HOME BUYING GUIDE (Before Search & Inspecting)
This informative guide will walk you through the home search process, with helpful advice, common pitfalls and great ideas to keep the process as simple as possible.
- BUDGET: How much can I invest in my new home?
- LOCATION: Where do I want to live?
- POPERTY TYPE: Do I prefer a condominium or house?
- TIME: How soon I want to live in my new home?
- EXISTING HOME: What I am going to do with my existing home?
BUDGET: Working out what you can afford:Buying a property is a big step involving a substantial long-term financial commitment, so think hard about what you can afford. You will need to consider the assets you have - like savings - as well as the money that's coming in and going out.Although it may reduce your buying options, you don't want to commit to a mortgage or instalment plan and then realise you can't afford some of the nicer things in life! It may sound obvious but take time to think of all the things you spend money on throughout the year, even without a mortgage.
LOCATION: Where do I want to live?If you are moving to a new area, you may want to do some research to see if it is suitable for your lifestyle. Useful information about house prices, school performance, public transport links and other amenities can be found on the Seaboard Properties website.
Here some of the important things you need to know and where to get the information:
- Get information on the security measures of the object and the surrounding area.
- Check out the public transport links.
- Look at the Environment Agency website to find out more about the local environment; from pollution to flooding.
- Get advise from your Real Estate Agent.
PROPERTY TYPE: Choosing the right type of home.What is better for you, a condo, a house or just a town-house or it has to be a villa.
House vs Condo.When purchasing a property, buyers can choose between a traditional house or a condominium. Aside from location, housing type is one of the most important decisions to make when buying. Home-owners purchase the house and the land underneath, whereas condo ownership includes only the living space inside of the condo unit and a portion of the common area of the condo building. Even though there are advantages and disadvantages to both types of housing, lifestyle and cost can help determine whether a single-family house or a condo is a more suitable dwelling for your needs.
Condo AdvantagesMore buyers are deciding to purchase condos over houses in recent years due to a resurgence in urban living. In the Pattaya area, Condos are usually located very close to the beach and within walking distance to shops, restaurants and other places of interest. Mostly they come with resort-like amenities, such as pools, tropical gardens and fitness centers. Condos offer excellent ocean view and are often built on a beachfront land-plot with direct beach access. With people living busier lives, condos are an attractive choice because of their convenience and low-maintenance lifestyle. Since maintenance fees cover the exterior and the expensive components of the structure, pool, gardening, security, your own maintenance is limited to the interior of your condo. Condos are in general effective secured with a 24/7 team patrolling the compound plus CCTV coverage. For expats, choosing to travel frequently is a condominium the saves choice.Car-parking is mostly accommodated in the basement, separate parking house or outdoor in front of the building at the common area belong to the project.
Condo ConsOne major drawback to condo life is that the annual fees for building maintenance and amenities are higher as at a house. The fees can be expensive at a luxurious project and increase when extra money for maintenance is needed. Another con is that co-owners and tenants do living close to each other and a renovation job on the same floor can cause some disturbances during daytime.Renovation work can only be done on weekdays, not on weekends and holidays. While many owners seek the sense of community and safety found in condos, some buyers do not like the homeowner rules and restrictions associated with condos. Pets are not allowed.
House AdvantagesA big advantage to buying a house is that you have total control over the property to remodel or make changes without the consent of others. Another house advantage is that it allows for extra indoor and outdoor space, which is more conducive to accommodating families, children and pets. Many houses have a private swimming-pool, others have access to a communal swimming pool inside the gated village. Houses also feature more storage space in closets and the attic or basement. Furthermore, houses have more privacy, because neighbors do not live in as close proximity as in condos. Most houses come with a carport for one or two cars or a garage. You have to consider to buy a house withing a gated village or outside. Gated communities are managed by a co-owner committee similar to condos. The communal property is maintained, street cleaning, street light, garbage disposal, communal swimming pool and village security is organized.
House ConsHome ownership has some drawbacks opposite from those associated with owning a condo. The homeowner is completely responsible for all maintenance inside and outside of the property, including care and upkeep of the yard and trees. When purchasing a house, you must also consider buying extra equipment and tools for maintenance. Even though any improvements will likely increase the homes resale value, they require an investment of time and money. Another con is utility bills are generally higher, because houses have more space than condos especially when equipped with private pool. Houses are in general save against burglar especially when located inside a gated village, but not reaching the same safety degree as a condominium.
TIMEThe timing of finding your new home and arranging the relocation is important. Your estate agent will do his best to find your new home “in time”. Once the search was successful and you found your perfect home, depend to you circumstances you will need to plan well ahead to ensure a smooth move to your new home. Our “Moving Checklist” can be a helpful tool to get it right, please click “RELOCATING”.
EXISTING HOMEDepend on your personal circumstances you need to make a plan how to handle your existing home if you not keeping it as a second residence. When it's rented, you may need to arrange the termination of the contract with your landlord, if you own it you need to decide to sell or rent, may seek advice from your local estate agent.