Buying a condo in Thailand can cost less than the asking price if you know which strategies to use. This guide covers off-plan purchases, condo shows, and negotiation tactics that can save you more than 10%.
Buying Off Plan
Buying off plan is an option that many people take up when buying a condo in Thailand.
This choice means you have to rely on pictures and blueprints provided by the developer to imagine what your future condo will look like. But what you see in a beautifully furnished showroom isn’t always what you get.
Often the ceilings will be lower in the real room and the expensive extras won’t be included. It is more important than ever to read your contract and know what you will get for your money.
Buying off plan does have a couple of advantages. At this stage of the development, you can get the lowest prices as the developer is looking for deposits to cover the costs of starting the building work.
It is possible to make savings of around 5% to 10% of the final price, and many developers throw in free gifts such as iPhones or tablets for early buyers.
The other thing that attracts people to buy off plan is the ability to flip the unit and make a quick profit. This is risky and shouldn’t be seen as an easy way to make money. If things go wrong then you can lose a lot and be stuck with a condo you don’t want or can’t afford.
Condo flipping is where buyers take advantage of initial low prices and put a deposit on the condo. When all the rooms are sold out or the price increases a lot, they can then sell the deposit on to another buyer at a decent profit.
The price can be 10% lower buying off plan, so a 5 million baht condo can go up half a million. The seller can then ask for 250,000 or more to get a sale from a desperate buyer who wants a room in the building.
New and Old Condos
Another key decision when buying is whether you want to buy a new or an old condo. There are advantages and disadvantages to both.
The key selling point of a new condo is that it is brand spanking new. You will be the first person to live there and everything will be fresh. The hallways and common areas will be decorated in a modern way, and the rooms will have the latest appliances and technologies. The condo itself should be built using up to date procedures and with high quality materials.
The downside of buying a new condo is that you don’t know how things will work a few years down the line. The helpful, polite staff might have a change in attitude after a while and services like cleaning and repairs might not be as frequent as in the first couple of years.
The major benefit of an older condo is that the price should be lower than a new unit and you can get a bargain. Many Thais would rather buy new than old, which means that there is often an oversupply of old condo units. You can get a good price for a room that is a few years old, and for anyone looking to retire in Thailand on a budget, this can make a real difference to your cost of living. With condos in this category, you can also get a better idea about the build quality.
The downside is that the room has been lived in, which means you may need to update and redecorate if things aren’t to your taste.
Condo Shows and Events
Condo shows and events are great ways to get information and discounts on multiple developments. Often events are held in shopping malls which showcase local developments. You can look at promotional videos, get price lists and also ask the sales reps any questions you have.
If you are sure you want to buy a particular condo then you will also get a special discount or promotion for buying on the day. The downside is that you will find yourself pressured into putting a deposit down at every stall you visit.
Most shopping malls regularly hold events like these, and while the staff are happy to give out leaflets, they often lack the English skills to answer questions. If you go with a Thai partner, it will be much easier for you to get the information you need.
There are also a couple of house and condo shows a year held at the IMPACT Muang Thong Thani and Queen Sirikit convention centers. The date does vary, so check out their websites to find out more about upcoming shows. For anyone also considering buying property in Hua Hin, similar regional events are worth watching for. These are the largest condo events and have some of the best pre-sale discounts for buying off plan.
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