Sunday, 27 January 2013
Buying a condo at the Punna in Chiang Mai
If you’re looking to buy a Chiang Mai condo in the highly prized “Punna”, you will find what you’re looking for and then some. The Punna is a community in a much sought after residential area in the popular Nimmanhaemin Road area. This community was built by developers who had a vision of creating a spot where you had everything you needed within a close proximity.
If luxury is what you are looking for, there are condos in The Punna which you can buy that have amenities that you could only imagine. The location has many facilities, such as a pool, 24 hour security, sauna, business centers, and every imaginable activity you could want to do within walking distance or a short bicycle ride. It doesn’t get much better than the Punna in Chiang Mai.
The Punna’s prices tend to be in the 4-10,000,000 Baht range for a luxury spot in The Punna. If you have a budget around this much or higher, you are sure to find some really luxurious places to choose from. Condos with full amenities offered, fully furnished with TVs, furniture, and in some instances cable and internet already included. Also in these luxurious condos have full kitchens and baths, a/c units, access to The Punna’s private pool and local spas, gyms. If you do not need something with so much space, there are studio condos for sale also. You can pretty much guarantee that if The Punna is where you want to buy a condo, they will have something you are sure to like.
When buying a condo in The Punna you should know that the condo has restrictions on pets, on the ages children can use amenities, noise restrictions, limitations on use of the recreational equipment the condo units have, restrictions on parking vehicles and more.
Being sure to read through all these will keep you from rushing to sign something that looks perfect only to find out there are so many rules and restrictions that you wouldn’t have bought it if you had read it first…so READ those restrictions lists. It’ll save you a lot of headache later on.
There are several fees that you will have to pay or negotiate with the seller to share with you. Those are stamp duty, transfer fee, withholding tax, and business tax. Typically, these are all split 50/50 which is the standard practice in Chiang Mai. When negotiating the price on your condo purchase, be sure to include this in your contract, so you how much you have to pay.
Buying a condo in The Punna is possible for foreigners, and it’s not overly complicated, but you just need to make sure that you know exactly what is expected of you so it goes smoothly. These purchases are cash purchases, so you will need to have the money in full in advance and not plan on making payments or financing like you do in the US. Buying a condo is an exciting event, just be sure to read everything BEFORE you sign so there are no surprises later.