Thoughts about buying a condo in Thailand

I typed up a long comment to a post where someone asked about buying a condo. The post got deleted, but I thought this might be an interesting discussion?

Many people here respond reflexively warning people off from buying a condo in Thailand. Here's my take, based on decades of traveling and living here in Thailand, and more than one condo purchase.

Firstly, a condo purchase being a poor investment -- financially -- is (almost) universally true. Buying a condo here is kinda like buying a new car in the west: the moment you drive it off the lot, it's worth 20-30% less. Then over time the depreciation curve flattens. If you keep it long enough the value may stabilize, and you could get something reasonable out of it. Or its value could go to zero! And unlike the car analogy, there isn't a line of people waiting to buy, so it can be hard to sell.

But the financial aspect isn't the complete picture for everyone. For myself, I eventually decided I wanted a real home here, with a 5-10 year horizon. That wasn't primarily a financial decision. If and when the time comes to move on, for me not being able to sell easily here, taking a potentially large loss, etc. won't be a major factor in what comes next.

Also, condo count as "investment in Thailand", which can open doors for visas. In my case I use my condo ownership as part of what qualifies me for an LTR visa. That comes with a host of tax and other benefits. I know this is not an option for everyone, but it's something to consider now or in the future, especially for those that like it here ;-).

So then the trick is to choose wisely. Just like basically everywhere else on the planet, the main rules are location, location, and location. Choose some place out in the sticks because it's new and cheap? Be prepared for that asset value to basically go to zero. Pay more for a better location -- near a park, or Skytrain, or... something desireable: probably a less shitty investment.

Another thing I've found is that the majority have build and maintenance problems. Yes an older unit may have better noise insulation, but the windows may still leak as the seals wear out, you'll be paying a lot more in electricity because the AC units are older and less efficient, etc. Even paying a premium is no guarantee of quality, and they ALL fray around the edges much quicker than I was used to elsewhere.

It's also a good idea to try to find a place that's "well-run". Very hard here, most aren't. This means a place that actively disallows short-term rentals, where they still fog for mosquitoes, where the common areas are maintained, etc. Every condo will keep their pool running as a high priority, because it's very visible and tangible. Don't let that fool you into thinking the place is well-run: abstract thinking isn't a cultural strong point here, and so it's the things you can't see directly that you need to watch for.