Things to consider before transferring your condo to the new owner
Condo, short for condominium, is a piece of real estate on a large property that can be rented and sold individually. A condo is one of the best investments for the people who are unable to afford a huge apartment.
Why should you own a condo?
You do not need a lot of money to purchase a condo. A condo is real estate and its price rises every year.
You can either rent it or sell it after a year or two at a good profit.
Things you should consider while transferring your condo to a new owner
Condo transfer expenses [ค่า ใช้ จ่าย วัน โอน คอน โด, which is the term in Thai] cannot be overlooked when you are transferring your condo to a new owner.
You have to consider the extra charges if you really want to make a good profit.
What are these charges?
Condo transfer fee is something that is bear by both the buyer and the seller. The transfer fee rate is 2% on the selling price. If you are selling your condo at 5% higher rate, they you are only making 3% profit after the transfer fee. It is not a good profit.
There are also other expenses that cannot be overlooked either. There is building insurance, electricity meter insurance, fire insurance, contract expense, stamp duty expense, and many other expenses.
After going though all these expenses, you might be making 2% profit only. Hence, there is no point in selling your condo at such price.
What should you do?
Real estate is considered as one of the best investments. The price of the land and property will only grow. Though, there will be ups and downs and price will not grow instantly.
To make good profit from real estate, it is crucial to wait. You need to be patient to make good profit from your condo.