In April 2014, I bought a two bedroom condo in Bangkok. It was a huge decision to make, and my friends were divided as to whether it was a good idea.
One thing I can say is that it wasn’t always straight forward and there were certainly a few bumps in the road. Overall, I am happy with my decision and I would do it all over again if I was in the same situation.
Aside from the financial side of things, the main concern for most buyers are potential pitfalls when it comes to valuation, future outlook and complications and the paperwork of course.
This article lists out the must-knows in these areas for anyone looking to handle the process themselves.
The information in this guide is sourced from credible news sources, Thai agency websites, forums, Facebook groups, interviews from visa experts, fellow expats’ experiences, and my personal experience as a tourist, then as an expat.
You can check out our Thailand premium subscription to find out in-depth review information of major condo developers in Thailand, how to get discounts, avoid these hidden expenses, and save your self $1000s a year.
- 1. Overview
- 1.1. Market Status
- 1.2. Condo Builders
- 1.3. Cost of a Thai Condo
- 1.4. Types of Condo
- 1.5. Legal Issues
- 1.5.1. Important Laws for Foreigners
- 1.5.2. Buying in Foreigner or Thai Name
- 1.6. Buying a Thai Condo while Living Abroad
- 2. Before Buying
- 2.1. Do You Need to Buy?
- 2.2. Location
- 2.2.1. Bangkok
- 2.2.2. Pattaya
- 2.2.3. Chiang Mai
- 2.2.4. Phuket
- 2.3. Future BTS and MRT lines
- 2.4. New / Old Condo
- 2.5. How to Find a Condo
- 2.5.1. Online
- 2.5.2. Agents
- 2.5.3. Offline
- 3. Getting Discount
- 4. Lawyers
- 5. During Buying Process / Construction
- 5.1. Rights and Obligations
- 5.2. Timetables
- 5.3. Deposits and Payments
- 5.4. Official Documents
- 5.5. Taxes and Fees
- 6. After Buying
- 6.1. Property Insurance
- 6.2. Condo AGM
- 6.3. Rights and Obligations
- 6.4. Furniture
- 6.5. Decorating
- 6.6. Maintenance
- 6.7. Renting Out Your Condo
- 6.8. Selling
- 7. Now, on to You
- 8. Related Articles
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I did a lot of research online before buying a condo, and there seemed to be a constant negative attitude from many people towards buying.
I kept reading that the Thailand condo market bubble would burst soon and owning a condo would be financial suicide.
I did a lot of research into the market and other attributes related to foreigners buying in Thailand.
The below is a starting point you can use with several interesting articles and projections of the Thai condo market. In the end, I bought a condo for myself. If you want to do the same, you can check out Keller Henson.
They have a good list of properties in all price ranges, whether you’re looking for a place to live or an investment opportunity. They also have a team that can support you all throughout the process of buying a condo.
My first worry was that the market really would burst. I saw there were many new developments being built and thought it could be possible that the market would stagnate.
Until today, it still hasn’t happened. Condo prices are still increasing every year, especially for luxury condos.
GlobalPropertyGuide.com has an interesting article quoting the Bank of Thailand as showing condo prices increased between 2017 and 2018 (based on Q2) but at a slower rate – 4.9%, compared to the previous year.
The article also states that the property market in Thailand is still on the rise.
The fact that I saw growth in prices and demand gave me certainty, but is it possible to continue in the current economic situation and would a change in this affect you in the long run? If you are planning to buy to let then it might, but if you are planning to buy and live in Thailand then the effect might be less evident.
While there are independent condo builders out there, the majority of developments are run by several key players under different brands. Looking around Bangkok, I could see the signs of Lumpini, Life, Noble, Sansiri and D Condo popping up several times. A quick look on these companies’ websites didn’t reveal a lot as most information is only in Thai.
There are some independent builders and buildings which offer a little more variety than the standard Lumpini-style builds. The downside to these is that it is hard to get feedback and read reviews for them.
Our premium subscription includes reviews of major condo developers in Thailand.
The guide lists the pros and cons of each developer and also points out which condos are better for living in and which are better for investing in.
It’s one of our 100+ exclusive pieces of content available only to our premium subscribers.
