Category Archives: Condominium

Other Side of the Condominium

Condominiums became popular because of its location, in which Filipinos are given the luxury of living in a home within walking distance away from their workplaces. However, other than this popular benefit, there are also other reasons why condominiums became popular, particularly among many modern Filipino families.

Other Side of the Condominium Condominiums, according to many real estate experts, were first founded as a type of modern housing which can cater to the needs of a modern Filipinos, such as the need for accessibility.

However, other than just its accessibility, there are also other reasons why condominiums had gained a lot of popularity in the Philippine properties. Here are some of those benefits:

Amenities Other than just its accessibility, condominiums can also offer a number of unique amenities that made it popular in the Philippines, such as its own maintenance and security personnel.

According to many experts, part of the reason why condominiums became popular, compared to its predecessors such as apartment buildings and townhouses, is because of its own maintenance and security personnel which assured their residents that their homes will be properly maintained while their safety within the compound is also assured.

In addition to that, condominiums are also the only types of residential Philippine properties in business and commercial districts that can offer residents facilities such as swimming pools, gyms, and sports complexes which made condominiums even more popular in the Philippine market.

Because of those benefits, condominiums quickly rose up from the competition which also led to its rapid growth all over the Philippines.

Condominiums for Families However, other than condominiums found in business and commercial districts, there are also a number of new condominiums which are found around the outskirts of Metro Manila as well as in the provinces. These types of condo in Philippines are known as condominium complexes, which are types of condominiums aimed to offer families a home for their growing children.

Condominium complexes, according to many experts, became popular because of its environment as well as its privacy and security. In addition to that, there are also other reasons why condominium complexes became popular for Filipino families, and that is because of its facilities which can cater to the needs of growing children, such as recreational parks and playgrounds.

Because of the introduction of condominium complexes as well as its rapid growth in the Philippines, condominiums became even more popular because of a new benefit that made it even more unique in the country, and that is its flexibility in terms of providing the kinds of benefits that Filipinos and Filipino families are looking for in a home.

Puntamita

Real estate moguls like to impress people with inane demonstrations and descriptors. Theyll gush about the state-of-the-art kitchens (arent they all at this price point?) and request that you peer appreciatively at a scale model (when youve seen one plastic broccoli-floret-sized tree, youve seen them all). But it takes a very special developer to woo with chocolate chip Mickey Mouse pancakes with maraschino cherries for eyes and a pineapple spear for a smile.

I hope youre not diabetic, says Basri Emini, CEO of Emini Equities, shaking icing powder over Mickey.

Brawny, with thick dark hair, Basri Emini is standing over a hot grill at Ayia, his stylish condominium development in Punta Mita, Mexico, just north of Puerto Vallarta on the Pacific Coast. His kitchen helper, a Dutchman, hands me a mimosa, while faint Arabic music tinkles in the background.

Basri Emini, who is from Chicago and sounds like another Chicagoan, John Cusack; Im hay-pea here, says Basri Emini in a fit of glee after moving here in 2006 after being drawn by its beauty. I love Puerto Vallarta because its a real city. It has Spanish architecture and cobblestone streets. Its lively and the people are just amazing.

Indeed, there is a lot to see on the 40-minute drive from Puerto Vallarta International Airport. From the inside of a moving taxicab, the view is akin to the looping backdrop of a Hanna-Barbera cartoon. Peppered with seemingly endless palm trees under a hot sun the average temperature is 80 F there are the quintessentially Mexican food stands, and good people-watching. Hello, guy wielding tangle of birdcages with budgies! But it gets very still when we reach the gated community of Punta Mita, a stunning peninsula with azure water and colourful vegetation.

Thats precisely its charm, says Mr. Emini of the 1,500-acre low-density resort community surrounded on three sides by dramatic coves thanks to Banderas Bay (Mexicos largest natural bay and second largest in the world), the Pacific Ocean and Litigu Bay. It is isolated and quiet but thats the beauty. A lot of the people here already live hectic lives. These are their second and third homes. I always tell them to go to Vallarta or Sayulita [a swinging surf town eight miles away] if they want the scene.

