Condos in recent years are gaining a lot of popularity. It offers a holistic lifestyle where people live and enjoy more securely and which is eco-friendly too. Also, in cities with limited space, condos are affordable too. Houses stacked at top of one another are gaining huge popularity and are utilizing maximum space.
Condos are becoming all the rage among young professionals and students mainly and even some nuclear families. If you are interested in condos, there are things you should consider like condo transfer expenses (ค่า ใช้ จ่าย โอน คอน โด, which is the term in Thai) and a lot more.
Condos are good for leasing and renting too which offers you a source of passive income. Always familiarize yourself with the whole process of condo turnover so that later you face no hassle.
Learn About Possible Delays If Any
‘Turnover’ is the process where the developer would physically handover the condo unit to the buyer. The turnover date could be influenced highly by several factors including completion, payment, or even buyer satisfaction. There could be instances when developers are unable to hand over the condo on time. Therefore having an accurate date from the beginning is a wise move.
Is The Turnover Process Triggered?
Your condo will only be handed over to you by the developer when the requirement of the clearance has been satisfied. Usually, developers would be asking for 20% of the price. The requirements of clearance and to trigger the turnover process would be notified at the initial stage of staging and sale.
Be Cautious Of Hidden Charges
Sometimes, developers could withhold information regarding transfer expenses till the last moment. Always read the fine print of your contract no matter how confident you are about the developer and the development. See if the transfer fees are charged separately or under miscellaneous. The same applies to utility service connection fees.
Inspect The Condo Before Handover
Before paying condo transfer expenses, it is important to inspect the condo. This is your chance to check the appropriate furnishings and whatever was mentioned in the contract. After inspecting, you could then sign the turnover document.
The reasons for buying a condo could be many. But ensuring everything is done legally and up to your satisfaction matters a lot. This is why go through these factors to understand what you should be considering when the turnover date is knocking on your door.