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[DavidMavec]

Hello...

I am interested in buying a condo in Chiang Mai and have a few general questions...

1) If you own a condo, Is the electricity charge generally what the utility company charges or is there a surcharge? When I have rented a serviced apartment it has been 6-7 baht but was wondering if you own a condo if it would be standard prices.

2) In general, what is the condominium maintenance fee per month? I understand that it is typically charged on a square meter basis...?

3) For those of you who have owned a condo for several years, do you consider it a good investment? What are some of the pitfalls?

I know these are very general questions with a wide variety of answers possible. Thanks for any ideas.

[PingandSingh]

Normally the bill is forwarded to you as the owner. This is Thailand however and thus not always the case. Official tariff is now at 4.5 Baht a unit something including the taxes. 5 Baht less should be fine. Many condos are taking advantage of this and charge up to 15 Baht a unit!

Yearly maintenance fee should be around 200 Baht/sqm. Again, TIT and I have seen 600 Baht /sqm on paper as well.

Yes, could be a good investment if you buy the right location (views, noise, shops, access roads) and at the right price.; 30.000 baht/sqm maximum.

Try to start with a small unit (<50 sqm); easier to sell and to rent.

Hope this helps.

[DavidMavec]

Thanks PinghandSingh, that's helpful.

A followup question: if I buy a condo and want to lease it out but leave Chiang Mai for a while, are there reputable people/companies who provide this service? What do they typically charge?

Thanks again.

[scotinsiam]

DavidMavec, on 2012-05-26 13:00:11, said:

Thanks PinghandSingh, that's helpful.

A followup question: if I buy a condo and want to lease it out but leave Chiang Mai for a while, are there reputable people/companies who provide this service? What do they typically charge?

Thanks again.

Thats easy - Chiang Mai properties are excellent -  http://chiangmaiproperties.co.th/

[Rancid]

I have a condo here, I paid extra and installed a government meter and since then have paid the government price.

Maintenance is by the sqm, be careful though if too low then no maintenance, also might check if the manager is driving a Mercedes, maybe rates too high.

I had a a few other condos previously and also sold at a profit (but bought well), economic conditions will dictate that though. See that Shine Condo on Changklan is 90% sold out (Rancid a bit slow on that one), take that as you will.

Everyone has their favorite realtor (or least hated at any rate), but maybe they are posting their own website, girlfriends or their friends, who knows? Feet on the ground and ask around, the picture will clarify.

[Baloo22]

I'm still a "newbie" here in Thailand, but I have been told that if you buy a condo, to make sure it is one (49% of the condo building area) that is allowed to be foreigner owned.

Also, I have read an account of one individual who went to purchase a condo thinking that it was one of the ones that could be foreign owned.   The legal paperwork, of course in Thai, had this individual's name on it so he throught that everything was good.  Luckily, he had his girlfriend with him (and she was honest).  She noticed that the paperwork was actually creating a Thai company with exactly the same name as this man and that the condo was being purchased by the Thai company.  In other words, the condo was NOT one of those available for foreign ownership and would NOT have been owned by him.

[JeffreyMcCollum]

I know of no condos in the Chiang Mai area that has a surcharge on power.  Maybe and older one here or there ?  With you as the owner it is hard for and outside sorce to ad extra charge.  I pay 4 baht a unit for poser

In Chaing mai, the newer condos charge 25 - 45 Baht per sq.m per month.  I have heard of some older ones that the charges is less, way less, but it shows in the care of the project.  Units with pools cost higher.

I have had about a dozens condos in Thailand.  Some I have doubled my money in less than a year.  Some I have lost money on.  But when you think of the time I have lived there at little or no cost, I have never gotten less than even on my investmentl

you can rent or lease out your units. Usuall fee is 1 month a year lease or 10 $ on a monthly rental  I have not had good luck with chang Mai properties, but there are may out there and in the condo you buy I am sure someone will specailize in that building

The biggest problems with condos is the management of them.  SOme are good, while others use them as there own cash machines.  Some are run into the ground while others do well.  As around and always check out a condo at many times of the day to make sure that quiet building next door is not a bar at night

[PingandSingh]

I know that this agent is taking care of my friends condos very well while he is abroad.

They charge 1 month commission for a year lease.

www.chiangmairiversidecondo.com

Edited by PingandSingh, Yesterday, 22:49 .

[VIBE]

scotinsiam, on 2012-05-26 17:17:01, said:

DavidMavec, on 2012-05-26 13:00:11, said:

Thanks PinghandSingh, that's helpful.

A followup question: if I buy a condo and want to lease it out but leave Chiang Mai for a while, are there reputable people/companies who provide this service? What do they typically charge?

Thanks again.

Thats easy - Chiang Mai properties are excellent -  http://chiangmaiproperties.co.th/

You obviously don't live in a building thats managed by them.....and as for using them to buy a condo, my mate bought one from them and on the day he wanted to do the deal, they told him that he could not, as you need to make an appointment at the land office days in advance.  Complete lies, amongst many  others.  He was not impressed at all with them.  He was specific in what he wanted, yet they insisted in showing him units that did not fit his requirements at all.  Wasted more than a few days.....

Edited by VIBE, Yesterday, 23:08 .

[Beetlejuice]

Condos are leasehold and the maintenance company controls everything, so you can never own it.

I wouldn’t even want one for free.

[Thighlander]

In America, I pay 4% of the lease as a commission and 10% per month to collect rent and pay me.  If you are out of State, you must have a property manager.  In THB, I paid 675,000 and it easily rents for 18,000 thb pm.  Try that in LOS.

[TommoPhysicist]

Buying a condo in CM costs twice as much as renting a condo in CM.
Why would anyone want to hang such a millstone around their neck?
Put the money in an Australian bank account, earn 5% interest, rent a condo when you need it using the interest.

Edited by TommoPhysicist, Today, 06:46 .

[neilrob]

Beetlejuice, on Today, 02:33 , said:

Condos are leasehold and the maintenance company controls everything, so you can never own it.

I wouldn’t even want one for free.

Where on earth did you get that idea? Condos are NOT leasehold. Owners get a full chanote title.