Once a remote fishing village, Punta Mita was developed in 1999 by Dine (pronounced dee-nay), one of Mexicos largest real estate players. So far, Dine has invested more than US$150-million in its infrastructure, and at full build-out Punta Mita is expected to have a real estate value of some US$2-billion.

And whats a resort without luxury hotels? There are two, the Four Seasons and the St. Regis, and home buyers are permitted to traipse over to them, should they fancy a seaweed wrap in the spa, say, or a meal at one of the restaurants with beautiful vantage points and ambiance cue foamy waves, salt-licked air and orange-creamsicle sunsets.

The land mass and the security is whats great here, says Gary Pepin, the vice-president of sales at Punta Mita. Secondly, every person that owns property in Punta Mita belongs to the club. He then launches into the clubs extensive amenities the two Jack Nicklaus golf courses, 11 tennis courts (cradled in palm groves) and a newfangled fitness complex. Eventually, there will also be equestrian facilities.

The club has a $75,000 membership fee, which is totally refundable upon resale. In the world of golf, to belong to a club with so many amenities, one that is totally refundable without a transfer fee, $75,000 is ridiculously low, says Mr. Pepin.

As for digs, theres a variety of lavish sites to choose from, whether you prefer a condo, villa or a private home. Basri Eminis Ayia condos, for instance, which have all been built, are priced from US$500,000 to US$1.19-million (though theres one on the market now for US$450,000) with large terraces, an infinity pool and a furnishing package.

Im also told that average prices for Punta Mitas oceanfront homes are 30% to 35% less than similar luxury homes in high-end master-planned communities in Hawaii, Los Cabos, The Bahamas and Costa Rica.

You can go for the traditional Mexican-style villas with terracotta tile roofs and palapas (an open structure with a thatched roof), like those at the El Encanto site (see sidebar). Or choose a slick condo that emulates what youd find in Toronto.

The difference, of course, is that no matter how appealing Torontos condos are in terms of architecture or interior finishes, they cannot offer a cerulean blue ocean at your doorstep, year-round sunshine, nor majestic palm trees (with apologies to our squirrel-stuffed oaks and maples).

Punta Mita also has nine-and-a-half miles of sandy white beaches and offers chance encounters with exotic wildlife (a bird straight out of National Geographic popped in for a visit while I bobbed in an infinity pool). Punta Mita also shares the same latitude as the Hawaiian Islands. That means wearing short shorts year-round is an option.

For snowbirds just heading into winter, thats one hot selling feature.

Iris Benaroia was a guest of Punta Mita.

Progress In Preparing The Draft Condominium Statute

Progress in preparing the draft regulations under the Thailand Condominium Act amended in 2009 with the purchase and sale agreement is almost completed and will be presented to the meeting of the Council of Ministers (Cabinet) in August 2011. The essence of the contract will be to declare the act as another measure to protect consumers, which requires that any project or condominium units which will be open to the public for sale must be certified or approved by the Environment Impact Assessment Committee (EIA) and must have a valid license for construction.

The framework of this contract will provide fairness for the buyer. Many previous condominium projects were sold or booked but without passing the EIA assessment first which meant that there were many legal cases being brought against developers.

The legislation drafting committee has now approved Condominium Act law. Preliminary determination of the initial height from three stories up and the height of the building will be based on the building control act which regulates the rules or details already. Room sizes, for example, must have a minimum usage area of 20 square meters and a bathroom included. However, the editing of the various definitions will take a year to complete and make enforceable.

The new combined Bangkok city plans to include FAR (Floor Area Ratio) for land use along the metro system includes both open-for-business and under-construction projects and investment projects in the planning stages.

