Many expats are in love with the colourful and exotic culture that is Thailand, and for that reason, they wish to invest in a condo unit in the city of Bangkok, which could be used by the owner a portion of the time and rented to suitable tenants at other times. Some investors rent their unit out 12 months per year, as this offers a good return, plus the value of their unit appreciates in value, and if you’re thinking of buying a condo unit in Bangkok to rent it out, here are a few tips.
- Use a Property Management Company – This is essential, as the management company will handle every aspect of the unit. They will maintain the unit, source and screen tenants and even transfer the rent into your account, so you have little to do but enjoy the steady income, plus they keep you informed at all times.
- Trendy Locations – Obviously, you want to acquire a unit in a desirable area of the city – somewhere like the exclusive The Lofts, Silom (called เดอะ ลอฟท์ สีลม in Thai) – which is the CBD area with Lumpini Park on your doorstep. This development is mainly full, but there are units that come onto the market, so keep an Internet eye on occupancy at this venue. Thong-Lor is another very attractive part of Bangkok, although you can expect to pay top prices, but you can command a high rental for such a unit, especially if the development is 5-star luxury.
- Avoid Unfinished Developments – The condo market in Bangkok is saturated and with so many great developments that are ready to move in, you are best advised to steer clear of projects that are under development. Of course, developers will offer you many incentives to put down a deposit, yet the uncertainty of the future is enough to turn you onto a unit that is fully furnished and ready for occupancy.
- The Internet – Any person who wishes to view luxury condos in Bangkok can easily search with Google to find websites of developers that have stunning units for sale. Once you see a development that looks ideal, simply book a tour and view the entire development, while checking out units for sale.
If you invest wisely, there’s no reason why you can’t make a steady income from renting out your Bangkok condo, and make sure you hire the services of an experienced real estate lawyer.