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Guide on Buying a Condo in Thailand
- An Overview of Purchasing Condos in Thailand
- Types of Condominiums in Thailand: Which one should you go for?
- Buying a Condo in Thailand: Find the Perfect Place
- The Top Condo Builders in Thailand
- New or Old Condo: Which one should you buy in Thailand?
- How to Find a Condo in Thailand
- What to Expect During the Condo Buying Process in Thailand
- What to Expect After Buying a Condo in Thailand
- Other Options to Consider for Condo Unit Owners in Thailand
- FAQs about Buying a Condo in Thailand
Given Thailand’s stunning natural beauty and reasonable cost of living, it’s no surprise that a number of visitors consider making it their permanent home.
With this, do you want to know what it takes to secure your own slice of paradise in Thailand’s bustling property market?
To purchase a property, particularly a condo in Thailand, you’ll need to negotiate a deal, sign a contract, pay a deposit, obtain financing, transfer ownership, and pay taxes/fees.
Also, remember that foreigners can’t buy land in Thailand but can buy a condo. However, their ownership per development is only limited to 40%.
In this post, we’ll provide you with everything you need to know about buying a condo in Thailand.
From understanding the market status to choosing the right location, this guide will provide you with the necessary information to make the process of buying a condo in Thailand as seamless as possible!
An Overview of Purchasing Condos in Thailand
A condo in Thailand is a modern residential property that typically features a range of amenities such as swimming pools, fitness centres, 24-hour security, and on-site management.
They can range in size from studio apartments to spacious multi-bedroom units, and many come fully furnished. Plus,condos in Thailand often have a balcony or terrace, offering breathtaking views of the surrounding area.
Buying a condo in Thailand can be a smart investment for those looking to live, vacation, or rent out the property.
1. Current Status of Thailand’s Condo Market
The condo market in Thailand is currently in a good state. Demand for condos has increased significantly in recent years, particularly in popular tourist areas like Bangkok, Phuket, and Pattaya.
This has led to an uptick in prices, but the good news is that the market is still relatively affordable compared to other countries in the region.
Additionally, the government has implemented measures to support the property market, such as tax incentives for first-time buyers and lower transfer fees.
With the steady stream of tourists and expats in Thailand, renting out your condo can provide a great source of passive income.
According to Praphinleeya Phuengkhuankhan, the head of residential sales ad hoc at CBRE Thailand, buyers in the resale condo market are showing a preference for older and more spacious units that require renovations.
This is because such units offer more space than those found in newer developments, making them more attractive to buyers.
However, it’s important to keep in mind that the market can be unpredictable, so it’s essential to work with a reputable real estate agent and do your research to make an informed investment decision.
2. Buying vs Renting a Condo in Thailand: Which is better?
Deciding whether to buy or rent a condo in Thailand depends on your individual circumstances and preferences. If you plan to stay in Thailand long-term, buying a condo could be a wise investment and provide you with a stable living situation.
However, if you are unsure about how long you will stay or if you prefer more flexibility, renting a condo might be a better option.
Additionally, buying a condo requires a significant upfront cost, while renting generally has lower initial expenses.
| Aspect | Buying a Condo | Renting a Condo |
|---|---|---|
| Initial Cost | High | Low |
| Monthly Payments | Low | High |
| Flexibility | Low | High |
| Maintenance Responsibility | High | Low |
| Appreciation Potential | High | None |
| Tax Benefits | Yes | No |
3. The Costs of a Thai Condo Unit: What should you expect?
When it comes to the cost of condos in Thailand, it largely depends on factors such as the location, size, and age of the property.
