Buying A Condo

[battersea]

Hi there ! I am interested in buying a condo. I just want to own a little place of my own in Thailand. As long as i can get the internet and study i will more or less be happy anywhere eg.Bangkok , Chiang Mai or Southern Thailand. I know some say location is important for future investment and i agree with that. I have a budget of about 1.5 million baht .I just have a few questions if you could help me ;

1) Since i am not a temporary resident yet (ED visa next year) does that rule me out completely from getting a mortgage from a Thai bank or Broker ?

2) Can you make any suggestions on areas in which to buy ?

3) I have browsed the internet and found many condos in my price range can you recommend any companies to contact to help with this ?

4) Are there any things i should be aware of eg. Annual Service Fees , Condo Ownership Papers , transfer Fees etc ?

[hhgz]

"1) Since i am not a temporary resident yet (ED visa next year) does that rule me out completely from getting a mortgage from a Thai bank or Broker?"

No, but not being a Thai will rule you out from getting a mortgage. Too, 1.5M THB is considered small potatoes. If you need a consider a mortgage to swing the deal, perhaps you should stay where you are.

"2) Can you make any suggestions on areas in which to buy?"

Bangkok, near the BTS, MRT, BRT, or SARL.

"3) I have browsed the internet and found many condos in my price range can you recommend any companies to contact to help with this?"

Contact the company where you saw the ads. Alternatively, visit a large real estate broker (for example CBRE, or Property Plus), and they can show you properties sorted by location, size, or price.

"4) Are there any things i should be aware of eg. Annual Service Fees , Condo Ownership Papers , transfer Fees etc?

The broker can give you specifics, but... The first buyer is responsible for a sinking fund deposit (about 500THB/sqm). Every buyer is responsible for a monthly maintenance fee (20-60THB/sqm). The transfer fee is generally split between the buyer and seller - subject to negotiation. You will receive a book that has the property address BUT, since you are not Thai, your name will not be put into it.

There is a tagged discussion regarding the purchase of real estate in Thailand, and I suggest that you read it.

[eljeque]

Best of luck finding financing.

There are a few ads for people selling condos and willing to self-finance in the classified section of Thaivisa

Only buy if you are absolutely sure you are going to stay in the location for a long time, and will not need the funds invested for any other purpose.

Selling property here is not an easy task.

[aussiebebe]

1) Since i am not a temporary resident yet (ED visa next year) does that rule me out completely from getting a mortgage from a Thai bank or Broker ?

2) Can you make any suggestions on areas in which to buy ?

3) I have browsed the internet and found many condos in my price range can you recommend any companies to contact to help with this ?

4) Are there any things i should be aware of eg. Annual Service Fees , Condo Ownership Papers , transfer Fees etc ?

1) You'll never get a mortgage from a Thai bank if you are single foreigner wishing to purchase a condo in their own name - there is a thread about HSBC offering mortgages to customers for condos in Bangkok - find and read that if you have 3MTB to invest with HSBC.

2) next to BTS or MRT or transport hubs. Many TV members frequently air views that condos are poor investments, but if you chose somewhere in the suburbs, in Greater Bangkok where a BTS or MRT station is planned to be built in the future, you find somewhere in your price range which may increase in value.

3) contact the companies who run the ads.

4) You should be aware that condos may not be good investments, can be hard to sell and selling may take a long time, even with an agent who will typically charge 3% commission. There can be changes in the management company and residents have annual meetings which can be nepotistical. In a condo, your fate lies in the collective hand of the residents and management. If you buy new, you'll pay a one-off sinking fund (Central Fund) contribution, a year's service fees upfront and half of the 2% transfer fee. There are a million ways to be fleeced when you buy, so hire a local lawyer to assist you and check all the documents, the property, advise on the contract, and accompany you to the land department.