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Possible Snags When Purchasing Panama City Condos

If you’re seriously thinking of purchasing Panama city condos, you should know where you could make a mistake so that you will realize what problems to anticipate and how to recover from these setbacks. Furthermore, these difficulties could be converted into opportunities to know better and have a positive experience buying a property in Panama. The market industry for Panama city condos does not just involve residents but additionally other ethnicities that are enthusiastic about moving or visiting the country. Business men, retirees and other people who have loads of disposable money are all out waiting around to have their own hands on the very best properties in Panama City.

Finding out how to turn an obstacle around could help you save lots of money by steering clear of bad brushes with the regulation and stuff like that. Whenever possible, learn about what exactly you are getting into so you will not violate something for making a purchase. Additionally, there might be distinctions with getting new Panama city condos and buying foreclosed kinds you need to make a note of. For example, a private firm or agent should inspect a foreclosed home particularly when you’ll be obtaining a loan to buy the unit and you can be paying for an additional premium if you decided to secure a home loan.

Another obstacle to buying your own condo units is not having crucial docs converted in Spanish. In Panama, all of docs must be reduced publicly must be translated in Spanish and authenticated within the appropriate federal government office. If not, your own condo unit purchase can be delayed the same way as you have wrong or misspelled information on your own docs. This is exactly why proper care should be taken to make sure that you have complete documents.

Another hitch is if the condominium unit that you are buying doesn’t have a clean title. More often than not, the reason why someone can’t sell a unit is really because it is a kind of security for an active loan. Ensure that the seller has resolved his accountability and that the title or the unit is free from encumbrances. Moreover, before purchasing a unit, question regarding capital gains taxes and also other charges which you may have to pay for. These incidental costs should be totally resolved before the title can be transferred to your name.

A few sellers will get you to sign a contract just before seeing a real unit for sale, always question and read through the papers given out to you just before putting your signature on. Additionally, condo units don’t have much variety just like regular bungalow homes do. You will definitely need to beautify your unit to help make it look unlike the other units within the building. Another possible problem with purchasing a condominium unit is with regards to having pets. Most Panama city condos do not allow house animals within units therefore you might have to put your much loved pets for adoption if you’d like to be in a condo. Nevertheless, do not give up trying to find the ideal condominium because they’re excellent investments. But again, remaining in condos is not for everybody so you might want to rethink before making a reservation.

Pros And Cons Of Condominium Complexes

According to many experts, condominiums have become one of the most popular types of housing in the Philippines. Part of what made this popular is because of its many benefits, particularly among the Filipinos looking for refuge in the city, such as in business and commercial districts.

Today, because of the growth of condo Philippines, a number of new condominiums were introduced in the country, and one of them are condominium complexes. These types of condominiums, according to many experts, offers a different set of benefits compared to the typical condominium found in the city. So what are its benefits and advantages?

Condominium complexes: Pros and cons

Pros Condominium complexes are similar to townhouse complexes, which is a type of townhouse popular in many Asian countries, particularly in Hong Kong. Similar to townhouse complexes, condominium complexes are also mostly found in a wide expanse of land, mostly in the outskirts while some are also found in provincial areas.

Because of its location, which is very different with its predecessors, these types of condo Philippines are known to provide a different benefit for different needs. One is that these types of condominiums are more suitable to Filipino families compared to the usual executives living in a city condo.

Another similarity with townhouse complexes are its amenities such as swimming pools, gyms, sport complexes, recreational parks and playgrounds. These amenities further adds to condominium complexes’ family-oriented atmosphere.

Cons There are, however, several disadvantages to living in a condominium complex. One is also because of its location. These types of condominiums are appropriate for a growing Filipino family, but for those working in around the clock and the non-married people, these types of condominiums may not be appropriate for their needs.

Another is its expensiveness. Similar to condominiums in the city, these types of condo Philippines are also known for its expensiveness. Condo fees are also an issue, which is also one of the few disadvantages for all condominiums. These fees are mostly used for the maintenance for all their facilities, particularly for its amenities. According to many Filipinos, the more facilities found in the condo, the higher its fees. For more information visit to our site at http://www.avidaland.com

Buying A Condominium Apartment In Thailand And Transfer Taxes And Fees

Buying real estate in Thailand
Thailand condominium acquisition and conveyance costs, tax and fees
When ownership of a condominium apartment is transferred taxes and fees are collected at the time of transfer by the provincial branch or local land offices in Thailand where the transfer of ownership takes place. Transfer of ownership of a condominium unit in Thailand is subject to the following government fees and taxes:

1- transfer fee at the rate of 2% on the government assessed value
2- stamp duty at 0.5% over the appraised or actual sale price whichever is higher, except in cases where the seller is subject to a specific business tax
3- specific business tax at a rate of 3,3 % over the government appraised value of the condominium or actual sale price, whichever is higher
4- income withholding tax with a different calculation depending if the seller is a company or natural person

Basically 3 different situations exist for the buyer of a condo in Thailand: 1- the purchase of a condo in a new condominium development project registered and licensed under the Thailand Condominium Act, or 2- the purchase of a resale apartment unit from another individual or 3- the purchase resale condominium owned by a juristic person.
When buying from a developer the amount of transfer fees and taxes is limited for the buyer as the developer is by consumer protection laws responsible for all transfer fees and taxes, except he may ask the customer and purchaser of a condo unit to pay up to half of the transfer fees only. Say the appraised value of the condo is 3 million baht the developer may not charge the buyer more than 30,000 baht for the transfer fees as part of the total government transfer fees and taxes for the transfer of ownership registration.
When buying a resale condo from another individual the situation is more complex as there is no fixed rule in the law on how the transfer costs and fees are to be divided between the buyer and the seller. Basically in a private resale of a condo in Thailand this can vary from buyer pays all to seller pays all. How to divide the transfer fees, taxes and costs is simply part of the overall price negotiation between the buyer and seller and it is recommended to clearly include this in the sale and purchase agreement between the buyer and the seller of the condo unit.

Sample calculation

The sample is based on a resale condo with a value of 3,000,000 baht with an ownership of 2 years and 6 months. Note, in the sample calculation we assume an equal sale price and government appraised value. In practice the appraised value is often pretty much lower than the sale value and therefore this calculation must only be seen as a sample.
There is a deduction based on the years of ownership as follows: 1 years = 92% of the appraised value, 2 years = 84%, 3 years = 77%, 4 years = 71%, 5 years = 65 %, 6 years = 60%, 7 years = 55%, 8 years or more = 50%. In this sample calculation the deduction is based on 3 years (2 years and 6 months is 3 tax years) of ownership which comes to a deduction of = 77% x 3,000,000 baht = 2,310,000 baht.
In the sample calcultation personal income withholding tax will be based on 230,000 baht in each year of ownership (i.e. 3,000,000 baht less the deduction divided by 3 (the number of years of ownership).
Income tax rates in Thailand are for income less than 100,000 baht are set at a 5% rate, between 100,000 and 500,000 baht the rate is 10%, between 500,000 and 1,000,000 baht the rate is 20%, between 1,000,000 and 4,000,000 baht the rate is 30%, and over more than 4,000,000 it is 37%. In this cases there is a yearly income tax of 18,000 baht (5% over 100,000 baht and 10% over 130,000 baht). The income withholding tax in the sample situation, to be paid for the transfer of ownership at the time of transfer, is 54,000 baht (based on 3 (tax-) years ownership).
As the condo is owned by the current owner for less than 5 years specific business tax is charged at a rate of 3% plus a municipal tax of 10% over the amount of the specific business tax making this a total tax of 99,000 baht (3.3% x 3,000,000). Note that specific business tax is applied over the selling price or gov appraised value whichever is higher if the property is held less than 5 years. The government transfer fee is 2% over 3,000,000 baht making it another 60,000 baht.

The total amount to be paid at the land office upon transfer of the condo is approx 213,000 baht.
When buying a resale condominium owned by a juristic person the withholding tax is fixed at 1% over the appraised or registered value, whichever is higher, as opposed to personal income tax shall which calculated at progressive rate with a deduction depending on the number of years of possession based on the appraised value of the unit.
Thailand has clear and enforced foreign real estate and condominium ownership restrictions laid down in the law of which foreigners should be aware. Before getting involved with real estate in Thailand read samuiforsale first.

Buying A Condominium Unit In Makati

As someone who lives down south of Metro Manila (think 1.5 hours stuck in the van or car when traffic is bad, and 3 hours when it”s just horrible), I”ve often found myself thinking of renting out a condominium unit in Makati, since the biggest and probably busiest business district in Manila today is Makati (although Bonifacio Global City is giving Makati a run for its money).

Often, to get to a decision I would write down the pros and cons of making such a move, so before I do jump the bandwagon and live out on my own, let”s list down the WHYs and WHY Nots of such decision shall we?

Why Not?
Because living alone in a big city is scary. And you”ve never tried living alone
Counter: but this will teach me independence which in the long run will build character.

