Important Things to Know When Buying A Condo

At last! The Bangkok condo you’ve been dreaming about is within your grasp. You can see yourself savoring the moment of your first day in your gorgeous Bangkok condo, marveling at the place and wishing you could live there forever. But there’s more to do before you can continue the dream. Here are few tips to make that dream of yours a total hit:

  1. Know what’s going on. Have time to examine the minutes of the association’s board meetings to fully understand what’s happening in the neighborhood. This will help you figure out if the management is at the top of its game, or down low. There are things that the seller might not mention, go check out yourself.
  2. Know who are paying the fees and who are not. Delinquencies present in the community may warn you that the association is having troubles in the collection, or that they are underfunded.
  3. Know how much is in the repair fund. Inquire if the community has had its reserve-fund review in the last five years. As much as the budget concerns, new complex which is one to ten years old should have at least 10% of the cost of replaceable items. Repair fund of at least 25-30% should be present when the condominium is between 10 to 20 years old. Those that are older than 20 years, 50% or above should be the repair fund. Beware of those condominiums whose residents brag that they don’t pay much in the maintenance. This can be a sign that the condominium is not well kept.
  4. Know if the association can cover the insurance. Grab a copy of the certificate of insurance, which basically wraps up the association’s policies.
  5. Know if there is any legal problem faced by the association. This step should be done with a lawyer at hand, to help you understand the bylaws of the association and know if it makes sense. There are instances when the bylaws can be just a bunch of technical terms, which basically leads to unnecessary information and unrelated rules concerning the condominium. Also, have the lawyer check the local court for any files against the association.
  6. Know if the place is renter-friendly. Nowadays, condominiums are rented out for profit purposes. If the lessees in the condominium comprise 10% of the whole population, rental policies should be present. Look for written guidelines in the association’s bylaws or amendments concerning the rental policies of the condominium. Moreover, find out if the management can find renters for you, and if so, know if the renters they get are good and responsible occupants. You can also ask other owners about their leasing experiences to ponder further about the matter. Also remember that the association can, at any time, modify its bylaws to prohibit or restrict leasing.
  7. Know the operations of the community. Beware of condominiums which are sustained by the owners themselves. Managing your own unit can have its benefits but it can be troublesome if you live far away from the unit and would have to come from time to time just to keep the place. On the other hand, if the condominium is professionally managed, scrutinize the management company as much as you have with the association.

 

 

 

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