Condo Buyers Guide For Idiots Wanted ...

[a269652]

Is there one somewhere on this message board? Ta.

[nick2k]

Is there one somewhere on this message board? Ta.

I think you have a good idea here. a depository of stories of true life situations. something to reflect on before buying..

since I know of many people who have purchased and the stories they have told me, I will offer the following 2 stories to consider when buying.

both stories revolve around condo association fees.

story 1)

association fees are usually calculated in a straight forward way. number of units divided into the expenses, and there you have it. the amount each condo owner is required to pay. so, what happens if the developer sells out all the farang units, and can't sell all the thai units? who pays for the missing load? one of my friends found out the hard way how corrupt some developers are. over the course of 3 years, the developer siphoned all the money from the "condo emergency fund" he was caretaker for to pay the corresponding amounts from the empty units. last I heard, the condo association went to court to sue the developer.

story 2)

I heard this story from a friend living in a complex out in rachada. evidently, many thais who buy condo units don't feel like they are required to pay their monthly association (maintenance) fees. so, what does the thai management do? well, they don't go to court about it. they just let the guys do it. tit. and as a result, the complex gets rundown. in some situations, they try to get some unsuspecting foreigner to pay it. and then, everybody is happy.

so, if you decide to buy, be careful about the condo association fees.

[quiksilva]

That right there is one of the largest benefits of buying resale units in established projects where a large proportion of the co-owners are also residents.