Buy Off-Plan Condo in Pattaya or completed Project?

Buy Off-Plan Condo in Pattaya

Pros

• You could arrange a bigger discount with the developers. Many developers, particularly new ones will need finance up front. Most will gladly accept off-plan payments at a reduced rate to get much needed cash for construction
• Buying before the property is built will get you around a 30-35% reduction on price. If you wait until the property is finished, this will demand a higher investment
• It can help you offset payments to afford a higher value property. Some people may struggle to buy a finished property, having to pay the whole amount at once. Buying off-plan means you can pay in stages
• You can make a healthy profit quite fast. If you don’t intend on living in the property, you can buy off-plan and sell when finished keeping the profit
• If you are one of the first to buy off-plan, you can have more choice of land plots, views and location
• You can decide on how your property is decorated eg; walls, tiles, kitchens, bedrooms and interior design
• You may be able to negotiate ’extras’ as you will technically be helping to fund the build

Cons

• When buying off-plan in Thailand, you are buying blind. There is nothing to see up front apart from artist’s impressions and you have to put trust in the developer
• It may be a little riskier and unless the developer provides a bank guarantee your investment may not be protected if things go wrong. Always consult with a lawyer and estate agent who can tell you which developers have a great reputation
• The condominium act does not protect buyers of villas. This means if something does go wrong, you’ll have to go to court
• There is always a chance property prices can fall
• You will be paying out for a property you cannot use for quite a while

Buying On-Plan in Pattaya

• You can see what you are buying
• There is no risk with the developer
• The property is ready to live in

• Buying on-plan means you can pay 30-40% more than off plan
• The property will need to be paid for in full as foreigners cannot get a mortgage in Thailand
• The layout and furnishings will be pre-determined
• You might have to settle for a not so desirable unit, as the best will have been purchased off plan