Why Not?
May be expensive “” especially with the rental rate of most condominium units in Makati

Counter: renting out is not an option really, it”s better to buy or rent to own “” and there are a lot of condominium units and/or real estate properties in Makati allowing such terms.

Why Not?
Because you”d be living alone and security cannot always be relied upon
Counter: but Ayala Land, one of the biggest developers in the Philippines, promises and follows through on its promise of safe & secure living in its abodes. Should you ever doubt that? Hmm, don”t think so.

Now, for the WHYs…

Why?
Because living in Makati will make it easier for you to go to work, especially if you work in Makati. In fact, even if you do work somewhere up north, you”ll always be opposite the traffic rush during the morning. Most people go to Makati “” while you, if you work in Ortigas, will have an easier time since you”ll be going out of the city.

Also, remember, it takes you a while to get up in the morning, and since you”re not a morning person, living in Makati will give you more time to spend on yourself. Maybe now you can eat breakfast. Maybe now you won”t always be late for work!

Why?
Because investing NOW is better than later. You won”t be asking or scolding yourself why you didn”t invest now. What to invest in? How about a condominium unit? If you don”t want to live anymore in Makati you can always sell it or rent it out.

Why?
Proximity to most cities in the Metro. You are just a 15-30 minutes away from other business districts. And night spots. And malls. And what girl doesn”t love to go to the mall (whether it”s for buying or just window shopping). The metropolis is your oyster and it”s just a few steps away from your condominium!

I know there are various reasons to buy and not to buy a condominium unit in Makati. In fact, I can think of a few more but the ones above are the most salient points.

How Facility Managers Help You Construct Your Facility

Construction of a commercial facility is a complex task. Overlooking a key building feature while constructing your facility may lead to huge operational costs after construction. Hence, in order to avoid mistakes and to construct an effective facility, it is always better to take help of the professionals in the field, such as facility managers.

You can benefit by outsourcing your construction activities to an experienced facility manager as he will have essential construction management skills. These skills include practical experience, familiarity with tools and techniques for planning, scheduling, and supervising and the ability to work with people. Facility managers perform various tasks to ensure quality construction. Some of them are listed below.

Construction planning
In order to build a perfect facility, proper planning before starting the construction process is essential. As part of construction planning, many things should be taken into consideration, such as initial estimates, design and constructability review, value engineering and cost saving analysis, project implementing plan, an organized cash flow schedule, team coordination, and prescheduled meetings with subcontractors and vendors. Hiring contact suppliers, skilled labor and artisans, etc. is also a part of construction planning process.

Before starting the construction process, an experienced facility manager works with you to determine your objectives and standards regarding the facility and prepares construction planning.

Computer-aided design
Facility managers work with architects and engineers to design plans that address your requirements and overall goals of your organization. To transform your ideas into reality, they work with computer-aided drafting technicians to create two and three dimensional drawings. Based on these technical drawings, they prepare specifications, order construction materials etc. to construct your facility.

Interior design
Though interior designing is taken up after the construction, it is certainly a part of construction process. With a clear idea about the purpose of the facility, facilities managers design internal elements in such a way that your facility offers better living and working environments for the inhabitants. They ensure that the interior items such as carpets, paintings, decorative items and office furniture are beautiful as well as economically and ergonomically perfect.

Space optimization
Space optimization is the most important part of construction process. It involves effective utilization of space with least wastage. It helps in maximizing the usable space available in your facility. Space can be optimized by properly designing the building layout. Well experienced facility managers develop and implement a design by aggressively looking out for reducing wastage of space during planning process.

Reduce construction debris
Facilities managers plan, design, and manage the equipment and supplies properly. They reduce construction debris by obtaining required raw materials and using them effectively. This task requires experience in the field of business administration, architecture, engineering and construction.

Integrate flexible installations
It is very important to install flexible and efficient systems to maximize performance and minimize energy costs of your facility. With experience and thorough approach, facility managers use systems and products of highest performance, quality and reliability. They tailor innovative and cost effective design solutions to suit your requirements.

Security
Technology in safety, access and surveillance tools is advancing every day. Facility managers abreast with the latest developments, install security systems that meet environmental, health, and security standards. They check the compliance of construction norms with the federal and local laws. If required, they obtain clearances from appropriate agencies.

Minimize the cost
Using innovative design approaches, improved methodologies and new technologies, facility managers optimize the resources and reduce construction costs significantly. They make sure that all the necessary aspects of the construction process, right from land acquisition to escalations are completed within the budget, protecting the project against additional costs.

Once the project is executed, facility managers will hand over all warranties, project reports and maintenance information to you. So make sure that you approach a reputed facilities management company to get the services of a best facility manager.