The Different Terms and Meanings in Real Estate
Buying, selling or renting property can be a tricky business especially when different terms and expressions change from country to country. Everything you need to know about property particularly in Pattaya Thailand can be found on our website
Buying and Renting Property in Pattaya
Does finding your holiday home or perhaps finding somewhere new to live permanently fill you with dread? Are you a foreigner and looking to buy a house or a condo in Thailand?
For most people it is something they only do once or twice in their whole lifetime but for others it can be a more regular occurrence. And it is the former who can regularly be baffled by Real Estate Agents terms and buzzwords. The very term Real Estate Agent can change depending from what part of the world you live in. In the USA then the facilitator of property is called a Realtor, in Europe and the UK he is known as an Estate Agent and in Thailand the term Real Estate Agent is used.
Plus also do you get confused when talking about a flat, apartment, condo? Basically they are all one and the same, that is a place to live that is not a house. Some apartments or condo’s are classed as studios and this means a one space living and sleeping dwelling, in the UK this would be called a bedsit.
Confusion Doesn’t Need to Rule!
Many condo’s offer the choice of how many bedrooms are required but all are normally classed by their size. In the USA and the UK the common expression is square feet for measurement to describe either an apartment or flat. However, elsewhere and especially referring to condominiums the term is square metre.
Buying a condo in Pattaya, especially a new one, will often be priced as price per metre and this is totally different to that of the UK and many parts of Europe where a price is set for the overall property.
There is a secondary difference between an apartment and a condo and that is one of ownership and again this tends to slightly differ if you are in the USA, UK or Thailand. Basically a condo is a unit that is owned individually with the common areas shared by the individual owners. An apartment building is typically owned by a single owner sometimes a corporation and the individual units are then leased out to occupants, this can be short or long term.
Another highly confusing area is the terminology given to a property that has different levels. In the UK they tend to refer to this as split-level whereas in Thailand it will be called a duplex unit. American’s have even another term for this and would tend to call such a property as a double decker apartment or condo.
If this is all too confusing to take in or if you are a little shy to ask your real estate agent then please contact our friendly team. We are experts at making property decisions easier for our clients.