Thailand is one of the best places in the world to invest in a property, however making such a large and lofty commitment as a foreigner should always be made with caution.
When it comes to buying a condo in Thailand, it is imperative that you do your due diligence and inspect the property thoroughly before committing to the purchase. Because there are fewer laws regarding the construction of condominiums in Thailand and because labour is relatively inexpensive, at first glance many condo buildings appear to be a much better investment than they actually are. Relying entirely on someone else to do the inspection for you is asking for trouble when it eventually comes time to resell.
If you’re ready to start viewing condos to buy in Thailand, please read and take heed to the following tips and ensure that you are making a sound investment.
Location, Location, Location
This old adage is constantly on the lips of every real estate expert for good reason. While a prime location may require a bigger monetary commitment up front, when it comes time to resell you will have a much easier and rewarding experience. You want your property to be a commodity when you re-sell, not something for someone else to take off your hands.
A good location is somewhere within walking distance of down-town or beach-front areas. If this is not an option, pick somewhere that it’s at least easy to hail a taxi from.
It’s also helpful to think about the demographic you may eventually want to re-sell to, and consider communities where there are many people of the like.
Material Quality
In most Western countries there are many standards that new developments must meet regarding their construction. This however is not the case in Thailand, and all developments were not created equal.
Some things to look out for are construction materials and insulation quality. A building made of wood or bricks will have poor insulation, which will wind up costing you money on electricity and air conditioning. You can check on this by seeing if the windows have only one pane of glass and slide through aluminium grooves, or if it has laminated double panes. The doors should have fluid movement, without wobbling even if you shake the door while it’s half open, and should shut soundly. The walls should be made from concrete, which will have better sound insulation so you can’t hear what’s going on the next room or unit over. Concrete may be more expensive, but is much more durable and sound-blocking so a much better investment.
Fire Protection
Does the condo in question have a fire alarm already installed? If it does not and the building is also made of wood, keep searching for something else. If it is installed, next check the front door to see if it closes completely and has no gaps (many will use foam to make it seal). For electrical, make sure the fuses are located in a dedicated cabinet. There should also be enough outlets built in so that you won’t have to double up on too many and risk an electrical fire.
Put on Your Poker Face
Just because a seller says that their property is the best investment they’ve ever made and are completely satisfied with it, don’t automatically trust their statements. No one wants to admit that they made a mistake when they bought the property, and will of course do their best to convince you to take it off their hands. Do your own research on everything, from background checks on permits to meticulous inspections of surface materials or acoustic checks between rooms. You may be told that a property is of high quality, but you won’t be able to truly tell until you’ve spent considerable time there.
Do as much as you can to learn about the property before you buy and we’re sure you’ll be happy with your sound investment.