5 Good-to-Know Factors for Securing the Right Rapid Transit-Served Condo
10 Feb 2021
buy sell rent tips
The rapid transit network has undeniably become a primary mode of transportation for people in Bangkok, able to provide a near-complete link within the city centre or from downtown to the suburbs. Elevated, underground and Airport Rail Link (ARL) rapid transit options are available for commuters to pick from.
At present, Thailand has a total of 13 rapid transit lines either in operation or awaiting the start of operation. The lines in service are operated under 3 systems – the BTS, the MRT and the ARL. Although each system is managed and operated by a different service provider, the lines crisscross and link to one another via many nodes in Bangkok and the surrounding provinces.
The desire for a property which is as near to the electric train station as possible is almost universal among homebuyers, especially those who seek a condominium. But what kind of methodology can a prospective buyer utilise when deliberating over the choices of properties near rapid transit, and expect the resulting purchase to match the amount of money in the wallet,
the buyer’s lifestyle as well as his or her preferred location? Let us ponder over the following 5 important factors:
1. The proximity factor
When speaking of a “condo next to the electric train”, the factor of proximity is certainly among the key components involved in reaching a purchase decision. How close is “close”? Conventionally speaking, a condo said to be “near the electric train” should not be more than 500 metres from the station.
If the commuting experience itself is to be used as the gauge, the condo should fall within a distance that permits one to walk to the station without feeling tired and without needing to resort to any type of vehicles.
The right condo near the electric train does not necessarily have to be the one closest to the station. Often, prospective condo buyers follow the mentality of “the nearer, the better” and feel obligated to select the project that is closest to the particular station. In real circumstances, the distance has to be taken into consideration along other important factors that include price,
the level of crowding, the unit plan, the unit location, the safety of the neighbourhood and other factors.
After taking the above into consideration, many potential buyers may find that a particular condo unit does not precisely address their demand despite its proximity to the rapid transit station.
Taking into account how a great number of condos offer a shuttle service to and from prominent locations nearby, BTS or MRT stations included, selecting a property that is a bit further away from the rapid transit station may not present as big of an issue as first seemed.
PLUS+ Tips: Technique for assessing the factor of distance to and from the electric train station
- Once done with examining the condo, consider setting off on foot to survey relevant distances and the environs between the condo and the rapid transit station. Note whether the walk is hassle-free or taxing, and whether the path is unfrequented or has a good enough number of people to make it safe. Doing so will provide a picture of the level of convenience and safety to be expected while on foot.
Image from THE LINE Phahon-Pradipat
2. The factor of unit position
Next to the factor of distance sits another key factor for selecting the right property – the unit position. Units in differing positions (each corner of a floor) will potentially offer the inhabitant differing views from the window. Each may come with distinct pricing and even an overall atmosphere that completely differs from one another. Such contrasts may be intended by design at each development project or may result from the room direction of our choosing.
For instance, a condo dweller who favours natural breezes may find a south-facing unit appeal better to her demand than units that face other directions, as south-facing windows let in generous amounts of wind in the summer and the rainy season.
Some condo residents, often elderly, find traveling up and down a high floor in conflict with their requirements. Choosing a lower unit position has the potential to offer said residents with greater convenience and harmony in living. That being said, younger dwellers may find that as the floor gets higher, the scenery gets better and thus provides a more fitting answer to their personal preferences.
In selecting the “right” condo next to the electric train, the proximity to the station is not the sole element that matters, as the property needs to be able to satisfy as much of the resident’s tastes and personal requirements as possible.
PLUS+ Tips: Technique for assessing the factor of unit position
- Consider getting in touch with a property brokerage to receive assistance in finding well-priced and well-positioned units. It is nearly impossible in practice for the condo seeker to personally and simultaneously vet and compare the same great amount of property choices that a brokerage would otherwise supply.Most property brokerages have an extensive and diverse stock, and are able to quickly present a condo seeker with the right unit choices that are thorough in scope.
3. The factor of price and purchase timing
The majority of people looking to buy a condo next to the electric train have some concerns over whether the price of such a property would be higher than necessary. As a matter of fact, such a purchase would earn the resident greater convenience in living and the opportunity to resell at a higher price than at purchase. In a sense, investing in a condo next to rapid transit can be likened to investing in living convenience and a chance to generate profits in the future.