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Cost of a Thai Condo
It is difficult to say how much a condo in Thailand will cost as prices vary greatly based upon size and location.
Most people compare the size of a condo in meters squared to determine the value and rental potential of a property. CBRE Thailand released an overview of 2018 Q3 condos in Bangkok and as we can see from their table below, they state entry level is considered anything below 70,000 Baht per square meter. Their report above also gives a good idea of costs and availability in different areas in Bangkok.
|Level||Price per m²|
|Mid-Range||฿70,000 – ฿89,999|
|Upper-Mid-Range||฿90,000 – ฿119,999|
|High End||฿120,000 – ฿199,999|
|Luxury||฿200,000 – ฿299,999|
|Super Luxury||Above ฿300,000|
In terms of new condos, the starting price for a one bedroom, 22 sq meter property is around 1 million Baht (45,000 THB per meter squared). This would be the price of a basic condo away from the BTS / public transport and built by a developer such as Lumpini.
A similar sized condo located within a couple hundred meters of a BTS line in central Bangkok could well be over 2.5 million Baht – a huge difference.
Looking outside of Bangkok, prices do vary a lot. Prime locations in Phuket rival the high end Bangkok properties, while condos in smaller towns and cities are similarly priced to those on the outskirts of Bangkok.
My 64 sq meter condo cost 2.6 million Baht which works out at a little over 40,000 THB per square meter. As you can see from the table above, it is definitely in the entry level guide and I would agree with that assessment. My condo doesn’t have a built-in swimming pool, gym or library.
It is a simple building with basic facilities, but that is all I need. Sure, my building is a little rough around the edges and the staff don’t wear matching uniforms, but it doesn’t bother me.
If you are looking at getting a bargain then there is the option to buy an old condo. You will often find owners who are willing to drop their asking price to secure a sale. Some buildings have multiple units for sale and are great places to bargain hunt.
Types of Condo
There are many different types of condos you can buy. Properties range from studio rooms to five bedroom penthouses. For more in depth information, take a look at Karsten’s article on accommodation in Bangkok.
There are two pieces of advice I want to pass on about the type of condo you buy.
The first is that studio rooms are cheap, but I can tell you from experience that it is soul destroying to live in a condo where you do everything in the same room. It feels like a prison cell. I lived in a studio for three months when I first came to Thailand, and I tried to spend as much time as possible away from that room.
If you only have the budget for a studio or a room with just a screen between the bedroom and other areas then I honestly implore you to think again if this is how you really want to live.
Secondly is that a lot of one and two bedroom condos suffer from a lack of natural light. I have lived in one bedroom condos where the only window is in the bedroom and you need to have the lights on in the living room even during the middle of the day as there is no natural light coming through.
It can become a problem and was the reason I decided to buy a corner room condo. I now have windows on two sides of my condo compared to just one in normal condos. It cost me about 500,000 Baht more than a standard room but the benefit is huge.
Important Laws for Foreigners
There are many laws that foreigners have to consider when buying a condo in Thailand. At the time of writing these are the key points, all of which will be covered in more depth later in the article.
- All money for the purchase of a condo must be sent to Thailand from a foreign country in the original currency. Without proof of this, a foreigner cannot register the condo in their name.
- Only 49% of rooms in a development can be owned by foreigners.
- The building needs to be governed by the condominium act.
There are of course many other laws and regulations which I will go into in more depth later and give you examples of what they could mean to you.
Buying in Foreigner or Thai Name
One big decision which many Thai/Foreign couples need to decide on is whose name the condo should be registered under. While it is possible to register the condo under a foreigner’s name, there are several factors to consider.
We have already talked about financing a property and the fact that a Thai citizen can get a mortgage from a Thai bank so long as they have a good credit history and a salary of at least 15,000 Baht a month.
Because of this, some foreigners decide to register their condo under their Thai partner’s name. It makes the process easier and monthly mortgage payments can be made.
However, if the condo price is over 1.5 million Baht, the Thai partner will need to earn over 30,000 Bat a month to get a loan that big, which could prove an issue for many couples.
Next you have to consider that Thailand doesn’t allow foreigners to finance a property for their partner and then claim that the condo is theirs.
