What to Look out For in Surveying a 2nd hand Condo

Investors now have to do proper research when looking to invest in property, such as second hand condos. But, after completing the search and shortlisting options, then they'll have to conduct a survey or site visit to find the best location for investing. What are the details to consider during this survey? Let's now take a look.

Travel

What are the transportation alternatives available for accessing this condo? Is it difficult to reach the condo you would like to invest in? These are the essential questions you should ask yourself in preparation for said investment.

For example, the Thonburi side of Bangkok is a populated area. There are several waterfront condos in the vicinity, creating a pleasant atmosphere. Being situated along the river, there are passenger boats passing by constantly.

But, reaching the condominium by land requires navigating through deep alleys. Without a personal vehicle, transportation can be quite daunting. While there are local motorbike services, each entry and exit from the alleys will cost at least 10 to 20 baht and up. Based on this example, you can see that convenient transportation is crucial for property investment. This is because hardly anyone would want a condominium in which accessibility and transportation isn't the most convenient

Surroundings

Before reaching the condo within a 1km radius, examine what the surroundings and community look like. Sometimes, you might encounter groups of people engaging in morning-to-night activities. This may include gambling dens in a crowded community. In that case, your target customers might not be ideal for this type of community.

Building Exterior

Check and see the building condition and for how long has the condominium been around. Some may be over 10 years old but have been well maintained, to which one can overlook its age. If the structure still appears sturdy and freshly painted, investing in it might make it easier to find tenants. But, it would be better to avoid investing if the decorations and fresh paint cover up major structural issues. This is because beauty without safety might not hold up well.

Shared Facilities

You need to see what are the facilities available. These may include parking spaces, elevators, the garbage room, mailbox, swimming pool, gardens, library, common areas, security, housekeeping services, fire exits, and so on.

The Juristic Person

You can learn about the corporate management by discussing with the juristic person and residents. This way, you can gather insights into the management practices and how well they take care of the residents. Sometimes, you can also get information online, as some websites allow feedback. This includes frequent comments on the management practices of certain condominiums.

Unit Position

The measure of a worthwhile condo unit investment is for it to not be near the garbage room, fire exit, or situated on the lower floors of the building. Windows should not provide unwanted views, such as a crematorium or smokestack. It's also a good idea to consider the direction in which the unit is facing as well.

The Interior

Start by looking at basic features such as the doorbell, tiles and flooring, wall paint, the door, the windows, the bathroom and sanitary ware, the electricity, the plumbing, and the furniture. Make sure to note down what's missing or what needs repair work as furniture and item conditions is one of the biggest factors that can make or break any investment decision.

Neighbors

Another aspect you should never overlook in a property investment is the neighbors, who they are, and what they do. Some buildings may be full of college students, which may result in loud noises. Meanwhile, some buildings may be in crowded areas nearby taxi stands, local vendors, or constant motorcycle traffic throughout the day. This will help you determine whether or not the condo and its surrounding environment would be suitable for potential tenants.

Repairs

Check and see which items and furniture in the condo unit need repair work or replacements to reexamine potential expenses. If there's excessive repair work needed, then it might not be a worthwhile investment.

Sellers

Don't forget to see whether or not the seller is in a rush to sell the property. If the seller is in a rush, it could benefit negotiations, resulting in prices lower than the assessed value, allowing for a profitable investment.

Also consider why the seller might be in a rush to sell. One reason could be there are underlying issues with the unit or there may be legal disputes tied to the unit, which may waste your investment time.

Market Prices

Considering buying and selling prices, rental rates, and property appraisals, it's crucial to ensure their harmonious alignment. Opting for a moderately affordable purchase might not suffice if the rental price for the condominium is exorbitantly high, dissuading potential tenants. Hence, meticulous attention to financial coherence is imperative. Gather property appraisal data and conduct comprehensive research on actual buying and selling prices. This will allow you to calculate an optimal rental price that strikes a balance, not too expensive and not too cheap.

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Final Verdict

And that's a wrap on surveying the area before investing in a second-hand condo. This helps novice investors in gathering information, streamlining the decision-making process. Those planning to invest in a second-hand condominium can use the suggested details and check their suitability for their specific circumstances.

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