Points to consider when buying a condo in Pattaya
If you are considering buying a condo in Pattaya there are lots of things that you need to take into consideration. As you can imagine, the rules and regulations regarding ownership are different to what many of us will have been used to previously. We all want somewhere that is in a prime location, with excellent facilities and local amenities close by, but finding the right property that ticks ALL the boxes takes time. Buying a condo is a significant investment so you need to make sure you understand everything before taking the plunge. Here are our top tips to help ease the process.
1. Full understanding regarding foreign ownership
This is a concept that is likely be new to those buying a condominium in Thailand for the first time. Firstly, it is important to understand that foreigners cannot own land in Thailand. The good news is there is a facility to own condominiums so long as 51% of the liveable area of the property is in Thai ownership. The remaining 49%, known a foreign quota, is available to foreigners to purchase as freehold in their own name. It is essential that you carry out the necessary due diligence to ensure that your property will be in foreign quota. A reputable real estate company or lawyer can assist you with this.
2. Location, location, location
It doesn’t matter where you are in the world, location is the single most important thing when it comes to purchasing a property. Pattaya is very diverse in terms of what different areas have to offer different people. You therefore need to research on the different areas of the city considering what is important to you. Think about transport, local amenities, proximity to entertainment venues and any other things that may be important to you. Don’t be swayed away from what you really want just because something else is a ‘good deal’ – you will regret it further down the line.
3. High rise or low rise?
You don’t have to have been living in Pattaya for a long time to realise that there are lots of different types of condominium available but they generally fall into one of two categories – high-rise and low-rise. Living higher up has several benefits such as being quieter, fewer mosquitos and often better views. However, the cooling costs can be greater, they are not ideal for people who suffer from vertigo and you need to consider how you would manage if the lifts were out of order. This is down to personal preference but it important to consider all aspects.
4. Give yourself options
Try not to restrict your choice too much by having so many boxes that need ticking you are left with little or no options. After all, you may be pleasantly surprised and find something that you hadn’t originally considered. Also, consider areas that have plenty of similarities for instance Pratamnak and Naklua. It doesn’t hurt to have a look and see what is available, you can always dismiss it later
5. Go and visit the property!
If you are buying the property to live in you should always go and visit the property. As we have already mentioned, this is a large investment and you really need to see it for yourself before committing. This is not as important if you are looking to purchase an investment property but even then, it is wise to at least know the areas of the city. More about investment properties later.
6. Use a professional real estate agency
A professional real estate company will be able to guide you through whole process offering advice and hints and tips. An experience realtor will also know the pros and cons of different buildings, different areas and what you should consider. They will also know what is involved with completing a sale and what needs to be covered.
7. Is the developer reputable?
This is important when you are buying any property but it is doubly important if you are buying ‘off plan’. Does the developer have a proven track record? Is the developer reliable and respected? Will the property get completed on time? It is advisable to conduct your own research first but a professional real estate agent will be able to tell you about the developer’s history and track record.
8. Other requirements
If you do need financing to make your purchase, remember it is very unlikely that a bank will offer a foreigner a loan. There are various private lenders who you could consider but again you need to choose very wisely. Also, don’t forget that there will be ongoing costs such as maintenance so these need to be included in the equation when you are making your final choice.
9. Residential property or investment property?
When it comes to purchasing a condo in Pattaya the requirements for an investment property will be different to those for your residential property. When you are considering an investment property the principal factors are the yield and the potential of the property long term. In Pattaya there are several rental guarantee concepts available which may be more appealing to many investors. If you are interested in this sort of deal it is advisable to speak to an agent that concentrates solely on investment properties, Emerging Trends Advisors are an excellent example.
10. Common sense!
Finally, as with everything – use common sense, if you have doubts, you probably have them for good reason and always avoid anything that sounds too good to be true. There are plenty of fantastic condos in Pattaya, it is just a case of finding the right one for you.