According to the combined Bangkok city plan which is considering updating and prepare to announced a new city plan enacted for 2012. By taking lessons and shortcomings of the previous land use plan for revision as well as the growth rate of both residential and commercial development including the number of people using the area as a key element in determining the future layout of urban development.

The consideration of the new Bangkok city plan will increase the use of land along the entire metro route which is currently in service and currently under construction according to master plan and investment plan.

This is because the demand for land along metro lines is high from both investors interested in investing in all types of commercial ventures including shopping centers and low-rise housing and high-rise housing especially in the inner city and central areas and the demand of living near working areas and shopping centers. The city of Bangkok will increase the FAR ratio or total building area per land area to be able to construct more on the same piece of land as 1-2 times.

Apart from that, areas in Bangkok inner city and Bangkok middle areas that have the overhead train can be able to develop more high-rises with land high prices and are likely to be considered worth the investment of further rail systems including Bangkoks outer areas stations.

However, BMA has planned to raise the ceiling of a maximum FAR10: 1 to FAR 15:1 especially in some of the red zone area such as some part of Silom will also increase In descending order according to their suitability and land use. increasing the FAR to 11:1, FAR 12:1, FAR 13:1, FAR 14:1 and FAR15: 1. However, it must depend on the city planning committee for approval.

Advantages And Disadvantages Of Condos In Panama

On your Panama City beach vacation, you may have a choice of residing in a resort or rented condos in Panama. Listed here are several of the advantages of condos that you like to consider before you decide to make final choice.

The best benefit of condos of course may be the fact that they are commonly large enough to suit all the customers of your travelling group properly. They have many bedrooms, and hence they could rest on lots of people and provide privacy.

Privacy because you could be sleep in one room along with your spouse while your kids take another room just as if you were at your own house. If you are vacationing with your colleagues or other couples, then all of them may take a different room for themselves.

Condo properties contain large and nicely furnished kitchen areas for those who love to prepare food for themselves. In this way, they are able to prepare and consume anything they want. You are not limited to the food in resorts and cafes; you may make meals your local favorite meal and eat at it anytime you desire and are not restricted to the dinner times just like in hotels.

Actually, if you are travelling as a family, and you like to live in an apartment, you could still take care of your normal chosen lifestyle and maintain your regimens. If you want to pray or eat together as a family, you could still do this and enjoy. The condos in Panama are also furnished with a washing machine and dryer to assist you in your cleaning. However, as much as the rented condo is a great option to obtaining a hotel room throughout a holiday getaway, it also offers some limitations. These cons do not. However, signify all the condominiums but a lot of them.

Once you rent a condo, you end up sharing one or two small pools with lots of people. There is no privacy while swimming. Some of the condos in Panama absence the activities, entertainment and amenities that you’re to need as a vacationer. In most cases, services like around the clock housekeeping assistance are lacking and are only obtainable throughout office working hours. They, therefore, lack the 24-hour maintenance and assist that could come in convenient in the event of emergencies.

Most condominiums have hidden and overpriced costs that you are not up to date of initially. These could in the end make your stay very costly in the long run. For some condos, you can’t see the beach easily with out inclined over and looking straight down from your deck. Most are undesirable and come with parking that is a small far away from the condominium itself. The beach place that could be available with no vacationing very far is limited and congested from the several residents of nearby condominiums. Which means you may have no security.

Almost all condos are positioned far away from the beach such that it will take you up to 20 minutes to reach the beach. This can be very irritating if you are walking in the hot sun. When all is mentioned and done, however, after you have viewed each of the problems and compared to the benefits of residing a condo it’s the best option while on vacation in Panama City.

After scanning this content, it’s easy to be able to find the best condos in Panama to enjoy your holiday getaway in fashion. Make a home overseas.

A Guide To Buying Property in Thailand

Thailand is an amazing destination for a second home or investment property – But PLEASE ensure the necessary due diligence has been carried out prior to a purchase!

