Buying an apartment can be an excellent way to get your first home or to move to a larger home. But living in an apartment is quite different from living in a private family home. You own your home, but not the exterior structure of the apartment or the land where it is built. There are rules for living well, monthly fees to pay, and neighbors to consider. Before buying an apartment, you have to ask some key questions to understand what you are buying:
- Ask for, and inspect, a copy of the department’s ordinances and clauses so you can be sure you can live by the rules. For example, you may not be able to install a satellite antenna or park in certain areas. Find out if pets are allowed and, if yes, how big they can be. Ask as many specific questions before buying an apartment.
- Ask if the housing unit is professionally managed. Some units are run alone, meaning that all hiring of maintenance personnel and legal professionals are left to the members of the Board of the Owners Association. This association may be highly organized and highly motivated, but it may also be ineffective, not to say disastrous, if board members cannot agree on important issues.
- Find out how many apartments the owners live in. The apartments where the owners live are more easily in better conditions than the rented ones. And it is much easier for banks to grant mortgages to buyers of apartments where many owners live. This is important if you want to sell aCondo near Kasetsart(คอนโดเกษตร, which is the term in Thai).
- Ask the developer the following question. Does he own any of the facilities, such as the parking lot or a water source that supplies the apartments? If so, you will charge rent for the use of these facilities, and the rent will likely increase over time. This is one of the most important questions to ask when buying an apartment.
- Ask what expenses the owners have recently incurred and how often new expenses are implemented. The older the unit, the more frequent quotas are requested for things like new roofs and electrical upgrades.