There are many foreigners who would like to rent accommodation in Thailand for living in the long term but they are confused about which type of accommodation is better and more valuable. I would compare both rentals home and condo which help you in decisions making as follows:
● Renting house in Thailand
Advantages of renting house:
1. Saving money
No additional funds are necessary; simply pay the deposit in advance for a period of time. Furthermore, the money you paid will be refunded in the end, increasing your financial liquidity.
Since rening home is a temporary property, you can relocate when your employment changes. Moving the lodgings is quite convenient and versatile.
3. Reduced furniture costs
Because renting a property includes furniture such as a table, sofa, and other items. There is no need to spend money on purchasing them.
Disadvantages of renting house:
1. The property inside is damaged
The house inside may be in disrepair and unsanitary state since the tenant leased it to many people before leasing it to you.
2. Installment cost less than rental cost
There are additional fees that you must pay that are not included in the rental cost, such as a common fee.
3. Poor relationships between the holder and lessee
You must pay the rental cost on a monthly basis, but some lessees refuse to pay, causing the conflict.
● Renting condominium
Advantages of renting condominium:
1. The renting costs are lower
If you rent the condominium, the cost would be less than purchasing the condo. The conditions are not complicated such as the deposit amount, insurance cost, and others would include under renting cost.
2. Low commitment and obligations
It does not result in debt accumulation. Contracts are typically for one year. You may effortlessly maintain contact or terminate the contract easily.
3. Simple to relocate
If the location is unsuitable or there are certain issues, you may leave but must pay a fine stipulated in the contract.
Disadvantages of renting condominium:
1. You do not have ownership rights
It means that you cannot express your ideas about the condominium’s administration or add, amend, or modify the room as you desire. You must completely adhere to the legal entity’s and holder’s rules.
2. Cannot make a profit
Because the holder bears the rental charges. Moreover, you are not the owner of the property, it cannot add value in order to benefit in the future.
These are the pros and cons between renting a house and a condominium. You will choose one depending on your financial stability, the location of the property, the asset-liability balance, the ability to pay installments, and other factors.
Foreigners who wish to live in Thailand should obtain expat health insurance in Thailand since your medical bills from having medical treatment services due to physical accidents or sickness while living in Thailand will be covered. Furthermore, if you buy from Rabbit Care, you will be able to quickly compare the coverage because there are various insurance providers to choose from, such as LMG Insurance, AXA Insurance, and others. Additionally, any pre-existing illnesses that existed before acquiring Rabbit Care insurance are covered. More information is available on Rabbit Care website.