Hotel Rembrandt Towers Serviced Apartments Bangkok
But the responsibility for any problem that arises in the general area lies with the CJP. For people looking for a vacation home, condominiums also offer security when they are not there. If your apartment is a purely investment property and is part of the complex’s rental program, these repairs and maintenance also fall under the purview of CJP. All these amenities are taken care of by CJP without any hassle or owner involvement. The complex will likely also have a swimming pool and gym. They will receive round-the-clock security and / or video surveillance. CJP will take care of the pool, gym and all common areas. This allows you to just sit back and enjoy your tropical home.
Buying a condo in Bangkok – how to do it and is it a good idea? As stated in previous articles, my general view is that there are better assets to invest in than overseas property. That will be the subject of this article. Despite that, my staff have also looked at some of the positives associated with investing in property in Thailand in the article below, as well as the negatives. Why do people choose to buy a condominium? Why buy a condominium in Thailand?
If the seller has owned the property for more than 5 years, these costs should not exceed 1-2% of the purchase price when shared. All new developments will require you to pay into the depreciation fund, which is a form of emergency fund that is held in reserve for every residential development. If any major renovations or refurbishments are required in the future (such as a pool refurbishment or a repainting of the exterior of the apartment), the CJP may invoke a depreciation fund to cover these costs. This one-time payment is usually around 500-600 baht per square meter and can be easily calculated by multiplying this amount by the square footage of your unit.
With the condominium, the chief condominium attorney (CJP) will take care of the overhaul and maintenance of the building. It is the governing body that organizes the staff and manages the resort to keep everything up and running smoothly. This means regular cleaning, paying bills, repairing leaking sinks, or repairing broken air conditioners are all up to you. If you are an owner and a resident, you are responsible for everything within your four walls.
First of all let’s understand what is a condo? Some people are not familiar with the term “condominium” because this particular legal structure is not used in their home country. Many people think of condominiums as multi-storey buildings with hundreds of apartments, but a condominium is not necessarily a type of building, but rather its legal structure or the form of ownership it offers. The easiest way to define a condominium is a building in which the owners – in addition to their individual units – jointly own everything in the complex. This means that you own a percentage of the gardens, pools, gym, hallways and reception areas that are part of the shared areas. Then the size of each unit determines the share of each person in the total area.
