Advice on purchasing an old condo

[banagan]

Would appreciate some advice on precautions before purchasing a condo in an old building, we're talking, 20 - 30 year old.

 

I bought a house back home years ago, and got a full structural survey done, didn't cost too much and well worth it.

 

I've had a look at some places here, and, while the units themselves looked fine... you don't really know what's what. 

 

Has anyone experience with hiring a structural survey expert?

 

I met the tenant in one, who's been there over a year and had no real complaints, other than a small leaking issue, that was fixed.

 

Really just wondering if this is common? 

[worgeordie]

Just look for cracks in the walls,and the common area is important,

is it well kept,ask more tenants if possible ,about noise,any other

issues with the building, you just have to use common sense and

gut feeling when purchasing property here,and i believe you have

to check if there is anything owing on the property,unpaid fees,they

will come back to you.and you need to buy  one that comes under

the Farang quota .

regards worgeordie

[sanemax]

Condos are not built to last here, like in the U.K.

30 years is about their life span

[banagan]

I've rented in other countries, very old buildings, no lift, no pool, gym, but nice renovated unit.

 

It's sort of expected here, especially with Thais to have a nice shiny reception, pool etc... I'd plan to live there, possibly rent if gone for extended period.

 

Thanks for advice so far, would certainly look into any existing debts.

[worgeordie]

15 minutes ago, sanemax said:

Condos are not built to last here, like in the U.K.

30 years is about their life span

That's why they must be building so many new ones,

to replace the old ones,think 30 years bit short,the new 

ones they are building will not last 30 years i suspect.

regards worgeordie

[1FinickyOne]

Talk to as many people in the building as you can,... are there many units for sale? is the building well kept up, inside and out. Maybe rent a unit in the building for a while and a good deal might fall into your lap.

[banagan]

24 minutes ago, kenk24 said:

Talk to as many people in the building as you can,... are there many units for sale? is the building well kept up, inside and out. Maybe rent a unit in the building for a while and a good deal might fall into your lap.

Thanks for the feedback, I did try asking a Thai chap, but my limited Thai and his limited English, didn't get very far. I did have a good chat with the current tenants, they really liked it, no real issues other than a leaky pipe in the bathroom that was fixed.

 

 

 

[chicowoodduck]

I see problems in your future....if you buy anything in LOS....it will only be worth what you can sell it for in the end.....??

[1FinickyOne]

12 hours ago, banagan said:

Thanks for the feedback, I did try asking a Thai chap, but my limited Thai and his limited English, didn't get very far. I did have a good chat with the current tenants, they really liked it, no real issues other than a leaky pipe in the bathroom that was fixed.

 

 

 

That's a start, but tenants aren't owners... but keep at it. Condos can be quite difficult to sell. If you can anticipate the future and see that you might want the money back at some point, you may want to be very careful. If you want to pm me the name of the building, I might know a bit more. 

[fcgprg]

Check the management fee accounts for the condo,the expenditure should be displayed in the Office ,also enquire into the sinking fund for the building and the amount in the account.If all that is in order make some enquiries with owners of the units not tenants.Tenants will not always tell you the truth in case it causes them problems in the future with the condo owner. Take a Thai speaker with you that is the only way you will get anywhere near the truth.

[newnative]

15 hours ago, sanemax said:

Condos are not built to last here, like in the U.K.

30 years is about their life span

What utter nonsense.  I know of a number of condo buildings in Pattaya that are closing in on 30 years and they are all in good shape.  The building I am in is well over 30 years old and in excellent condition.  Of course, as others have said, you want to check things out as much as you can and look for a building that is being maintained.  That would be true anywhere.

[harrry]

Check the condo is not a leashold (company) it would then only be yours for a couple of years as the leashold is probably 40 years.

Similarly check the condo is on freehold land and not leased land.

