Expensive new house and condo developments for sale by the ocean tend to be priced at a premium, allowing funds for the extensive expensive marketing of the units, but are they worth the risk and price premium when there is so much choice available already from mature housing and condominium developments along the coast? (see our list below for the advantages of buying on a mature development)
For anyone considering purchasing a seaside holiday home near the ocean overseas, Thailand still represents good value for money in comparison to some other more expensive parts of the world where the infrastructure, amenities and health services are no better than the excellent standard offered here in Thailand nowadays, but digging below the glossy surface of widely advertised new developments you can discover houses and condos on some really beautiful mature developments at some amazing value for money prices which make Thailand one of the few places for some bargain real estate properties.
Thailand’s Golden Coast on the Eastern Seaboard to the east of Rayong has a number of mature housing and condo developments which have a great deal to offer and are a quicker, safer, less risky investment than purchasing on a new development. The standard of the properties varies from those in need of refurbishment to others which have already been brought up to date to modern western standards and tastes, and the price tends to vary accordingly, nevertheless, compared to the price of a house or condo on a new development you tend to pay substantially less for the same space.
Some of the advantages of selecting a home on a mature development are as follows :
- Buying “off plan” on a new development always has an element of risk that the project may never reach completion and you will be left with a half built house on a building site. Take care to ensure that you don’t deal with risky first time developers who don’t have the capital to complete the project without relying on deposits and stage payments from a high percentage of prospective purchasers.
- Mature developments are already built and complete, over any teething problems, and come with a proven track record of maintenance
- Mature developments are often sited in prime locations which are no longer available to new developers, who consequently have to settle for second best
- With a mature development you can move in straight away and not have to face a long wait for the holiday home or condo to be built and the infrastructure and communal facilities to be completed, as is the case for many properties which are sold “off plan” from a housing/condo developer
- With a mature development you can see the property in real life prior to purchasing, not just an image or plan of it in a housing developer’s brochure which often make it out to look better than it will ever look in real life
- Maintenance fees tend to be less than those for newer developments
- Most mature developments tend to be far more spacious in design and have far more extensive grounds and facilities than the tightly packed new developments
- The house and condo prices are usually nowhere near as high as for new developments, for which you pay a premium despite the risk, wait and inconvenience
- It is sometimes possible to pick up a real bargain and thereby have plenty of money to spare to refurbish the property to your tastes with the most expensive appliances, yet still pay nowhere near as much per square meter as that for a new development with the same space
- Taking into account the numerous advantages above, the upshot is that properties on mature developments generally represent much better value for money than new developments
More and more people nowadays are recognizing the cost savings and advantages of buying property on mature developments, and along the coast many of the mature developments are seeing renewed interest as new purchasers buy up property and refurbish, enhance and extend the property to mould it into the oceanside home of their dreams.