Top Condo Buying Mistakes You Should Not Make In Pattaya
When buying a condo, many people often make a number of mistakes and end up regretting the purchase. This is mostly because they rush in on the first attractive offer they come across without considering what they intend to use the condominium for. For most people buying a condominium in Pattaya, it is a form of investment. For example, they are buying the condo to let it out to tenants.
Like any other investment, there are various factors that should be put into consideration before making the choice to purchase. For instance, the amount of time it will take to get returns on investment as well as how long it will take for you to earn back the initial investment capital used to buy the condo. The following are common mistakes that you should avoid when buying a condominium in Pattaya.
Some condominium developers tend to try and make more money by selling condominiums at exaggerated prices. This is a common mistake first-time buyers make and they end up realising it when it is too late.
For instance, if you plan on buying a condo to resell it later, the initial over price will cause a substantial loss during resale and it might even lead to a great loss if the actual price after appreciation does not meet the price at which you bought the condo. Before making the purchase, it is advisable to have an independent valuation of the property to avoid such an incident.
Assuming the property will always appreciate
This is normally an error made by foreign investors who do not have adequate knowledge of the property industry in Pattaya. When you first buy a condominium, be it as an investment or a place to live in, you should first make sure you understand the whole scope of the property market.
This is because, some condominiums in Pattaya are located in areas where fluctuation of prices is ever rampant and as a result, you may find your investment depreciating. Make sure the condominium is located in an area that has high demand as this will, in turn, lead to the appreciation in value of the Pattaya condominium over time.
Neglecting tax prices
If you are looking to buy a condominium in Pattaya to let out, you should be aware of the tax implied on the condo. This is important because the tax levied on a rented property needs to be taken into consideration as the rent after-tax earnings will be reduced. Before you make the purchase, consult with a good real estate agent to understand the tax levied on the property.
Choosing a poor location
The location of a condominium is also very important to think about. Having done research on the location can help make the right choice of a condominium to buy. For instance, many people buy condominiums in Pattaya only to later realise that the area poses a security threat or has a low occupancy rate.
A low occupancy rate means that your investment may not yield the expected returns so it is always essential to choose a condo for sale in Pattaya that is located in a good neighbourhood which has healthy occupancy rate.