Are you planning to buy or rent a condo in Bangkok, Thailand? If so, there are several important things you must understand, especially as a foreigner.
Buying or Renting Real Estate in Bangkok
- Foreign Ownership Rules
You can actually own condo units outright, if no more than 49% of the total units in the building are foreign-owned. Note that foreigners can’t own land, but they can buy condos as long as they comply with the quota. If the quota is full, some condos will offer long-term leases up to 30 years with renewal options.
- Budget and Costs
If you ought to buy condo units in the area, the prices can vary by location, age, and quality. If you are going to rent, you may also pick luxury units in central areas. But you may have to deal with maintenance fees, sinking funds for building upkeep, and transfer taxes if you are buying.
- Location Matters
Central areas can be more expensive, particularly those near BTS/MRT, lots of expats, and conveniences. There are also suburban locations that are more affordable, more Thai locals, and developing areas. But those close to BTS/MRT can be of higher value and provide easier living.
- Legal and Practical Tips
If you are going to buy condos, it is important that you do so with a lawyer present. In fact, contracts are written or expressed in Thai, so you need due diligence in dealing with this type of transaction. You also need to check the juristic person of the condo for rules, fees, and reputation. Thus, it is advisable that you avoid relying solely on agents by visiting properties in person.
When to Buy or Rent a Condo Unit
- Rent for Short-Term Plans
If you are moving to or living in Bangkok, the more practical option is to rent, especially if it is your first. Note that renting is a smarter choice if you are staying short- or mid-term, which is under five years. Moreover, if you want flexibility to change locations or units easily, this is also a good option.
Lots of people do this if they are unsure about long-term plans or just exploring life in Thailand. You may even find this effective if you don’t want to deal with legal paperwork, taxes, or building management. This is actually good if you are looking for a low upfront cost. You can also find fully furnished options a lot easier. There are also short leases available with no maintenance or legal responsibility required.
- Buy for Long-Term Plan
If you are going to stay more than five years in Thailand, buying a condo is a practical choice. This is also a perfect option if you intend to purchase Thai property or build equity when visiting the country. Most foreigners do this if they feel good or confident about a specific location.
Do you need assistance when looking for units at The River Condo in Bangkok? Feel free to contact us as soon as possible because luxury riverfront condos quickly become occupied in prime locations.
