If you are thinking of buying a condo in Bangkok the following tips will help you with what you need. Some condo units you move into will already have furniture, especially if it is brand new, but more commonly you will need furnishings such as kitchen utensils, an oven, bedding, towels for the bathroom, a sofa, cushions, duvets, fans, etc.
There are many stores to choose from and Ikea has opened up a store at Mega Bang Na as a handy and additional option to Home Pro, Index and SB Furniture. All of these stores provide a home delivery and assembly service and are more up-market than Tesco Lotus and Big C, where you can purchase smaller items such as kitchenware and other smaller appliances including TV sets, cookers, toasters, kettles, convection ovens, bedding and towels.
For those of you that are looking to buy and are not a Thai national, you should be aware that it is not possible to buy a condo outright unless you are in the 49% ownership category that is available to foreigners. The 51% of the development that is Thai-owned can be purchased if you set up a limited company for this purpose and register it in your Thai spouse’s name. You may well find that you can buy the condo at a lower price if that is the case.
The sooner you know that a condominium development project is about to be launched on the market, the lower the price, especially if you buy before it is constructed in off-plan instalments. If you do not intend to use it as a primary residence and are looking to invest in a property that will appreciate in value and provide you with a far better return on investment than leaving your money in the bank, you should look for a unit that has unique selling features, which will help you compete in the market more successfully when you come to sell it.
When considering buying a condo to rent out and have a limited company, you should be aware that you will need a lawyer to draw up yearly accounts. Also, with all condos there are common area management (CAM) fees to consider that are normally paid annually. By employing a professional who is knowledgeable about Thailand’s property laws, they will help explain the contract to you before you sign, which could save you from any problems that may arise in the future, especially if you plan selling the property in the short term.
Before you commit to buying a condo in Bangkok, you should make sure you are aware of the cost of these maintenance fees as you will need to budget for them them annually. Developments vary and some are hugely expensive with regard to the CAM fees while others, especically new buildings, are far cheaper. The fees cover expenses such as repainting, roof repairs and lobby renovations, etc.