Taking the Plunge: Buying a Condo
Posted by Stuart at 08:46 PM on February 03, 2005Ok, I've decided to do it! The downpayment has been made. This whole process of buying a condo has been both very frustrating and difficult on the one hand, and very easy on the other.
The frustrating part has taken place over the past month as I have scoured Bangkok for a place to buy. I guess it's partly my own fault because I was a little bit picky: I wanted two bedrooms, bigger than 70 square meters, close to skytrain, less than 5 million baht (US$125,000), and having at least one bathtub. (That last requirement is harder to fill in Bangkok than you might expect.)
So I have been dragging Piyawat all over town to see many, many apartments. Most of the nice tall buildings near the Skytrain are serviced apartments and not for sale. The ones that were advertised in my price range were in very old, poorly maintained apartment complexes that I would never want to invest in.
But, through a friend of a friend, we finally found a decent place that met all of my requirements. (Except for the one about being next to the Skytrain.)
Now, for the easy part. Actually buying the place seems to be a very easy, painless process. First, you make a down payment and sign a 2 page intent-to-buy contract that basically lists the price, the size, and the location of the apartment. Then, when you're ready to pay the whole amount, you just sign a one-page contract and register at the Land Department.
For a country that seems to have a love affair with paper work and red tape, spending millions of baht to buy a condo has been one of the easiest things I have ever done. Opening a bank account was 10 times more difficult!
Congratulations!
I have a couple of questions - 1)the original places that you looked at in Chitlom/Langsuan,what were the selling prices that they were asking for,how many sqm?
How much have the prices gone up compared to the last 12 months?
I may be relocating to Bangkok and was wondering how viable the prices were in that area.
Much appreciate your insights from your flat hunting.
Hi Billy.
First of all, Chitlom/Langsuan is one of the most expensive places to live in Bangkok. I didn't even look there, because I knew that it would be out of my price range. Also, most of the buildings in this area are serviced apartments, not condos for sale. But I would guess you are looking at about 70,000-90,000 baht per square meter.
I don't know how prices have changed over the past year, because I just started looking recently :)
Having said that, there are several websites that might help you. Have you looked at http://www.thaiapartments.com ? There are several other real estate sites, but I can't remember any others off the top of my head.
Good Luck!
- Stuart
Thanks for the response.
Personally I think Bangkok is becoming a more modern,progressive city and growing wealthier. Even though the distribution lacks something to be desired,the city is gaining a lot more dignity than when I first went there in the early 90s.
Hopefully Bangkok will truly transform itself to a world class city in the next 2 decades.
The talent of the local people are there for everyone to see.
Regards,
Billy
Billy, I agree with you. Things are definitely looking better in Bangkok. I can tell a difference in the 2 short years that I have been here. Of course, that's assuming that "better" means more modern and wealthier.
Thaksin is a business man and a developer. If he stays in power, I am sure that Bangkok will look "world-class" in 20 years. 2bangkok.com has posted some interesting photos of upcoming development plans, and I have to say they look very interesting!
- Stuart
CONGRATULATIONS!!!! Now if you can send your good fortune our way, Craig and I will greatly appreciate it!! ;-)
That's awesome ... the pics are great, and I know you'll be happy, you homeowner you!!!
Love you!!