5 Key Advantages of Buying a New Condo in Bangkok
It seems as if there is a never-ending supply of new condos being built in Bangkok.
Yet people keep buying them!
We all have our personal choices, but what are some of the key advantages of buying a new condo vs buying an older condo in Bangkok? And what are the major motivations to buy new?
- some people just like buying new things. As blasé as that may sound, it’s true. In some ways it’s like buying a new car, the satisfaction of being the first owner or occupier outweighs any price premium attached for the “newness”;
- you can choose the unit you like or want to buy “off-plan”. You can visit the developer’s sales office and look at their building models and study the floor layouts of the different units. Most new developments will have a showroom or suite or two. If the developer is not providing furniture you can get some idea how the finished condo will look;
- if you are early enough and the development has not yet been formally marketed, there will be plenty of choice of available condo units. You can select the floor level you want or the aspect you prefer, such as north or south, depending on your requirements. Some developers may make minor adjustments to layouts or interior decoration styles to suit you—either at no or a relatively small cost;
- often payment terms can be spread out over the duration of the building construction. Terms do vary between projects, but often a developer will accept a “booking fee” followed by a 10% deposit upon signing a Sales and Purchase Agreement. Thereafter, you may have to pay a series of payments depending on building progress. For example, a 20% payment once the construction starts, or the structure is above ground; another 20% when the building has been “topped-out” or reached its approved height and so on. The final payment only needs to be made when the condo is ready and the title is being transferred to you;
- many of the new condos being built in Bangkok are close to the new BTS (Skytrain) stations. Accessibility and convenience of many new condos is better than older ones. And, of course, you shouldn’t have to worry about repair and maintenance issues in the few years if the developer is giving a warranty or so-called “defects liability period” about the condo building.
However, if you are planning to buy a new condo in Bangkok, make sure you know (and have it in writing) exactly what the developer is providing for the price he is quoting. This is especially important if purchasing off-plan. Then just enjoy your new property and making it the home and/or investment you’ve always wanted.