Condo Buying

[whitethai]

Buying a condo what steps to make to be safe any good recommended lawyers etc?

[suiging]

Any condo after completion will only be as good as It's management.

Yes, you may well go all flushed at the beautiful decor, however, make sure you check with other residents how they feel about the management, noise, refuse collection etc etc.

Often what goes on outside is more important in the long run that what goes on within ( you can always fix that bit yourself ).

[Tammi]

Any condo after completion will only be as good as It's management.

Yes, you may well go all flushed at the beautiful decor, however, make sure you check with other residents how they feel about the management, noise, refuse collection etc etc.

Often what goes on outside is more important in the long run that what goes on within ( you can always fix that bit yourself ).

Read The Condo Act; read the Condo Regulations which is a legal document deposited with the Land Office; get the minutes of the AGMs AND the Minutes of the Committee Meetings. Does the Committee meet as specified in the Regulations? Have the projects planned for the year been completed or in progress? Ask for the AUDITED financials; ask for monthly financial statements - they are common property and some good condos put up on notice board for all to peruse. Other condos are may be secretive. Is there a Sinking Fund? Is Insurance Coverage enough? What are the yearly maintenance fees? What percentage of co-owners do not pay? Walk the emergency stairwells - what kind of lighting? Does the lighting work? Are the stairwells clear and clean? Check the fire fighting equipment; check that security personnel are smart, courteous and at their stations. Do office staff have name badges? Is the building secure or can anyone just walk in and go where he pleases? Is the perimeter secure? Is there CCTV and does it work? Are there recordings and how long are they kept? Are the grounds neat and tidy? Is the garbage room clean and tidy? How often is garbage collected? Is there 24 hour coverage by English speaking staff? Are the Committee Members approachable and helpful? Meet the Manager. If he/she won't answer questions and says go speak with the Committee then do so. If Committee says go speak with manager then unless you really like the building and would like to fight all this kind of nonsense at the AGM and during the year, go find somewhere else to live. Check the basement for damp. What facilities (residents' lounge, exercise room, etc.) are available and are they in use and good repair? Swimming pool? Tennis court? Speak with as many non-committee member residents as possible. Are there karaoke bars and other noise nearby? If there is a view is there the possibility it could be blocked in the future? Check basement rooms for trash, evidence of staff (and their friends) staying there. Ask about major maintenance projects - sewage and drainage, water and filtration, roof, roads, gardens, painting of outside of building and corridors, elevators. Parking spaces are common property and should not be allocated. If there is a key card system how often is it changed? How many key cards have been issued? How many are unaccounted for? How long to wait for an elevator during high season? Try to find out how many burglaries in past 2 years.

Hope that helps!

Re lawyer: Perhaps the guys looking after Jomthien Complex's problems with View Talay 7? Asia LawWorks on Tepparasit Road.

[mrbojangles]

Excellent check list there Tammi

[whitethai]

<br />

Any condo after completion will only be as good as It's management.<br /><br />Yes, you may well go all flushed at the beautiful decor, however, make sure you check with other residents how they feel about the management, noise, refuse collection etc etc.<br /><br />Often what goes on outside is more important in the long run that what goes on within ( you can always fix that bit yourself ).

<br /><br />Read The Condo Act; read the Condo Regulations which is a legal document deposited with the Land Office; get the minutes of the AGMs AND the Minutes of the Committee Meetings. Does the Committee meet as specified in the Regulations? Have the projects planned for the year been completed or in progress? Ask for the AUDITED financials; ask for monthly financial statements - they are common property and some good condos put up on notice board for all to peruse. Other condos are may be secretive. Is there a Sinking Fund? Is Insurance Coverage enough? What are the yearly maintenance fees? What percentage of co-owners do not pay? Walk the emergency stairwells - what kind of lighting? Does the lighting work? Are the stairwells clear and clean? Check the fire fighting equipment; check that security personnel are smart, courteous and at their stations. Do office staff have name badges? Is the building secure or can anyone just walk in and go where he pleases? Is the perimeter secure? Is there CCTV and does it work? Are there recordings and how long are they kept? Are the grounds neat and tidy? Is the garbage room clean and tidy? How often is garbage collected? Is there 24 hour coverage by English speaking staff? Are the Committee Members approachable and helpful? Meet the Manager. If he/she won't answer questions and says go speak with the Committee then do so. If Committee says go speak with manager then unless you really like the building and would like to fight all this kind of nonsense at the AGM and during the year, go find somewhere else to live. Check the basement for damp. What facilities (residents' lounge, exercise room, etc.) are available and are they in use and good repair? Swimming pool? Tennis court? Speak with as many non-committee member residents as possible. Are there karaoke bars and other noise nearby? If there is a view is there the possibility it could be blocked in the future? Check basement rooms for trash, evidence of staff (and their friends) staying there. Ask about major maintenance projects - sewage and drainage, water and filtration, roof, roads, gardens, painting of outside of building and corridors, elevators. Parking spaces are common property and should not be allocated. If there is a key card system how often is it changed? How many key cards have been issued? How many are unaccounted for? How long to wait for an elevator during high season? Try to find out how many burglaries in past 2 years.<br /><br />Hope that helps!<br /><br />Re lawyer: Perhaps the guys looking after Jomthien Complex's problems with View Talay 7? Asia LawWorks on Tepparasit Road.<br /><br />

<br /><br /><br />

Good list thanks

[torrenova]

I'd suggest you wait a bit. Things are not what they were 12 months ago.

