Advice For 1st Time Condo Buyers (foreigner)

[SGDude]

Any advice for foreigners buying their first condo in BKK?

[dotcom]

Do your homework.

A lot of the condo associations don't work as they should.

Find out what % of owners aren't paying their monthly fee.

[pkrv]

Any advice for foreigners buying their first condo in BKK?

The best advice I can offer (as a UK based condominium owner) is to post your questions here and on this thread! You will get a good response but you are also expected to research the forum.

Initial stuff

Only buy in the foreign quota 49% (you can research this term on this forum)

Do not buy via the condominium company ownership quota

Ensure your condominium property is freehold.

Apart from that I only really know about the CBD of Bangkok so ask away….

[monkeytunes]

my advice, and I wish I had listen when I was was first thinking about buying property in Thailand is take your time, if you have time, just

[pkrv]

Do your homework.

A lot of the condo associations don't work as they should.

Find out what % of owners aren't paying their monthly fee.

Agreed - however in a well run condo you WILL have your water and electricity cut off if you don’t pay your monthly fee. This has been discussed on this forum. IMO this is great news! Quite an incentive to pay up! See here for additional information.

http://www.thaivisa.com/forum/Condo-Law-Ad...se-t229989.html

[quiksilva]

Do your homework.

Best advice hands down.

Homework suggestions:-

Research location, developers, management, traffic, nearby support retail (convenience stores, etc), what is the area like by night, daytimes, rush hour, during the week, weekends, make up of nationalities in the project, how much has been sold already, who has been buying, what % of owner occupiers (more the better), what is the price difference between the cheapest unit to the most expensive,

But before any of that, you need to ask yourself what do you really want?

[filingaccount]

Any advice for foreigners buying their first condo in BKK?

Ask questions. Then ask them again, and again, and again.

You'd be surprised how the answer changes a little each time. Eventually you'll get the truth. Be persistent and polite.

Never EVER get your information from the seller/agent/friend of <x> only. Double check, ask around. RESEARCH! Go to the sites without agents, sales etc. Go alone and get your own feel for the place. Have a cup of coffee and hang out a bit.

If you feel someone is vague, unclear, unable to give you the correct answers or avoiding. Double check with somebody else (unrelated to the first person).

Never put more than you are willing to have out of reach for a significant amount of time (unless you want to take some losses).

Realise that construction standards are NOT of any "standard". You will have to do a lot of things yourself if you "want it right".

NEGOTIATE PRICE! They will say "no", "impossible", "cannot" etc etc. You CAN get a lower price, free furnishings, fitting upgrades etc.

There area ton of things to consider. TAKE YOUR TIME. DO NOT RUSH. The sellers will pressure you to sign now, and pay up asap. Do not move forward until YOU are ready. (a suggestion: The more pressure they apply, the further you step back.)

If there is something you do not like about the place right off the bat, expect it to grow to a major irritation as time passes. Correct as much as you can IMMEDIATELY. Minor flaws becomes major headaches later.

If all else fails.... rent

[pkrv]

If all else fails.... rent

IMO this is excellent advice. There is nothing wrong with renting short term (maybe 1-2 years). It allows you to find your feet, and see if you like the area you have chosen.

<Edit - I should also have said you will need to transfer funds into Thailand from outside of the country. Make sure it is the name or more importantly joint names of the owners (it seems tricky to undo mistakes made here). You must declare the money is for the condominium you intend to buy. If you don't play by the rules you are really making trouble for yourself >

Edited December 24, 2008 by pkrv

[think_too_mut]

Any advice for foreigners buying their first condo in BKK?

Ask questions. Then ask them again, and again, and again.

You'd be surprised how the answer changes a little each time. Eventually you'll get the truth. Be persistent and polite.

Never EVER get your information from the seller/agent/friend of <x> only. Double check, ask around. RESEARCH! Go to the sites without agents, sales etc. Go alone and get your own feel for the place. Have a cup of coffee and hang out a bit.

If you feel someone is vague, unclear, unable to give you the correct answers or avoiding. Double check with somebody else (unrelated to the first person).

Never put more than you are willing to have out of reach for a significant amount of time (unless you want to take some losses).

Realise that construction standards are NOT of any "standard". You will have to do a lot of things yourself if you "want it right".

NEGOTIATE PRICE! They will say "no", "impossible", "cannot" etc etc. You CAN get a lower price, free furnishings, fitting upgrades etc.

There area ton of things to consider. TAKE YOUR TIME. DO NOT RUSH. The sellers will pressure you to sign now, and pay up asap. Do not move forward until YOU are ready. (a suggestion: The more pressure they apply, the further you step back.)

If there is something you do not like about the place right off the bat, expect it to grow to a major irritation as time passes. Correct as much as you can IMMEDIATELY. Minor flaws becomes major headaches later.

If all else fails.... rent

What a nonsenense post this one is.

If you have money to burn in Thailand, just get something in some area you like.

[BEENTHEREDONETHAT]

Before parting with any money go to land office and insure that there are no leans etc. against the condo. Then to be sure write into the contract anything oweing on the unit will be satisfied prior to payment by you.

Talk to the management and make sure you like them and can get along with them. Check on the size of the sinking fund.

As posted, take your time and don't let anyone rush you.

Offer less than you are willing to pay, give yourself negotiating room.

Right now it the buyer in charge, so get everything you want included.

[dotcom]

Do your homework.

Best advice hands down.

Homework suggestions:-

Research location, developers, management, traffic, nearby support retail (convenience stores, etc), what is the area like by night, daytimes, rush hour, during the week, weekends, make up of nationalities in the project, how much has been sold already, who has been buying, what % of owner occupiers (more the better), what is the price difference between the cheapest unit to the most expensive,

But before any of that, you need to ask yourself what do you really want?

Yep. And one more thing. Hang out long enough to see how security works.

In my condo everytime they change cleaning services we get the cleaners putting wood into the fire doors to save themselves some walking. And at that point you have no security. You will get to know their little scams. For example pizza delivery guys & laundry services have the run of the place.

Having said all that I am 100% happy with security at my condo. (Baan Onnut) Else I wouldn't be staying here. Being robbed isn't on the menu.

[think_too_mut]

Before parting with any money go to land office and insure that there are no leans etc. against the condo. Then to be sure write into the contract anything oweing on the unit will be satisfied prior to payment by you.

Talk to the management and make sure you like them and can get along with them. Check on the size of the sinking fund.

As posted, take your time and don't let anyone rush you.

Offer less than you are willing to pay, give yourself negotiating room.

Right now it the buyer in charge, so get everything you want included.

How about brand new developments? Arrest somenoe who can read into crystal ball?