Acquiring a Pre-Owned Condo

 

It can be challenging to navigate the complex landscape of real estate investing. However, acquiring a pre-owned condo can prove to be a wise investment decision with the right guidance. This article aims to make it easy for you to understand the steps involved in buying a used condo!

 

The ‘Why’ Behind Acquiring a Pre-Owned Condo

 

Making the decision to purchase a pre-owned condo may seem like a convoluted idea. However, when you examine the properties cost-effectiveness over first hand condominiums and the proven maintenance track record, the attractiveness becomes clear. It’s crucial to remember, though, that buying a condominium with an older building structure may necessitate more thorough inspections as well as more frequent maintenance and repairs to keep everything in top shape. As you consider these factors, it’s important to clearly determine your property needs.

 

What to Look For in a Pre-Owned Condo?

 

The three pillars of a wise investment decision are – location, age of the building and facilities. Is the condo in close proximity to key infrastructure and services? Does the condo’s age indicate any potential issues to the structure or is it maintained in top condition? Does the building have the amenities you are looking for? If you cross these things off your list, you’ll be more likely to select a jewel of a used home rather than a troublesome one.

 

Inspecting Your Potential Property

 

It may be worth the investment to have your property thoroughly inspected by a qualified property inspector. A detail-oriented eye can identify problems that an inexperienced sight might miss. Ensure that everything, from the foundation, structure, appliances, is thoroughly inspected. Remember that it’s not only about the individual units; inspecting communal spaces is also as important.

 

Ticking Off Legal Obligations and Paperwork

 

With a venture like this, it’s important to keep everything above board. Ensure that the seller has legitimate ownership by checking the title deed of the property and double checking the ownership with the juristic office. Make sure that the property is free of any encumbrances and that the condo association’s rules align with your needs. Most importantly in the case of foreign purchaser, always check with the juristic office on foreigner quota as condominiums can only be 49% foreign owned as governed by the laws of the kingdom of Thailand. Don’t shy away from enlisting legal help in navigating through this process. If you need further advice, please feel free to contact us! Our property consultants are ready and able to provide you with full guidance to fulfill and meet all legal obligations of owning a condominium in Thailand.

 

Money Matters – Budgeting and Financing

 

It’s more than just about the price tag. Additional costs such as ongoing condo fees, maintenance fees, property taxes and transfer costs should be considered while determining your budget. Financing options at your disposal can range from bank loans to seller financing and even government programs. A thorough side-by-side analysis would be prudent before settling for a financing source.

 

The Art of Negotiation

 

Identifying an ideal condo doesn’t necessarily mean it’s time to seal the deal. Here’s the fun part – using your research about similar property values can be beneficial to negotiating a fair deal. Don’t hesitate to negotiate! unlike purchasing first hand condominiums, there is plenty of room for negotiations, always try to get the best value from your investments!

 

The Final Hurdle: Closing the Deal

 

After all the decision-making and negotiating, you’ve finally reached the finish line. Make sure you fully comprehend all of the terms contained in the purchase agreement before signing to prevent any surprises. Remember, investing in a pre-owned condo isn’t a spontaneous decision but a calculated risk. With due diligence, thorough inspections, financial considerations, negotiation skills, and legal validation, this seemingly lofty goal can be easily achievable!

 

Are you Looking to invest in a 2nd hand property in Thailand?

 

We offer a wide range of selected quality developments— from resale condominiums, single houses and townhouses. Our team of committed experts is ready and available to assist you in making well informed decisions by providing you with all the information and guidance you will ever need!

 

View our current listings or list your property with us!

 

Contact details:
Hotline: 02-114-8815 / 098-459-1251
E-mail: [email protected]
Line Official Account: @psproperty

 

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