So you have fallen in love with Thailand? Like so many others before you, and the thousands that will follow? For whatever reason, you have chosen to own a property in Thailand? This could be for the long term prospect of making this wonderful country your permanent home, or as a potential investment, and/or for the pleasure of having a luxury holiday home in the sun. Whatever the reason, there are certain things you need to consider before jumping head-first into a purchase.

Naturally, what seems like a great idea at the time can often change after a full investigation of the pro’s and cons? There is certainly no reason not to consider such a purchase, but like any property deal back in Europe or the USA, it is advisable to carry out due diligence beforehand. Find out the facts before you sign anything, and be sure you have covered everything before you proceed.

Thailand is a wonderful country with some beautiful beaches, an amazing climate and a very laid back approach to life. All very appealing to the foreigner just off the plane from their stressful lifestyles back in Europe or the USA? But before you sign on the dotted line of a contract, please ensure all the necessary due diligence has been carried out, as it would have been back home.

Forbes Le Brock is a professional and extremely helpful real estate agency specializing in general real estate and investment property throughout Thailand; and although they are not qualified legal advisors, they aim to provide as much accurate and up to date information in relation to property purchase, as possible. Any information they provide is by no means meant as a definitive guide, it’s just their way of providing a value added service. Please, always ensure you seek advice from a professionally qualified and registered Thai lawyer, and attain current information at the time of your purchase, or in interest of a purchase.

Always seek professional legal advice and get a qualified registered lawyer

The first and probably most important decision you will make is to talk to a Thai registered, qualified lawyer who is respected and/or has been highly recommended. This is incredibly important as until you have some in depth knowledge of Thailand and the Thai real estate market, you will need professional and honest advice. A good, trustworthy Thai lawyer can assist you in so many ways, save you money and provide many answers to the numerous questions you undoubtedly will have? They can also help you avoid any unnecessary pitfalls created by your lack of understanding of the market, and will guide you through any language barriers.

Always remember when appointing a Thai lawyer, you are basically hiring his/her professional services in order to help protect you from any unforeseen pitfalls, guide you on Thai real estate law, help with any lack of understanding and/or protect you from any unscrupulous individuals that may be looking to take advantage of you. Lawyers are worth every baht they charge if they are honest, qualified and licensed. Hire a good one and they are an invaluable source of information and expertise.

A Good Law Firm will:

“Check the current owners have the correct title to the property

“Check for any charges and liabilities still owed on the property

“Check your contract and advise you on the obligations/responsibilities of all parties

“Guide you through the payment/funds transfer

“Ensure that the property is registered appropriately and in the correct name

“Provide valuable and essential legal information

“Advise on visa regulations and your options

“Safe guard you against unscrupulous persons wishing to take advantage

Ownership Laws for Foreign Buyers – Ask a Registered Thai Lawyer to Help

Currently the laws in Thailand only allow certain types of property to be purchased and owned on a freehold, and you need to know what they are. A Condominium is the first type that comes to mind and a very good option. But even with a condominium one needs to check the unit to be bought falls into the correct legal category. Check the laws governing this, and make sure you carry out all the right actions that create a smooth and hassle free purchase. As already mentioned, a licensed Thai lawyer will do all this for you, and they are worth very baht they charge! It is only the foolish who buys a 15 million baht property and then objects to pay a lawyer 50,000- 100,000 to deal with the transaction. A Thai lawyer is there to protect you and your hard earned money. Don’t be foolish, and always make sure you seek good legal advice. It can also be foolish, to go the cheap route and use any of the numerous unqualified legal advisers who offer ridiculously cheap legal assistance. Many, you often see in the back of tourist magazines, newspapers and occupying numerous street shops. Once again, be careful, take your time and be sensible. There are some excellent lawyers out there and you just need to find them.