Any money given to a Thai partner will be considered a gift and that you claim no right in terms of ownership of any property purchased. This means that any condo funded this way will remain the property of the Thai national, and they have the legal right to kick you out and maintain ownership even if they didn’t pay a penny of their own money for it.
Putting the property in a Thai person’s name might be the only option for some couples, and in the end it comes down to trust and the stability of your relationship.
It is true that some people have been burnt and lost their property, but there are also many who are happily reaping the benefit of purchasing this way. In the end, if you aren’t sure then my personal advice would be just to rent somewhere.
You can save up over time, and in the future, the banks might offer foreigners mortgages which are affordable and accessible.
Buying a Thai Condo while Living Abroad
It is possible to buy a Thai condo while living abroad, and most of the steps above are the same. The only difference is you will need to employ a lawyer and give them power of attorney to agree to the contract and act on your behalf when transferring the property.
I wouldn’t recommend buying a property while living abroad, as I would want to see everything first hand and check on all the little details before I signed the contract. The cost of a one week trip to Thailand would probably be only slightly higher than the legal fees of hiring a lawyer to do all these steps for you.
Do You Need to Buy?
Buying a property is one of the biggest decisions we make in our lives. It is a commitment to a building, an area and a lifestyle for a prolonged period of time.
When buying a condo in a foreign country, it also means making a commitment to living away from home and having to jump through a number of hoops. Thailand doesn’t make it straight forward for a foreign national to buy or sell a condo, so you need to be sure of your desire to be here for the long term.
In terms of my decision to buy, there was the feeling that I would be staying in Thailand for the long term and also that buying a property in Thailand would be much easier than doing so in the UK. I saw it as being a base where I could stay and, after a length of time, would be living rent free.
I understand the idea that the value of a Thai condo will not rise in the same way that UK property does, but I felt that I could still find a good deal and make some money if I decided to buy in the right area. The location I chose to buy in was earmarked for the pink line transport system, which should start construction in the middle of 2017. Another identical room in my building has just sold for over 200,000 Baht more than I paid for mine, so things are looking promising in this regard.
I also knew that buying a condo meant I could rent it out in the future should I need a place with more space. Similar rooms in my building are going for 12,000 Baht a month, which is enough to get a good three bedroom house in the local area. Now the average monthly rental fee for a condo starts at 14,000 baht a month.
After living in three different rented properties, I also felt that I wanted somewhere I could decorate and furnish to my own standards. The places I rented were nice enough, but I kept getting blocked in requests for improved furnishings or changing the decor.
On the other hand, it is worth looking at some of the benefits of renting. I certainly didn’t hate renting and I had no thoughts of buying during my first year. I guess the main benefits of renting are quite clear:
- Flexibility of movement
- Monthly payments
- No maintenance worries
If I wanted to move from my place, I would either have to sell or rent it out. This might take a few weeks or a few years. The ability for renters to give notice is a major benefit, especially if your circumstances change. Even if you need to move to a different area of Thailand, the worst that will happen is you lose your security deposit which is normally one or two months rent.
Monthly payments mean you don’t need to have a lump sum and can normally move into a place for a relativity low outlay. First month’s rent and two extra months are normally needed to sign a contract.
I haven’t had a burst pipe or cracked window, but if it happened and I was renting, I would be happy to know it wasn’t my responsibility to pay and fix it. As long as you have a good landlord, you shouldn’t have too many problems getting things done.
Location is a key factor when buying a condo in Thailand. From bustling Bangkok to chilled Chiang Mai, there are plenty of locations around Thailand to find your dream place. Pretty much every city and town will have condos, but there are a few key areas where most expats buy.
You can check this website to find a list of condos in many locations throughout Thailand. You can also contact them to ask them to recommend a good condo.
Bangkok is the condo center of Thailand, and there are several hot spots where you will find premium developments. The BTS and MRT attract developers and that means you will find a condo development near every single station on the line.
KellerHenson has a good list of condo you can buy in Bangkok.
Away from the central zone of Bangkok, you will find more reasonably priced condos, especially away from public transport. Areas around motorway junctions are now becoming popular in the outskirts of Bangkok when it comes to buying a property.
You can find out more on our guide to buying condos for sales in Bangkok.
Outside of Bangkok, the next most popular location for condos is Chonburi which includes Pattaya and Jomtien, the (in)famous beach resorts. Being by the beach is a huge pull, especially for retirees who are looking to avoid the big city lifestyle that comes with Bangkok.
