Why Buy A New Condominium Instead Of An Old One?

[farang000999]

Was hoping to get a perspective on something. Why buy a new condomium, perhaps for 130k baht/m2 when you can buy an older building across the street for 70-75k b/m2 ?

Is the newer condominium going to last longer?

It does not cost that much to do interior decorating and what does the building's exterior really matter? if you have been to hong kong you know that buildings may look like a slum from the outside and be furnished with marbel and expensive fittings inside.

also, many of these very expensive condominiums are not even very nice inside. they are fitted with very cheap materials.

[PattayaPhom]

People normally buy new because of the payment plans...

[Delight]

If the outside of the building old is looking ‘Tatty’ then that would suggest that maintenance is lacking.

That is potentially a symptom of much deeper problems.

As a minimum ask to see minutes of general meetings for a few years past. Legally they must a have an AGM.

If this proves difficult then walk or carry out research in some less obvious way.

If some rooms are rented out by the day/hour –walk

If not

Pose as a prospective short term renter

Rent a room for a short while and get talking to people around the pool

Condos can be hellish places to live –or not

It’s all down to attitudes of the majority of the co -owners

[mrbojangles]

If not

Pose as a prospective short term renter

Rent a room for a short while and get talking to people around the pool

Sound advice for very little money. try before you buy.

[beachyman]

Was hoping to get a perspective on something. Why buy a new condomium, perhaps for 130k baht/m2 when you can buy an older building across the street for 70-75k b/m2 ?

Is the newer condominium going to last longer?

It does not cost that much to do interior decorating and what does the building's exterior really matter? if you have been to hong kong you know that buildings may look like a slum from the outside and be furnished with marbel and expensive fittings inside.

also, many of these very expensive condominiums are not even very nice inside. they are fitted with very cheap materials.

Depends on the area. Not all of bkk is 130k per sqm, personally I think that's a crazy price unless your back is facing an embassy. If you look outside Silom, sathorn, riverside and lower sukhumvit you can find good options for brand new at 70-80,000 sqm near thai language schools, TESL schools or thai/English schools that hire foreign teachers. Fit it with cheap furniture from big c and advertise there (pay them the agent fee) and your good to go.

[Swiss1960]

Was hoping to get a perspective on something. Why buy a new condomium, perhaps for 130k baht/m2 when you can buy an older building across the street for 70-75k b/m2 ?

Is the newer condominium going to last longer?

It does not cost that much to do interior decorating and what does the building's exterior really matter? if you have been to hong kong you know that buildings may look like a slum from the outside and be furnished with marbel and expensive fittings inside.

also, many of these very expensive condominiums are not even very nice inside. they are fitted with very cheap materials.

Depends on the area. Not all of bkk is 130k per sqm, personally I think that's a crazy price unless your back is facing an embassy. If you look outside Silom, sathorn, riverside and lower sukhumvit you can find good options for brand new at 70-80,000 sqm near thai language schools, TESL schools or thai/English schools that hire foreign teachers. Fit it with cheap furniture from big c and advertise there (pay them the agent fee) and your good to go.

I think it is much more than just the area when the OP is taking about 60% of the price per square meter "across the street". Then the age of the building, the quality of the construction, the joint infrastructure (pool, gym, shops etc.), the level of past investment in maintenance, the interior design (furnitures, kitchen etc.) etc. all have to be taken into account.

And finally, prices of course depend on how many new building sites are going up in the same area... since most people would then tend to buy new apartments, depreciation will be high on older buildings.

[hyperboyz9]

In my opinion, some areas, the price of old and new apartments are almost same. It depends on the demand in that area. second, it's like the comment above, the term of payment looks interesting and promotion makes the most people wanna pay as fully furnished, cheap down payment or 0% interest for loaning ). the last one, the building design is more gorgeous.

[Vorranuch]

The mortgage availability and terms are a big factor. You will not easily finance a second hand property in Thailand, whereas new projects are always backed up by banks which offer attractive terms.

Many peoples do not look at price/sqm or value for money but just how much is the down payment and how much will be the monthly payment on the mortgage.

Also, you have cultural factors which are common with other Asian countries:

Buying new is definitely the first choice as there is stigma associated with buying second hand stuff… + you do not know how many ghosts are populating the old property .

Many owners (especially Thai-Chinese) usually have no intention to ever sell their real estate but instead accumulate and keep it for their descendants , so resale value in 5-10 years’ time is not really a consideration.

As a result of the above, you have very limited liquidity on the second hand market and a lot of properties given for rent at very low prices or left empty.