As a foreign investor, there are also ways to lease property in Thailand for up to 30 years! Many are happy to choose this option as a freehold property can be owned by a foreign investor on leased land. And even then, there are ways to extend a 30 year lease, but not necessarily with a complete guarantee. Once again, check with a qualified, registered lawyer.

Buying on one of Thailand’s fabulous developments

There are numerous fabulous developments throughout Thailand and one should take their time looking. Decide on the location such as beach area, city, country side, and take the time to look at the various projects in that location. There are many locations to consider depending on where you wish to live. The main areas and popular choices are: Bangkok, Pattaya, Koh Chang, Rayong, Hua Hin, Cha Am, Chiang Mai, Ko Samui, Phuket, and Krabi. Each area has its advantages and disadvantages, and there are a wide variety of developments to choose from.

Make sure you deal with a reputable developer, one that can help you as much as possible. Ask your Thai lawyer to check any contracts and title deeds they may provide, and always seek legal advice before signing or paying for any property. If the developer is reputable and serious, they will fully understand the need for your lawyer to be involved and in fact should welcome it, as it shows they are open and honest with nothing to hide. A reputable developer should also be happy to provide all information as regards the building of the property you are purchasing, and any information regarding title deeds, ownership, communal areas, guarantees and whatever pertains to the successful purchase.

Building your own Home in Thailand – Exceptional Value for Money!

Building your own home is a fantastic option and probably the one that allows you to take full advantage of Thailand’s very reasonable prices. It allows you to get the most for your money. But once again, this can be problematic if you do not consult a professional, registered construction company. There are many unqualified builders out there, as in the West, and many are carrying out construction with no previous experience whatsoever. Some do it as a hobby, others foolishly do it as they think it’s an easy way to make money; and some even do it because they think it’s an easy thing to do. But as we know from Europe or USA the reason we have qualifications, the reasons we have regulations on construction, is because it is, a very complex task. If you wish your house to be built to a standard acceptable to international standards, then make sure you get a registered company to do it for you that can provide examples of their work as well as testimonials and references.

Make sure you use a Company with Construction Experience

Remember standards in Thailand vary widely and don’t be one of the many victims who end up with a home whose electrics are not earthed; windows have gaps around them, doors that do not fit, and structures that have no guarantees. Be sensible and careful. Ask the right questions and make sure the company you choose has a good reputation and is registered as a construction company, not as an individual or via their wife’s name. There is little come back if it is built under a person rather than a company, and any serious builder will have a registered company set up. But even then, make sure you ask the right questions, and make sure they have many years experience in construction.

So once again, it is vital and sensible to always check the company has experience and is registered. A professional construction company is just as price competitive as a small one man band. They will always save you money in the long run and help you avoid the terrible problems that occur by using unregistered, unqualified builders. If something sounds too go to be true; then it probably is?

A Registered Construction Company will:

“Assist and advise you on the prices, styles, types of property

“Provide recommendations, references or testimonials from satisfied clients

“Provide a synopsis of their experience within the construction industry

“Assist you with architectural plans and consult with you on them

“Make sure your plans are signed by both a qualified architect and structural engineer. Very important if you insure your property later on, as many insurance companies will contest any payouts for damage or problems, if the property construction was not carried out by professional people and/or was not designed by a qualified architect and checked/signed off by a structural engineer. So make sure it is.

“Make sure the architect provides you with a complete set of detailed plans and will provide copies for all government offices that require them

“Provide a professionally written legal contract, outlining both parties’ responsibilities and safeguarding both parties’ against disagreement or conflict. It should list all the particulars of the agreement and any additions, changes or alterations to the detailed plans. If specific materials or finish have been agreed, this should also be listed clearly with in it.

“Obtain official permission for your property to be built and provide the government with an documentation they require

“Provide a clear and concise construction payment schedule

“Offer stage payment options

“Provide full invoices for each construction stage

“Be available to answer questions and give advise throughout the construction process

“Provide guarantees

Find the Right Company and Build that Dream Home for a lot Less than you think!

