in the country. If the condo project is not owned by at least 49% by non-Thais, a foreigner can legally purchase a unit in the building. Thai entities or Thai nationals can own the remaining 51%.

Understand the condo property specifications

The price compared to other units in the area and project of a specific project is measured by the price-to-size ratio. Residences in Bangkok offer a range of high-quality facilities, therefore, consider the orientation of the place, floor size, general layout, and size. Evaluate the areas and facilities like the gym, available meeting places, pool, and lobby.

Know the developer and building maintenance

In Bangkok, the property market is all about creating themes and brands. The popular projects are with established brands behind them and well-known developers. Some established brands have their facilities management subsidiaries and others have more reliable building management operations.

When owning a condo in Bangkok what are the costs involved?

Consider the ownership and maintenance costs beforehand when buying or investing in a condo. As property owners in Bangkok, there are 3 major expenses that they will face. These are;

General expenses and taxes

Unless the property is rented out, property owners are responsible for utility bills. The tropical climate in Thailand requires air conditioners to be maintained twice a year. Landlords are responsible for filing annual tax returns after declaring any income from renting a property.

Property agency fees

To market your property, you’ll need to instruct real estate agents. Expect to be charged leasing fees and standard marketing fees by Bangkok’s property agents. 

Common Area Management Fees (CAM Fees)

A building management team maintains the condo’s building. The owner is charged CAM Fee annually. This fee includes building insurance in case of any structural issues or major disasters.

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