A famous location in Pattaya is in the central area since it has a panorama sea view, close to the walking street, and Central Festival. Condo price in this area is comparable to the central zone of Bangkok.
Chiang Mai has been becoming a popular destination for both digital nomads and retirees alike. It offers a city life style with several places to eat, drink, party, and shop. At the same time, scenery natures are only an hour away.
Reasonable priced condos can be found throughout Chiang Mai with many new condo development projects on the slight outside of the city area. The main reason is people want to avoid heavy traffic inside downtown.
In addition to being a popular location for millionaires to have their own villas by the beach, Phuket also have many condo developments. The popular area for expats is in the west inside Patong Beach area with choices of reasonable priced condos.
Downtown area is another popular location with available premium and budget condo options with price starting from million and a half to
over twenty millions baht.
In fact, every large town will likely have condos, but unless there is some sort of family tie, the options listed above will be the key areas for you to focus on.
Future BTS and MRT lines
Future BTS, monorail and MRT lines in Bangkok mean developers are starting to buy up land near proposed lines and building condos.
The green line extension and new pink line are prime examples of how you can find new properties in locations where there will be new lines. These properties will provide transport convenience but are still considerably cheaper than condos along the current BTS / MRT lines. One thing to note is that these proposed lines will take a minimum of three years to be built, so if you buy now, you will have to make do with other transport forms. Although most of them are scheduled to complete within 2021, it is better to wait for official government announcements rather than just relying on hearsay about proposed lines.
There are plans for improved public transport such as monorails in Phuket and Chiang Mai. These mean that traveling in these areas will improve and could lead to an increase in condo developments and sales.
New / Old Condo
Another key decision when buying is whether you want to buy a new or an old condo. There are advantages and disadvantages to both.
The key selling point of a new condo is that it is brand spanking new. You will be the first person to live there and everything will be fresh. The hallways and common areas will be decorated in a modern way, and the rooms will have the latest appliances and technologies. The condo itself should be built using up to date construction procedures and with high quality materials.
The downside of buying a new condo is that you don’t know how things will work a few years down the line. The initially helpful, polite staff might have a change in attitude after a while and services like cleaning and repairs might not be as frequent as in the first couple of years.
The downside is that the room has been lived in, which means you potentially have to do work to update it and decorate if things aren’t to your taste.
The major benefit of an older condo is that the price should be lower than a new unit and you can get a bargain. From talking with many Thais, I feel that the majority would rather buy new than old which means that there is often an oversupply for old condo units. You can get a good price for a room that is only a few years old. With condos in this category, you can also get a better idea about the build quality.
Do you know that there’s a way to buy a used condo or other property in Thailand for 30% cheaper than the market price?
We talk about it as in of our 100+ exclusive pieces of content available only to our premium subscribers.
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When I set out to buy my condo, I never really thought about buying a used condo. There were so many new developments that it seemed the obvious thing to do. In the end, the condo I bought is a bit new and a bit old. The building itself is around 12 years old, but the condo is completely new. The owners had planned to make the top floor into two huge, 1250 sq meter penthouses but never got around to completing the project. After a few years, they instead created thirty-two 64 sq meter condos and launched them in 2014. I got mine in 2015, and now around half of the units have been sold on my floor.
How to Find a Condo
There are many different ways to find a condo, and depending on whether or not you are in Thailand, you should look at as many of these as possible.
Looking online is the easiest way to find condos to buy in Thailand. Keller Henson is the website you should look at. You’ll find many places for sale.
You can contact them if you find something interesting. They can send you more information and help you throughout the entire buying process.
Since the website aims at those who buy condos as investments, all condos listed there are in good locations. You can also see how much you need to pay for booking fees and down payments.
This information is rarely available on other websites.
Another online source which I don’t use to find condos but which has actually promoted a few is the Bangkok Post news website. They often have high end condo developers advertising on news articles and banners, so you might find something interesting there while reading the latest news about Thailand.
I know more than ten people who’ve used real estate agent to help them find properties to buy.
Agents often attach themselves to sellers and promote both new and used properties.
They can quickly give you a list of properties based on your requirements and help you apply for a loan from a bank.
