Phuket Condos for Sale: What to Consider Before You Buy
Buying a condominium might seem like the logical thing to do, especially if you’re married to a Thai, planning to spend many years here working, like to visit a few times a year or have an eye on retirement. However, before splashing out big bucks to purchase one of the many Phuket condos for sale, take time to research the pros and cons of an investment.
Many expats daydreaming about owning some bricks and mortar in the Land of Smiles. Some manage to do it successfully; others don’t. There are a lot of pitfalls to avoid when purchasing real estate in Thailand. The good news is that unlike with a house, foreigners are permitted to buy a freehold condo without restriction, but only in a building where Thais own 51% of the total number of units.
Buying a condominium might seem like the logical thing to do, especially if you’re married to a Thai, planning to spend many years here working, like to visit a few times a year or have an eye on retirement. However, before splashing out big bucks to purchase one of the many Phuket condos for sale, take time to research the pros and cons of an investment. So, without further ado, let’s look at a few key points to consider.
First and foremost, choose to buy from the right developer. Do your research and visit as many show homes as you can. There are some very reliable and honest builders out there, in particular, we can recommend Pace Development, SC Asset, Pruksa, AP (Asian Property), Major Development, Ananda Development, Supalai and Noble Development. Also, make sure you work with a trustworthy and respected real estate agent who will point you in the right direction and look out for your best interests.
Next, think about what it’ll be like to live in a property you like. Take time to explore the local neighbourhood, drive during peak hour to your office or school, visit in the evening to see if it’s noisy and so forth. You must put yourself in the shoes of being resident and view the building/condo from that point of view. Think about what facilities and amenities you use on a day-to-day basis and decide whether they are within easy reach. For example, if you have small children and there are no supermarkets or pharmacies within a 20 min drive, will that suit your needs? And if you’re a frequent international traveller, how long is the drive to the airport? Remember, living on an island should be fun and easy, so set yourself up for success from the start.
Lastly, take a good look at the common areas of the building you're considering buying in, is it well maintained and neat or in bad repair? Understand what kind of management a building has is key. You want to invest in a building that is properly run. Also keep in mind that when you buy within a condo building, you’ll be expected to pay monthly or annual homeowners association (HOA) fees. A building collects these funds to assist with maintaining and improving facilities in the whole building. For example, HOA fees typically cover the costs of maintaining the building's common areas, such as lobbies, patios, landscaping, swimming pools, elevators, and paying for common-area utilities like water, sewage and garbage disposal. The association may also occasionally levy special fees to fund major works, like fixing a roof or upgrading the car park. So keep in mind that you will be responsible for paying these mandatory fees once you’re an owner.
We hope this article has shed some light on the Phuket real estate scene and that you’re now better prepared to investigate, and potentially purchase, any of the many wonderful Phuket condos for sale on the island.
Filed underThailand, Family & parenting
