Phone: 974 356 879

  Fax: 413 546 789

Are New Condos Really Well Worth The Money

Are New Condos Really Well Worth The Money

At present let's take a look at an instance of this phenomenon. There was a new condominium launched just lately on a plot of land adjacent to another older building. The latter is a little over 10 years old, but when it was first constructed it was thought to be one of the few genuine grade A condominiums in Bangkok. It has a lovely podium level, with a tranquil pool space, tennis court, every different facility you'll anticipate, and each unit measures not less than 300 sq. metres. Why am I telling you this? It's because the sales prices in this condominium are little over one-half of the sales costs in its new neighbor-to- be.

For convenience, let's say that the older condominium is selling for fifty five,000 baht per square meter and the new one is selling for 100,000 baht per sq. m. Is the distinction in price really justified?

We will simply rule out the land price, as the two condominiums are proper subsequent to every other. So what is the distinction?

Building strategies? Doubtful. In reality, many older condominium units are arguably more stable than the newer counterparts. Many developers producing decrease-grade new condominiums are using supplies, reminiscent of plastic imitation parquet flooring, which are unlikely to final more than a yr or two. Additionally, decrease-grade supplies can allow sounds from neighboring units to pass through.

Facilities? Not within the case above. The older condominium has a full range of facilities already.

Calibre of the co-owners? In this case the new condominium has a number of smaller units, geared to perhaps a more middle- class market than the older building which includes giant units only.

The looks of the building? This should be it. The new condominium may have a pleasant, shiny new lobby, a clean and newly painted exterior, freshly laid flooring within the frequent areas, and new furniture. The old condominium is waiting for a repaint, and a new foyer would be nice too.

Then why don't the owners of the older condominium make these improvements? Probably because when it comes to purchasing a condominium, individuals are ready with their chequebooks, but for ongoing upkeep, this just isn't the case. Or perhaps the condominium committee members aren't pretty much as good at selling-in this case the thought of a vital beauty upgrade to add value - as those working for the developer.

Does this imply that in five or 10 years' time the new condominium will look like the old condominium? Is shopping for a condominium like buying a car; the worth depreciates over time?

Well, if you gave the older condominium mentioned above a repaint, gave it a new foyer with new furniture and resurfaced the podium degree, and renovated the small quantity of widespread area in entrance of the units, after which the difference between the two wouldn't be that great. I don't see many prospective consumers drilling into the concrete construction to check the integrity of the concrete.

Bear in mind that in case you purchase a unit in an older condominium, there is a good probability that inside there could be a whole lot of old wooden fitted furniture that's 10 years out of fashion. You may wish to rip the whole lot out and start from scratch. If you happen to carried out an intensive renovation of the unit-new floors, new furniture, new electrical and sanitary fitting, then you would probably be looking at spending in the region of 10,000 baht per square metre.

For more on Parc Clematis review our own webpage.