Post-Condo Purchase Issues

[teemuj]

In Thailand what are the tax consequences of owning a condo (annual property/capital tax)? Also is it linked in any way with the tax paid from Thai based income?

Secondly, what are the options / need for home insurance (fire, water damage, theft etc)?

[PattayaParent]

There's no yearly property taxes related to ownership of a condo. Taxes are levied when you sell.

[Theo007]

Speaking from experience I can advise that condo insurance is essential. A couple of years ago I had a major problem with water leaking from the condo upstairs and the insurance company attended to everything including repainting the condo due to the walls being covered in dust during the repairs. A friend has a similar problem and he had to pay over 300,000 baht to rectify the problem.

[craigt3365]

Speaking from experience I can advise that condo insurance is essential. A couple of years ago I had a major problem with water leaking from the condo upstairs and the insurance company attended to everything including repainting the condo due to the walls being covered in dust during the repairs. A friend has a similar problem and he had to pay over 300,000 baht to rectify the problem.

In the condo I owned in the US, you were not allowed to do anything to the plumbing or electric in your unit. It could only be done by certified tradesmen who had a full coverage insurance policy. It made work more expensive and complicated, but overall, a good thing to do.

I wonder if the insurance company went after the people who caused the problem???? Should be either the buildings responsibility or the unit's above you????

[Darrel]

The owner of the condo above is responsible for leaks into the condo below. However, getting him to pay the bill might require legal action, and who in his right mind would want to get involved with that in Thailand if it could be avoided? I'd rather pull my own fingernails out.

Better to take out insurance (which is very cheap, as there are few risks associated with condo units, and repairs here arent expensive) and let them worry about chasing the owner of the unit above.

[hhgz]

"Secondly, what are the options / need for home insurance (fire, water damage, theft etc)?"

All condo buildings are required to carry insurance, and it would behoove you to read the policy carefully. A "craftsman", resetting a bath tub in the condo unit above mine, manged to leak water into my unit. The unit owner claimed that the "craftsman" that caused the damage would repair the damage. No thanks. The owner and I agreed on a sum (several times more than it would cost to fix, and a fraction of the deductible). When the owner hedged, and the condo manager wondered what to do, I said, "No problem, I'll call the police." I was paid the next day.