The beautifully rugged coastline with its karst caves, white-sand beaches, and emerald jungle in the background has long been a trademark of Krabi. Such a unique region attracts foreigners to explore the peculiarities of the local lifestyle and enjoy living in a comfortable home on the seaside. Property in Krabi is one more important attraction valued by most foreign investors.
How much do they pay for real estate maintenance? Is it extremely expensive to be an owner of property in the resort area? Let’s find it out.
The utility bills
It is obvious that the expanses are not limited only to the purchase of a property. This is only the first step. For this reason, it is crucial to explore the prices of maintenance and potential repairs beforehand and estimate your budget.
Utility bills depend on the type of property, location, square footage and the package of utilities included.
This fee is the largest one. It depends on the number of infrastructures the buyer has on their territory. The standard package includes round-the-clock security, maintenance of the common pool, gardening, lighting, maintenance of elevators, garbage collection, and minor repairs in the apartment. Typically, such costs range from $0.5 to $1 per square meter per month, including the services of a management company. Fees for the maintenance of the complex are paid to the management company once a year.
Water and electricity
There are meters that conclude the monthly price. There is no whole standard price. Electricity in Krabi is expensive – $0.15 per 1 kWh. Depending on your needs and activity, you can “burn up” for $100 in a month, or you can spend close to nothing. However, if the hot climate is not your favorite one, the usage of air conditioning may account for most electricity consumption. If you use the equipment wisely, you can reduce the monthly electricity costs to $30-60 in a 50 sq.m. apartment.
The cold water is supplied to apartments and becomes hot thanks to electric water heaters. You are billed for the electricity you use at the beginning of the month based on the consumption of the previous month. You have to pay it in the first two weeks after receiving it. Otherwise, you will be assessed penalties and fines, and they will be significant. In Krabi, a cubic meter is called a unit. On average, they charge $1.06 per unit.
Usually, the manager of the complex is left a deposit for a few months in advance, and then the owner receives a report on the expenditure of funds. You can also pay your water and electricity bills in Krabi in many supermarkets.
Internet, TV, Phone
For you, as a foreigner, the landline connection is useless. You can buy a SIM card for a cell phone at mobile operators and in simple supermarkets. Prices for domestic calls start at 1 baht ($0.03). You can buy packages connected to the Internet. For fixed-line Internet in the apartment, you pay about $20 per month. Usually, the money is paid for a year in advance at the office of the provider or at the reception desk in the complex.
Cable TV in Krabi costs about $10 per month. You can pay at the provider or through the manager. In many apartment complexes, TV is already included in the maintenance fee of the complex.
- Property purchase tax.
The buyer pays a one-time registration fee, the amount of which depends on the type of property (apartment or villa) and the form of ownership (freehold or leasehold).
When purchasing a full-ownership apartment, the buyer pays only the transfer fee, which amounts to 2% of the appraised value of the apartment. When purchasing a long-term property, the buyer pays a rental registration fee of 1% and stump duty of 0.1% of the contract value (total of 1.1%).
- Realtor’s fee.
Services of the expert, as a rule, are free for the buyer of the property because the agent charges a fee from the seller. In the case of a complex selection of properties on the secondary market, there may be a commission.
- Attorney’s fee.
Usually, a lawyer is not used when buying property in the primary market because the contracts are standard, the payment is made to the developer’s account, and the registration is done by the developer. If the client buys on the secondary market, the presence of a lawyer is almost always required because it is a specialist who draws up the contract, accepts payment, and registers the object. His work in a typical real estate transaction costs about $500-1000.
- Interpreter fees.
Typically, foreigners buy through agents who help negotiate and communicate with a lawyer. Large developers have translators who translate documents.
- One-time fee for managing the company (for new buildings).
The management company of the new complex must create a capital repair fund. These funds are usually collected from the first buyers of apartments. The fee is a one-time of $ 15-25 per square meter. m, affecting mainly the primary market.
As with any real estate abroad, property in Krabi, Thailand, may appear expensive in managing. Make sure that your budget will be enough to cover all the expenses. Then, visit the website Thailand-Real.Estate and select a stylish, comfortable home in sunny Krabi.
Iskra Banović is our seasoned Editor-in-Chief at BlueFashion. She has been steering the website's content and editorial direction since 2013. With a rich background in fashion design, Iskra's expertise spans across fashion, interior design, beauty, lifestyle, travel, and culture.