We are now seeing several major developments in Pattaya at the completion stage which is great news for owners.
So you probably paid your first deposit before they started actually building your dream home, and after a couple of years wait, you now get the call or email from the developer saying your condo is now ready to hand over.
At this stage you need to know what your rights are, before signing any final documents and handing over the final installment. Some of you may be used to this sort of situation, however we asked Craig Turner from Rightmove Pattaya for his own advice on moving in to a new property.
Firstly he explained that all developers need to have a safety certificate ready before they can let owners actually move in. This certificate called 0E6 takes a few weeks to get, so it means once they have it they can start moving people in.
Before you go to view the property do ask the developers representative that they do have this certificate which will cover the whole building.
Then at this stage you need to check the condo for snags. Depending on the quality of that developers build will also depend on how long this list looks.
Snagging could cover anything from checking the light sockets, light bulbs, looking for paint splashes, chips in the kitchen cupboards, cracks in the floor, making sure the water flushes and that the showers work.
He suggest that its better if the owners do this , however they do offer this service to our own buyers, especially if they are overseas. Regarding the property market, Craig said that there has been a steady flow of buyers and even during the low season there were some serious buyers around willing to grab some excellent bargains.
There were some great discounts on offer but they tend to be sold in days. A lot of the buyers seem to be already living here. Not so many overseas buyers.
He also explained that the mindset of buyers today is they still think there is more room for discounts and will say they want to wait another 3 months for prices to drop further.
It is true that the old market values have now, but he believes prices have reach bottom limits. In fact he tries to educate the owners more than the buyers, that it is quieter, be realistic then we should be able to sell it.
It is a renters market and it seems there are more enquires than previous years. Last few weeks has seen an upsurge in people coming into their shop on 2nd road. Meanwhile owners are starting to move into large developments including Centric Sea on 2nd road in Central Pattaya and Cetus on Jomtien Beach.
Finally Craig said he knows that the Chinese are buying up blocks in the city and although they personally have not dealt with many yet, he will be looking to employ a Chinese member of staff in the future.