Find the right construction company and you can build a quality luxury 4 bedroom house with pool for 7-10 million baht, a 3 bedroom bungalow for 3 million baht and an exclusive millionaire’s home for 25 million baht. The choice is yours to make on how much you wish to spend. However once again you need to check with a registered lawyer as regards the law and make sure you are able to do what you want to. Many foreigners who are married to Thai nationals choose this option to build and have a contract drawn out by their lawyer, between them and their wife. It satisfies their desire to live in their own home, safeguards them as much as possible and maximizes the money they have to spend. Once again seek good legal advice and there is no reason why you should have problems. The major plus point of building your own home and using a professional construction to do so, is you get so much more for your money than if you bought on a development and can customize the property to your own needs, preferences and budget.

Check all Your Options and Consider Everything Carefully

If you are married to a Thai national then there are other ways to purchase and complete your property ownership. As is the case if you are investing large sums of money into Thailand. There are so many aspects to consider and it is actually not so different to any country in the world. England and America have rules governing such activity albeit they have learnt fairly quickly that is far, far more beneficial to free up such laws, as foreign investment greatly benefits the economy. However this is still early days for Thailand and it will take time for the change to take place. But ultimately, you can buy property here and thousands do. As long as you know the laws, understand your position and are happy to buy on that basis, then you could be the proud owner of a luxury property that cost five times less than a similar property back home!

Check the Visa Regulations and any Taxes or Transfer Fees

Another aspect you need to consider, is how long you wish to stay in Thailand and what the visa regulations are in relation to your country of origin? There are various types of visas available and once again you should seek the advice of a registered Thai lawyer. It wouldn’t be a good idea to buy a beautiful property only to find out that you can only stay in Thailand for one month at a time right? So this needs careful consideration, and preparation.

Make sure you fully understand the taxes and transfer fees you may have to pay on final transfer of ownership. This is important and once again a good lawyer can help you with all of this.

Quick Purchase Guide

The Initial Purchase Agreement

The initial purchase agreement will detail price, terms and conditions, settlement date etc. and in most cases a 5-10 – 10 to 3, a transfer fee of 2 (levied against a vendor who has been in registered possession of the property less than 5 years), and income tax (similar to capital gains tax) at a variable rate.

Property Taxes

There are 2 different types of tax levied on property in Thailand:

1. Land Tax

This is an annual tax levied on land ownership. The amount is often so small that in practice the body charged to collect it rarely bothers to do so. When they do collect it, it is usually after several years when the amount has accumulated.

2. Structures Usage Tax

This only applies to commercially used properties. The rate is 12.5) on property is the comparable replacement.

Finance

Mortgages in Thailand are still difficult to arrange. However, recently a new branch of the Bangkok Bank has opened in Singapore, which has opened up borrowing possibilities for property investment in Thailand, financing as much as 70 in finance, with the exception to some well-known developments where finance of nearer 70 of the purchase price and interest rates can be fixed for up to three years.

To buy a condo or another property with a loan, many purchasers get a mortgage in their home country and then transfer the money to a Thai bank account, while using a lawyer to oversee the logistics of the process.

But please check the current situation and speak with banks direct.

Please note: Laws and regulations do change and can vary, so please make sure you check with a qualified lawyer. The above information is only to offer an insight into the property world and not as an accurate guide. We are not legal experts and nor profess to be so. Always clarify everything with a lawyer and get an up to date perspective on your situation and any laws regulating what you wish to do in Thailand. The above article was written at a specific time and maybe regulations, taxes and laws have changed since this was created. We waiver any liability, legally or otherwise in its detailed accuracy and can not be held accountable in any way.

Thailand is an amazing place to live and a there are some wonderful real estate and investment opportunities. If you take care and be sensible, then you too can be the proud owner of an amazing new property at half the price it would cost in the west.