Before buying a condo, what should you know before making a decision?

If you’re thinking about buying your own condominium, there are a few important things you should know before making the decision.

For first-time buyers, it’s essential to understand what to look out for to avoid mistakes later on. A condo is a type of residence that has seen significant growth in popularity and value over the past few years. Today, condominiums remain one of the most in-demand forms of real estate.

Many people who want to own a place of their own are choosing to buy a condo rather than a house. But before making the purchase, there are key factors you should carefully consider. Being well-prepared will help ensure a smooth and successful buying experience.

This guide is especially useful for first-time condo buyers — make sure you’re informed before taking that important step. Contact us

Before buying a condo, here’s what you need to know to be fully prepared.

Buying your own condominium is a major decision — and possibly one of the most important financial choices you’ll make.
Purchasing real estate requires a significant amount of money, often a large lump sum. For salaried employees, it’s possible to take out a mortgage to finance a home purchase. However, this also means taking on a long-term debt.

That’s why, if you’re thinking about buying a condo for the first time, it’s essential to understand what it takes to be financially and mentally prepared. You need to know what kind of condo is worth investing in and what to consider before making the purchase.

If you’re a first-time buyer, here’s what you need to know before buying your very first condominium.

1. Check Your Readiness – Are You Truly Prepared to Own a Condo?

The first and most important thing to consider before buying a condominium is your own readiness — especially financial readiness. You need to assess whether you’re truly prepared to take on the responsibilities of condo ownership, including your ability to secure a mortgage and handle monthly payments.

If you don’t have a large lump sum saved but earn a steady monthly income, it’s crucial to know that you should ideally have savings of at least 20% of the condo’s price. This helps reduce your debt burden and prevents overextending your finances.

According to general lending guidelines, banks typically assess a borrower’s debt-to-income ratio and prefer that your total debt (including your mortgage) does not exceed 40% of your monthly income. This ensures you can repay the loan without significantly affecting your living expenses or financial stability.

So, before moving forward, take time to honestly assess your situation. Are you truly ready — financially and mentally — to own a condo of your own?

2. Location Matters – Choose a Condo in a Convenient Area

Most condominiums are located in prime areas, especially those that offer convenient transportation options such as near BTS/MRT stations, main roads, or close to shopping centers. The more developed and prosperous the area is, the higher the property prices tend to be.

Condominiums come in various types, including High-rise and Low-rise buildings. When choosing a condo, besides considering a good location with a higher price tag, keep in mind that the higher the building, the more expensive the unit tends to be as well.

3. New Projects Often Offer Pre-Sale Deals

When new condo projects launch, they usually offer pre-sale prices, which are the lowest prices available since the final price hasn’t been fixed yet. If you’re looking for a new condo at a price lower than the market rate, pre-sale periods are the time to consider.

However, buying during pre-sale comes with higher risks. Since the sale happens before construction begins, there’s a chance the project could be canceled or fail to pass the Environmental Impact Assessment (EIA). Buyers should carefully weigh these risks before committing.

4. Choose a Condo That Fits Your Lifestyle and Needs

When selecting a condominium, it’s important to find one that matches your lifestyle and how you plan to use the space. Finding a condo that truly suits your preferences is a great value.

Besides the living space, the common facilities are also an important consideration. Condo owners pay monthly maintenance fees for these shared areas, so choose amenities that you will actually use. This way, you won’t waste money on maintenance fees for facilities that don’t fit your lifestyle.

Generally, the more extensive and comprehensive the common facilities, the higher the maintenance fees. To save costs, you can opt for a condo with fewer but more practical amenities that suit your daily needs, rather than paying for a wide range of facilities you rarely use.

5. Transfer of Ownership

On the day of the ownership transfer at the Land Department, you will need to prepare funds to cover various fees associated with the transfer. Both the buyer and seller must have witnesses present during the process, as well as the bank loan officer if you are financing the purchase through a mortgage.

6. Expenses of Owning a Condominium

When you own a condominium, besides the down payment and monthly installments, there are additional expenses to consider. The initial funds you’ll need include the reservation fee and the down payment, as well as transfer fees on the ownership transfer day.

There are also ongoing costs such as maintenance fees, common area fees, and sinking fund contributions. If you want to renovate or customize your unit, as the owner, you are responsible for covering those expenses yourself.

Buying a condominium for the first time can be easy if you have a large lump sum of money—you can simply purchase the property you want. However, if you don’t have a big amount saved or you’re a salaried employee, you can still own a condo by taking out a housing loan.

But what does it take to be ready for buying a condo? And what should you know before making that decision? This article provides answers for many people who are considering buying a condominium. It helps you check whether you are truly ready to own your own condo, what preparations you need to make, and how to choose a condo that offers the best value for you.