Owning a condominium unit in Thailand--one of the world’s best-loved places--is a worthy dream and a sound investment.  It is pretty straightforward to obtain a condominium in Thailand if you keep in mind the following do’s and don’ts:

Owning a condominium unit in Thailand--one of the world’s best-loved places--is a worthy dream and a sound investment.  It is pretty straightforward to obtain a condominium in Thailand if you keep in mind the following do’s and don’ts:

Do seek an agent or lawyer  with proven expertise on property ownership. An attorney or agent with a reliable track record of mediating property transfers and drafting the property contract is a must.  Your lawyer or agent will also ensure that you have on hand all the necessary documents for the Sale and Purchase Contract which is usually the most difficult and complicated part.

Do not buy a condominium unit with the intent to put up a business. If your primary goal in buying a condo is to put up business, you’re in for a big disappointment.  According to Thai law, any business which applies for registration must first submit a registered office address.   Most regulations, however, limit the use of condo units to nothing else than for residential purposes only, which means that one cannot use a condo unit as a business site.

Do avoid buying off plans. It is heartbreaking to see buyers purchasing a condo unit which is still under construction, only to find out that something goes wrong and the developer—along with your deposit—vanishes in thin air.  Before setting out to buy a condo, realize that there is no legal requirement for an escrow account in Thailand so that the buyer is literally under the mercy of developers.  To play safe, buy a condo unit in a completed building or build a resale unit within a well-maintained one.

Do consider your needs. It is wise to take into consideration the totality of your needs when considering where to buy.  It is not enough to be captivated simply by aesthetics such as the architectural design or the view.   Take into account the demographics of your family—the number of your children, their access to schools and your whole family’s access to offices, transport, malls and hospitals.

Do play the part of a building inspector. It is wise to be meticulous when inspecting a prospective condominium.  Open pipe shafts and electrical shafts and see if they are sealed off between floors to prevent fires from rising up.  Look for stains on ceilings and walls which indicate water leakage.  Make sure there is a functional fire and alarm system in place.  Search for a fire exit which is accessible and free from clutter.  Go inside the mechanical plant room and see whether or not there is sufficient pressure in the sprinkler system.

Do interrogate. Ask if you could have your own fixed parking space.  Inquire who manages the condominium juristic person.  Ask for your own copy of the Condominium Juristic Person (CJP) account and inquire whether the account has many receivables.   Ask about the CJP charges.

Do look for signs of flooding. It is common knowledge that with global warming, sub-equatorial Thailand is at risk for frequent flooding.  As such, you should be on the lookout for signs that the building is within an area which has been flooded.  Piles of filled sandbags are the most conspicuous signs while tide marks on walls are tell-tale signs of grave flooding.