[zorro1]

I'd suggest you wait a bit. Things are not what they were 12 months ago.

Torrenova

can you please elaborate on what you mean by this

[Gary A]

I would recommend that you buy a second hand unit in an established development. As Tammi suggested, check what the maintenance fee is (mine is 10 baht per square meter per month) and if the units are billed directly by the electric company. The grounds should be well kept and the swimming pool spotless. The maintenance fund should have a healthy balance if not a surplus. The condo association will also have records of what percentage of units are foreign owned. DON'T get stuck with a unit owned by a bogus Thai company. If you cannot own it freehold, keep looking.

I also believe that decent second hand units are quickly going up in price due to the crazy cost of new units and the problems with housing "owned" by farangs through bogus companies.

[Phil Conners]

Any condo after completion will only be as good as It's management.

Yes, you may well go all flushed at the beautiful decor, however, make sure you check with other residents how they feel about the management, noise, refuse collection etc etc.

Often what goes on outside is more important in the long run that what goes on within ( you can always fix that bit yourself ).

Read The Condo Act; read the Condo Regulations which is a legal document deposited with the Land Office; get the minutes of the AGMs AND the Minutes of the Committee Meetings. Does the Committee meet as specified in the Regulations? Have the projects planned for the year been completed or in progress? Ask for the AUDITED financials; ask for monthly financial statements - they are common property and some good condos put up on notice board for all to peruse. Other condos are may be secretive. Is there a Sinking Fund? Is Insurance Coverage enough? What are the yearly maintenance fees? What percentage of co-owners do not pay? Walk the emergency stairwells - what kind of lighting? Does the lighting work? Are the stairwells clear and clean? Check the fire fighting equipment; check that security personnel are smart, courteous and at their stations. Do office staff have name badges? Is the building secure or can anyone just walk in and go where he pleases? Is the perimeter secure? Is there CCTV and does it work? Are there recordings and how long are they kept? Are the grounds neat and tidy? Is the garbage room clean and tidy? How often is garbage collected? Is there 24 hour coverage by English speaking staff? Are the Committee Members approachable and helpful? Meet the Manager. If he/she won't answer questions and says go speak with the Committee then do so. If Committee says go speak with manager then unless you really like the building and would like to fight all this kind of nonsense at the AGM and during the year, go find somewhere else to live. Check the basement for damp. What facilities (residents' lounge, exercise room, etc.) are available and are they in use and good repair? Swimming pool? Tennis court? Speak with as many non-committee member residents as possible. Are there karaoke bars and other noise nearby? If there is a view is there the possibility it could be blocked in the future? Check basement rooms for trash, evidence of staff (and their friends) staying there. Ask about major maintenance projects - sewage and drainage, water and filtration, roof, roads, gardens, painting of outside of building and corridors, elevators. Parking spaces are common property and should not be allocated. If there is a key card system how often is it changed? How many key cards have been issued? How many are unaccounted for? How long to wait for an elevator during high season? Try to find out how many burglaries in past 2 years.

Hope that helps!

Re lawyer: Perhaps the guys looking after Jomthien Complex's problems with View Talay 7? Asia LawWorks on Tepparasit Road.

Excellent list; though if you can get all these points I think you're more than lucky in Thailand. Of course strive for as much as possible but you may have to accept what's available.

Also: Availability of (IDD) telephone (data) lines and the cost of same (some condos charge a criminal amount to get a IDD line). Availability of cable TV choice and options for putting up own satellite dish(es).

[Basil B]

I'd suggest you wait a bit. Things are not what they were 12 months ago.

Yes, if you are buying "Off Plan" just look at Sails, VT7, Ocean1, etc, to see where people have invested and the projects seem to be going "tits up".

And now we seem to have a new phrase "SUB-PRIME-LOAN" added to the common English language, try to get a loan from Northern Rock now...

BB

[allane]

Money used by a foreigner to buy a condo. in Thailand must be earmarked as such, at the time it is brought into Thailand. As a foreigner, you can not use money which you have previously brought to Thailand, or money which you have earned and saved here, if you are working here. Money from either of these sources would have to be "recycled" through your home country first. This is a provision of The Condominium Act.

[ThaiBob]

<br />

Any condo after completion will only be as good as It's management.<br /><br />Yes, you may well go all flushed at the beautiful decor, however, make sure you check with other residents how they feel about the management, noise, refuse collection etc etc.<br /><br />Often what goes on outside is more important in the long run that what goes on within ( you can always fix that bit yourself ).

