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What is a Condo?

            Condo, or condominium, is formally called an "อาคารชุด" in Thai, in Chinese, it’s called 高档公寓. It is a type of residence that consists of a large multi-story building, ranging from 5 to over 50 floors. Each building is divided into individual units, and ownership of these units is completely separate. Condo ownership can be freely bought and sold on the open market, which is commonly referred to as "selling a condo."

What does sell a condo mean?

            Selling a condo refers to the process where the owner of the project or the unit wants to sell the ownership rights to another person. Nowadays, selling a condo is easy and convenient and can be done through various channels, such as self-advertisement on online platforms like 9asset.com, among others. Apart from listing the condo for sale, there are other services involved, such as showing the property to interested buyers, providing information, drafting a sale and purchase agreement, and finally transferring the ownership. This can be quite a complicated process. Hence, people who wish to sell condos should have experience and relevant skills. For this reason, many condo owners choose to appoint a professional real estate agent to manage the sale, reducing complications and preventing errors during the process.

What makes condominiums attractive?

            When discussing the appeal of condominiums, people from different age groups may have varying opinions. Generally, it can be divided into two aspects:

• Value

            Most people believe that condominiums tend to appreciate in value over time, making it possible to sell them for a profit. They can be both a residence and an investment opportunity, thus appealing to many. Whether it’s young people selling condos as a side hustle, working perople investing part of their income in condos for additional revenue, or investors engaging in buying and selling condos as a primary business, they often buy old or deteriorating condos, renovate them, and then sell them to residents in ready-to-live condition. Besides being a place of residence, condos can also be an investment, as they can be sold for a higher price in the future.

• Convenience

            Aside from the potential financial benefits, condos offer convenience to residents, providing amenities such as swimming pools, fitness centers, saunas, gardens, libraries, and more, as well as 24-hour security and cleaning services. Such conveniences make it easier to sell a condo. Additionally, people who prefer using public transportation tend to buy condos near train stations, while those working near shopping malls opt for condos near those areas. Similarly, teachers, students, and parents favor condos close to educational institutions, fitness enthusiasts prefer condos near parks, and healthcare professionals, like doctors and nurses, often choose condos near hospitals.

Who are condominiums suitable for?

            Condominiums appeal to a wide range of people, both Thai and foreigners, with different lifestyles. They are commonly bought and sold condos in big cities and tourist destinations. Generally, the target groups include:

• Singles or Small Families:

            Condos are a good option for singles living alone or couples without children due to their lower living costs, easy maintenance, and convenient sale options. Condos offer internal and external amenities, security, and reduced travel costs and time.

• Working Professionals:

        Living in a condo near the workplace is a dream for many professionals. It saves both time and commuting costs, providing more time for relaxation and recovery from daily work fatigue.

• Real Estate Investors:

        Investors are attracted to condos because they are easy to rent out and sell, especially those in prime locations like near train stations, shopping centers, universities, workplaces, or tourist spots.

• Elderly:

        The elderly now prefers condominiums due to the security and conveniences they offer, such as elevators. Selling a condo in the future may fetch a higher price.

• Luxury Lifestyle Enthusiasts:

        Luxury condos come with complete amenities like swimming pools, fitness centers, and common areas that give a resort-like feel, providing high privacy.

Factors to Consider When Selling a Condo

            Several factors must be considered when deciding to sell a condo to get the best price and match the market conditions. Important factors include:

• Selling for Profit:

        Before selling a condo, it is advisable to check the market prices of that project and nearby projects, both total price and price per square meter, to assess a reasonable price. Knowing the market value helps set the right price and attract buyers. If the selling price is higher than your cost, you can profitably sell the condo.

• Relocation:

        If you have a growing family or are relocating for work, selling your current condo may be a good option to finance a new home that better suits your current lifestyle, while reducing financial and maintenance burdens.

• Enhancing Liquidity:

        If you are a business owner in need of cash flow, selling an existing condo can help improve liquidity, as condos generally hold considerable value.