Generally, condos in the central business districts of Bangkok or other major cities tend to be more expensive, while those in suburban or rural areas are relatively more affordable.
| Condo Type | Location | Estimated Cost |
|---|---|---|
| Studio | Suburban | 800,000 THB – 3,000,000 THB |
| Studio | City Center | 1,500,000 THB – 5,000,000 THB |
| 1-Bedroom | Suburban | 1,000,000 THB – 5,000,000 THB |
| 1-Bedroom | City Center | 2,000,000 THB – 10,000,000 THB |
| 2-Bedroom | Suburban | 3,000,000 THB – 10,000,000 THB |
| 2-Bedroom | City Center | 5,000,000 THB – 20,000,000 THB |
If you are interested in finding a good deal, consider purchasing an older condo. You may come across sellers who are willing to lower their asking price to ensure a sale.
Additionally, some buildings may have several units for sale, making them ideal locations for bargain hunting.
| NOTE: These are estimated costs and can vary depending on the specific location, size, and age of the condo. It’s recommended to work with a reputable real estate agent who can provide more accurate and up-to-date pricing information. |
| Is buying a condo in Bangkok a wise investment? Buying a condo in Bangkok as an investment can be a wise investment due to the city’s growth and demand. Before making a purchase, it’s crucial to conduct thorough research, work with a reputable agent, and carefully consider the location of the property. |
4. Legal Issues in Buying Condo in Thailand
Buying a condo in Thailand can be an exciting and profitable investment, but it’s important to be aware of the legal issues that may arise.
Here are some of the most important legal considerations to keep in mind:
- Ownership Restrictions: Non-Thai nationals are only allowed to own up to 49% of the total area of a condominium project.
This means that if the foreign quota is already full, you won’t be able to buy a unit in that particular building. It’s essential to verify the foreign ownership quota before making a purchase.
- Title Deed Verification: It’s crucial to verify the title deed of the condo unit you’re interested in buying. The title deed should be in the name of the seller and free of any liens or encumbrances.
A property lawyer can help with this process and ensure that the title deed is legitimate.
- Condominium Act Compliance: The Condominium Act sets out rules and regulations for the operation and management of condos in Thailand. It’s important to ensure that the building is compliant with the Act and that the management committee is following the rules.
| Note: It’s important to work with a trusted real estate agent and lawyer to ensure that all legal requirements are met and that the transaction is completed successfully. |
Types of Condominiums in Thailand: Which one should you go for?
When it comes to purchasing a condo, it’s important to consider the different types of units available to determine which one is best suited for your needs and lifestyle.
From compact studio apartments to luxurious penthouses, each type of condo offers its own unique features and benefits.
Here are some various types of condos available in Thailand to help you make an informed decision when buying a property.
| CONDO TYPE | AVERAGE COSTS | AVERAGE SIZE | USUAL AMENITIES | BEST FOR |
|---|---|---|---|---|
| Studio Type | 2+ million Baht | 22 to 30 sq m | ⮕ Small pantry area ⮕ Basic kitchen facilities | ⮕ Students and young professionals |
| One-bedroom | 3+ million Baht | 35 to 50 sq m | ⮕ Separate bedroom ⮕ Living room ⮕ Small kitchen ⮕ One bathroom | ⮕ Couples ⮕ Individuals who want more space than a studio but don’t need a larger unit |
| Two-bedroom | 6+ million Baht | 60 to 90 sq m | ⮕ Two separate bedrooms ⮕ Living room ⮕ Kitchen ⮕ One or two bathrooms | ⮕ Families with children ⮕ Individuals who need a home office or guest room |
| Three-bedroom | 10+ million Baht | 120 to 150 sq m | ⮕ Three bedrooms ⮕ Additional room ⮕ Living room Kitchen ⮕ One or two bathrooms | ⮕ Families |
| Duplex or Loft | 5-50 million Baht | Average of 300 sq m | ⮕ Two-story units with a mezzanine level that overlooks the lower level | ⮕ Individuals who prefer a unique and modern living space with a lot of natural light and open space |
| Penthouse | 50+ million Baht | 300 to 500 sqm | ⮕ Private elevators ⮕ Rooftop gardens ⮕ Swimming pools | ⮕ Individuals seeking luxury and fantastic views |
Buying a Condo in Thailand: Find the Perfect Place
As the common saying goes when buying a property, location is everything. Some people prefer to live in the bustling city centre with access to all the amenities, while others prefer a quieter, more suburban setting.
