Buying a Condo in Bangkok
There are many options to buying a condo in Bangkok. It’s a great place to live and enjoy life, and offers many options. Many expats make Bangkok their home and raise families, along with many who retire here.
Concerns regarding condo investment are the same in most places. Despite what you may read in some forums or blogs about bad experiences. As far as investment money goes, take look at the United States what has happened over the past 5-10 years; some major real estate losses.
Should I Buy a Condo in the Construction Phase?
Though purchasing in a project that is not completed can indeed have great return; it is not a guarantee by any means. People have lost money when they put money down and the project failed.
Therefore for new projects , choose wisely not fall into a trap and say for example put a lot of money down on a new project which you know nothing about. Therefore for new projects that are not completed yet make sure the developer is solid. Ask around and do your research the solid developers are well known.
Where to Buy a Condo ?
Taksin Bridge in Bangkok
The next choice to buying a condo in Bangkok is where. That will depend on your needs and if you plan live there yourself, or rent out your condo. If you plan to live in it, choose a location close to where you want to be; considering transportation, access to food and shops, and forms of entertainment you enjoy. For example; a retired couple may want to live near their favorite health care facility, and close to food shopping, whereas a young business person may want to live closer to the nightlife or even closer to work.
As a large city with a lot, repeating, a lot of traffic, you want to be nearer to transportation. This is also true for investors who should buy near a public transportation station like the BTS Skytrain
, which stops along Sukhumvit and other key areas in Bangkok business district. Obviously, this depends on your individual circumstances.
How Much to Pay for a Bangkok Condo ?
Considering how much can you afford and what your desires might be, one can find a luxurious penthouse in the best parts of the city for 25,000,000 Baht ( 834,000 USD ) or a very adequate 1 bedroom condo near the BTS Skytrain
for 5,000,000 baht ( 167,000 USD ). The prices range based on location, floor , unit size. building amenities, etc. Don’t forget to consider maintenance fees and utilities when you set your budget.
Choose a Good Real Estate Agent
Find a good Real Estate Agency who has been around a while; they will know the market and provide a lot of options. Thaidox | Bangkokfinder has been serving the Bangkok community for 12 years. Our English speaking staff and manager know the market well. They get paid on commission so there is no incentives to lead clients to go here or there. They simply want all parties to feel the deal is fair. We have never heard of “special arrangements” for the independent agencies. This may not be true for the developer’s agents so we recommend going to the independent agencies. In other words the Independent agencies are not obligated to steer you to one particular developer.
Buying a condo in Bangkok is relatively straightforward; the agent can explain and guide you through the process. If you want a lawyer involved, certainly your choice, generally its just an added expense. Most sales are standardized under the very clear condominium law of Thailand. Again you may hear a horror story about purchases but this is rare and when your dealing with licensed experience agency you do have consumer protections as business are regulated. The free lance agents may or may not have a license to do business in Bangkok.
Key Points to Consider
1. Money needs to be transferred to a Bank in Thailand from the host country. This is the government way of establishing a paper trail to resist money laundering.
2. Thai owners must have control of 51% of the overall building which is generally no problem.
3. It is very difficult to get a mortgage for foreigners in Thailand though may be possible for be prepared for a cash purchase.
4. Our agents have been through the process so many times we can walk you through with the documents.
We hope this provided some value in your decision process. Please feel free to call our office
or contact us
through our web site for further information.