Key Factors which Influence the Re-Saleability of Condos in Bangkok
If you are looking to buy a condo in Bangkok, you might be intending to hold it for the long-term either as a primary residence or as an investment. On the other hand, you may plan to own the condo with a view to trying to make a short-term gain by reselling it. Or, quite simply, one day you may decide to resell and move on.
No matter what your motivation to by a condo in Bangkok, it’s always worth keeping one eye on the re-saleability of the unit you buy. There are a myriad of factors which affect the prospects for a sale, some of which include:
▪ price: is your asking price reasonable and in line with the current market? If you over decorate or “over personalise” your condo unit with fancy fittings and fixtures and elaborate decorations, you may find that you cannot recoup your investment. After all, and much to the surprise of many people, cost does NOT equate to value. So, it’s best keep your decorations generic and relatively neutral if you plan to resell your condo in the near term.
Another common issue to consider, especially in large new developments which are being built in phases, is the asking prices of your condo unit on resale versus new ones offered by the developer. If the developer is still selling units next door at a lower or similar price, make sure your pricing is competitive and keep it slightly under the developer’s prices to make sure you attract buyer interest;
▪ location: an obvious one really. If you buy a condo in a location in the proximity of public transport (such as from the BTS or MRT rail lines) or major roads and highways, you are increasing the size of your potential resale market. And if the condo block really has some unique characteristics or features it will be an additional positive too.
However, be careful that you are not buying a condo next to a factory or industrial unit or overlooking vacant untended land with overgrown vegetation and maybe piles of rubbish being dumped there. Close proximity to burial or cremation grounds should be avoided also as this will deter Thai buyers.
▪ condition of common areas: if the common, public areas in your condo block are well kept and well maintained and/or the recreational facilities in good order this, again, will be attractive to many future purchasers and you should be able to easily resell your condo. Find out about the abilities of the management team and juristic entity as they are important when it comes to presentation of your condo block.
All fairly obvious points but some of which are overlooked when some people are looking to buy a condo in Bangkok!