Costs, fees associated with condos?

[kynikoi]

Could anyone provide me with a clear idea of what it would cost to buy and sell a condo as well as all associated costs and fees (one time, monthly, annual).

 

Assuming you owned a condo for the balance of your life. Might we also assume at least one or more assessments that the sinking fund is not covering?

 

Sinking fund aside - how common are additional assessments to make up for financial shortfalls to address urgent maintenance?

 

6M THB

65sqm unit

Bangkok, Phuket

 

Let's say a nice, newish condo 2-10 years old.

 

Purpose: comparison to costs in US.

 

Thanks

 

[scubascuba3]

As for supplementary fees on top of common fees, these can be every year or two if your common fee level is too low, on new condos it's unlikely

[Peterw42]

The taxes and fees when buying/selling are around 3% (of the land office appraised value) and can be paid by the buyer/seller or 50/50 split (usually negotiated as part of the sale). Taxes can be higher if the property not lived in,

Condo fees can be as low as 20 baht per sqm per month, around 40- 50 per metre per month is probably an average figure. Depends on the facilities, (wave pools and golf simulators cost money)

Sinking fund is a one off payment by the first buyer (from the developer), in a well run block it can fund repairs/breakdowns for many years.

 

Edited June 19, 2021 by Peterw42

[smutcakes]

Ongoing are:

Property Tax- Minimal if its your main residence- 6m condo as your main residence might be below the threshold.

Common Fee- Depends on the condo but normally 40-120 THB per sqm per month- average probably around 50/60. Large condos have bigger economic of scale.

Electric- Up to your usage- probably 1,000-3,000 Per month

Water- Minimal in BKK, possibly more in Phuket

Insurance (If you want)- Minimal, maybe 1,000 THB per month

 

You can get occasional one of costs levied, but this is most likely in old condos where they can never get quorum to approve Common fee increases.

[inThailand]

Cost of ownwership here is much cheaper, cost to sell more expensive. Appreciation in value here zero to negative, at home it can be a significant increase, so capital gain tax more as well. 

[newnative]

     My partner and I have owned condos in probably a dozen projects in Thailand--in Rayong, Pattaya, and Bangkok.  The cheapest condo fees we had were about 12 baht per sqm.  The most expensive was 62 baht per sqm.

     Condo maintenance fees here are great value compared to what I paid in the US.  The 62 baht maintenance fee was for a 3 bedroom condo of 124sqm so the monthly fee was 7,700 baht a month.  That is on the high side but, believe it or not, it covered weekly maid service--something we have never had before or since.  The fee also covered free internet, cable tv, and solar hot water heating at the water taps--all 7 of them.  

    7,700 baht is about $248 US dollars.  When I lived in the US I paid around that much in monthly maintenance fees for a small 1 bedroom condo.  That was 10 years ago.  I think I got water and trash as part of the fee and that was it.  Low maintenance fees here are a big plus with condo ownership.  

    Our current condo project, not a new one, has not raised its monthly fees while we have lived here to cover increased costs over the years.  Instead, it does a yearly special assessment to cover whatever shortfall there might be depending on the amount of maintenance work required during the year.  I think this year the special assessment for our unit  was around 9000 baht.  I am happy to pay it because the project is being maintained very well. 

    

[newnative]

4 hours ago, inThailand said:

Cost of ownwership here is much cheaper, cost to sell more expensive. Appreciation in value here zero to negative, at home it can be a significant increase, so capital gain tax more as well. 

It has not been my experience to get zero to negative appreciation in value.  

[scubascuba3]

14 minutes ago, newnative said:

It has not been my experience to get zero to negative appreciation in value.  

Don't you think in a lot of cases people have made money on the exchange rate which is mostly luck? of course depends on demand and supply, Bangkok may be different to places like Pattaya

[newnative]

Just now, scubascuba3 said:

Don't you think in a lot of cases people have made money on the exchange rate which is mostly luck? of course depends on demand and supply, Bangkok may be different to places like Pattaya

      Likely some have depending on when they bought.  Timing is certainly a factor.  My partner and I did not make our profits on exchange rates, though.  We bought only seaview condos in Rayong and Pattaya, several off-plan.  The Bangkok condo--bought off-plan--was in a good location close to a subway station.  

[davidcraig]

It can be useful to look at what kind of car your condo manager drives.  At my condo, the manager and her son both drive top-of-the-range Mercedes which most condo owners couldn't afford. So an issue is not just the level of charges you pay, but who pockets them.

[Harveyboy]

46 minutes ago, davidcraig said:

It can be useful to look at what kind of car your condo manager drives.  At my condo, the manager and her son both drive top-of-the-range Mercedes which most condo owners couldn't afford. So an issue is not just the level of charges you pay, but who pockets them.

good  point mate our office is overstaffed by a dozen  family im sure all having a pick at the pot .. contractors the same  all envelopes..  

[kynikoi]

51 minutes ago, davidcraig said:

It can be useful to look at what kind of car your condo manager drives.  At my condo, the manager and her son both drive top-of-the-range Mercedes which most condo owners couldn't afford. So an issue is not just the level of charges you pay, but who pockets them.

 

Interesting observation. I guess that's always been yet another reason that I haven't purchased a condo here. It seems like the fees are just siphoned off and then when you actually need to have repairs done a special assessment is made. The effort that it takes to pry management out of these positions only to be replaced by a similar corrupt bunch of thieves is something that I've just not wish to venture into.

[scubascuba3]

40 minutes ago, Harveyboy said:

good  point mate our office is overstaffed by a dozen  family im sure all having a pick at the pot .. contractors the same  all envelopes..  

Up to the committee to stop that, vote them out if they aren't doing a good job

[inThailand]

16 hours ago, newnative said:

It has not been my experience to get zero to negative appreciation in value.  

Neither has my selling experience, but I routinely see many struggling for years to sell at any price. 

[kynikoi]

11 minutes ago, inThailand said:

Neither has my selling experience, but I routinely see many struggling for years to sell at any price. 

 

I see the same tired, ill furnished condos month after month.

 

Seems like 75% of the market is just looking to unload their poor condo decision on someone else - at a profit. As long as they're making the mortgage payment they'll just wait and literally live with their decision.