Buying Off Plan Thai Property
Buying Off-plan
Both buying from a developer and buying secondhand have advantages and disadvantages. The greatest advantage of buying second hand is the fact that you know what you're getting. You can tour the condo, and decide whether you like it. On the other hand, the seller will want to make a profit. Buying a unit secondhand is often more expensive than buying from a developer.
When you buy from a developer, you are buying based on a brochure with a floor plan. The developer may have demonstration units set up where you can get a feel for what your future condo will look like, but there is no guarantee that your condo will reach the demo unit's quality standard. But bying from a developer may be your only option if you are looking to buy a condo in a tourist destination such as Pattaya or Phuket, where condo developments rapidly reach their 49% foreign ownership limit.
If you buy from a developer, it is important to make sure that you buy from the right developer. The safest bet is to buy from a developer with a proven track record. Development companies traded on a stock exchange are a safe bet.
Buying form a first-time-developer can be problematic. First time developers have less experience complying with government regulations and getting the required permits. Banks are reluctant to finance their projects, and construction may stop if the developer is unable to pre-sell enough units to pay the bills. If the project fails, you may lose your money. On the other hand, many first time developers are successful, and you may get a great deal if you can stomach the risk.
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