You have saved a lot of money to buy your dream home in one of the posh cities of Thailand i.e. Bangkok. There are lots of things that you need to know before investing in a condominium in Bangkok. If you are willing to invest in mandarin oriental residences, there are various things that you should know. The residences have been designed by the legendary designer to provide an abode for luxury living. All the elements have been artistically designed to allow the owners to live a glamorous life.
Though everyone desires to own a space in this ravishing condo, there are few questions that you should ask yourself.
Is it the best option to buy a condo in Bangkok?
Different individuals will have a different perspective on this. What may be beneficial for others might not be beneficial for you. Are you aware of the responsibilities and the maintenance charges that you have to pay for owning a condominium? Did you consider the other property options that might be cost-effective for you? For example, if you are a family of 3 persons, a separate home in suburban regions of Bangkok would be a great option.
How long will you stay in Thailand?
Condos are a great option if the foreigner is planning to stay here for a longer tenure or maybe for the rest of his life. You can either live on your own or you might make it a source of income by renting it to someone else. It is difficult to manage such a luxurious property from a distance. Lack of effective communication due to language barriers makes the process more complicated. If you are planning to settle for a long term, then it is a great option to have a king-sized home, but if the job requires you to travel from one place to the other, it is good to look for other options.
Will you be able to pay for this property?
Owning a condo comes with lots of risks. One of the biggest challenges is the market fluctuations which could lead to devaluation of the property. It is not possible to predict an economic recession. For example, the economic recession of 2008 had impacted the Thai economy. All these calculations have to be done before finally buying a property. Security is the most important requirement for any property. Besides extra security for parking lots and gate securities, there should be a usage of hi-tech security for providing adequate privacy and to prevent any trespasser from entering the premises. There should be reliable security guards, CCTV cameras, video surveillance and other security features.
Condo ownership means that the owner has to bear extra costs which exclude the actual price. Damages to property can take place due to fire or other natural calamities. You need to have extra money for making major repairs, electricity, water, and the internet. Check if the condo is properly furnished or not.
There is more than one reason why buyers prefer to own a condominium. The exclusive amenities, city locations and the nearby attractions are some of them. Condo is a great way to go in case you want to live a glamorous life. Condos are usually located in the posh locations thus offering the residents to enjoy pleasant views.