Buying a condo in Thailand, specifically in Pattaya, is a thought that excites tourists, corporates, ex-pats, and many others. Most people go about the idea of owning a condo in the Land of Smiles with a beaming face, and why not? There are very few places on the planet that can make homeowners feel good in a nation ridden with stringent regulations for business creation, land ownership, and employment.
It’s easy to feel at home here with foreign nationals and natives living proximate to each other. The best thing about purchasing a home in Thailand is that foreign nationals are permitted to own (freehold/ leasehold) condos in Pattaya and elsewhere without being restricted. Certain norms have to be understood and followed to enable a safe and successful purchase of the best condo.
Read on to know more about investing in a condo for sale in Pattaya. It may be the best decision of your life especially if you’ve been paying a thick monthly rental or holidaying multiple times and splurging on hotels.
Buying a Condo in Pattaya the Right Way
Several things have to be considered when you plan to sign on the bottom line of the documents related to your new condo purchase in Pattaya. You need to be doubly careful about where you’re investing your money as you surely want to fetch good returns from it. Be wary of marketing ploys and refrain from dealing with builders who have little or no qualifications in the field of construction. What follows below will help you make good investments from your savings in a live-on condo or holiday home. You will get answers to pertinent questions to make a wise buy.
1. The size of the condo
If you have studied the Thai property industry well then you would know that developers drastically decrease condo size as well as increase the price of condos that are located close to the beach, public transport links, or local nightlife. Buyers end up paying a lot more for these conveniences while getting an otherwise small-sized apartment. Across the years, regret starts seeping in with a 2 bedrooms condo costing as much as a 3- or 4-bedrooms condo elsewhere. Ascertain the size of the condo about its location before freezing on your purchase. Do not fall for the very first condo that meets your eye as you can get conned with a much smaller property instead of walking a few meters less to the shopping mall or railway station.
2. How much would you pay for the same condo elsewhere?
Once you’ve zeroed on to the area where you would like to buy a condo, start your quest from its most attractive or convenient part. Look at condos located near the shopping, mall, beach, station, and elsewhere while working backward on the price. Though the idea of getting yourself a holiday home or place to live in Thailand can be an exciting one, don’t agree to the purchase of a rabbit hutch sized condo, maybe an unfurnished one, just to save upon the costs.
Do your math well. When you invest time in a market comparison for luxury condos for sale in Pattaya, you’ll find that what looks ‘cheap’ here, is not exactly inexpensive at most places in the world. To get an idea, compare the cost of a condo of the same size back home and calculate on a per sq.mt basis to get a fair idea about the property costs in Thailand. Consider the short and long-term ramifications while pondering upon the following questions and others like them.
- Is the condo so small that you and other family members will be tripping over each other all the time? Would you rather invest in a bigger-sized property in a different area in Pattaya?
- Maybe the condo appears big enough now but will you feel the same way after a few years?
- You may be looking at the condo with a view of living alone. However, will space be enough when you have family or friends living with you? Remember, you’ll be accumulating stuff as time passes; make provisions for them as well.
What is building quality?
Not all condos are of high quality in Thailand. Therefore, it becomes important to ascertain the reputation and portfolio of the builder before going ahead with him or the property attributed to his name. Even the developers having tags of the “European standard” property have a lot to vouch for. You may want to ask for the quality of raw materials in use, the type of tools used for the job, the safety safeguards in place, and all the other construction-related problems that may occur daily. Do note that the use of low-quality materials in the facia of the condo block would fade if exposed to the strong glares of the sun. Ascertain the quality of tiles in the apartment and hallways to ensure that the floors are laid out poorly.
If you settle for low-quality building construction materials then you may expect the door handles to rust, peel-offs take place on the walls, leakages and subsidence become an everyday affair, and so forth. In other words, be alert as all condo buildings may not stand weathering and the tests of time.
They need consistent maintenance work, of the kinds that may not be required when you buy a new property back home. Do not hesitate to research the quality of raw material used for building the condo of your dreams. You will not want to pay for paper-thin walls, cheap floor tiles, ready-to-fall apart plumbing, etc. when you can get a better deal in a different condo.
4. The market rate – is it inflated?
Meet any real-estate agent or company representative in Thailand and you’ll be reminded about the market boom. The yields on rental condos and similar properties will be conveyed to influence your purchase decision. Beware of property scams in Pattaya as they can leave your life in jeopardy while fleecing you mercilessly. The market price is forever fluctuating in the real estate market. Given the volatility of rates, it would make sense to keep a track of the ups and downs of rate fluctuations to figure out the opportunities for you.
Are you planning the purchase of a condo for long-term investment purposes or resale purposes? Considering that the price of a condo may escalate every quarter by a few percentage points, it would make sense to make your financial plans earlier in the day to reap rich benefits. Prep your taxation and other documents to avoid any penalties or fees from regulatory authorities. The opportunities for purchasing property in Thailand vary for foreigners and locals. In case you wish to penetrate the core circle, you have to be well-connected and with the right inputs in place.
Buy a Luxury Condo in Pattaya
Your investments in a luxury condo in Pattaya can bring rich benefits only if you start planning in advance. Think of all possible variables to understand where you may be given the shorter end of the stick. Ask for references and testimonials from real estate developers to understand their credibility and market reputation. A well-informed and conscious buy will help you get the apt ROI, and soon.