<br /><br />Read The Condo Act; read the Condo Regulations which is a legal document deposited with the Land Office; get the minutes of the AGMs AND the Minutes of the Committee Meetings. Does the Committee meet as specified in the Regulations? Have the projects planned for the year been completed or in progress? Ask for the AUDITED financials; ask for monthly financial statements - they are common property and some good condos put up on notice board for all to peruse. Other condos are may be secretive. Is there a Sinking Fund? Is Insurance Coverage enough? What are the yearly maintenance fees? What percentage of co-owners do not pay? Walk the emergency stairwells - what kind of lighting? Does the lighting work? Are the stairwells clear and clean? Check the fire fighting equipment; check that security personnel are smart, courteous and at their stations. Do office staff have name badges? Is the building secure or can anyone just walk in and go where he pleases? Is the perimeter secure? Is there CCTV and does it work? Are there recordings and how long are they kept? Are the grounds neat and tidy? Is the garbage room clean and tidy? How often is garbage collected? Is there 24 hour coverage by English speaking staff? Are the Committee Members approachable and helpful? Meet the Manager. If he/she won't answer questions and says go speak with the Committee then do so. If Committee says go speak with manager then unless you really like the building and would like to fight all this kind of nonsense at the AGM and during the year, go find somewhere else to live. Check the basement for damp. What facilities (residents' lounge, exercise room, etc.) are available and are they in use and good repair? Swimming pool? Tennis court? Speak with as many non-committee member residents as possible. Are there karaoke bars and other noise nearby? If there is a view is there the possibility it could be blocked in the future? Check basement rooms for trash, evidence of staff (and their friends) staying there. Ask about major maintenance projects - sewage and drainage, water and filtration, roof, roads, gardens, painting of outside of building and corridors, elevators. Parking spaces are common property and should not be allocated. If there is a key card system how often is it changed? How many key cards have been issued? How many are unaccounted for? How long to wait for an elevator during high season? Try to find out how many burglaries in past 2 years.<br /><br />Hope that helps!<br /><br />Re lawyer: Perhaps the guys looking after Jomthien Complex's problems with View Talay 7? Asia LawWorks on Tepparasit Road.<br /><br />

<br /><br /><br />

Good list thanks

Yes, a good list. I would also be sure the building has a sprinkler system (especially in a high-rise). I would also buy my own insurance in addition and/or supplement what the association carries.

[ProThaiExpat]

Just when you think Tammis list is complete:

Make sure most if not all the units in the building have been sold and are occupied by the owners. The ratio of owner occupied to rentals is vital as well as "real solds", developers often give deals to celebrities to get their name to use, but won't be there in a few years. Likewise developers often carry many of the expenses of operations during the "sale period" which are only thrown onto the association once the builder is gone.

[cubes2]

Buy into an existing block minimum of three years old.

Why you ask?

New blocks have non stop conversions by the owners

Hammering, banging, drilling all day every day.

By real Thai craftsmen!!!!!!!!

You all know the guys I mean, they turn up with a toolkit consisting of

1) A bent screwdriver.

2) A Hammer.

3) And a big grin on the face.

Does that ring a bell or two.

BTW, don’t buy now wait a year the market is F#####.

You will get a better deal in 12 months time, when all the ostriches get there heads out the sand. and face the reality of the pattaya property market.

Have a nice day.

Edited September 24, 2007 by cubes2

[Humphrey Bear]

don’t buy now wait a year

You will get a better deal in 12 months time, when all the ostriches get there heads out the sand. and face the reality of the pattaya property market.

Have a nice day.

Maybe not - there is no rationality to the Thai property market.

Everyone is convinced that they will get a 10% uplift each year and price their sales accordingly. And there are enough tourists and retirees still moving in to Thailand to support a rising market while the rest of the world stalls or falls.

I am neither in the property business, nor looking to sell any property, but my experiences over the past 10-12 years show that there is little relationship in selling prices to the state of the world. Rental prices do move with the economy, but selling prices only go up.

[cubes2]

So is it a big deal to wait a year and see, think not.

[suiging]

Waiting a year may work. However the nirvana for the slimy agent types is a return to a Government ( notice I did not say stable ) that in a Thaksinesk sort of way introduces policies that give the grey hairs from Europe a viable alternative.

Lots of money sitting in drab concrete in Spain, waiting for the next cheap thing. Lots of moaners will tell you it will never happen in Thailand. Too far, too unstable etc etc.

But who knows. If it does come off well....................

One thing about good land locations in and around Pattaya now, is that rich Chinese Thai's are buying at prices unheard of last year. Not houses/condos, yet. But they are stocking up on the brown stuff for a rainy day. Been in Asia for a long time now, these guys are sharp and not often wrong in their investment choice.

Edited September 24, 2007 by suiging

[Manchester]

One thing about good land locations in and around Pattaya now, is that rich Chinese Thai's are buying at prices unheard of last year. Not houses/condos, yet. But they are stocking up on the brown stuff for a rainy day. Been in Asia for a long time now, these guys are sharp and not often wrong in their investment choice.

Not in my area of Pattaya they are not.

[JMS]

Buying a condo what steps to make to be safe any good recommended lawyers etc?

Do not buy anything from Indochine Asset Management.

I was ripped off by them

Oh am I allowed to say that