If you’re serious about buying a condo, using a real estate agent can free up a lot of your time.
You don’t need to pay for an agent. They make money when the property is sold. They get a percentage of the sale from the seller.
If you need my help with finding an agent, fill out the form on our real estate agent page and I’ll get you in touch with an agent who can help you buy a condo.
Offline your best bet is to hit the streets in the areas you like and pop in to the show rooms of new developments, or speak to the office staff in older buildings to find out about purchase options. Most condos under construction will have purpose built sales rooms with showrooms for you to look at. This is better than looking online in my opinion, but remember that it is unlikely that the decorations and all the facilities will be included in the final price, so make sure you check.
Many condos will have information boards where owners post photos and information about their properties available for rent or sale. You can even hire a motorcycle taxi to guide you around the area with many condo buildings.
The price you see in advertisements isn’t always the same price you’ll pay in person. You can decrease advertisement prices by 5% to 20% off the final condo price. And many developers will give you free gifts such as iPhones or tablets.
On the other hand, there are hidden expenses that sellers might keep from you before. You will realize about them later after signing the purchase contract and need to pay over a hundred thousand baht for these.
You can read Thailand Starter Kit: Save Cash, Land a Job, Avoid Pitfalls, and More! to find out how to get discounts and avoid these hidden expenses.
Before making a financial commitment, many condo buyers in Thailand decide to discuss their options with a lawyer.
Lawyers can help explain the legalities of buying a condo and do background checks on the seller or building. In my case, the condo was part of a building owned by a large company, so I didn’t feel like I needed to do any background checks. I did get a lawyer to run through the contract with my girlfriend and everything was above board and as explained to me previously. If you need help finding a lawyer, I can put you in touch with a lawyer I feel comfortable recommending.
You might be able to run into larger issue while purchasing a condo or other real estates. For example, the developer suddenly stops the project and does not give you a refund, then you will need to recruit a lawyer from a large firm. I recommend you to get in touch with Frank Legal & Tax such cases happens to you. Else, you can take a look at the in depth guide to lawyers website on this site to find out more about finding a lawyer in Thailand.
A little later in this article I will run you through the process of transferring the condo to your name. You might consider using a lawyer so to avoid any problems or the seller trying to pull a fast one and make you pay fees that aren’t your responsibility.
During Buying Process / Construction
So now you have decided to buy a condo and have to start doing all the paperwork and arrange for the finances to be in place. In this section, I’ll give you information and observations based on my personal experience.
Rights and Obligations
It is important that you know your rights and obligations when it comes to buying a condo in Thailand.
The laws and processes will likely be different than your own country, and it is at this time having a lawyer will be very helpful. The main reason for this is it is likely that the contracts you will sign are going to be in Thai.
Sure, the seller will explain it to you in broken English and maybe even stick it through Google translate, but in the end, you won’t be signing anything legally binding in English. Your lawyer can go through the contract with you and ensure everything is clear and above board. In my case, I did this and also had my girlfriend go through it too just for extra piece of mind.
An important point to note is even though the seller might seem like they are being helpful, they are trying to sell the property. You can’t believe everything they say 100%; they will bend the truth a little and can hide behind the contract which you sign even if it is different from what you talked about during the purchase period.
A key thing to triple check at this point is that the condo can be registered under the foreign quota of 49% of the total rooms. If the condo has already reached the limit then you will not be allowed to register it and could be forced into using a Thai partner to complete the purchase. This is especially important to check when buying an old condo from a Thai citizen as they may not actually know the real answer to this question. Always check with the condo office.
You or your lawyer also must also check the building is registered under the condominium act and as such can be registered in your name.
If buying a condo off plan then you will likely be given a projected finish date rather than a firm one. As the project goes through different stages and gets closer to completion, the date should become more concrete.
When signing a contract, there will often be clauses related to delays in construction. Most state that if the delay is more than X days then you will be due some form of compensation. There will also likely be a clause based on the cancellation of the project, so make sure you are aware of this and if you will receive money back that you have paid.
As a rough guide, a medium sized condo project should take around eighteen months to be completed. This is based upon three condos in my area that I visited before construction started.
Deposits and Payments
The deposit and payment schedule will depend upon many factors such as whether you’re buying off plan or a pre-built condo.
