Factors to Consider When Buying a Condo in Bangkok
Bangkok is a hot place for businesses. It is located in the heart of the South East Asian Region. Today, it is a favorite pick for tourists all around the world. It is a top choice for those who are looking for job opportunities and, also, a place for pleasure. Such factor makes the city an active partaker in real estate projects both commercial and residential. Some of its present projects are the extension of the Mass Transit Lines (BTS and MRT Lines), local redefining mega projects like Icon Siam, One Bangkok and many others. The costs of real estate continue to grow. The said factors have changed the residential property market into an active venture in the city.
Bangkok is the condo center of the country. Where, some hot spots have premium developments. The BTS and MRT gain developers, which means you will find a condo project near each single station.
Though, aside from the central zone of Bangkok, you will see more lower priced condos, which are strategically positioned away from public transport. The places in motorway junctions are now a top pick for condo owners in the outskirts of Bangkok, when the talk is buying a property.
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Why should you invest in a rental condo in Bangkok?
- Growing Value and Capital Appreciation
The rates of renting a condo is booming at the present scene in the market, which makes possible owners complaining of the constant rise. The said increase in price is applicable only to newly launched projects.
On the other hand, in reselling condos on the secondary market, prices are seen lower compared to its off-plan counterparts in the city. To finish off, these reselling of projects offer significant discounts and are basically great value despite the factors of quality of the building, location and rental yields.
Possible owners should look for the best offers in the market. He or she should think of the value investment with turning capital appreciation potential.
- Rental Costs and The Occupancy Rate
In Bangkok, the rental market is coined as the “tenant’s market,” which offers a variety of rental options. On the other hand, this factor should not discourage the potential investors in renting condos. For a fact, the good condominiums are always in great demand, with rental costs which has an average of 4-6%. It is vital to see that Bangkok is Thailand’s top urban center, which has a growing number of working professionals, who possibly can rent condominiums. The occupancy rate is something to look at in some unpopular buildings. Bangkok’s Central Business District gets to enjoy a health and constant rental market in the present.
- Lesser Amounts in Resale and Rental Income Taxes
Venturing in property ownership and investment is a top pick for wealth management in Thailand. On the other hand, the country’s taxes and fees with regards to selling a condo is quite low. Plus, there are no regulations that constraints the number of properties an investor can own. The income tax in Bangkok is generally low compared to other countries.
Types of Condo
There are several kinds of condos you can buy in Bangkok. Amenities can range from studio rooms to more bedroom penthouses.
Studio rooms are sold in a lower price. Though, the place is usually small. It may feel like a prison cell, if you live in one. If you have a constraining budget, you may have doubts in choosing studio rooms.
Furthermore, many of the one and two bedroom condos have natural light in its place. There are one bedroom condos that have just one window in the bedroom. You need natural light in the living room.
The cost of buying a room in condo with more windows is about 500,000 Baht, which is more expensive than what a standard room can offer, but the benefit is huge.
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