When it comes to buying a condominium in Bangkok, investors can also consider getting a resale condo rather than a brand new one from the developer.
There can be various reasons why one would consider buying a resale condo. It could be that a popular development is already fully sold and there are no more units for sale from the developer.
It could also be a case whereby the investor would like to start getting rental returns rather than waiting 3 years. Or it can be for practical reasons whereby the buyer needs a place to stay in the very near future.
Some people will find older condominiums represent better value as they are able to get more spacious units with the same amount of money spent and purchase a property in a more central location.
On the flip side, the buyer should also be aware that older condos could be less aesthetically pleasing and the facilities could be lacking compared to the modern ones.
If you are planning to go down the route of getting a resale condo, here are 4 things that you should take note of.
Inspecting The Property
Since the property is completed, you are able to physically inspect it. You should make a trip down personally to see the property and its surroundings.
You can judge for yourself if the particular unit is a good one to consider. As well as being able to notice if the general upkeep of the common areas is done well.
This will affect the value of your property in the long run.
This is always an important consideration for both new and resale condo. Is it near public transport? Are there amenities nearby? Is this an area that will capture good tenants? Enough said.
Deed & Ownership
You need to ensure the seller is the rightful owner of the property. You must also make sure that the sale transaction is lawful.
Ask for the actual title deed to make sure, while a letter confirming the payment of the deposit must be signed and sealed.
Engage A Reliable Agent Or Representative
A good and reliable representative or agent would be able to help with all the paperwork including contracts and deed transfers.
Make the effort to work with someone who is competent and whom you can trust. This will go a long way in eliminating risk and unnecessary unpleasantness.