Buying a Condominium in Bangkok is the second best decision I’ve made in my life. The best decision was travelling to Bangkok in the first place. Since coming here my lifestyle has changed dramatically and to leave would be absurd. Fortunately I never have to. When I first bit the bullet and put a down payment on the condo I had been travelling back and forth to Bangkok for close to 5 years. It was the only smart option to make the move more permanent. Now 5 years later my condo has gained 30%+ in value and I’ve enjoyed many rent free years. I love the lifestyle, security and options I now have while living here. Here is Thonglor Condos experience and guide to Buying a Condominium in Bangkok.
Buying a Condominium in Bangkok from Outside Thailand
With a little help from my friends I didn’t need to be in Bangkok until the final transfer date. I had someone make reservation, I sent documents by mail, made international money transfers and had someone else make inspections. If you expect others to do your work you will need to give them power of attorney (written authorization to represent you). If you have no to sign in Thailand your agent may accept this role. You should be there in person for transfer of the condominium unit.
The Process of Buying a Condominium in Bangkok (Off Plan)
When making reservation you will pay a small fee (e.g. 30,000 Baht). The agreement will then be prepared (English & Thai) and signed by both parties – the buyer and the developer (by post if necessary). On signing the agreement the buyer pays a percentage of the price (e.g. 10%). The agreement sets out a schedule for payments and a transfer date. Payments will be made to complete a further percentage (e.g. 20%) and these will be paid monthly (e.g. over 15 months). If the development takes longer than set out in the Agreement a small percentage will be deducted from final price Bangkok Condominium Rental. All receipts of payment will be recorded by the developers and a copy mailed to the buyer (very important). The final payment is completed at the transfer date. A one off sinking fund will be included (reserved for maintenance or replacements) as will up front maintenance fees.
With a little help from my friends I didn’t need to be in Bangkok until the final transfer date. I had someone make reservation, I sent documents by mail, made international money transfers and had someone else make inspections. If you expect others to do your work you will need to give them power of attorney (written authorization to represent you). If you have no to sign in Thailand your agent may accept this role. You should be there in person for transfer of the condominium unit.
The Process of Buying a Condominium in Bangkok (Off Plan)
When making reservation you will pay a small fee (e.g. 30,000 Baht). The agreement will then be prepared (English & Thai) and signed by both parties – the buyer and the developer (by post if necessary). On signing the agreement the buyer pays a percentage of the price (e.g. 10%). The agreement sets out a schedule for payments and a transfer date. Payments will be made to complete a further percentage (e.g. 20%) and these will be paid monthly (e.g. over 15 months). If the development takes longer than set out in the Agreement a small percentage will be deducted from final price Bangkok Condominium Rental. All receipts of payment will be recorded by the developers and a copy mailed to the buyer (very important). The final payment is completed at the transfer date. A one off sinking fund will be included (reserved for maintenance or replacements) as will up front maintenance fees.
Buying a Condominium in Bangkok for Leasing
You will need a Thai Bank account. It is hard to send money out of Thailand and not having one puts off potential tenants. This will need to be set up in Bangkok. Siam Commercial Bank and Bangkok are two of the bigger banks to consider. To open an account you will need to show your condominium ownership title deeds.
Furnishing the Bangkok Condominium
After Buying a Condominium in Bangkok you will need to furnish it. If you have time, a decent budget and a flare for design the best place for furniture is Crystal Design Center (Lad Prao). For unique and interesting Thai pieces try JJ Mall and Chatuchak market. If you prefer to do it quick and cheap try MBK, 5th floor which includes the two large furniture outlets Index Living Mall and SB Furniture. There is also an Ikea (Bangna area). For bits and bobs such as light-bulbs go to Tesco / Lotus.
You will need a Thai Bank account. It is hard to send money out of Thailand and not having one puts off potential tenants. This will need to be set up in Bangkok. Siam Commercial Bank and Bangkok are two of the bigger banks to consider. To open an account you will need to show your condominium ownership title deeds.
Furnishing the Bangkok Condominium
After Buying a Condominium in Bangkok you will need to furnish it. If you have time, a decent budget and a flare for design the best place for furniture is Crystal Design Center (Lad Prao). For unique and interesting Thai pieces try JJ Mall and Chatuchak market. If you prefer to do it quick and cheap try MBK, 5th floor which includes the two large furniture outlets Index Living Mall and SB Furniture. There is also an Ikea (Bangna area). For bits and bobs such as light-bulbs go to Tesco / Lotus.