If you’re looking for a beachfront condo, then popular locations include Phuket, Pattaya, and Hua Hin. These areas are perfect for those who want to enjoy a relaxed lifestyle with stunning ocean views.
1. Bangkok
| Average Cost | Highlights | Disadvantages |
|---|---|---|
| 3 to 10 million Baht | ⮕ Bustling city ⮕ Hot spot for real estate investments ⮕ Increasing demand | ⮕ Heavy traffic ⮕ Air pollution ⮕ High competition among investors ⮕ High cost of living |
Aside from being the capital city, Bangkok is a popular location for buying a condo in Thailand due to its vibrant lifestyle, business opportunities, and tourist attractions.
Bangkok has a diverse range of neighbourhoods, each with its own unique character and atmosphere.
If you are looking for a more central location, then areas like Sukhumvit and Silom are popular choices. These areas are well-connected to public transportation and have a wide range of amenities such as shopping centres, restaurants, and nightlife.
For those looking for a quieter, more residential feel, neighbourhoods like Thonglor, Ekamai, and Sathorn offer a mix of expat communities, trendy cafes, and local markets.
It’s important to also consider the traffic situation in Bangkok, as it can greatly impact your daily commute. Living close to a BTS or MRT station can help reduce travel time and make your daily commute more efficient.
A studio condo in the city centre can cost you anywhere from 2-5 million Baht, while a two-bedroom condo can range from 5 to10 million Baht.
If you’re looking for a more luxurious option like a penthouse or a three-bedroom-plus unit, you can expect to pay upwards of 20 million Baht or even more depending on the location and facilities.
Of course, it’s important to keep in mind that these are just ballpark figures and the actual cost can vary widely depending on the specific project, developer, and market conditions.
2. Chiang Mai
| Average Cost | Highlights | Disadvantages |
|---|---|---|
| 2 to 6 million Baht | ⮕ Rich cultural heritage ⮕ Cooler climate ⮕ Growing expat community ⮕ Affordable living ⮕ Laid-back lifestyle | ⮕ Limited rental demand ⮕ Less urban amenities compared to Bangkok |
Chiang Mai is known for its rich cultural heritage, beautiful temples, and stunning natural landscapes. It’s a popular destination for tourists and expats alike, which has led to a growing demand for condos in the area.
One of the advantages of living in Chiang Mai is that it’s generally more affordable than Bangkok.
While prices for condos can vary depending on the location and the type of unit, you can generally find good deals in Chiang Mai compared to the more expensive areas of Bangkok.
As a rough estimate, a studio or one-bedroom condo can range from 1 to 3 million Baht, while a two or three-bedroom unit can cost anywhere from 3 to 10 million Baht. Luxury and high-end condos can go for even higher prices.
Another benefit of living in Chiang Mai is the slower pace of life and relaxed atmosphere compared to the bustling city life of Bangkok.
Many people appreciate the laid-back lifestyle and abundance of outdoor activities available in the region, from hiking to elephant sanctuaries to hot springs.
3. Pattaya
| Average Cost | Highlights | Disadvantages |
|---|---|---|
| 3 to 9 million Baht | ⮕ Coastal city ⮕ Vibrant nightlife ⮕ Popular among retirees and expats | ⮕ High competition among investors ⮕ Reputation for being a party city may not appeal to all renters or buyers |
Pattaya offers a wide range of options for those looking to buy or rent a condo, from high-end luxury condos to more affordable options.
The city has a mix of newly developed and older buildings, which means that you can find a condo to suit any budget.
Many of the newer developments in Pattaya offer a range of facilities, such as swimming pools, fitness centres, and 24-hour security.
The most popular areas for condos in Pattaya include the beachfront areas of Wongamat, Jomtien, and Pratumnak Hill. These areas offer easy access to the beach, as well as a variety of restaurants, bars, and shops.