With off plan condos, you will often pay an initial deposit followed by small monthly sums during construction until the end where either the balance is paid or a mortgage is taken out. The initial deposits are often very low, perhaps only 10-20,000 Baht and monthly amount can be as low as 5,000 Baht for a property valued at around 1 million Baht.
I once looked at a 6 million Baht condo in Ladprao and was quoted 200,000 Baht as a deposit and three further 200,000 Baht payments over the following 9 months before the condo was due to be finished.
If buying a prebuilt or used condo then there is often a small deposit paid to get an agreement and then full payment made prior to the registration of the property. There are no legal requirements in terms of timing, but it seems normal that from the deposit being paid most sellers expect completion within 30 days.
There are a few very important documents you will need during the process of buying and registering your new condo.
The first is your contract. This should be signed by you and the developer if buying a new build condo. It contains all of the information regarding registering, payments and procedures. This is your fallback on all matters related to the building, fees and timetables.
Next you will need FET forms (Foreign exchange transfer forms) which show money for the purchase has come from abroad and been transferred upon arrival into Thai Baht. This point is very important, the money must arrive in Thailand in your own currency and then be converted by the Thai bank. You are not restricted to only being allowed one FET form. If you have made multiple transfers, this is allowed as long as you have a form for each payment.
You will also have to have your passport and any other official documents (work permit, visa, marriage certificate etc) photocopied and come with the originals too when buying and transferring the property. I found the following link on ThailandLawOnline.com pretty helpful when getting my documents together.
If buying under a Thai person’s name then they will need to bring their ID card and normally one other form of ID when registering a property.
Taxes and Fees
At the time of transfer, there are fees to pay and they should be included in your contract and explained to you prior to purchase. This article on SamuiForSale.com was the site I used to see that my only obligation was towards the transfer fee. Stamp duty and business tax is the responsibility of the seller, and as such, as a buyer you shouldn’t be expected to pay a penny for these. In terms of the transfer fee, I agreed to split it 50/50 with the seller and paid just under 30,000 Baht.
When you move in, you are required to pay into the sinking fund – a fund of initial monies paid by new residents in a condominium. For me, this was around 12,500 Baht and was a one off payment at around the same rate as one years worth of maintenance fees (see below). I also had to pay 6,000 Baht for installation of a water and electric meter, although these are refunded when I move out.
When all taxes and transfer fees are complete, you will receive a Tabien Ban book – blue for Thais or yellow for foreigners. This book shows the resident of the unit and is an important document and is needed if you plan to sell the condo in the future.
It is also at this time the title deed will be changed to your name and the buying process is complete!
Taxes and transfer fees are not the only fees that are involved in buying a condo.
We have an exclusive article on hidden condo fees. It shows you all the fees you need to deal with when buying a condo in Thailand. It also tells you which ones you need to pay yourself, and which ones the seller should be responsible for.
It’s one of our 100+ exclusive pieces of content available only to our premium subscribers.
To get access, please become a subscriber.
For me, having adequate property insurance is really important. I want to know that my property and belongings are covered should the worst happen.
Technically, the building owners are responsible for all external walls, floors and ceilings as well as the common area if the fault is their own.
In terms of insurance, you should look to get a policy which covers contents and damage to the building. My insurance which covers all my basic needs and has optional extras. The total cost is 2,700 Baht per year and gives me peace of mind.
The major benefit of this policy is it covers damage caused to other units through fires or leaks from my unit.
There are many other companies that offer insurance, and you can compare and buy it from Mister Prakan.
I entered my details and everything was paid for and completed within ten minutes.
Karsten also wrote a detailed health insurance guide. Although it is a different type of insurance, you should get a good idea on how it works in Thailand.
Every year, there will be an AGM which covers many important factors such as the financial status of the condo, repairs needed and proposed rule changes.
A couple of weeks before the AGM, you should receive financial statements related to the condo. In theory, this should give you time to read through the information and prepare any questions you have. You will also receive a list of proposed topics and votes that will take place which will again allow you time to digest the information.
