Buying a Condominium in Thailand

Condominiums in Thailand come in all sizes and shapes .. and with price tags of all sizes. If you inquire at some of the sublimely beautiful buildings in Bangkok or Phuket, be prepared for some serious sticker shock. While Thailand condos obviously sell by the unit, many are priced at Bt 100,000 per square meter and beyond. That is why you will find so many expats of modest means living in 40 square meter units.

Are cheaper units out there? Sure they are. I've seen small condos advertised at Bt 400,000. They just won't be on a white sand beach on Phuket.

That's the first question you need to answer. While you can find some information that can narrow your search, where you live is a highly personal decision that only you can answer. Hopefully, you will find some help at locations for living in Thailand

Hopefully, your decision will be based on lifestyle factors rather than whim. Hasty decisions, especially superficial decisions, can be expensive.

Very little can make up for a lousy neighborhoods. For that reason, it may be a good idea for a relative newcomer to Thailand to buy in a mature neighborhood (coming). Mature doesn't necessarily mean ancient. It actually may mean pleasant. It may also mean that a slaughterhouse won't be built next door.

And if you have paid a premium for that great ocean view, a new high-rise that blocks your million-dollar view is less likely to sprout. However, nothing guarantees that a karaoke won't suddenly appear.

A developer may acquire some land, get seed capital, hire an architect, then start to develop a condominium. Odds are that he will be trying to sell off-plan. That's fine if he has the money, marking ability, and management to see the project to completion. But if he stumbles along the way, that building may stand forever unfinished as a testament to the developer's foibles and the misfortune of the buyers.

Off-plan condo's may require a substantial deposit and an accelerated payment plan for the first months. If you are not prepared for such a loss, consider buying only completely finished developments. You may pay a bit more .. or you may not.

Homeowners should stick to being homeowners and leave the investing in Thailand to the pros. Used condos can be difficult to sell, even when selling at a loss. Thailand already has too many farangs who have tried to become real estate tycoons. The results are not always pretty.

If you buy a condo in Thailand as a home, buy it with that purpose in mind. Thailand is not a good place to cut your teeth as a real estate investor.

There's something really nice about starting off with a brand new home. You don't have to live with someone's warped sense of style, or corners cut on cheap upgrades. Stating with a blank canvas can result in a much more pleasant and comfortable home.

On the other hand, you may get a great deal on a second hand condo. Maybe you're buying farther back on the inflation curve. Maybe the seller is desperate.

Some newer building restraints won't allow construction above a certain height. Desirable neighborhoods may be fully built. In those cases, buying second hand can be a good option. Just make sure the condo has the feature and facilities you want.

Unless you have a keen eye for colors and styles, find a unit where you really like the decor and hire that decorator. Nothing is quite as disappointing as an abandoned effort. And few places are as comfortable as decorating scheme that fits you.

If buying a used condo, consider gutting the interior and giving it a complete makeover. Odds are that the furniture is too small, the mattress too hard and the appliances too old. Keep that in mind when negotiating the price of a condo.

No matter what a developer tells you .. no matter what a friend tells you .. no matter what the owner tells you .. you do need to consult an attorney (coming). Legal fees are much less expensive in Thailand than in most western countries. And the consequences of bad real estate purchases can be greater personal disasters.

Get a referral from your embassy or consulate. Some professional organizations such as Chambers of Commerce also have list of reliable attorneys. This PDF from the U.S. Embassy has a list of Thai law firms.