Which tips should a potential buyer keep in mind when investing in Bangkok?
While there is a growing number of condominium units becoming available for sale in Bangkok, it is becoming increasingly important to select the right type of property, a topic we already covered in one of our previous articles.
In this article, we will go through some of the tips any buyer should be considering when planning to inspect, compare and ultimately purchase a property in Bangkok.
Juristic offices in Thailand are usually very transparent when it comes to condominium financials. Ask your agent to receive information about the building revenues and expenses for the past 5 years. Sometimes, one can even find such information just by looking at the boards in the condominium lobbies.
Knowing if your building has managed the building properly up to the time of the purchase is important but understanding which type of works they plan to carry out in the future is equally so. For instance, one can ask if the building has changed its piping system to a high quality one such as PVC or PPR, they can ask when was the last time the façade was restored and repainted, if the lifts are regularly serviced and if there are plans to change them or even if there is a planned revamp of the building facilities, including but not limited to the lobby.
In order to carry out the abovementioned works and thus ensure a condominium building is maintained properly, the building needs to have the necessary funds. When purchasing a unit, one is tempted to choose a building in which the yearly maintenance fee is the lowest one, however this is not always the right decision. Without enough cash flow, a building management office will be less likely to modernize its facilities and repair what needs to be repaired within the necessary timeframe. Failing to do so can lead in the deterioration of a building and ultimately to a decrease in price of the units within the building.
There are mostly two types of condominium residences in Bangkok, the low-rise buildings and the high rise buildings. Some would even add a third intermediate category called midrise. Low rise condominiums are usually 8-floor high while the midrise buildings often feature between 15 and 25 floors. High rise buildings can have up to 60-70 floors. It goes without saying that units in such buildings would offer better investment potential if they are located in the higher part of the building, especially if we take into consideration low rise buildings. More privacy, less noise and better views!
Open views are one of the most important requirement when looking to purchase property. Not all our customers want to live sky high but most want to have a decent view to the city. However high floor does not always mean good view and low floor does not necessarily mean no view. The most important is to understand towards which land plots the unit is facing and what is possible to erect upon such land plots in the future.
Do not be fooled by appearances, a land plot with an existing structure such as a standalone house or townhouse could one day become a new development and therefore obstruct your view. Building regulations depend amongst other things on the size of the land plot, the width of the road leading to it and the number of access roads. If the access road is less than 10 meters in width, the building cannot exceed 23 meters.
* Privacy: In a market saturated with small units all looking like each other, the more exclusive the unit you purchase the more likely it is to be a good investment. A corner unit will have less neighbors than a standard unit and as a result will be quieter and more private.
*Brightness: Corner units tend to be brighter, especially the ones featuring a long wide layout. Check the orientation of your unit and how exposed it is, see how large their windows are. While you may not want to be facing the sun all day long, living in a dark unit can have detrimental effects on your happiness and mood.
*Ventilation system: Corner units are often better ventilated than other units since their residents have the possibility to open windows from different orientations and thus create a natural air flow.
We are often contacted by customers who tell us the unit they require must be a minimum size. While it helps to tell your agent about the unit size, be sometimes prepared to consider slightly smaller. Some units can look much smaller than they are or much bigger than they are depending on how smart and efficient their layout is.
For those looking to purchase a unit in Bangkok, see beyond and try to imagine how the unit can be transformed. Ask which walls are structural and which ones can be removed. For those who like large open spaces, sliding doors can replace walls and are often regarded as interesting features. Sometimes it is also possible to increase the height of the ceiling by 15-20cm. The team of interior designers, architects and contractors Five Stars Thailand works with can also help you to visualize what can be done.
