Total Monthly Payment On Condo

[travellife]

I am trying to calculate an approximate monthly cost for a thai citizen who is considering purchasing a condo for 4.1M baht. The size is 45.5 sq meters, one bedroom (90,110 baht per sq meter). I will assume that water and electricity will be 2,000 baht per month. There is a maintenance fee of 33 baht per sq meter which is equal to 1,502 baht per month.

I am not sure what taxes or insurance is required on condos. I assume they are a yearly fee, so I can spread it out over the year to estimate a rough monthly cost. Any percentages would help since I could scale the numbers if they choose to purchase something lower.

Thanks

[dave111223]

Our condo building has only the monthly maintenance cost, there is no other annual fees/taxes/insurances.

There are sometimes additional amounts to pay (ie if something big needs fixing) but these cannot be predicted.

[travellife]

Our condo building has only the monthly maintenance cost, there is no other annual fees/taxes/insurances.

There are sometimes additional amounts to pay (ie if something big needs fixing) but these cannot be predicted.

Wow. No taxes or insurance needs?

I was referring to any insurance that is needed if you flood or burn your condo. I would think a condo complex might require something. Or you have signed onto something that is typical for condo owners? And no taxes to the government? I guess this is Thailand and no one pays taxes for anything

What about the cost of buying a condo. I think there is some fee that is shared with the builder.

Thanks

[dave111223]

Wow. No taxes or insurance needs?

I was referring to any insurance that is needed if you flood or burn your condo. I would think a condo complex might require something. Or you have signed onto something that is typical for condo owners? And no taxes to the government? I guess this is Thailand and no one pays taxes for anything

What about the cost of buying a condo. I think there is some fee that is shared with the builder.

Thanks

Our building has an insurance policy which is paid for by the monthly maintenance/service cost (it's already included in this cost). Some people choose to purchase additional insurance, but cost for that would vary highly depending on the policy that you purchased.

There are various taxes and fees which are due when purchasing property, but these a one time cost, calculations found here:

http://www.siam-legal.com/realestate/thailand-property-taxes.php

If you go to the land department which handles the area that the property is in they can give you a detailed list of taxes/fees due on purchase.

[trogers]

Wow. No taxes or insurance needs?

I was referring to any insurance that is needed if you flood or burn your condo. I would think a condo complex might require something. Or you have signed onto something that is typical for condo owners? And no taxes to the government? I guess this is Thailand and no one pays taxes for anything

What about the cost of buying a condo. I think there is some fee that is shared with the builder.

Thanks

Our building has an insurance policy which is paid for by the monthly maintenance/service cost (it's already included in this cost). Some people choose to purchase additional insurance, but cost for that would vary highly depending on the policy that you purchased.

There are various taxes and fees which are due when purchasing property, but these a one time cost, calculations found here:

http://www.siam-legal.com/realestate/thailand-property-taxes.php

If you go to the land department which handles the area that the property is in they can give you a detailed list of taxes/fees due on purchase.

Insurance policy bought by the condo juristic body covers only the structure, services, and architectural elements and finishes of the exterior and common areas. The policy will not cover the interior of the condo units.

Each owner should buy their own fire (and water damage) policy to cover the interior architectural and services works, fixed and loose furniture and equipment. My 5 units are all covered by Bangkok Insurance on 3-year policies.

[dave111223]

Insurance policy bought by the condo juristic body covers only the structure, services, and architectural elements and finishes of the exterior and common areas. The policy will not cover the interior of the condo units.

Each owner should buy their own fire (and water damage) policy to cover the interior architectural and services works, fixed and loose furniture and equipment. My 5 units are all covered by Bangkok Insurance on 3-year policies.

In our building the insurance policy is voted on by the committee every few years and includes whatever coverage we decide on, generally the manager finds 3 or 4 different polices to choose from. There is no "one size fits all" some buildings may choose to purchase a policy that includes contents insurance...it's really up to the committee...

[trogers]

Insurance policy bought by the condo juristic body covers only the structure, services, and architectural elements and finishes of the exterior and common areas. The policy will not cover the interior of the condo units.

Each owner should buy their own fire (and water damage) policy to cover the interior architectural and services works, fixed and loose furniture and equipment. My 5 units are all covered by Bangkok Insurance on 3-year policies.

In our building the insurance policy is voted on by the committee every few years and includes whatever coverage we decide on, generally the manager finds 3 or 4 different polices to choose from. There is no "one size fits all" some buildings may choose to purchase a policy that includes contents insurance...it's really up to the committee...

Cannot be done effectively due to differing class of finishes in different units, and especially different values of loose furniture and equipment. May be okay for small claims like damages from water leakage. But in the event of a major fire, much will be disputed.