I noted that property speculators are pushing in the prices of brand new condominium units, which might consider happen to be high when compared with older ones.
Today let's check out a good example of this phenomenon. There was clearly a brand new condominium launched recently on the plot of land alongside another older building. The second is a bit over ten years old, however when it was initially constructed it had been regarded among the few genuine grade A condominiums. It features a lovely podium level, having a tranquil pool area, tennis court, almost every other facility you will expect, and every unit measures a minimum of 300 square metres. Why am I suggesting this? It's since the sales prices within this condominium are little over one-50 % of the sales prices in the new neighbor-to- be.
For convenience, let's state that the older condominium is selling for 55,000 baht per square meter as well as the brand new one is selling for 100,000 baht per sq. m. Is definitely the difference in price really justified?
We are able to easily eliminate the land price, because the two condominiums are right next to one another. So what exactly is the main difference?
Construction methods? Doubtful. Actually, many older condominium units are arguably more solid compared to the newer counterparts. Many developers producing lower-grade new condominiums are utilizing materials, like plastic imitation parquet flooring, that are unlikely to last greater than a couple of years. Also, lower-grade materials can allow sounds from neighboring units to pass through through.
Facilities? Not within the case above. The older condominium features a wide range of facilities already.
Calibre from the co-owners? In this instance the brand new condominium has several smaller units, tailored for maybe a more middle- class market compared to the older building which comprises large units only.
The look of the property? This should be it. The brand new condominium may have a good, shiny new lobby, a neat and newly painted exterior, freshly laid flooring within the common areas, and new furniture. The existing condominium is waiting around for a repaint, along with a new lobby will be nice too.
Then why don't the people who own the older condominium make these improvements? Probably because with regards to purchasing a condominium, individuals are ready using their chequebooks, however for ongoing maintenance, this is simply not the situation. Or possibly the condominium committee members aren't nearly as good at selling-in this instance the concept of an essential cosmetic upgrade to incorporate value - as those doing work for the developer.
Can this imply that in five or 10 years' time the brand new condominium may be like the existing condominium? Is purchasing a condominium like purchasing a car; the cost depreciates with time?
Well, in the event you gave the older condominium mentioned previously a repaint, gave it a brand new lobby with new furniture and resurfaced the podium level, and renovated the tiny amount of common space before the units, and so the distinction between the 2 would not that great. I don't see many prospective buyers drilling in to the concrete structure to determine the integrity from the concrete.
Be aware that if you purchase a unit within an older condominium, there's a high probability that inside there might be lots of old wooden fitted furniture that's ten years from fashion. You might want to rip the entire lot out and begin completely from scratch. In the event you performed a comprehensive renovation from the unit-new floors, new furniture, new electrical and sanitary fitting, you would then most likely be taking a look at spending in the area of ten thousand baht per square metre.
So perhaps everything depends upon just how much you are prepared to invest in a shiny lobby. I myself generally spend about 1 minute daily walking with the lobby. The majority of my time I spend within the unit. What about you?
Today let's check out a good example of this phenomenon. There was clearly a brand new condominium launched recently on the plot of land alongside another older building. The second is a bit over ten years old, however when it was initially constructed it had been regarded among the few genuine grade A condominiums. It features a lovely podium level, having a tranquil pool area, tennis court, almost every other facility you will expect, and every unit measures a minimum of 300 square metres. Why am I suggesting this? It's since the sales prices within this condominium are little over one-50 % of the sales prices in the new neighbor-to- be.
For convenience, let's state that the older condominium is selling for 55,000 baht per square meter as well as the brand new one is selling for 100,000 baht per sq. m. Is definitely the difference in price really justified?
We are able to easily eliminate the land price, because the two condominiums are right next to one another. So what exactly is the main difference?
Construction methods? Doubtful. Actually, many older condominium units are arguably more solid compared to the newer counterparts. Many developers producing lower-grade new condominiums are utilizing materials, like plastic imitation parquet flooring, that are unlikely to last greater than a couple of years. Also, lower-grade materials can allow sounds from neighboring units to pass through through.
Facilities? Not within the case above. The older condominium features a wide range of facilities already.
Calibre from the co-owners? In this instance the brand new condominium has several smaller units, tailored for maybe a more middle- class market compared to the older building which comprises large units only.
The look of the property? This should be it. The brand new condominium may have a good, shiny new lobby, a neat and newly painted exterior, freshly laid flooring within the common areas, and new furniture. The existing condominium is waiting around for a repaint, along with a new lobby will be nice too.
Then why don't the people who own the older condominium make these improvements? Probably because with regards to purchasing a condominium, individuals are ready using their chequebooks, however for ongoing maintenance, this is simply not the situation. Or possibly the condominium committee members aren't nearly as good at selling-in this instance the concept of an essential cosmetic upgrade to incorporate value - as those doing work for the developer.
Can this imply that in five or 10 years' time the brand new condominium may be like the existing condominium? Is purchasing a condominium like purchasing a car; the cost depreciates with time?
Well, in the event you gave the older condominium mentioned previously a repaint, gave it a brand new lobby with new furniture and resurfaced the podium level, and renovated the tiny amount of common space before the units, and so the distinction between the 2 would not that great. I don't see many prospective buyers drilling in to the concrete structure to determine the integrity from the concrete.
Be aware that if you purchase a unit within an older condominium, there's a high probability that inside there might be lots of old wooden fitted furniture that's ten years from fashion. You might want to rip the entire lot out and begin completely from scratch. In the event you performed a comprehensive renovation from the unit-new floors, new furniture, new electrical and sanitary fitting, you would then most likely be taking a look at spending in the area of ten thousand baht per square metre.
So perhaps everything depends upon just how much you are prepared to invest in a shiny lobby. I myself generally spend about 1 minute daily walking with the lobby. The majority of my time I spend within the unit. What about you?
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Thanks for your information, cause im also plan to buy new property in Kepong Taman Wahyu and Petaling Jaya.
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