Dozens of buildings are being built in Pattaya every year. And there are more and more people who want to profit from investments or buy housing for themselves and their families. Against the background of the hype around new projects, for some reason, we miss the limitless opportunities offered by the secondary real estate market. Secondary housing cannot be written off in Thailand, and in which cases it is necessary to buy a house or apartment on the secondary real estate market.
The market of real estate for sale in Pattaya and other popular coastal areas of Thailand offer a wide range of both new buildings and secondary housing. Most people rent housing during their stay in the country, because it is easier and more profitable to live in rented apartments and houses than in hotels. And some want to purchase their own real estate outside the city. But ignorance of the price range and some subtleties frightens tourists and expats. These are the main reasons why the purchase is postponed until better times. In the article, we will analyze the advantages of secondary real estate in the Kingdom.
3 Reasons to buy a property in Thailand
No. 1. You are an investor, and you are dealing with a resale market. To make the deal profitable, follow two rules: choose unique projects and buy a unit as early as possible. We recommend buying an apartment on the first price list, even before the developer has received an EIA and a construction permit. This is quite a big risk, but it is justified if you cooperate with large developers. Buying at the very first and most favorable price, you can get a good profit.
No. 2. You are looking for a home for yourself. If you are looking for a good house for your family, a secondary property is what you need. In this case, you can purchase a beautiful house in a cozy area for 2-3 bedrooms with a swimming pool for 5-8 million baht. The fact is that the price of building materials has increased greatly in recent years. Therefore, when buying a new house for 5 million baht, you will get empty rooms and not much land. But you should turn to the secondary market, and for the same money you will find a house with a swimming pool and a large garden.
Another advantage of secondary housing is that you will not get a "pig in a poke". Buying a house in an unfinished village, you do not know what might be nearby - a noisy road, a karaoke bar or a street of empty houses that could not be sold. In an inhabited house, you can see how everything looks inside and what kind of environment is outside. People who are buying on the secondary market for the first time are worried about the quality of construction of such housing. According to experts, everything that has been built over the past 10 years is of good quality. Construction standards have not changed.
No. 3. You are looking for a condo for living or summer vacation. Another type of real estate on the secondary market is old houses with so-called open sea views. There are a lot of condominiums on the beach. You can purchase an apartment there at a good price. For reasonable money, you will get a lot of benefits. Firstly, an apartment has a convenient location with a sea view. Secondly, you get more square meters. Thirdly, affordable prices.
A larger area for a lower price
Prices for secondary real estate strongly depend on many factors. Location, distance from the sea, type of housing, urgent sale — all this affects the cost. There are very good real estate offers at prices lower than in a new building. Sometimes, owners need some money, and they are ready to give in. The average price per square meter in the secondary market is lower than in new housing.
A square meter in a Thai new building will almost always cost more than in secondary housing with the same location. This is due to several factors. For example, new projects are equipped with an intelligent automatic home control system, which significantly raises their price. In addition, older houses offer a smaller range of amenities.
Potential buyers who do not care about such factors can take a closer look at the secondary real estate market, as it offers a lower cost for a larger area. Extra space is a big advantage, especially now that many people have started working at home.
Space individualization
People who purchase secondary real estate enjoy greater freedom in renovation and development. Most new buildings are put into operation with equipment, finishes, and, in some cases, furniture. Some developers impose restrictions on changing the sold area.
As a rule, there are no such restrictions when buying an old home. Although the legal council of the building will control the renovation work, many rules are quite flexible and allow the owner to use the space as he likes.
No surprises
The only way to see an off-plan property is an exhibition stand or 3D rendering. These are excellent tools, but some buyers let their imagination run away with them during the deal only to be disappointed when the housing is put into operation.
When choosing a secondary property, the buyer pays for what he sees. In this situation, there can be no unpleasant surprises, because the future owner is sure that his decision is correct.
Buying a property in Thailand
For some potential buyers, it makes sense to consider offers on the secondary real estate market, but not for everyone.
Thailand-Real.Estate is exactly such an agency with qualified specialists:
People interested in amenities or prefer ready-to-move-in housing should choose new buildings. Ultimately, the key point is to choose a reliable real estate agency that will meet all the needs of its client.
