Prices are simply too high compared with the rest of Southeast Asia right now though. Your lawyer can go through the contract with you and ensure everything is clear and above board. In terms of the transfer fee, I agreed to split it 50/50 with the seller and paid just under 30,000 Baht. Additionally, you can checkout Craigslist or Baht&Sold. The money used to buy a condo must be paid from outside of Thailand; You can read more about these rules and how to buy a condo in our complete guide to buying a condo in Thailand. Thailand doesn’t make it straight forward for a foreign national to buy or sell a condo, so you need to be sure of your desire to be here for the long term. The hallways and common areas will be decorated in a modern way, and the rooms will have the latest appliances and technologies. Many foreigners aspire the purchase of a condominium unit in Thailand, for either residential or investment purposes. A famous location in Pattaya is in the central area since it has a panorama sea view, close to the walking street, and Central Festival. An important point to note is even though the seller might seem like they are being helpful, they are trying to sell the property. Stamp duty and business tax is the responsibility of the seller, and as such, as a buyer you shouldn’t be expected to pay a penny for these. The only difference is you will need to employ a lawyer and give them power of attorney to agree to the contract and act on your behalf when transferring the property. for Australian Citizens. My current condo charges 14 Baht per square meter while others could charge up to several hundred baht. With the seemingly never ending supply of new condos, people tend to buy new. You can get in touch with her here. And many developers will give you free gifts such as iPhones or tablets. The downside is that the room has been lived in, which means you potentially have to do work to update it and decorate if things aren’t to your taste. Do your homework first and don’t let emotions get the better of you, especially with impulsive decisions. 1. What is a condominium, buying a condo, who can own a condo, transfer tax, inheritance, management of a condo, leasehold condominium, sale and purchase and more. That would be really helpful. The major benefit of an older condo is that the price should be lower than a new unit and you can get a bargain. My place is full of Index furniture and it looks fine, although a few items are looking a bit worn and I will need to replace them. Providing advice, information and service to the property buying and selling public since 2008, Pattaya Prestige Properties is the leading real estate agency in Pattaya. Soon after the Great Recession in 2008, buying a condo in Thailand might have been a good idea. 22 Sep. But unlike other places in the world, this trend is not likely to continue for the foreseeable future. The article also states that the property market in Thailand is still on the rise. At the same time, scenery natures are only an hour away. When you move in, you are required to pay into the sinking fund – a fund of initial monies paid by new residents in a condominium. You will also receive a list of proposed topics and votes that will take place which will again allow you time to digest the information. Given the complexities involved in buying and selling a condo Thailand, as well as transaction costs, you’re possibly investing for decades when you purchase real estate here. You can decrease advertisement prices by 5% to 20% off the final condo price. I also had to pay 6,000 Baht for installation of a water and electric meter, although these are refunded when I move out. You might be able to run into larger issue while purchasing a condo or other real estates. I would estimate that you could furnish an average one bedroom apartment from one of the above shops for around 80 – 100,000 Baht. Five minutes from where I live is a Lumpini condo, and looking online shows that 127 units are up for rental, each of them identical in terms of size, price and decoration. This happens at no cost to you and helps me cover some of the expenses of running this website. Do you know if there’s any way to check the status of this land? Until today, it still hasn’t happened. If owning a property is an Australian retiree's primary choice then he can do so on freehold but only on condominiums. You will realize about them later after signing the purchase contract and need to pay over a hundred thousand baht for these. Serviced apartments much more legit. Buying condos in Mueang Only 49% of rooms in a development can be owned by foreigners. You can own 100% of your condo. You will be the first person to live there and everything will be fresh. Buyer Beware in Buying Real Estate in Thailand. A quick look on these companies’ websites didn’t reveal a lot as most information is only in Thai. That’s especially true if you’re seeking a location within easy walking distance of a BTS station. Feel free to get in touch. They can quickly give If you buy an older unit then there is the chance that the owner will want to take the furniture with them, so either check to see if it is included or whether you can make an offer for any items you want. Once the condo is complete in the next couple of years i would need to pay the remaining 85% for the transfer of ownership. Buying a condo in Thailand is an attractive option for many foreign nationals, although Thai property law prohibits a foreigner from owning land in Thailand, there are legal ways to at least buy a condominium as there are less nationality restrictions under the Condominium Act regarding ownership and Juslaws & Consult can show you how. However, only condominiums registered under pertinent laws and licensed with the Thai Land Department offer full individual ownership (with a government-issued unit ownership […] If you’re serious about I haven’t had a burst pipe or cracked window, but if it happened and I was renting, I would be happy to know it wasn’t my responsibility to pay and fix it. Condo purchase or buying a condo in Thailand seems to be the most popular real estate transaction among foreigners in the Kingdom. If buying a condo off plan then you will likely be given a projected finish date rather than a firm one. Want to hear an unpopular opinion? When you are looking at buying a condo in Bangkok, take your time. This could then create a vicious cycle where little new investment happens because there was no investment previously to industrialize the country. It seems like a reasonable investment but I would still be wary when it comes to buy to rent in Thailand. 