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Things To Consider When Buying A Condo In Bangkok

Things To Consider When Buying A Condo In Bangkok

Things To Consider When Buying A Condo In Bangkok

Useful Tips To Buy Condo Bangkok Properties , Many residents of Bangkok and expatriates want to buy condo Bangkok properties to enjoy the excellent amenities that come with them as well as the prestige of owning one. However, buying a condo is a huge investment and there are a number of important factors that you should consider before you make any commitments or hand over any cash. Here are the top tips that may help you in making your purchasing decision and also ensure that the purchasing process is smooth and stress-free.
1. Make Sure You Understand the Restrictions on Foreign Ownership
If you’re a foreigner or an expat, then you need to know that by law foreigners are not allowed to own land in Thailand. If you’re really interested in buying, you have two options: Purchase the property through a limited company or buy a 30-year leasehold. The good news is that apartments and condos can be purchased by foreigners and expatriates as long as at least 51% of the apartment building is owned by a Thai company or Thais. To be sure of the restrictions with regards to property ownership in Thailand, you should seek independent legal advice from a lawyer or a reputable real estate professional who has extensive expertise in this area.
2. Be Sure To Choose the Right Location
Don’t dive right into buying a private condo just because you have the money or you’ve found a good deal. Try to put more thought into the location, instead. Do some research on the different places in Bangkok and find the most ideal neighborhood for you. When searching for a condo in your ideal location, be sure to consider factors such as transportation or commute time, access to necessities, proximity to entertainment joints, supermarkets, convenience stores and other facilities that are important to you, proximity to work, noise and pollution, current market trends and so on.
3. Decide Whether a High-Rise Condo or a Low-Rise Condo Is Right for You
Condominiums typically come in two main types: low-rise condominiums and high-rise condominiums. Before you enter into any transaction, decide if a low-rise condo or a high-rise condo is right for you. A condo located on the high floors may be a great choice if you’re looking for a quiet and private living space where you can enjoy some cool breeze. But, if you choose too high a floor, you may have to deal with higher cooling costs as it can get quite hot especially in Bangkok.
4. Have a Backup Plan
The process of finding the perfect condo can be a long and dreary one. To boost your chances of achieving success, you should not limit yourself. For example, a condominium in the right neighborhood may not have the amenities that you would like and vice versa. So try to take the time to shortlist a few neighborhoods that might be right for you.
5. Check the Amenities and Facilities of the Condo
Upon short-listing a number of flats that you like in various locations, check to see whether or not they have the amenities and facilities that you require.
6. Use the Services of an Experienced Real Estate Agent
The services of an experienced real estate agent can be very useful when navigating the process of acquiring a condo. Experienced real estate agents in Bangkok are familiar with the condo market and are knowledgeable about the rules and procedures that need to be followed when acquiring one. They can help with all aspects of buying one.
7. Make Sure That the Project Is Developed By a Reputable Company
Ensure that the project in which you want to buy a condo is developed by a renowned and well-respected company. You can do this by researching both online and off-line for the credentials of the developer and the quality of the development of the building. Alternatively, you can contact the company itself regarding the project.
8. Condominium Loan and Insurance Requirements
If you have to seek financing by applying for a bank loan, undertake thorough research beforehand to find out about the best financiers, the type of bank loans available to you, and the requirements for each type of bank loan. Many financiers often require proof of the condo’s insurance coverage and you need to ensure that you have this as well as all the other necessary documents. Don’t forget to consult a real estate agent regarding this issue, as his or her knowledge can be very handy.

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Angel Real Estate Consultancy

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