Tips for a Smooth Purchase
Pattaya condos are a practical solution either for first time buyers who cannot afford the high prices that villas come at or for older people who do not want the hassle of maintaining a large house with a garden and pool.
With the convenience that they offer in terms of just locking a single door when it is time to leave, condos are a good option for a second home used only for holidays. There is a large stock of condos in the Pattaya real estate market. Browsing through the websites of real estate companies can help you shortlist a few condos that you think would suit your budget and style.
However, rather than jumping in and investing in the first condo that you find suitable, it is best to be cautious and do your homework before buying. Here are some tips on what you should do before choosing among the various
condos for sale in Pattaya.
Budget & Financing
The first thing you need to do before looking at Pattaya condos is to work out a budget. This will give you an idea as to whether you should look at a studio apartment, a two bedroom unit or a penthouse with a sea view. If you are looking at getting finance from a bank, you need to find out the amount that you will be eligible to get as a mortgage or loan before you start the search for options of condos Pattaya has.
Foreign ownership restrictions
There are certain laws regarding foreign ownership of Pattaya condos. Although a foreigner can own a unit in his name, almost all condos have a restriction in the percentage of units per block that can be owned by foreigners. This is usually a maximum of 49%. Hence, before you get excited about having found your dream condo, you will need to check whether your purchase will be legal, taking into account the ownership requirements of the particular block. In such instances, it is useful to have a good real estate agent to do the legwork for you. I can recommend Ian from Thailand Property
who helped me with this and other formalities before I purchased my property.
Make sure that you perform due diligence before you buy a condo in Pattaya. While most Pattaya condos may look modern and state of the art, it is important to ensure that they meet the standards and specifications that are mentioned on the listing. It is best to view the property yourself and also preferably get a professional to inspect it to make sure the measurement of the condo, its layout, view, fittings and fixtures are as per description.
Another important aspect to verify before buying Pattaya condos is to make sure they meet all the necessary legal provisions such as whether the title is good and that there is no debt or other encumbrance, which will make the purchase invalid. Doing a thorough check of the validity of permits and licence, zoning regulation and other government regulations regarding construction of condos will help ascertain that your investment is secure.
The good thing about living in a condo is that maintenance is a breeze. From upkeep of common areas, power back up, 24-hour security and a host of other facilities – there are many advantages. However, before you buy Pattaya condos, it is wise to review the service agreement to know what you will be expected to contribute towards maintenance of the common area and amenities. Furthermore, you should be aware of the rates that you will be charged for utilities such as electricity and water.
As you can see, there is a lot of homework that needs to be done before you decide to buy a condo. This is where you can benefit from using the services of a reliable real estate agent. While you may hear about people who got good deals on Pattaya condos because they bought directly from a builder, you need to be careful to ensure that the condo meets legal requirements in terms of construction, quality and ownership.
Trying to verify the legalities on your own can be a cumbersome process. Instead, you can put your faith in a good real estate agent such as Thailand Property
to do this on your behalf, so you can rest assured that everything related to your condo purchase is above board, and that you won’t be in for any unpleasant surprises!
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