Financial Considerations When Buying Condo In Bangkok

Your financial responsibility does not end after you closed a deal for a Bangkok condo for sale. As a matter of fact, it has only begun. If you will mortgage the unit, you have the monthly payment to think about, to begin with. However, even if you opt for a one-time payment for the entire unit, there are other fees that you need to think about. This is not to discourage potential buyers of condo in Bangkok. This is just about giving the prospective buyer an idea on the additional payments and fees that he has to prepare for when he is already occupying the condo unit.

Apart from the usual monthly utility bills, there is also condominium fee to think about.  Condo fees are monthly dues collected from each unit owner. The amount collected is used to pay for monthly utilities and maintenance of areas commonly shared by individual owners of the building. The payment for property and liability insurance for the building’s exterior and common areas are also taken from the monthly dues. The amount of monthly dues for Bangkok condo for sale depends on the size or floor area of the unit. For instance, the owner of a two-bedroom unit with 1,500 square feet will pay lower monthly dues compared to an owner with three-bedroom, 2,000  square feet unit. The location and floor of the condo unit will also affect the amount of monthly dues collectible from the owner. As an example, condo units situated in lower floors are more expensive and are more sellable compared to units situated in higher floors.

The amount of condo fees also differ from one developer to another including the amenities present in the building. Before buying a Bangkok condo for sale, check the unit’s financial history from the condominium’s association treasurer. The treasurer should be able to provide trends and history including the standing reserve fund of the building. The higher the reserve fund is, the better. This goes to show that condo association can easily fund emergency repairs and maintenance needs at any given time.

 

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