In terms of pricing, the cost of condos in Pattaya can vary greatly depending on the location, type of condo, and facilities offered. On average, you can expect to pay around 3 to 6 million Baht for a studio or one-bedroom condo in Pattaya.
Larger condos, such as two or three-bedroom units, can range from 7 to 15 million Baht, while luxury penthouses can cost upwards of 30 million Baht.
4. Phuket
| Average Cost | Highlights | Disadvantages |
|---|---|---|
| 4 to 12 million Baht | ⮕ Popular tourist destination ⮕ Beautiful beaches ⮕ World-class amenities | ⮕ High property taxes ⮕ Crowded during peak tourist season |
Phuket is a beautiful island in the Andaman Sea and is a very popular tourist destination, attracting visitors from all over the world. Because of this, there is a high demand for condos in Phuket, making it a great location for property investment.
The island has a wide range of condos available, from affordable options to luxury beachfront properties. The size of condos can vary greatly as well, depending on the location and price range.
You can find anything from small studios to spacious 3-bedroom units and even penthouse condos with stunning sea views.
In terms of cost, Phuket can be more expensive than other parts of Thailand, especially for prime beachfront properties.
On average, the price for a one-bedroom condo in a prime area such as Patong Beach can range from 2.5 million Baht to 10 million Baht. For a two-bedroom condo in the same area, the price can range from 4 million Baht to 25 million Baht.
If you’re looking for a more affordable option, you can find one-bedroom condos in other areas of Phuket for around 1 million Baht to 2.5 million Baht. However, the price can go up depending on the facilities offered such as a sea view, pool, or gym.
For a luxury or high-end condo in Phuket, you can expect to pay more than 50 million Baht. These condos often come with exclusive facilities such as a private beach, yacht parking, and high-end security.
However, there are still plenty of affordable options available in the area, especially if you’re willing to consider condos that are not directly on the beach.
5. Other Areas in Thailand with Notable Condo Developments
There are plenty of other areas in Thailand where you can find great condos to live in.
For example, if you’re looking for a beachside location, you might consider Hua Hin or Koh Samui. Or if you prefer a more quiet, mountainous area, you could check out Chiang Rai or Mae Hong Son.
In popular tourist destinations like Hua Hin and Koh Samui, the average cost of a condo is similar to that of Phuket, ranging from around 3 to 30 million Baht.
In smaller cities like Khon Kaen and Udon Thani, the average cost of a condo is significantly lower, with prices ranging from around 1 to 5 million Baht.
Lastly, in rapidly developing cities like Nakhon Ratchasima and Chonburi, the cost of condos is also increasing. A mid-range condo in these areas can cost anywhere from 2 to 10 million Baht.
Generally, you can expect to pay less for a condo in these areas than in Bangkok or Phuket, but prices will still depend on factors like size, luxury level, and location.
The Top Condo Builders in Thailand
Thailand has experienced a boom in the construction of condominiums in recent years, driven by both local and international developers.
With a growing demand for affordable and luxurious housing options in the country, the real estate market has seen the emergence of various condo builders catering to different segments of buyers.
Here, we feature some of the top condo builders in Thailand, known for their quality construction, innovative designs, and excellent customer service.
1. Sansiri
Sansiri is one of the largest and most established condo builders in Thailand, with a wide range of high-end and mid-range properties in Bangkok, Phuket, Pattaya, and Chiang Mai. Their projects are known for their modern designs and top-notch facilities.
They also offer a range of services to their residents, such as property management, concierge, and rental management services.
Website: https://www.sansiri.com/thai/
Office Location: 59 Soi Rim Klong Phra Khanong, Phra Khanong Nuea, Watthana, Bangkok 10110, Thailand
Contact details:+6620277888
Operating Hours: Monday to Friday, 8:30 AM – 5:30 PM; Saturday and Sunday, Closed
2. AP (Thailand)
AP (Thailand) is pretty well known for their innovative designs and ideas when it comes to building condos. They love incorporating green spaces and energy-saving technologies to create eco-friendly living spaces.
