Pay off plan condo ONLY once its built?

[paulinbkk111]

Hi all!

Bought an LPN condo that will be completed next year. Already paid deposit, and today went to ask about how and when to pay remainder. Was told that I can only pay the transfer amount once the building is complete.

Not too big an issue, just that I already have the money and want to pay it all now (so I dont go and spend it on something else in the next 12 months!)

Was this a language issue or just how it is?

[KittenKong]

If you really cant trust yourself (and I find that hard to believe) then why not just put the money on time deposit for a year? This should net you about 2% at current rates.

[AyG]

Count yourself fortunate. Far too many people have paid stage payments towards a condo, only for the condo never to be completed or for legal problems over ownership to be found. The worst that can happen to you is you lose the deposit.

(That said, LPN is highly respected, and you're unlikely to run into those sorts of problems.)

The developers that ask for stage payments often are often short of cash, so need the stage payments to complete the next part of the building work - a hand to mouth existence. LPN has, as one would expect, plenty of cash to complete the work.

Do as KittenKong suggests and put it in a fixed deposit. Either that, or take it to the casino and place it all on red - that way you could buy two condos. Up to you.

[Nick167]

Hi, if you only paid about Bt 5,000 for the booking fee (or in some cases Bt 10,000), just let it go and accept the losts and look at another condo by developers like Sansiri, Pruksa, AP, or Areeya, Anada etc. I have lots of LPN condos and use to like their projects however of late, they are only profit-orientated and the management of their common areas is terrible. I have LP MEga Bangna, Chenagwattana, Rama9, Sutthisan, Saphankwai, Jomtien, etc. Recently I bought three units at LPN Onnut 46, tower D. Transfer was done in November 2014 and my interior designers finished everything in January. Now a few months later when I went to visit the condos, I was shocked to see that the lift lobby areas, the corridors on the 7th floor, etc extremely dirty!marks on the wall paints, etc. Despite complains to the office and also their call centre , nothing was done. Some of my friends who wanted to buy changed their minds after they saw how dirty the inside of the project was after a few months. Imagine a year later, the property price would fall! I even mentioned this personally to the MD of LPN, Khun Opas when I went to book a few units on the 14th of June for their Lumpini Theparak project, but still nothing was done. I have decided to just count it as my loses for the theparak project as I will not pay anything else but instead I am looking at Areeya and Ananda projects now. LPN is gone! (ps: I also have a few Sansiri and Ideo and Rhythmn condos and the common areas are better managed and cleaner).LPN is now getting to be like slums for the lower end thais! The outside areas might look nice but not the lobby, common corridors, trash areas.

[trogers]

"LPN is now getting to be like slums for the lower end thais! The outside areas might look nice but not the lobby, common corridors, trash areas."

Prices and locations reflect the class of the community...

[JeremyBowskill]

^^^^ effects the people who can afford to buy there, class doesn't go hand in hand with money.

[rayongchelsea]

^^^^ effects the people who can afford to buy there, class doesn't go hand in hand with money.

No but it's a good indicator of how people behavior.

[trogers]

^^^^ effects the people who can afford to buy there, class doesn't go hand in hand with money.

Correct when judging individuals, but statistically valid when judging communities.

[hhgz]

"Already paid deposit, and today went to ask about how and when to pay remainder. "

Really? Did you not receive a purchase contract? Did it not detail a payment schedule. I'd suggest reading your contract, and following it exactly.

[nowork114]

The contractor can get max. 10% of condo value as deposit, the rest is only payable after the condo is inspected and registered (either by mortgage or cash). Just a note, make sure that you inspect your room before you sign acceptance, even better if you hire a professional company (like Checkcon) who know where to look*. Well worth the few thousand extra.

* They saved me over 70k THB when they found that sewage tank in my house was not properly seated and it broke the in and outgoing pipes (just a small cracks but it will get worse in Bangkok's sinking soil). They actually made AP to dig out the tank and seat it on proper concrete base + tens of other smaller issues (they also made them rewire some el. above ceiling, close electrical boxes on the roof etc.) - things that Thais generally ignore.

[JeremyBowskill]

^^^^ effects the people who can afford to buy there, class doesn't go hand in hand with money.

Correct when judging individuals, but statistically valid when judging communities.

The agony of choice........ would you rather live with people too poorly educated to consider cleaning up trash, or a bunch of jumped up snobs who think its below them....... Jury's out on that one for me.

[trogers]

^^^^ effects the people who can afford to buy there, class doesn't go hand in hand with money.

Correct when judging individuals, but statistically valid when judging communities.

The agony of choice........ would you rather live with people too poorly educated to consider cleaning up trash, or a bunch of jumped up snobs who think its below them....... Jury's out on that one for me.

When I inspect old condo projects to find prospective purchases, I would look at issues with the eyes of a tenant.

The first issue would be the security. The 2nd would be the neatness of the building facade. The 3rd would be the state of the corridors and common facilities.

And finally, the appearance and behaviour of occupants I met in the common areas.

I had turned down a sales offer in a project in Soi 6 Sukhumvit after seeing some farangs with their bar girls seated at the common area enjoying their cans of beer.

[TallGuyJohninBKK]

I agree, the OP should check his sales agreement, as normally those documents would include a schedule for future payments.

But overall, I think that's the kind of issue you WANT to have, meaning, a developer who doesn't expect final/major payment until the building is actually finished.

As others stated above, you really DON'T WANT a developer who demands all the cash upfront, only to never complete or walk away from the project, with your money in their pocket.

[paulinbkk111]

Thanks all!

Just put money in the saving account, will pay when its finished.

[taotoo]

^^^^ effects the people who can afford to buy there, class doesn't go hand in hand with money.

Correct when judging individuals, but statistically valid when judging communities.

The agony of choice........ would you rather live with people too poorly educated to consider cleaning up trash, or a bunch of jumped up snobs who think its below them....... Jury's out on that one for me.

The latter as the trash will at least get picked up (by the former employed as a cleaner).