I will be honest and say that my condo only provides the information in Thai and even though the financial information is in English, I still don’t understand it fully. The AGM itself is entirely in Thai, and the building owner gives me a quick update in English at the end of the meeting. In the two AGMs I have been to, there have only been minor votes such as to keep the maintenance fee at the same price and to employ an extra security guard. It is possible that major decisions could be taken such as remodeling or structural changes, which perhaps means the owners are required to make extra payments.
Based on my condo, I would say that the turnout for AGMs isn’t very high as there are normally only around 50 people, even though there are about 400 rooms in the building. Most important votes require a percentage of voters to pass, so perhaps if there was a key decision to make, more people would turn up.
Rights and Obligations
As an condo owner, there are several rights and obligations that you will have.
The first is that you have the right to see the condo accounts and attend and vote at the annual AGM. You should also be aware that you will be bound by the decision of the AGM. This might mean an increase in maintenance fees or a one off payment to cover a large project.
You should also have the right to lodge complaints and have them dealt with. In the same way, you are obliged to cooperate with your condo management if you have caused any problems.
New condos are sold with furniture in 99% of cases, but you often need to buy a few extras over the basics which are provided.
As an example, a friend of mine had to buy a fridge, hob, extractor fan, the ACs and TVs for his new condo. On the other hand, my place came with pretty much everything included, I just bought a towel rack to finish things off. As I said earlier, you need to check with the developer if everything you see in the show room will be included in the final price.
If you buy an older unit then there is the chance that the owner will want to take the furniture with them, so either check to see if it is included or whether you can make an offer for any items you want.
If you are in need of buying / upgrading the furniture in your condo, there are lots of options in all price ranges.
If you are looking for bargain basement deals then you will often find local shops which sell furniture at rock bottom prices. These shops are normally located on most major roads and will be independent places with furniture spilling out onto the street. From sofas to fridges, they have the lot; some things are new, others are secondhand.
If you have a higher budget and are looking for something with a bit more quality then your first step should be to the furniture stores found in pretty much every shopping mall. Index, SB and Homepro are the three main players in the market and will have everything you need to kit out your new pad. You can buy online, but it is so easy to find a branch all around Thailand that you should really go into their shop. They are very much mid range and the quality is acceptable, but I have my doubts that they will still look great in 5+ years time.
My place is full of Index furniture and it looks fine, although a few items are looking a bit worn and I will need to replace them. I had a quick look, and as an example of the prices, my sofa was 8,000 Baht, kitchen unit 30,000 Baht, dining room set 11,000 Baht and coffee table 1,750 Baht. I would estimate that you could furnish an average one bedroom apartment from one of the above shops for around 80 – 100,000 Baht.
If you have a large budget for furniture then you have a few more options. The first recognizable name is Ikea which has a shop in Bangkok and pickup point in Phuket. They are slightly more expensive than the likes of Index and the quality and variety is better.
Another good option is to to head to the Crystal Design Center, often called CDC, which is located between Ramintra and Ladprao in Bangkok. It is a huge shopping complex which specializes in furniture. They have all the normal brands but also specialists who import European, American and Japanese furniture. Prices can reach eye watering levels, but if you want the best, this place is where you should head to.
Finally, another option is to ship your furniture from your home country. I understand that people grow attached to their beds, kitchen units and other items around the house, and if you sold your place to move to Thailand, it could be an option for you. You can read our shipping to Thailand guide to find out how to do it.
Most new build condos will come at least partially decorated. The walls will be painted and the bathroom tiled. You will of course be able to add a few of your own touches and the good news is that decorating is simple and quite cheap to do.
If you buy an old condo then there is the possibility it will be quite dated and in need of a new lick of paint to smarten it up. The good news is there are plenty of options, both offline and online, to make the decoration process a piece of cake!
When it comes to shopping for decorations, there are loads of great options. Your basics such as paints and wallpaper can be found in shops like Homepro in all the big shopping malls. There are also local DIY shops in most major towns which carry these items.
If you are looking for interesting items to add some character and style to your room then you are in luck. Thailand is full of markets which have wonderful nicknacks to brighten your place up and make it unique. When buying things for my place, I normally head to one of the train markets in Bangkok such as the Ratchada train market, or go into JJ market where you can buy anything you can imagine.
When you have your items, you need to actually decorate. When it comes to painting, wallpapering and other physical changes to the room, you have the option of doing it yourself or hiring a decorator.
