Condominiums or condos as they are referred to are the latest way to live in many cities. As far as the description of properties goes, these are just apartments, but there are certain unique features, which distinguish them from the run-of-the-mill apartments and flats you will see. One of them is that the condos are usually part of high-rise buildings with 25 to 30 floors and above. Buying one of these and living in them is by itself is a symbol of one’s status in society that one has arrived. If you are keen on buying a condo in Pattaya, just read on.
Massive Developments in Pattaya
Pattaya is not only a favourite tourist destination in Thailand, but has had its own all round development as an international city. Real estate has also developed rapidly, and multi story condominiums are coming up. You can find condos available for sale even in the central parts of the city. If you are interested in buying a condo in Pattaya, you could get some nice options. You will have 1 bedroom with one bathroom and 2 bedrooms with one or two bathrooms are available on sale. In terms of area, these condos could start from around 28 square metres and go up to 70 square metres. You could buy these condos for you to live whenever you visit the city or make an investment now and hope that its value will keep multiplying over the years.
High End Facilities in the Complex
The building promoters and builders of the condominium complex provide the residents of the condo units with some great features, within the residences and in the complex in the form of common amenities. These include a swimming pool, a gym and fitness centre with all the latest exercise equipment, recreation areas and a roof top garden. Other common facilities include CCTV cameras for surveillance and security purposes, besides the security guards and parking space. The layouts of the condos are quite tastefully done with even the smallest 29 square metre unit having a spacious bedroom, living room with an open type kitchen, and as you move up the type and size, it becomes more convenient.
Learn the Local Laws of Ownership and other Details
If you are not a citizen of Thailand and wish to buy and own a condo in Pattaya, you have to first understand the local laws. The law in Thailand does not permit foreigners to be 100% owners of properties in the country. A local resident has to hold 51%, and only the balance 49% can be owned by the foreign entity. There are usually well defined terms for payment of the cost of the condos if you are making a booking during the construction period. Up to 30% of the cost is to be paid first and the balance 70% when the handing over takes place. There are other fees also payable, which the builder will explain in detail. The residents will also have to pay monthly maintenance fee, which will be proportionate to the individual area of the condo. As is essential with any property transaction, a sale and purchase agreement is also to be entered into.