If you are looking to buy a condo in Thailand you may want to consider certain questions that you should be asking yourself pre-purchase. Especially if you are a first time buyer in the kingdom or have never purchased a condominium before.
The primary question if you are thinking long term or buying to let is, “Is it a good investment?”
There are many reasons why people buy condos in Pattaya: as a holiday home, as a permanent residence, to buy to let, to buy as a long term investment to sell etc.
For example, when you buy a property in Europe and then the market crashes, then if you hold on to the property for 10 years, you will still end up with a sound investment. This is not always the case in Thailand, and you can either secure your investment with a guaranteed rental return ( Global Top Group) or take a risk and buy off plan where big money can be made.
Some developers lay down the red carpet to potential buyers, and it is easy to get sidetracked by free snacks and sales banter. Show apartments are always decorated with the highest quality furnishings, but how many of the fixtures and fittings actually come with the unit price?
Before you place any deposits, check what fixtures and fittings you will be getting. And what cost it would be to furnish the condo with top-end furnishings that are in the showroom.
Some condo developers in Thailand make a great deal of money from non-refundable deposits. Firstly they lure buyers into their development with freebies and lucky draw sweeps.
They then cite special offers that only last for one day, encouraging prospective buyers to act in haste. All this is a game to hurry the buyer into making a rash decision, and to place a deposit. Often one they will never see again.
Many owners of condominiums have seen their investments quashed as the high end condo they invested in turns into a condotel. And then see many short term rentals using the facilities and not really taking care of the property.
Ensure your property is not going to be used as a Condotel at a later date. If you are happy with herds of tourists constantly changing over, then fine. But be aware this will drastically effect the end sale price.
Taking the plunge and buying in Thailand can bring a great amount of enjoyment and also offer great investment opportunities. Answer these pertinent questions and you won’t be far off the mark in making the correct decision.