Before you go looking to buy a condo in Bangkok it is important to do all the necessary research before you start your search looking for the perfect condos in Bangkok.
In this post, we will discuss a few important things to keep in mind, such as your power as a buyer.
If you are ready to start searching for condos for sale in Thailand then take a look at this post where we show you five of the top condos for sale in Bangkok.
Check out these >>> 5 Amazing Condos for sale in Bangkok.
Quick Breakdown Of What You Need To Keep In Mind Before Buying A Property In Bangkok.
- Make sure to do as much research around the area you wish to buy a condo in before you commit.
- Understand the costs involved in owning a condo in Bangkok
- You have negotiation power as a buyer in Thailand.
- Why it’s important to choose the right realtor in Bangkok.
- How far is it to the local transportation like the BST Sky Train for an easy commute?
- Where is the nearest medical centre or hospital in case of an emergency?
- Do you have adequate health and life insurance to cover property loans and your family’s style in case of an unforeseen event?
- How new are the furnishings in the condo, is the condo furnished or is it a bare-shell condo?
DYOR - Do Your Own Research On Where You Want To Live In Bangkok.
It is an exciting time, yet still stressful when you decide that you want to buy a property abroad as a foreigner. You will have most likely already visited the country, and the city where you are considering moving so you will already know some of the locations that you would prefer to live in.
And, this is great!
However, it’s always good to enlist the help of a friendly professional that knows the area. Not just a friend but someone that has insights into the local area and knows everything that is happening.
You don’t want to end up buying a condo in an area of Bangkok and realise that the school of your choice for your children, your work or your favourite bar is on the other side of the city. This could take an hour or more to get one side to the other…
There Are Costs Involved in Owning a Condo in Bangkok
If you are considering purchasing or investing in a condo, there are a few things to consider in terms of ownership and maintenance. As a Bangkok property owner, you will incur three major expenses.
Now, this does not mean to say there won’t be other charges. You will want to make sure that you understand all potential chargers in the negotiation phase with your real estate agent and property lawyer.
Property Agency Fees
If you are looking to rent a condo you may incur charges called an agent fee. This fee will go to the agent that found you the condo.
If you are looking to rent your condo and choose to hire a real estate agent to market your property and manage the viewing, rental contract etc. there will also be a fee. Property agents in Bangkok vary in price so make sure to choose an agency that is transparent about their charges.
Common Area Management Fees
The building is usually maintained by a building management team. As a result, the owner is charged an annual CAM (common area management fee). It frequently includes some form of building insurance in the event of major disasters or structural issues, cleaning and general maintenance.
General Expenses & Taxes
Unless the property is rented out, property owners are responsible for utility bills such as water and electricity. Air conditioners in Thailand require maintenance twice a year due to the tropical climate.
Then there’s the required ‘Property Tax,’ which requires landlords condos to declare any income from renting out a property.
If you have someone complete this for you there will also be fees associated with accounting and filing your annual tax returns.
Your Purchasing & Negotiation Power When Buying Bangkok Condos
There has been a slight reduction in the demand over the last couple of years in the property market in Thailand because of Covid, and more recent market downturns and expected financial recession that could affect economies on a global scale.
Due to this, we have seen an excess supply of condos available to buy. This gives you the property consumers like you many options to choose from when you want to buy a condo in Bangkok within your chosen budget.
The only problem is that although there are many Condominiums for sale in Bangkok it is harder to land a high-end luxury condo at the right price. But do not worry, that is where we come in, and if you are in the market for a new condo in Bangkok then make sure to get in touch with us. We will provide an individually tailored buying experience for you from search, property negotiation and contracts.
Let's Dive Into The Power of Negotiating For a Bangkok Condo.
Before opening a negotiation with a condo seller or the representing broker of that condo it is recommended to speak with a professional real estate agent with experience and knowledge in the area of the city you are wanting to buy properties.
It is important to do your research when buying property in Thailand. You should understand the different types of title deeds that you may come across but it’s also important to look at other aspects before buying that could help you in leveraging a good negotiation to save money.
Why is a Realtor Recommended?
The realtor you choose is the person that will have your back throughout the property deal. They will be there to give you extra important insights into the local area, the building, the unit available, the local and building amenities such as Swimming pools, Parking, where the closet BTS station is, the average cost price per square meter, knowing what condo units have sold for previously in the area and in the building you are looking to purchase in, and will also likely know the property agent representing the seller side which can be an added benefit.
The right property broker will give the best advice to help you form a plan to give you the best negotiation advantage for buying a condo in Bangkok. Silk Estate has some of the best in the business when it comes to luxury property deals in Thailand so make sure to speak to our property specialists.
Many foreign buyers looking to invest in prime areas in Bangkok sometimes wish to be close to other foreigners, the central business district, and other affluent Thai nationals. If you are looking for the best places to live in Bangkok then we have compiled a list of the best place to live in Bangkok
Suprise Reconstuction In Your Condo Residence.
Make sure to ask if there are any planned reconstructions planned to happen in the building. There could be nothing more annoying than having a unit being reconstructed next door for months on end when you just move into your new condo in Bangkok.
You also want to ask if there are any planned building maintenance or big remodellings happening. This expense could be passed on to the unit holder which would increase the monthly costs until paid.
This is something that your real estate agency can help you with.
How Far is it to The Local Transportation?
You may decide to drive around the city your self, and in that case, you will want to make sure that there is sufficient parking in or around your building. Nothing worst that getting back home and spending 20 minutes to find a parking spot.
You should also make sure that there is plenty of option when it comes to using local transportation in Bangkok. Check out where the nearest BTS Skytrain station is and where the local bus stops are.
on the other hand, if you have a private driver or wish to use taxi services you need not worry.
Where is The Nearest Medical Centre or Hospital In Case Of An Emergency?
Before you buy a condo in Bangkok, you should also know where the local and nearest hospital is located.
Hopefully, you will not need to use them but just in case… Make a note of where they are and learn how to get there. Whether that is on foot, in the car, or via public transport.
There are over 10 major hospitals in Bangkok, most of which have both emergency and ambulance services.
Here is a list of 5 hospitals in Bangkok:
- Bumrungrad International Hospital, Bangkok
- Bangkok Hospital
- Samitivej Sukhumvit Hospital, Bangkok
- Vejthani Hospital, Bangkok
- Synphaet Srinakarin Hospital, Bangkok
Health and life Insurance for Expats
If you are taking out a loan or a property mortgage for the purchase of a new condo then you will want to get some health and life insurance.
These are for your family’s protection. Ask yourself this question. Could my family continue living the lifestyle there do now if I was not here? if the answer is no, then you should get life insurance. This will help pay for living expenses such as paying the mortgage on the condo.
There are many life insurance companies for you to choose from and one of the ones that specialise in helping ex-pats in Thailand is William Russel
Are You Ready To Buy A Condo in Bangkok
Now that you have this information, you are ready to buy a condo in Bangkok, however, before making a purchase, consider understanding your needs as a buyer by making a checklist. This checklist will be your personal guide to remind you of each step you should take.
Finally, remember that a reliable realtor in Thailand is your best weapon when buying condos in Thailand as a foreigner. Contact Silk Estate today to get access to listed and unlisted condos for sale in prime areas in Bangkok, popular attraction spots, and close to major hospitals, and convenience stores.
All the condos sold by Silk Estate are top luxury condos with must-have in-house amenities such as swimming pools, Jacuzzis, sundecks, balconies, terraces, and ensuite bathrooms.
For more details, visit the listed condo for sale in Bangkok.