If you are seriously considering relocating to sunny Bangkok, you certainly wouldn’t be alone, as both retired people and digital entrepreneurs are living in this cosmopolitan city, which has a lot to offer. You may or may not be aware that foreigners are prohibited from purchasing land in Thailand, but you are, however, allowed to purchase a condo unit, providing that at least 51% or more of the development is owned by Thai people.
Premier Condo Living in Bangkok
There are 5-star developments such as The River Condo (called คอนโด เดอะ ริเวอร์ in Thai), which is located in Sathorn District, the financial sector of the city and a very sought-after location for inner city luxury living. This development is close to BTS stations, several inner-city parks, plus it has all the amenities you would expect from a 5-star luxury development.
Avoid Partially Completed Developments
Many property developers go out of business, and if you are looking to purchase a condo unit, make sure the project has been completed and the unit is ready for occupation. You are taking a big risk if you put down a deposit on a condo unit that has yet to be built, and in these uncertain times, you are advised to steer clear of projects that are not yet completed.
Rather than rushing into buying a condo unit, it is wiser to rent for a few months, to be sure that Bangkok is everything you imagined, plus this gives you time to view many developments, and when you are ready to make the purchase, you can put down a deposit and arrange for the balance to be transferred into your Thai bank account. You are also advised to seek out an English-speaking lawyer, who would ensure that the transition is legal and that you are paying a fair price for the unit.
Much like anywhere, condo unit owners must pay a monthly maintenance fee, which covers things like security, maintaining the grounds and other communal expenses. At some developments, the maintenance fees are paid annually, and for more information about this, please refer to your contract, which would state all fees payable.
When you purchase a condo unit at a premier development, you can enjoy the top amenities, such as:
- Communal Swimming Pool
- Covered Parking (one space per unit)
- Use of Communal Fitness Centre
- Laundry Services
Of course, prior to making a commitment, you should check out the development to see what kind of facilities are available.