There are two aspects of maintenance that I want to discuss in this section.
The first is the maintenance fee, which is a monthly amount based on the square meterage of your condo that you pay to the condo management to cover staff fees, communal areas and other shared costs with other condo owners. As I said, this amount is based on the size of your unit and the amount varies depending upon the services your condo offers.
My current condo charges 14 Baht per square meter while others could charge up to several hundred baht. Talking to other condo owners in low-mid range condos, I have found the average to be around 25 Baht per square meter.
The second type of maintenance is the repairs you will need to carry out in your place. When you rent, you can call the landlord and they will fix the leaking tap or replace the broken AC unit, but when you are the owner these things fall on you.
I have owned my place for around twenty months and so far, I have had to replace two taps, the shower unit and the toilet hose. Overall, it has cost around 2-3 thousand baht, but there will be a time when the kitchen units need changing or the fridge packs in and that is a serious cost to bear. Just remember your shiny new condo wont stay like that forever and you will need to budget a large amount to replace and repair things especially after the first few years.
Renting Out Your Condo
GlobalPropertyGuide.com shows that rental yields in Bangkok ranged around 5-8% in areas close to the BTS and MRT lines from 2016 to 2018. And it has been around this percentage for many years. It seems like a reasonable investment but I would still be wary when it comes to buy to rent in Thailand.
The main issue with renting out your condo is that it is likely that there are a huge number of other units in your building which are up for rent, which leads to high competition and lower rental prices. Five minutes from where I live is a Lumpini condo, and looking online shows that 127 units are up for rental, each of them identical in terms of size, price and decoration. The main point is that if you want to easily rent out your condo at a reasonable price then it needs to be something a bit special and should be located in a desirable location.
If you are living abroad and trying to do this, it becomes even more difficult. One of the condos I rented was actually owned by a Malaysian businessman who used one of his employees in Thailand to do all the leg work for dealing with the rental contract and communication with me. Most of us don’t have Thai employees to do this for us, so a lot of people look into agents.
Agents will promote your property and show potential renters around. Real estate agents in Thailand normally charge a fee of 1 month’s rent when they get you a tenant. For me, I think it is reasonable enough, but remember they often have many properties so you might need to keep them sweet by offering a bit more so they push your condo over the others.
You do have the option of privately promoting and renting out your condo. It is free to post on the majority of rental sites and if you have something unique or in a highly desirable area, you can find someone reasonably easy. One thing you might find more difficult is drawing up a rental contract. Agents provide these but if you don’t use an agent, you will either need to be more informal or copy a rental agreement from someone. It isn’t ideal but if you are renting to a friend or someone you trust, it might not be a huge issue.
The final issue is the reliability of tenants. I am ashamed to admit I bailed on my last rental property after four months to move into my current place. At my office, I know a lot of people who have gone home or moved and just not informed the owner. So after spending months trying to get a tenant, you can find them walking away and you have to start the process all over again.
Sure, you keep their deposit but you also paid a months rent to the agent, so you don’t really get a lot. Also if you rent a place and get 10,000 Baht a month, it means it needs to cover your costs and the ongoing maintenance of the place – it isn’t easy to do and make decent money long term. The only exception is if you have a high end unit that you can rent out for 50K+, but that unit would cost a lot in the first place.
As I have said already in this article a couple of times, it can be difficult to sell a condo in Thailand. With the seemingly never ending supply of new condos, people tend to buy new. Unlike in the UK where people look at older properties as having “character,” the older condos here are seen as the last option unless you have a unique place in a desirable location.
The best bet is to use an agent to help promote your property across many different platforms and languages. Agents normally charge 3% when the property is sold. You can find an agent through either your condo manager or by looking online at the numerous property sites and dropping them an email.
You can chose to sell it privately either online or by word of mouth, but it might prove difficult to do if you are outside the most desirable areas.
So there we have it, my experience of buying a Thai condo. Hopefully I have answered all your questions but feel free to comment below and I’ll get back to you!
Now, on to You
Buying a condo in Thailand is a big investment. You need to make a careful decision before doing it.
If you aren’t ready to buy, you can still rent an apartment.
But if you’re certain that you want to buy a condo, go to Keller Henson to get things started.