Buy a Thai Condo

Thai modern house interior

 

IELTS               TOEFL       

 

Why Should I Buy a Thai Condo?

I have been living in Thailand for 2 years and last month I bought a Condo. This has now

Buy a Thai Condo
Modern Condo

given me a place to call my own for a fraction of the price I would have to pay back in the UK. I no longer have a landlord and have freedom to stay in my condo or rent it out in the future. With the upcoming BTS station to be built in the next 5 years in my area I feel I have a very good investment with my condo set to rise dramatically in value. It also gives me a permanent base here and a place I can call home!

There is a lot of information online about buying a condo but I wanted to explain the steps in simple terms to help you buy a Thai condo.

 

Talking money

Thai Condo Living RoomFirstly lets talk money. As a foreigner you have the right to buy a Thai condo but there are some restrictions. All money to purchase a condo must come from an overseas bank and be transferred into Thailand for the sole purpose of buying a condo. It is also worth noting that in 99% of cases you will not be eligible for a mortgage in your name regardless of your salary, length of time in Thailand or marital status. As such you will need to have the full price of your condo available or a payment agreement with your condo developer or owner.

As you need to send money from your own country to Thailand you should open a bank account. There are different types of bank accounts depending on your location. For those living and working in Thailand you can use your work permit to open an account. For those not working or living in Thailand you can open an non-resident account with Bangkok Bank which is aimed at those investing in Thai property or business.

The money needs to be sent from abroad in your own currency and transferred into Thai Baht by the Thai bank. You also need to put the purpose of the transfer as payment for ( Condo Name and Room Number ) so the money is linked to the purchase. If this doesn’t happen then the payment will not be accepted by the Thai authorities and you will have to transfer again which means more fees.

Thai condoThe payment schedule will also have to be worked out with the developer or owner. If you are buying a condo which is under construction it is likely that you will just pay a small amount as a deposit, say 50,000 – 100,000 Baht. There will then be a schedule along the lines of 25% within a month of paying the deposit, 25% 6 months before moving day and 50% upon completion and inspection of the condo.

 Paperwork

There is a lot of paperwork involved when you buy a Thai condo and although you can get a translation, all the official documents will be in Thai only. As such I recommend having a lawyer check all documents and help you through this process. The paperwork and fees here are different to most countries and an experienced lawyer will be able to assist you during this process.

Upon paying the final balance you will need to go to the land registry department to pay taxes and register the condo in your name. It is at this time you will need the proof of payments from your Thai bank to get everything approved and registered under a foreign name.

Moving In

thai Condo BathroomMoving is always stressful and not a fun experience in my opinion. However, with a condo you have the benefit that many new builds come at least partly furnished so you don’t have to shop for your new place. The furniture can range from cheap and simple to high quality and of course should be discussed with your developer as you often have the choice to change colors and styles.

If buying a condo from the owner there is the likelihood that they will take at least some of the furniture with them. This means you have to go shopping. Index is the place I chose to go to with a wide range and plenty of choice. For all the little things to decorate I would visit Robinsons as they offer a wide range of products at a reasonable cost. Both of these shops can be found in the many shopping malls and also have online shopping if you cant find one near you.

Rent out My Condo

You can of course rent your condo out if you plan to be away from Bangkok for some time and using a website like DD Property you can advertise it yourself. However most condos are looked after by a Thai agent who, for 1 months rent value, will help to find a tenant for your condo. However there are a very large number of condos for rent so it can take a while to find a tenant if you are asking for a high price or are not located in a prime location. A benefit of using an agent is they will prepare a contract for the property and this will give you some security. Normally you will receive 2 months rent as a guarantee which is returned at the end of the contract, usually minus 500 – 1000 Baht as a fee to clean the condo.

I know of some people who have rented condos via Craigslist but personally I would stick to a recognized property site. Craigslist could be used if you are looking for a roommate to share your condo with.

If you have any questions please feel free to ask!

About Richard 176 Articles
British guy living and working in Bangkok, Thailand since 2013. Running LifeInANewCountry.com teaching and writer of Settling in Thailand expat book.