Planning to buy an office space in Bangkok? Please follow our Bangkok office buyer’s checklist below to help you prevent some basic mistakes:
- Use a commercial property broker who knows the market and who can assist and guide you in your research. The Bangkok office market has a lot of specificities and a qualified professional will save you precious time. Most of the time, broker fees are paid by the seller so this help is free for you.
- Make your due diligence: In Thailand, the legal aspects of real estate transactions are complicated. We recommend that you use assistance from a law firm and from your broker.
- Moreover, search for guidance with your legal adviser or broker for contract writing and review.
- Carefully read the contract before you sign it: make sure to read and understand all of the clauses of the sales contract before you sign. If you are not sure of something, do not hesitate to ask for clarification or adjustments.
- Anticipate aspects of financing while you are visiting, begin to compare financing conditions with different banks, start to negotiate with them. Plan your financing accordingly and forecast your future cashflows.
- Evaluate the potential renovation costs. Do not hesitate to bring experts and contractors to visit your target office with you in order to estimate the costs and time needed for renovation.
- If you want something modern and fancy, use an interior designer with fresh ideas.
- Understand and audit the current aircon system and other big ticket items to see if they need improvement or not.
- If you want to purchase for investment purposes, make your yield study and compare with similar units and buildings. Your broker will be able to give you some insights into the market.
- Collect all of the information about the building management and juristic office maintenance costs, ask for the last report and read it, it will give you a good idea how the building is managed.
- List all the monthly costs and integrate it in your budget and forecast.
- Visit the office at different times of the day, you can see the sunlight direction, the traffic and feel your future environment at different times of the day.
- Check who will be your future neighbors.
- Consider human resource issues, will your staff be able to move here with you comfortably?
- Finally, use your commercial property broker to negotiate and do not hesitate to make offers within your budget.
Strata Bangkok Co., Ltd is here to assist you during throughout this process and has an extensive list of partners to assist you on specific issues and specific points of our Bangkok office buyer’s checklist. Do not hesitate to contact us and we will study your project with you.