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The Pros And Cons Of Buying Pre-Construction Condos

pre-construction condos

Buying property is stressful no matter which way you look at it. Whether you are a first-time buyer or you’ve invested in many a property, there’s always so much for you to consider before being able to comfortably go ahead and make a decision. The good news is that there are ways to make the process less cumbersome – and research is one such way to go about it. 

If you are in the process of thinking about investing in property in Thailand and wish to explore the prospect of pre-construction condos, then this is the article for you. We’re going to go through some pros and cons to help you. 

The Pros 

1. Own 100% For 20% Less 

The best thing about buying a pre-construction condo is the fact that you can invest for less than a resale model. If you are looking for your forever home in Bangkok and don’t mind waiting a while for it to be built, this can save you a significant amount of money in the long-run. 

2. You Don’t Have To Pay For It All Upfront 

Another great benefit of pre-construction is the fact that you only need to pay a 30% down payment of the full price. This gives you more time to gather the remaining 70% before completion (typically 1 to 3 years). 

3. It’s Brand-new And Completely Unlived In

You know that new car smell? Or when you open a brand-new book for the first time? Now imagine that with your very own condo! A home that has never been lived in before. It’s a luxury that few people ever get to experience. 

4. Low Maintenance Is A Plus 

The fact that everything in your condo and building will be brand-new means that you likely won’t have to worry about maintenance for quite some time. Everything should be in near-perfect condition, giving you time to enjoy your home before having to think about spending money on upgrades and repairs. 

Also, Check – Looking to Diversify? Why Real Estate is Still a Strong Investment

Other Notable Pros

  • Warranty 
  • A relaxed buying experience
  • Potential for huge value increase

The Cons 

1. Longer Wait

If you are on the clock, wish to start a family and want to get moved into your forever home sooner rather than later, waiting 1 to 3 years for your pre-construction condo to be ready isn’t ideal. Just remember, you can save money and it’s worth the wait if you can afford it. 

2. Higher Down Payments 

Not everyone is in the financial position to pay for 100% of a property over the course of 3 years. As such, pre-construction might not be viable for you at the time. 

3. Maintenance Fees Will Increase In The Future 

At first your fees will be low as everything is brand-new, but over time your fees will go up, which is something to be aware of. 

Other Notable Cons 

  • Additional closing costs to consider 
  • Imbalance in risk (you risk losing your deposit if you cannot pay the full amount in time). 

Conclusion

All in all, the pros outweigh the cons. It’s all about the financial position you are in, how long you are able to wait, and the quality of the developer you choose to roll with. Should you decide the pre-sale condos in Thailand aren’t for you, you’ll find a number of quality re-sale condos for sale in Sukhumvit, Bangkok. 

Whatever you decide, take your time, do your research, and consider hiring legal representation – including a reputable real estate agent to assist you.

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