Bangkok is a wonderful place to live. From the beautiful natural landscape to the delicious cuisine to the exciting city life there are many reasons why you should live in Bangkok. Whether you're moving to Bangkok, the quieter, more relaxed area of Hua Hin, or another area of Bangkok, you won't regret it. When it comes to buying property in Bangkok, condominiums are very popular among foreign buyers and investors.Condominiums are known for their central location and affordable prices, coupled with amenities such as a pool, gym, etc. However, there are a few important things to understand before investing your hard-earned money on home ownership in Bangkok. Check out our tips for buying a mandarin oriental residences.
You can buy a condominium as a foreigner
Each country has its own rules about who can buy and own property Bangkok is no exception. An advantage in Bangkok is that people from abroad can buy apartments in their own name, but there are a few provisions that accompany this privilege. When you buy a condominium, at least 51% of the other condos in the building must be bought and owned by Thai nationals.
It is important to note that you cannot own a physical country in Bangkok. You can own the house, condominium, or other property that sits in the country, but you have to lease the land under it. Bangkok allows long leases, up to 30 years, that you can renew twice, giving the owners 90 years to enjoy the property. When buying an apartment, there are no time limits or restrictions.
You may have to choose between size and comfort
It's a typical problem around the world: you could find the perfect apartment with just the right amount of space for you and your roommates or family. However, the apartment is quite far from the bus stop, train station or any other kind of transportation necessary. If you try to buy an apartment closer to the beach or more centrally in the city, you will find that the prices naturally increase.
While Bangkok is a fantastic place to live, remember to keep your expectations realistic. Be ready to compromise. . If the real estate supply is scarce, features such as flooring or bathrooms become a minor matter. However, always pay attention to the old and most important “real estate wisdom ": You can change everything on a property, except the location.
If you are looking for an apartment with patience and a clear head, you will be able to find a great apartment that meets your ideas and wishes.
You need a reputable lawyer
If foreigners buy property in Bangkok, we strongly recommend that you hire a good lawyer to guide you through the process. Lawyers are required to buy houses when buying a condominium, this is not absolutely necessary, but is recommended. Mind you, although it is interesting to choose a real estate agent who expects to be able to sell the property at a much higher price than other real estate agents, it is important that the associated plan is also realistic. If you are faced with a market that is completely new to you, it is wise to consult someone who is there to advise you and can check everything. You should always consult a licensed attorney before signing any mandatory documents.