Thailand is a popular destination for tourists and retirees from around the world. Its idyllic weather, low cost of living, fascinating culture, friendly people and world-class cuisine make it an ideal place to visit.
Many people decide it’s a place they want to settle down and establish roots. One challenging aspect of living in Thailand is property ownership. If you have a Thai spouse you can buy land in her name, but you will never own it. The alternative is a condo. You can legally purchase a condominium with no restriction in a building where more than 51% of the total number of units are Thai-owned.
Pattaya, Jomtien, Hua Hin and Phuket are popular cities for foreigners to look for suitable condominium projects. Jomtien Beach condominium for sale are generally less expensive than other locations.
How Much Room Do You Need?
The closer your condo project is to public transportation, the beach or local nightlife will have an effect on the price. You will likely find smaller units with higher price tags.
Land in premium locations is scarce and expensive. Deciding to walk an extra few minutes to a station or the beach can mean significant savings and larger spaces.
Wherever you want to live start your search from the most convenient or attractive part of the area. Gradually work your way away from that area until you find a point at which you say “That’s too far to walk”.
Is It a Good Investment?
Can you look at your condo as a good investment? Everyone wants to reap the rewards of real estate appreciation, but the resale market in Thailand doesn’t always cooperate.
The abundance of new builds means that the rental and resale market is highly competitive and you need to price your unit accordingly. In most Western countries if you hold on to a property for 10 years or more, you can count on a decent amount of appreciation.
Build Quality
It’s no secret that building quality in Thailand isn’t always up to Western standards. Many Thai builders have no formal building education and the tools they are given are often inadequate. As a result, some projects experience build problems in the first few years of operation.
Low-quality materials used for the facia will fade under the constant sun. Cheap tiles in hallways and your unit will crack on poorly laid floors. Walls crack due to poor plastering or walls not being plumb. Cheap fittings will wear quickly and break, and cheap paint will wear and fade quickly. Roof and window leaks are common during the rainy season due to poor workmanship and cheap materials.
Buildings are supposed to be inspected on an annual basis, but like other things in Thailand, this can often be overlooked.
If you plan to buy a condo in Thailand, go slow and do your homework. Renting is cheap in Thailand and until you know where you want to settle down it’s best to proceed with caution. Spend some time getting to know the country and the culture before you embark on a real estate purchase.
