Condo Unit in Bangkok: Should You Rent or Buy?
Population and commercialization have been rapidly rising in Bangkok, thus resulting to its spaces becoming limited and more expensive. The emergence of condominium residences is one big proof to this. The growing number of condominium buildings in many areas in the Thai capital has influenced the way its residents choose where they'd want to live. Instead of choosing traditional houses, people have opted to live in condominiums, which only offer them limited space. Well, it's no surprise: with all the facilities such as a gym, a pool, shops, cafes, restaurants, and everything else in one place, it's definitely urban living at its best! Nonetheless, there are some people who cannot make up their mind on whether they should own a condominium unit or just rent one. This article will help you weigh the advantages and disadvantages of both owning a Bangkok condo unit and renting one.
Owning a Condo Unit
Owning a condo unit in Bangkok is ideal for a foreign resident since the city has imposed restrictions on land ownership. Because of this, buying Bangkok condos has become the easiest way to find a suitable place to live in the area. While buying a condominium unit in Bangkok would cost a lot of money, it will turn out to be a good investment in the long run. You need not live in your unit; you can rent it out to people who are looking for a place to stay in the metropolis. Population in Bangkok is expected to eventually increase along with the prices of housing. Hence by buying early, you would be able to save more money, and if in the future you decide to sell it, the return of investment would be worth all the move.
Renting a Condo Unit
The prices of the condo units vary in the different areas in Bangkok. Some of the units are priced expensively, particularly the ones located in the Sukhumivit area. The reason being is that the area is embedded with commercial and residential establishments, which spells convenience. Thus, if you don't have the cash to pay for a unit, then why buy one? While renting a condominium is significantly cheaper, the rent rates are fluctuating, depending on the economic and housing situation in Bangkok. Another thing to consider is that overtime, renting a condo unit would be more costly than buying a condo after a period of around 5 years. With cost of rent, as well as other fees mandated by the owner, the cost would definitely be higher. Choosing whether to buy or rent a condo would depend on the duration of a person's stay in Bangkok. If a person would stay for only a short time, renting a condo is much cheaper. However, if a person intends to stay for years or decades in the future, then buying is the perfect option.
Although there is heavy capital expenditure, the costs in the long run would be lesser as compared to renting a condo. It would also depend on the person’s budget. Of course, if a person is a little short on cash, renting is the way to go. In the end, the decision lies on solely on you. Just make sure to weigh the options properly.