[sanemax]

8 minutes ago, newnative said:

What utter nonsense.  I know of a number of condo buildings in Pattaya that are closing in on 30 years and they are all in good shape.  The building I am in is well over 30 years old and in excellent condition.  Of course, as others have said, you want to check things out as much as you can and look for a building that is being maintained.  That would be true anywhere.

Most buildings in Thailand are not "in good shape" to begin with , let alone after 30 years .

Buildings may still be standing after 30 years and appear to be in good shape , but the O.P is talking about buying one and he was comparing it to buildings back in the UK .

   I was just saying that buildings in Thailand are not built to last as long as they are/were back in the U.K

[meinphuket]

16 hours ago, banagan said:

I've rented in other countries, very old buildings, no lift, no pool, gym, but nice renovated unit.

 

It's sort of expected here, especially with Thais to have a nice shiny reception, pool etc... I'd plan to live there, possibly rent if gone for extended period.

 

Thanks for advice so far, would certainly look into any existing debts.

The only debts you have to look into are those owed to the juristic person. Anyway, the condo can't transfer until the debt is cleared.

[Peterw42]

3 hours ago, chicowoodduck said:

I see problems in your future....if you buy anything in LOS....it will only be worth what you can sell it for in the end.....??

Any property in the world is worth what you can sell it for. Do people often sell properties for less than they are worth ??

[Peterw42]

33 minutes ago, newnative said:

What utter nonsense.  I know of a number of condo buildings in Pattaya that are closing in on 30 years and they are all in good shape.  The building I am in is well over 30 years old and in excellent condition.  Of course, as others have said, you want to check things out as much as you can and look for a building that is being maintained.  That would be true anywhere.

I find it odd that its only the 30 year old condos that are going to fall down, but the steel reinforced concrete shopping malls, express-ways, bridges, overpasses, rail lines, or even power poles, will be ok.

[sanemax]

3 minutes ago, Peterw42 said:

I find it odd that its only the 30 year old condos that are going to fall down, but the steel reinforced concrete shopping malls, express-ways, bridges, overpasses, rail lines, or even power poles, will be ok.

Good point , instead of buying a Condo, he should buy himself a bridge to go and live under or he could go up live up  power pole if he doesnt mind heights

[ChiangMaiLightning2143]

The older buildings were more sturdily built.


Sent from my iPhone using Tapatalk

[Lacessit]

I'd suggest the OP rent in the building for six months first, then he will get an insight into any potential problems.

No need to hurry, always seems to be plenty of sellers.

[thaibeachlovers]

If you can find one in good condition it is perhaps better built than the newer ones, and more soundproof.

I am in a fairly new building with concrete internal walls and spent some time the other night listening to the next door couple having it off. She was a real screamer.

 

The Lek Hotel in Pattaya is a good example of an old building that seems pretty solid. Been around since at least early 90s.

[scottiejohn]

4 hours ago, Peterw42 said:

 Do people often sell properties for less than they are worth ??

YES!

For many unforeseen reasons; Divorce/Hospital bills etc, etc

[jippytum]

check with the manager if there is a credit balance in the sinking fund . A healthy surplus is an indication of a well managed condo

[IvanLaw]

10 hours ago, chicowoodduck said:

I see problems in your future....if you buy anything in LOS....it will only be worth what you can sell it for in the end.....??

Different in Thailand? HOW?

Surley the same all over, only receive what some one is willing to pay.

 

[tryasimight]

10 hours ago, chicowoodduck said:

I see problems in your future....if you buy anything in LOS....it will only be worth what you can sell it for in the end.....??

The same as anything,  anywhere. 

[tryasimight]

6 hours ago, sanemax said:

Most buildings in Thailand are not "in good shape" to begin with , let alone after 30 years .

Buildings may still be standing after 30 years and appear to be in good shape , but the O.P is talking about buying one and he was comparing it to buildings back in the UK .

   I was just saying that buildings in Thailand are not built to last as long as they are/were back in the U.K

Any major building built in the 1970's in the UK may be suspect. My sisters husband has made a very good living as a chartered surveyor checking these buildings for ( big company type) clients...warehouses,  multi stories etc etc. 

