Buying a property can be overwhelming thanks to the list of things to do even before you make the decision. This includes ownership choices, paper works and financial planning that goes with it. Then, of course, there’s the question of – where to buy this property? Not only must it be readily accessible but must be secure, sustainable, currency friendly and suit your individual lifestyle.
Amongst these choices is a condominium or a condo. Unlike a stand-alone property, a condo is one that includes partial ownership in a ‘shared property’. While this may sound tricky to a buyer, here is a gist of this type of property and what it entails.
Why a Condominium?
The beauty of a condominium is that as a buyer, you get to own private property without heavy investment. Other common areas are collectively owned by condominium owners. Practically, condos take the shape of an apartment or row townhouses. This solves the purpose of owning property while it is also easy for renting it out when not in use.
Condominiums are hot property, particularly in vacation spots like Thailand as holiday homes or as a permanent residence. This is largely owing to the fact that owning a single-family dwelling can work out really expensive. Hence, investing in a condominium, therefore, opens the opportunity. It is apt for those who want to own a property but cannot afford an independent house in the desired vacation spot. While some people prefer condos with beach views, others may prefer to wake up to tall mountain views. Other benefits include relief from exterior maintenance and shared amenities like swimming pools, gyms, tennis courts, etc.
Should you choose to buy a new condo, almost 99% of them come furnished with just a few basics to buy as a top-up to existing furnishing. This is, of course, subjective to developers and it is important to check if it is included in the final pricing too. Also, give importance to the location of the condo, check if they are accessible for your family.
Choosing to buy a condo in a well-established infrastructure that a city like Pattaya, Thailand, has to offer is a smart move. A survey quotes that condo prices have increased in recent times. Additionally, it was reported that the property market was on a rise in Thailand, making it a stable market in comparison to the western world.
The city of Pattaya is not overpopulated making it an attractive choice for a place to buy a property. It is recommended to checkout for the most recently listed properties and detailed information on pricing, views and ownership options before making a decision. Real estate experts at https://cornerstone.co.th/ opine that making an informed choice is recommended while buying in Thailand. Outside of Bangkok, Pattaya which forms part of Chonburi is known for condos by the infamous beaches. A popular location in Pattaya is the central area for its panorama sea view. Other popular locations are those located close to the walking street and Central Festival. Condo pricing in this area is comparable to the central zone of Bangkok.
There are plans for improved public transport as well, making it easier to travel within other regions or cities. This potentially means there is a chance of a high demand for condos across. Thailand’s capital city of Bangkok and its international airport is only 90 minutes a drive with access to the motorway. Many airlines now choose to use the local Utapo airport instead, which is only 30 minutes away from Central Pattaya.
Points to Note While Buying a Condo in Thailand
While the steps to buy a condo are the same for all, it’s slightly different for potential buyers abroad. For this group of people, it’s best a lawyer is employed and a power of attorney given to them. It’s important to deal with Real Estate companies that are fully aware of the issues buyers and sellers have in a market place. They assist in purchasing and selling property across Pattaya making it easier for buyers and sellers.
It’s important to know one’s Rights and Obligations when it comes to purchasing a condo in Thailand. The laws and processes are bound to be different from those of your home country and can possibly feel confusing. For this very reason, it’s important to get a lawyer on board to translate contractual wordings that are exclusively in Thai. Ensure the Tax, Fees and other official documents are transparent to all parties included.