A great way to dive into homeownership without having to worry about all of the upkeep that comes with townhouses and single-family homes is by buying a condo. Thailand has an array of options when it comes to Millennium Residence, especially in Bangkok. Bangkok is a beautiful calm destination that holds smart city projects. Also, there are great transportation facilities in Bangkok which makes it the best place to buy your Millenium residence. The condo association takes care of the building maintenance and the condo dwellers take advantage of shared amenities. A condo owner shares ownership of the common areas but has the title to their unit. Based on the requirements of the individual property, condo associations may differ. For shared expenses such as new amenities and unexpected building repairs, some may impose additional fees. Here are the important tips you should consider when buying a condo.
What types of amenities do you want?
Make sure you address the types of amenities you want with your realtor, in addition to other factors like budget and location for you to find the perfect place. Don’t feel shy to put the amenities on your wish list as you’re buying access to these amenities. Also, consider amenities that you don’t plan to use as a pool as they might be beneficial when you want to resell the condo.
Review association fees and regulations
For the upkeep of the property and its amenities, you need to pay condo association fees apart from your mortgage. Ask what’s included in the review of those fees, services like lawn care, snow removal, and cleaning common areas. Also, ask about the community’s house rules, for example, are there guidelines for rules about booking common areas in advance, are there any noise restrictions? These will help you analyze whether the option is a good fit for you.
Find an FHA-approved condo
Unlike other types of properties, getting a mortgage for a condo might be more involved. There is a list of condos approved by the FHA on different websites. To find the right financing for your purchase, seek the assistance of a condo experienced mortgage professional because some conventional lenders may have similar requirements to those of the FHA.
Consider your lifestyle
It would be strange if you are newly moving from a house to a condo. But if you are comfortable with apartment living, condos are a perfect option for you. Although the room might be small, but it’s convenient in term of getting to public transportation, like BTS or MRT.
Research the property management company
If you want the condo you purchase to be well-maintained, understanding who will be in charge of doing the upkeep for the property is crucial. Poor management will push your HOA dues higher, and potentially affect your property’s value when you pay association dues only to have the amenities fall into disrepair.
Ask about special assessments
Special assessments are imposed by the condo association to fund a significant project. Hence, it’s good to be aware of the assessment even though it will be imposed for a limited amount of time because it will affect your monthly budget while it’s in place. Therefore, make sure your accountant or lawyer reviews the association’s financial reports and signs off that the community’s finances are sound. Except in extraordinary cases, a well-run association usually avoids special assessments.
Hire a realtor with condo knowledge and experience
Find a real estate agent who has your best interest in mind if you’ve decided to buy a condo. For them to address any concerns you might have and also guide you through the crucial steps, hire someone with a track record in condos. The agent should know what issues the condo developments are facing and which ones are developing. A good agent can tell you which developments have fared best in resale values and if there’s been acrimony over community issues.
Millenium residence is growing at a fast rate in Thailand. Carefully consider your housing needs and financial situation regardless of your preferences. Consult a real estate agent if you are buying a condo to protect your interests in buying and also guide you in your home search.