Why are There so Many Overpriced Condos for Rent in Bangkok?
If you have been searching for a condo for rent in Bangkok, you may have noticed that some condos seem extremely overpriced, but why are there so many overpriced condos to rent in Bangkok? Is it the pretentious nature of a big city? Are cowboys trying to take advantage of people who may not know the city very well? The answer is: all of the above! There are any number of reasons a condo may be overpriced in Bangkok but there are a few key things you can watch out for to keep your pennies in your pocket.
Bangkok is a capital city and to live in a such, you will always pay capital city prices. You have to expect condo prices to be higher in Bangkok that in more rural areas but try to ensure the person you are renting from hasn’t over compensated for this factor.
Bangkok is a hot spot for tourism. People come from all over the world to visit Bangkok for its historic landmarks and its nightlife. It’s not only expats who are looking for a condo for rent in Bangkok but tourists too. Condo prices can be raised and rented to tourists who are only looking for week by week, or monthly rental. These sorts of deals generally don’t come with a deposit and the rental price will reflect this factor. If you are looking to rent more long term, the monthly rental price should be lower and you will be expected to pay a deposit, usually of between one and three month’s rent.
A capital city comes with better industry, more to do and see, in addition to better amenities. Depending on which area of Bangkok you choose to rent, will depend on the price. Condos nearer to BTS and MRT lines and with good amenities such as shopping malls, schools or centered around places with a strong business industry tend to be more highly priced. Cheaper areas to live include Chinatown and Bang Na. Ensure you are not being charged city centre prices for places that generally hold a cheaper rental value.
It is important to remember that Bangkok is a city of convenience for a number of factors. Firstly, people travel through Bangkok in order to visit places in the rest of Asia. People will always need to stop and rest in Bangkok after long haul flights and strenuous bus journeys. Buy Bangkok is also a city people visit for business meetings and hospital appointments. Cities of convenience will always have high priced accommodation available for high fliers that can afford a plush condo to visit and to take advantage of those visiting for a short time that do now know where to find cheaper accommodation.
No matter what city you are in, there will always be people who are willing to take advantage of newcomers my overpricing property. The best thing you can do to avoid paying over the odds for a condo is to see as many condos as you can and try to compare condos that are within the same price bracket. The more knowledge you have of the area you want to move to and condo prices within that area, the less likely it is you will be taken for a ride. You can also view condos through reputable estate agents, who will add an estate agents fee on to the price of the property but at least you know will be renting a condo in Bangkok that is reasonably priced.