Buying a condo in Bangkok can be a magnificent way of realizing your dreams of home ownership. Many prospective condo buyers in Bangkok do not realize what a dramatic effect this can have on the value of their condo in the long run. Therefore, there are two important questions you must ask about your neighbors before making this important financial investment in your future. Find more information on Bangkok condo for sale at https://www.fazwaz.com/thailand/bangkok-condo-for-sale. If you think you have found the perfect condo and are ready to commit to a purchase, it is imperative that you understand certain things about your future neighbors. Whether or not those neighbors are responsible ones can affect the manner in which your homeowner association is run.
Question #1: How many units in the building are rentals?
Any potential condo buyer in Bangkok should check to make sure that the number of renters is limited to a particular percentage of the building. Renters can be less likely to take proper care of their condo or any common areas than owners who have a vested interest in the property. This type of situation has a negative effect on property values. Because of this, in some areas the major private mortgage insurers currently require no more than 30 percent of units within an association be occupied by renters. This stipulation, down from 40 or 50 percent, has become more stringent over time. Lenders are also taking a closer look at loan applications for condos in buildings with high rental saturation. Lenders assert that history proves buildings with a high rental occupancy ratio are difficult to sell and do not maintain their value as well.
Question #2: Do neighbors pay their dues on time?
Buying a condo in Bangkok and being a member of the homeowner association means that you understand your obligation and fiduciary responsibility to pay dues in order to enjoy the services and amenities that all residents come to expect. Neglected landscaping and swimming pools and decaying parking lots, for example, also erode property values and make it very difficult to sell vacant units. A failure to maintain the building and its systems can quickly send an entire condo community into a downward spiral. As a potential buyer you will want to request a history of dues payments. You do not want to find yourself living in a building among other dwellers that are bringing down the entire association due to their irresponsibility. In some situations, when other members of the association are not paying their dues, it is the responsible condo owners who end up footing the bill to compensate. In the worst case scenario, some condo owners have even occasionally found themselves being foreclosed upon due to months of dues being in arrears. You do not want to wind up living in a building with a high rate of foreclosures.