The company also focuses on using top-quality materials and finishes, and providing a ton of amenities and facilities for their residents to enjoy.
Their most popular condo projects are Life Asoke, Rhythm Sukhumvit 36-38, and The Address Sathorn, which offer a variety of unit sizes and layouts, from cosy studios to spacious three-bedroom condos.
They’re also big on creating luxurious facilities like swimming pools, fitness centres, and beautiful gardens for residents to enjoy.
Website: http://www.apthai.com/
Office Location: Ocean Tower 1 Building, Khwaeng Khlong Toei, Khlong Toei, Bangkok 10110, Thailand
Contact details: +6622612518
Operating Hours: Monday to Friday,- 8:30 AM – 5:30 PM; Saturday and Sunday,- Closed
3. Ananda Development
Ananda Development is a mid-range condo builder with a focus on modern designs and reasonable prices. They are known for their stylish and modern designs, and often incorporate smart home technology in their developments.
One of their popular projects is the Ashton brand, which includes the Ashton Asoke, Ashton Chula-Silom, and Ashton Silom developments.
These buildings offer a mix of studio, one, and two-bedroom units, and feature a range of facilities such as rooftop gardens, infinity pools, and fitness centres.
Website: http://www.ananda.co.th/
Office Location: 1982 FYI Center Building, 11th Floor, Rama IV Rd, Khlong Toei, Bangkok 10110, Thailand
Contact details: +6623162222
Operating Hours: Monday to Friday- 8:00 AM – 5:00 PM; Saturday and Sunday- Closed
4. L.P.N.Development PCL
Lumpini is a well-respected name in the real estate industry in Thailand, having been around for more than 30 years. Their reputation for quality and attention to detail is one of the reasons why they’ve remained a top player in the market.
Plus, their commitment to environmentally-friendly design is also impressive, as they aim to leave a smaller carbon footprint while still delivering beautiful and functional living spaces.
One of their most notable projects is the Lumpini Park Beach Jomtien development in Pattaya.
In addition, Lumpini’s history of delivering projects on time and within budget has earned them a loyal following among buyers and investors in the Thai property market.
Website: http://www.lpn.co.th/en
Office Location: 1168, 109 Rama IV Rd, Thung Maha Mek, Sathon, Bangkok 10120, Thailand
Contact details:+6622855011
Operating Hours:Monday to Saturday- 8:30 AM – 5:30 PM; Sunday- Closed
5. Magnolia Quality Development Corporation Limited
MQDC, also known as Magnolia Quality Development Corporation, is a relatively new player in the Thai property development industry, having been established in 1994.
One of their most notable projects is the Magnolias Ratchadamri Boulevard in Bangkok, which features a mix of luxury residences, office space, and a high-end shopping complex.
The development has received several awards for its design and sustainability features, such as its use of energy-efficient systems and the incorporation of green spaces.
Website: http://www.mqdc.com
Office Location: 695 Sukhumvit 50 Aly, Khwaeng Phra Khanong, Khet Khlong Toei, Krung Thep Maha Nakhon 10260, Thailand
Contact details:+6620124555
Operating Hours:Monday to Friday- 8:30 AM – 5:30 PM; Saturday and Sunday- Closed
6. Supalai Public Company Limited
Supalai Public Company Limited is another major player in the Thai property development industry, with a track record of over 37 years. They have completed over 200 projects, including residential, commercial, and hotel developments.
One of their most popular condominium projects is the Supalai Park Ekkamai-Thonglor in Bangkok, which offers a range of unit sizes and layouts to suit different lifestyles and preferences.
The development also features luxurious facilities such as a swimming pool, fitness centre, and lush greenery.
Supalai is also known for their commitment to using high-quality materials and finishes, and incorporating sustainable design elements into their projects.
