Tips for Buying Condos in Phuket
If your vision of a dream home in paradise does not include regular lawn mowing and pest control, you should think about buying a condo. Moreover, condominiums are perfectly good for those who are quite inexperienced in the question of buying a property abroad and who make it the first time in their life.
There are many condos for sale in Phuket suited for older people who are ready to move in smaller accommodation. Condos usually smaller and cheaper than detached villas designed for the whole family, and often condos have very attractive additional facilities such as swimming pools, gyms, saunas and 24-hour security.
In some resort areas like Phuket - where not built up plots of land are fairly limited – the land costs increasingly expensive. On the other hand, condos are a great decision to stay in popular and elite areas, as they are cheaper to build up with condos than with houses. In addition, and they are much more affordable than traditional villas, especially if it is your first oversea real estate. Condo market in Phuket is one of the best and most modern one in entire Southeast Asia: condos are built in accordance with European standards using high quality equipments and amenities to make you feel like at home. Today developers make very special offers such as partially or fully furnished units, large discounts, and even motorcycles and cars to each customer as a gift. It is evident that due to their cost, condos are in a great demand among foreign buyers. Furthermore, after you have bought an apartment, you can always profitably sell it in the future. Here are some useful tips for people who have decided to move in their own condo on this miracle island.
Tip-1 Thai and foreign quota
Condo is the only type of property that a foreign person can own in Thailand. This applies to only 49% of the total units in the building, the remaining 51% must be owned by The Thais. Accordingly, the first thing you need to do is to clarify if the unit is in foreign ownership list. In case the seller is a foreigner, the question is no longer relevant. But if the owner is a local person, you’d better check it with the administration of the condominium. And if the unit is under Thai quota, you should proceed to the registration of Thai company, which will become the owner of the apartment, or you should look for another site.
Tip-2 Chanott: read between the lines
First of all, of course, you check properly all indicated information: name of condominium, apartment number, apartment number, owner and how long the property has belonged to the previous owner. The last mentioned thing is very important for determining the amount of taxes and fees that will be paid during transferring ownership rights (the longer the period of time the lower the tax amount).
Tip-3 Indebtedness inquiry
It seems to be easy but in fact it may take more than one weak to get confirmation that there is no any debt to the condominium administration. It is highly recommended not postpone this affair and concern about it before the registration day.
