A Guide to Buying a Condo in Bangkok
Bangkok is one of the best cities in the world to live in. Hospitable people, pleasant climate, tropical environment, stunning temples, and scenic beaches are some of the many features of the city that attract tourists from all the four corners of the world.
A vast majority of tourists who visit Bangkok ends up purchasing condos owing to such irresistible topographies and low cost of living. While purchasing a condominium may sound easy, finding a suitable property can be a daunting task.
In this article, we will give you tips on how to buy a condo in Bangkok.
Consider the location
While the location of the unit is so obvious, it is often ignored by many buyers who put a lot of emphasis on the bottom line. Before you seal the deal, be sure to check the neighborhood, its proximity to the road, school, hospital, and work.
It’s crucial that you know all these things as these factors will aid you have a stress free life.
You don’t want to purchase a condo for a cheaper price then spend extra money on transportation.
Similarly, you don’t want to buy a house in the heart of the capital and not enjoy the facilities you need.
Get a real estate agent
Once you have ascertained a location, you can consult an agent. A sales agent will make your search for a condo easier as they are aware of the various condos on sale in the area and they can get you the units that are within your affordability range.
If you are not sure about the first property, they can present a new choice within no time.
They will do the paper work so there’s no hassle for you. They do not sign the power of attorney since they are not the major principals in the buying of properties.
Do a title search
When your agent shows you a condo that’s in accordance with your taste and budget, do not get too thrilled and seal the deal. Ensure that you do a title search on the parcel of the property before you make the payment to ascertain whether the title is clean.
Title search is crucial for foreigners wishing to acquire condominiums in Bangkok.
It’s also vital that the buyer transacts with the real owner of the unit or the authorized representative.
Close the deal
Once you have determined the real ownership of the unit, the next step is to place in an offer for the condo. The buyer has every right to make an offer for less than the actual price if he/she feels the asking price is exorbitant.
If you think the price is fair enough, sign a sale agreement contract immediately as you don’t want to lose the property to other potential buyers. In Thailand, the usual practice is for the property buyer to pay the asking price in full, according to the sale agreement.
Upon the payment of the property, finish all other paper works required for the transfer of ownership. This is usually done at the Land Office.