They have received several awards and recognitions for their work, including the 2015 BCI Asia Top 10 Developers Awards from BCI Asia Construction Information Co., Ltd. and Future Arc Journal.
Website: http://www.supalai.com/
Office Location: 1011, Supalai Grand Tower Building, 31st-34th Floor, Rama 3 Road, Chong Nonsi, Khet Yan Nawa, Bangkok, 10120, 10120, Thailand
Contact details:+6627258888
New or Old Condo: Which one should you buy in Thailand?
When it comes to purchasing a condo in Thailand, one of the most important decisions you’ll need to make is whether to buy a new or old unit.
Each option has its own set of advantages and disadvantages, and ultimately the decision will depend on your individual needs and preferences.
| Features | New Condo | Old Condo |
|---|---|---|
| Price | Higher price tag | More affordable option |
| Amenities | Modern and updated features | Fewer modern amenities |
| Facilities | Better facilities | Limited facilities |
| Maintenance and repairs | Less likely to require repairs | More maintenance and repairs needed |
| Location | Located in less established areas | More established and desirable locations |
| Access to amenities | Limited access to local amenities | Access to a range of local amenities |
How to Find a Condo in Thailand
Finding a condo in Thailand can be a daunting task, especially if you’re unfamiliar with the local real estate market. However, with a little bit of research and some helpful tips, you can make the process a lot smoother.
1. Get professional help from a real estate agent
To get started, you can search for reputable real estate agents online or ask for recommendations from friends and family who have recently bought or rented a property in Thailand.
It’s important to choose an agent who is licensed and experienced in the type of property you’re interested in, whether it’s a condo or another type of property.
Once you’ve found a few potential agents, you can schedule a meeting or consultation to discuss your requirements and preferences. This can include factors such as location, budget, unit size, and amenities.
Your agent will then provide you with a selection of properties that meet your criteria, and can arrange viewings for you to visit the condos in person.
They can also provide you with additional information about the area and the developer, as well as guide you through the negotiation and purchasing process.
While there are many advantages to using a real estate agent to find a condo in Thailand, there are also some disadvantages to consider.
Keep in mind that real estate agents in Thailand typically receive a commission from the seller or developer, so it’s important to establish the terms of their service and any fees or commissions upfront to avoid any surprises later on.
Some real estate agents may not have your best interests at heart and may prioritise their own interests or the interests of the seller.
Finally, working with a real estate agent can also limit your options, as they may only show you properties that are within their portfolio or that they have a financial interest in.
| Local tip: In Thailand, it’s important to be cautious about working with a real estate agent since there’s no licensing requirement for them. As a result, anyone can claim to be an agent, regardless of their knowledge about the real estate market. You might come across agents who may persuade you to buy a particular condo that gives them the highest commission, without considering your preferences and needs. |
2. Search through online platforms
Searching for a condo in Thailand online can be a convenient and efficient way to find your dream home. With just a few clicks, you can access a wide range of listings and compare prices and features from the comfort of your own home.
There are many websites and platforms dedicated to real estate listings in Thailand, such as DDproperty, Hipflat, and Fazwaz. These websites allow you to search for condos based on location, price range, and other criteria that are important to you.
Also, many condo developers in Thailand use social media to advertise their latest projects and offer exclusive deals and promotions.
By following these developers on platforms like Facebook and Instagram, you can stay up-to-date on their offerings and be among the first to know about new developments.
You can also find many online forums and Facebook groups dedicated to real estate in Thailand. These communities are often filled with valuable information and insights from expats and locals alike, which can help you make a more informed decision.
However, one potential disadvantage of searching for a condo online is that the information may not always be up to date or accurate.
It’s important to verify the information with the property owner or real estate agent before making any decisions.
| Local tip: Scammers may also try to take advantage of people searching for condos online, so it’s important to be cautious and use reputable websites and sources. |
3. Consider recommendations from word of mouth
Don’t underestimate the power of word of mouth. Ask your friends, colleagues, or acquaintances who have lived in Thailand if they know of any available condos. They may also be able to provide recommendations based on their own experiences.
