People interested in buying a condominium or joint ownership property should pay close attention to all the developments they visit and analyze a number of factors in each development:
- You should ask about the financial condition of the association or the company that manages the property. They can request a copy of the latest financial statements and budgets. They can research the number of owners and compare them to the number of tenants, the stability of maintenance payments, and recent sales in the development or community.
- You should investigate if there are any pending lawsuits against development. Builders, neighbors, and even previous owners may have sued and opened a lawsuit. Find out if there are any pending cases or the result of the trial if there were any.
- You should ask about city ordinances and regulations as well as restrictions. Whether they are particularly strict or not, potential buyers may try to avoid buying a home there if the rules are so strict. Even if they don’t have any problems with restrictions, subsequent buyers may run into problems when they want to sell the property later.
- Condo ownership is not for everyone. Think about whether buying a Condo near Charan (คอนโดจรัญ, which is the term in Thai) will meet your needs, and do yourself a huge favor by listing all of the above points for when you have to discuss a real deal.
- Prospective buyers should hire an inspector to verify the structural condition of the building (including electricity, air conditioning, heating, and plumbing). You should make sure of the condition of the roof and the common areas. Also, investigate how resistant the building is to noise.
- Prospective buyers should speak to current or former owners if possible. They can find out what the pros and cons of development are and know what they like and want or could change.