3 things everybody must know before doing property investment in Pattaya
First things first, always rememeber to be careful and do your homework/research, there is absolutely no need to be rushed! This is, after all, a decision that will affect the rest of your life and it's up to you to make it a good one or a haunting one.
The first thing buyers need to watch out for is real estate brokers pushing pre-sold properties (those that are sold before even starting to set the foundations for the building) a bit too hard. Yes, there are projects that are pre-sold that will likely be finished (given the track record and reputation of the developers), but there are those cases where people will find their investment going up in a cloud of dust.
Be very careful with brokers that insist on you buying 'quickly before the price goes up
About your broker:
In short, prepare yourself to do research which starts with finding a broker that is genuine, transparent and with a proven track record. There's sadly no magic bullet to accomplish this. It requires a lot of intuition and human reading from your side, but there certainly are brokers in Pattaya that do have your interests in mind and not just their commission (though they might be a dying breed).
Things to watch-out for are insistent brokers that are pushy towards certain projects without providing real, numeric and relevant information about the property (specially with pre-sold modern units that don't even exist yet). Also be very careful with brokers that insist on you buying 'quickly before the price goes up', Taking your time and understanding the future implications of your actions (and the potential risks of the market!) will determine whether you made the right decision or if your investment will turn sour. Do not rush.
Things to watch-out for are insistent brokers that are pushy towards certain projects without providing real, numeric and relevant information about the property
Sometimes older buildings are better:
A great advantage of Pattaya is that property development is certainly not a new game. It has been going on for decades and in many cases it still holds true that older properties were built by developers with better intentions than the modern ones. Many properties these days are built with speed and money in mind. They are composed of pre-built cheap materials, that even though they look shiny, modern and well designed, will not stand the test of time.
Ask your broker to show you older developments, you will be surprised how large and strongly built these buildings are
Ask your broker to show you older developments, you will be surprised how large and strongly built these buildings are. Even their pools will more likely be built with stronger and better materials than all the pre-fabricated modern versions. Pay attention to the thickness of the walls. Seriously, have your spouse stay outside with the door closed and scream a little bit. Can she easily hear you? You will be amazed as to how paper thin the walls of new condos are.
Another great overlooked advantage of older properties is the size of their balconies. In modern developments a balcony is a waste of material, but they used to be a big part of the apartment design and are truly gigantic compared to newer versions.
Many newer developments are built to impress but not to last
Think about the maintenance before you purchase a property:
Many people make the horrible mistake of being blinded by the shiny and decorated surfaces of many modern developments without even giving second thought as to how the place will look in 5 or 10 years. Many newer developments are built to impress but not to last. Many of these will not have a long term maintenance plan nor the strength to last that long, after all, they weren’t created to satisfy your needs; they were designed give a quick cash handout to the land developers. This is another great thing about older properties: If they are still looking good now it means they have good maintenance and will likely keep doing so for a long time to come.
By Matias Berra based on Cando Properties advice