When buyers evaluate a condo in Bangkok, or when owners try to assess how well things are going, it’s best to approach the situation in medical terms. You’re the doctor. The Bangkok condo association is the patient. You’ll need to take several vital signs in routine checkups with the association to make sure the condo is on the path to good health. After all, healthy condos only come with strong, healthy owner’s associations.
Condo dues are one of these important vital signs to check. We all want a lower price on anything, from gasoline to condo fees, but buyers beware. A low condo fee might be just as much of a red flag as a very high one. Residents pay condo dues to maintain common areas and amenities. This can include painting, roof replacement, and other items that single family home owners usually handle all on their own. It would be nice if condos associations could just roll all these costs into the price of the unit, but unfortunately it just doesn’t work that way.
Condo dues may seem like a downside to buying a condo, or an extra cost but they’re really just the opposite. Single family homeowners bear the full weight of these costs for their whole property. On the other hand, condo owners can defray these costs among themselves, making the financial burden relatively light.
There is a downside, however. Bangkok Condo Association fees are often determined at the discretion of the condo association. Since most condo associations are made up of human beings, they can make mistakes. A condo fee too high or too low could be fatal to property values, maintenance, and the whole ownership experience.
Condo dues that are too high naturally tend to chase away new buyers. This means, however, that the association has plenty of money in the reserve fund for maintenance. The end result: the property is well maintained but the residents are disgruntled. For the best priced list of condo for sale in Bangkok go to FazWaz.com. They have more than 30.000 condos listed in Bangkok and surrounding area. Some people might even be trying to sell and move out, but they’ll have a tough time talking a new buyer into paying exorbitant dues.
How can condo dues be too low? Since condo dues are meant to cover routine maintenance and replacement costs, dues that are too low will result in declining property values, not to mention decreased functionality of the facilities themselves (ie, leaky roofs, unusable swimming pools, etc.).