How to Choose the Best Condo Development in Pattaya?
Pattaya offers beautiful beaches, a bustling nightlife, great weather year round and plenty to see and do. This is why, a condo in Pattaya is prime real estate and is popular with families, retirees, investors and those wanting a second holiday home.
There are several condo developments in and around Pattaya. But, with so many great places to choose from, how do you decide on the best one for you? The Thai Property team are leading Pattaya real estate agents, ready to help you with the process from start to finish. Here’s what you need to consider:
Choose a Goal for Your Pattaya Property
Are you a family looking for a holiday home? Or, are you an investor, looking for a condo to rent out? Whatever your goals, there are many different Pattaya properties that will suit your needs and budget. Once you know what you want to achieve, you can search for properties in the right area.
For example, the Wong Amat area is popular with holidaymakers from Bangkok and the Pratumnak Hill area is known for its luxurious condos, scenery and attractions, which would be ideal for a rental property.
Learn About Taxes and Ownership Structures
In Thailand, developers are allowed to sell up to 49% of the total units in a development to foreign nationals as a freehold. This may mean you will see different pricing structures for foreigners and Thai nationals. Taxes need to be paid for off-plan properties to the Land Department. Other fees include a 2% transfer fee, a 3-3% special business tax and stamp duty of 0.5%.
Consider the Risks of Buying Off-Plan
While buying off-plan is beneficial, it does come with risks. Parts of the construction may be delayed, postponed or not finished to a high standard. Always check with the developer, about any inclusions you get before handing over a deposit. Also, check if the deposit is refundable and what clauses are in place should anything go wrong.
Research the Developers Track Record
Condo developments in Pattaya are lucrative and get snapped up quickly. Many new developers may offer cost savings to tempt buyers in, but they may not be so experienced complying with government regulations. To protect yourself, it’s recommended to verify the rack record of a developer before handing any money over.
If possible, check out their previously finished condos to see if the quality matches their reputation. Also, check if the new development is EIA (environmental impact approved). The EIA ensures the new build will benefit the local Thai people in the area.
Are you looking for affordable condos for rent and sale in Pattaya? Contact the Thai Property team today for viewings and property advice.