 Big problems with what they term concrete cancer as I understand it. 

I think they may be a touch of old county parochialism in your post.

Edited January 24, 2018 by tryasimight

[Genericnic]

5 hours ago, Lacessit said:

I'd suggest the OP rent in the building for six months first, then he will get an insight into any potential problems.

No need to hurry, always seems to be plenty of sellers.

This is probably the best advice you are going to get. There are many non-facility related things that a routine inspection will not find. 

 

Example. The condo I live in has one school right next door but it is on the other side of the building from me. At times it can be very noisy as I notice when I go outside in front of the building but, because I am on the other side, I never hear them. Then there is the other school which is about 200 meters or so way but is on my side of the building. Noisy enough at times to sound like they are right outside my window. They are loud enough that I can't imagine it is good for the kids' hearing. The thing to note about the noise though, is that it isn't every day. It is somewhat seasonal. Unless you live in the building a while, you would not know where it is a problem for you or not.

 

Also, living the the building gives you a chance to see it in day-to-day operation and to get to know the staff and see how they perform. 

 

I've been in the condo I rent for the past 7 years but it took me less than 6 months to find out if the "problems" were more than I wanted to handle. (they weren't) 

 

So, I second the recommendation to rent first.

 

David

 

 

 

[NancyL]

Here in Chiang Mai some of the older condo buildings can be real gems.  Many were more solidly built than the newer buildings and definitely are more conveniently located.  Some have fallen on hard times with bad management committees, others have continued with good committees all along and some have "been saved" and turned around.  Good advice to rent for six months.  Every building has "good" and "bad" sides, depending on the neighbors, view and sun.  Also, different floors can be more desirable.  For example, in our building the top two floors actually aren't as desirable.  The top floor isn't served by the lift (elevator) and for some reason the mobile phone coverage is almost non-existent on the top floor.  Plus, they're warmer.  But, the lower floors have issues, too.  The surrounding buildings were all built after the city decided that no new buildings could be more than 8 stories.  So the condos on floors 5 -8 can have blocked views.  (Parking is on floors 2-4, something the newer buildings often have in short supply.)

 

 

[newnative]

8 hours ago, sanemax said:

Most buildings in Thailand are not "in good shape" to begin with , let alone after 30 years .

Buildings may still be standing after 30 years and appear to be in good shape , but the O.P is talking about buying one and he was comparing it to buildings back in the UK .

   I was just saying that buildings in Thailand are not built to last as long as they are/were back in the U.K

     What you said was '30 years is about their life span'.  Which sounds just as ridiculous on second reading.   What, pray tell, happens when a condo building hits 30?  ATTENTION residents!   Your condo building has now reached 30 years of age and its life span has ended.  Take a moment to say a farewell and then please gather what you can carry and make your way down the stairs.  Do NOT use the elevators as they are now dead, too.  Tread VERY LIGHTLY as you go down the stairs as they will be collapsing sometime today or in the very near future.  Bye bye!

[NancyL]

1 minute ago, newnative said:

     What you said was '30 years is about their life span'.  Which sounds just as ridiculous on second reading.   What, pray tell, happens when a condo building hits 30?  ATTENTION residents!   Your condo building has now reached 30 years of age and its life span has ended.  Take a moment to say a farewell and then please gather what you can carry and make your way down the stairs.  Do NOT use the elevators as they are now dead, too.  Tread VERY LIGHTLY as you go down the stairs as they will be collapsing sometime today or in the very near future.  Bye bye!

I don't know about your building, but ours just got new elevators.  There is a concept called maintenance, you know.

[worgeordie]

2 hours ago, NancyL said:

I don't know about your building, but ours just got new elevators.  There is a concept called maintenance, you know.

I think that's the point he was making,if maintain well 30 years is nothing .

regards worgeordie