Here are the things to consider in buying condominium property in Thailand.
Know Your Budget
Thailand’s condominium property ranges from 1,000,000THB to 300,000,000THB.
Location
Assess your lifestyle, needs and investment opportunity.
Different Types of Condominium Properties
- Off-Plan
- Ready to move in units
- Resale
Searching for Condominium Properties
If you are overseas, you can look for properties online. Make sure to check the developers portfolio if they have a good reputation in property business.
If you are in Thailand, you can visit an expo or showrooms directly to the developer.
Financing option
Foreigners can apply financing in Thailand. The developers can recommend banks subject for banks approval.
Legal Service
It is advisable to seek legal assistance in the acquisition process to have an informed decision before signing the agreement. The lawyer will perform due diligence. They can represent you in the legal aspect of the process especially if you are constantly travelling overseas.
Payment Terms
Each developer has its own way of luring prospect buyer to buy their units. Therefore they will present a relax payment terms. You just need to aggressively ask for it.
These are the standard payment terms:
- Reservation fee (10,000THB-50,000THB) will be deducted from the total amount of unit price. The reservation amount will depend on the developer requirement
- Deposit (20%-30%) must be paid with 30-60days upon the receipt of the reservation fee
- The remaining 70%-80% can be installment until the transfer date
Please bear in mind that even if you have already paid in full before the completion of the building, the ownership will not be processed after the completion date.
Other Fees
- Transfer fee (2%) – under normal circumstances, this is shared between developer and buyer
- Maintenance fee – it is calculated per sq.m per month and requires 12 month in advance
- Sinking fund – it is a onetime payment depending on the amount per sq.m. and it depends on the terms of developer
Why use Property Estate Agent?
The agent can recommend better location, price and quality of the property. They have the information of the property that are not ready for the buyers.
The agent’s company or the agents themselves had acquired good relationship with the developers and you are guaranteed that they know the window of opportunity for their respective clients. They will present to you the best available unit and best value for your money.
They can work on your behalf in the negotiation process and push for discount as well as add-on for the units such as furniture or electronics. They will be able to present comprehensive listing according to your preference.
You can request for a list of properties here: www.thailandpropertysolutions.com.