By getting recommendations from people you know and trust, you can gain valuable insights and first-hand experiences about the different areas, prices, and developers in Thailand.
They can also warn you about potential pitfalls and scams to watch out for when buying or renting a condo.
Another advantage of finding a condo through word of mouth is that you can get a better sense of the local community and lifestyle in the area.
Your friends or acquaintances can give you tips on where to find the best restaurants, shops, and entertainment venues, and even introduce you to other expats or locals in the area.
However, keep in mind that personal experiences and preferences can vary, so it’s important to do your own research and due diligence as well.
| Note: Make sure to consider your own needs and priorities when looking for a condo, and don’t solely rely on someone else’s recommendation. |
4. Search for “For Rent” signs by walking around
Finally, if you’re already in Thailand, take a stroll around the neighbourhood you’re interested in. You may come across “For Rent” signs or other advertisements that you wouldn’t have found online.
Plus, you’ll get a better feel for the area and its amenities.
What to Expect During the Condo Buying Process in Thailand
There are several steps you need to go through to ensure a smooth and legal transaction when purchasing a condominium. Here’s what to expect:
Step 1: Understanding your rights and obligations
- Have a lawyer present during the buying process
- Make sure that the building is registered under the condominium act, allowing you to register it under your name
- Take good care in reading and understanding the contract
Step 2: Knowing the timetables
- The condo buying process in Thailand can take several months, depending on the developer and the complexity of the transaction
- You may need to sign a reservation agreement, a sales and purchase agreement, and a transfer of ownership agreement
Step 3: Organise the official documents
- Contract – The contract should contain all the terms and conditions of the sale, such as the price, payment schedule, and transfer of ownership.
- Foreign Exchange Transaction (FET) Form – For transferring funds into Thailand to purchase the condo.
- Personal documents – To verify your identity, you’ll need to provide a passport and a work permit (if applicable).
NOTE: When purchasing a condo in Thailand under a Thai person’s name, it is essential to know that the registration process will require the Thai individual to bring their identification card and another valid form of identification.
Step 4: Decide on your finance options
- If you require financing to purchase the condo, there are various options available, such as bank loans and developer financing. It is important to research these options thoroughly to determine which one is best for you.
NOTE: Thai banks have strict policies that require you to have permanent resident status before they consider giving you a loan. To apply for a loan, ask a real estate agent to help you through the process.
Step 5: Know your taxes and fees
- Transfer fee – Typically 2% of the registered value of the property.
- Stamp Duty – Usually 0.5% of the registered value of the property.
NOTE: The fees above are to be transferred to the Land Department in Thailand. These are non-negotiable, and the buyer is responsible for paying these.
- Withholding Tax – Typically 1% of the registered value of the property or the appraised value, whichever is higher. This is usually required If the seller of the property is a company.
NOTE: This tax is deducted from the seller’s proceeds, and you are responsible for remitting the tax to the Revenue Department.
- Legal fees – Varies depending on the complexity of the transaction and the lawyer’s rates.
- Home inspection fees – This is for the due diligence report, which is essential for buyers, as this documents the property’s condition and standing before the purchase.
- Sinking fund or maintenance fee – This is charged by some developers, and the fund is used for the upkeep of the common areas of the building and may be charged on a monthly or yearly basis.
Step 6: Process deposits and payments
- You will typically need to make a deposit of 10% to 20% of the purchase price to reserve your condo unit.
- The remaining balance is usually paid in instalments, with the final payment due upon transfer of ownership. It’s important to note that you should only make payments to the developer or the seller, and not to any third party.
NOTE: It is crucial to note that when transferring funds for the purchase of a condo in Thailand, the money must first be sent in your own currency and then converted by a Thai bank.
Step 7: Secure your Yellow House Registration Book
Once you’re done paying all the taxes and transfer fees, you’ll get your hands on a Tabien Baan book. If you’re a Thai citizen, your book will be blue, but if you’re a foreigner, it’ll be yellow.