51% of all condos in any condo building has to be owned by Thais. "InvestAsian" is a registered trademark. Hi richard. Here’s Why You Shouldn’t, Don’t Buy From Property Developers in Asia, Top 10 China Property Developers: A Complete Guide, Why You Shouldn’t Buy Vietnam Real Estate, Top 10 Vietnam Property Developers: A Complete Guide, Real Estate Agents in Asia: The Ultimate Guide, Top 10 Cambodia Property Developers: Complete Guide, Great Lockdown: Why Southeast Asia Will Outperform, Investing in Japan Property: The Ultimate Guide, Investing in Vietnam Property: The Ultimate Guide. Don’t get me wrong, Thailand is among the most popular places to invest in foreign real estate. There will also likely be a clause based on the cancellation of the project, so make sure you are aware of this and if you will receive money back that you have paid. My first worry was that the market really would burst. With off plan condos, you will often pay an initial deposit followed by small monthly sums during construction until the end where either the balance is paid or a mortgage is taken out. Thai Condo Values Are Too High. They’re also a cheap way to send money to other countries as well. There are modern condos in Bangkok, seaside residences in Hua Hin, Pattaya or Phuket, or prestigious apartments in Koh Samui. GlobalPropertyGuide.com shows that rental yields in Bangkok ranged around 5-8% in areas close to the BTS and MRT lines from 2016 to 2018. Digital and Content Marketing: My current and prior companies did exceptionally well thanks to an excellent digital marketing team that I had build up. attitude from many people towards buying. If you want a decent 2-bedroom unit in the central areas of Bangkok, you should set aside at least USD 200,000. Karsten also wrote a detailed health insurance guide. I read an article about the the builders in the area and they are sitting on 62.000 unsold units. I did get a lawyer to run through the contract with my girlfriend and everything was above board and as explained to me previously. However, if you decide not to follow the crowds, and go to Kuala Lumpur in neighboring Malaysia, you can find a similar condominium unit for between $3,000 and $4,000. When you invest in property, it’s not a short term affair. Legal: Finding an ethical, professional, and affordable lawyer is super hard. ‘Cookie cutter’ houses in moobaan (gated communities) are hard to sell: the developer will always offer to build a new, customer-specific house for the same price as the ‘old’ one. I have a 2 year contract and I am thinking of buying instead of renting. If you are looking for interesting items to add some character and style to your room then you are in luck. It is free to post on the majority of rental sites and if you have something unique or in a highly desirable area, you can find someone reasonably easy. Thalang is a big area and located in the northern parts of Phuket. Don't forget: Companies have to pay taxes. Although it is a different type of insurance, you should get a good idea on how it works in Thailand. One thing you might find more difficult is drawing up a rental contract. All Rights Reserved. There are two pieces of advice I want to pass on about the type of condo you buy. Although most of them are scheduled to complete within 2021, it is better to wait for official government announcements rather than just relying on hearsay about proposed lines. One thing I can say is that it wasn’t always straight forward and there were certainly a few bumps in the road. The price you see in advertisements isn’t always the same price you’ll pay in person. Providing advice, information and service to the property buying and selling public since 2008, Pattaya Prestige Properties is the leading real estate agency in Pattaya. Their report above also gives a good idea of costs and availability in different areas in Bangkok. Learn how your comment data is processed. In the two AGMs I have been to, there have only been minor votes such as to keep the maintenance fee at the same price and to employ an extra security guard. You can find an agent through either your condo manager or by looking online at the numerous property sites and dropping them an email. in depth guide to lawyers website on this site, an exclusive article on hidden condo fees, Real Estate Agents in Bangkok: What You Must Know, Renting a House in Thailand? As you can see from the table above, it is definitely in the entry level guide and I would agree with that assessment. As such, over time, internal demand for real estate will lessen. When it comes to shopping for decorations, there are loads of great options. But if you’re certain that you want to buy a condo, go to Keller Henson to get things started. I also knew that buying a condo meant I could rent it out in the future should I need a place with more space. I wouldn’t recommend buying a property while living abroad, as I would want to see everything first hand and check on all the little details before I signed the contract. KellerHenson has a good list of condo you can buy in Bangkok. It is a hive of activity and naturally a desirable location to live. the sale from the seller. Sure, you keep their deposit but you also paid a months rent to the agent, so you don’t really get a lot. Looking around Bangkok, I could see the signs of Lumpini, Life, Noble, Sansiri and D Condo popping up several times. It ranks fifteen different nations by growth, ease of doing business, and other factors. Agents provide these but if you don’t use an agent, you will either need to be more informal or copy a rental agreement from someone. You can do easily rent a car with HappyCar. You can get a good price for a room that is only a few years old. Keller Henson is the website you should look at. Buying a second-hand condo and not the property developer does not qualify. While it is possible to register the condo under a foreigner’s name, there are several factors to consider. In the same way, you are obliged to cooperate with your condo management if you have caused any problems. You can also check out our premium subscription for a complete solution to help you get set up as an expat in Thailand. As I said, this amount is based on the size of your unit and the amount varies depending upon the services your condo offers. As an condo owner, there are several rights and obligations that you will have. Thailand Starter Kit: Save Cash, Land a Job, Avoid Pitfalls, and More! 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