This book is important since it shows who the resident of the unit is, and it’s something you’ll need if you ever plan to sell the condo in the future.
What to Expect After Buying a Condo in Thailand
Congratulations on buying a condo in Thailand! Now that you’ve gone through the buying process, it’s important to know what to expect after you’ve become a condo owner.
Step 1: Obtain property insurance
- Determine what type of coverage you need for your condo.
- Once you have a clear idea of your requirements, you can research insurance providers in Thailand and compare their rates and coverage options.
Step 2: Comply to Condo AGM
The annual general meeting (AGM) is an opportunity for owners to discuss and make decisions about the management and maintenance of the building, including the appointment of a committee to oversee these tasks.
As a condo owner, it’s essential to be involved in these discussions and stay informed about any changes or developments that may affect your property.
Step 3: Know your rights and obligations
You should also familiarise yourself with the building’s bylaws, which outline the responsibilities of the owner and the management. It’s also important to pay attention to any changes in the bylaws, as they can affect your rights as an owner.
Knowing your rights and obligations can help you avoid any conflicts and ensure a smooth and enjoyable condo living experience in Thailand.
Step 4: Time to decorate!
After purchasing a beautiful condo in Thailand, it’s time to turn it into a home that reflects your personal style. The good news is that Thailand is known for its wide range of furniture options, from traditional teak wood pieces to modern designs.
You can explore the numerous furniture markets and shopping malls around the city to find the perfect pieces to decorate your new space.
Whether you prefer a minimalist, modern look or a more eclectic, bohemian vibe, let your creativity run wild and have fun with the process!
Thailand has a wide range of furniture stores, from high-end luxury brands to more affordable options.
- You can also find many local markets where you can buy unique and handmade pieces.
- Consider the size and layout of your condo, as well as your personal style and budget.
- Think about practical factors such as storage solutions and multi-purpose furniture.
With a little bit of research and planning, you can turn your new condo into a comfortable and stylish home!
Step 5: Keep up with the maintenance
- Regular maintenance can help ensure your condo stays in tip-top condition and can even increase its resale value in the future.
This includes things like cleaning, repairing any damages, and staying up-to-date with routine inspections.
- The maintenance fee is a monthly payment to the condo management, which is calculated based on the size of your condo, covering costs for staff fees, communal areas, and other expenses shared with other condo owners.
The amount of the fee usually starts at around 30 Baht per square metre and can increase up to several hundred Baht.
| Local tip: Remember that in Thailand, the rainy season can bring about a lot of moisture and humidity, so it’s essential to keep an eye out for any signs of mould or mildew growth. |
Other Options to Consider for Condo Unit Owners in Thailand
Renting Out Your Condo
Renting out your condo can provide a steady stream of income, but it also comes with its own set of responsibilities and challenges.
You’ll need to make sure you understand the laws and regulations surrounding condo rentals in Thailand, including taxes and fees.
Additionally, you’ll need to be prepared to handle tenant inquiries, maintenance issues, and potential vacancies.
Rental yields in Bangkok are around 5-8% in areas close to BTS and MRT lines, which has been consistent for years.
Also, this can be a challenge due to competition and lower rental prices, but a unique and well-located unit can attract renters.
Property management agents can assist with promoting and showing potential renters around for a fee of 1 month’s rent. Alternatively, you can promote and rent out your condo privately but will need help with the rental contract.
Selling Your Condo
If you’re considering selling your condo in Thailand, there are a few things you should keep in mind.
Firstly, make sure you have all the necessary documents and paperwork in order, including the title deed, transfer documents, and any relevant tax receipts.
You’ll also need to find a reliable real estate agent who can help you market and sell your property. Be prepared to negotiate on price, as the market can be competitive and prices can fluctuate.
It’s also important to be aware of any fees or taxes you may need to pay when selling your condo, such as transfer fees and capital gains tax.