This argument is especially true for those who make their purchase during the pre-sale phase, normally when the building has yet to be completed and the real picture of the development project cannot yet be seen. Despite the obvious limitations, buying during pre-sale has the advantage of allowing the buyer to select from among a greater variety of unit positions.
The buyer can specifically opt for a unit that grants an unobstructed view of the scenery or a unit with a window view of particular interest to the buyer. A unit purchased during pre-sale can generate greater future profits and the owner will generally have an easier time renting out the room as well.
Previously, direct purchases from the developer usually entail a discount or promotional benefits only during the pre-sale period. But buyers may presently be able to find promotional campaigns or discounts during the period when the development project is near completion. Nonetheless, price and timing are not easily anticipated and are dependent on the pace of operation at each development project.
Making a condominium purchase at the right moment is something to strive for, especially for a highly priced condo near rapid transit service. Regardless of whether such an opportune moment is brought on by pure chance or by enlisting the assistance of a property brokerage, it likely will present the buyer with a well-priced condo in an attractive location.
PLUS+ Tips: Technique for assessing the factor of price and purchase timing
- The factor of price and purchase timing is one of most difficult factors to anticipate in the market for condominium buying, selling and renting.
- A supplemental factor that may assist with evaluating the situation is the project’s popularity. Once the buyer has deemed that the intended development project is garnering extensive attention and there is the likelihood for the units to become quickly reserved, quickly buying the property during pre-sale may prove to be the superior choice and will reward the buyer with a better price and the opportunity to select from among many unit positions.
- Once pre-sale has ended, opportunities to select units situated in positions desired by the buyer (and any special promotions) may become greatly diminished. An exception would be to buy from the owner of a well-positioned unit (resale).
4. The factor of station type: MRT vs. BTS
After having pondered over the aforementioned three factors, a would-be buyer of a condo next to the electric train should give thought to which type of service she wants the condo to be next to: the BTS or the MRT. Many among us are only acquainted to the BTS, and therefore these people may feel compelled to select a property near the BTS even though their work or commuting demand would be better served by the MRT.
Another service, the Airport Rail Link, runs from Ratchaprarop to Suvarnabhumi and many additional rapid transit lines will be entering into service.
PLUS+ Tips: Technique for assessing the factor of station type
- Compare the routes of all three services to determine which station would best serve your commuting needs. If possible, you might want to study the route maps in detail so the best overall choice can be visualised.
5. The factor of interchanges
From time to time, some of Bangkok’s inhabitants have to commute away from the city centre or need to shuffle between the BTS and the MRT rapid transit services. For a buyer who falls into this category of commuters, no other condo is more suited than one which is situated near an interchange station.
This is also true for investors who wish to capitalise on a condominium that will keep seeing its price appreciate. An example of an interchange, or where a rapid transit line connects to another, is the Asok BTS station and the Sukhumvit MRT station – each are linked to the other.
The vicinity of an interchange station is usually exceptionally lively and highly developed. Food outlets and various amenities are found in greater numbers than in other locations. As a result, the demand and supply for condos at an interchange area are constantly high.
Here, even the residential developments of advanced age remain in good condition, owing to regular circulation of funds into the juristic entity at each development; maintenance of buildings and common assets is therefore uninterrupted.
With regard to its capacity as a location for condominium development, the vicinity of an interchange station is known as a “location with high prospects” as it benefits a property owner by facilitating living as well as by generating future profits.
PLUS+ Tips: Technique for assessing the factor of interchanges
In selecting a condominium project next to an interchange station, the condo seeker could make an evaluation based on 2 determinants: 1) The workplace and 2) characteristics of personal life. Choosing a condo near an interchange station gives the added perk of being able to settle a little towards the suburbs, if one does not fancy spending too much time in central Bangkok – all the while retaining the capacity to easily commute into and out of downtown whenever needed.
Conclusion
- The 5 key factors to consider when choosing a condo next to rapid transit, with respect to the buyer’s requirements, are proximity, unit position, pricing and purchase timing, station type and interchanges.
- The condo nearest to the electric train station does not always translate into the best solution. Backing a little away from the station may sometimes yield a more decent solution.
- Don’t forget to give thought to the position of the unit. The right floor, corner or window direction could lead you to discover the truly befitting condo near the electric train.
- The price of a condo next to the electric train may be high, but the potential return in the forms of quality living and future profit generation is often much higher.
- BTS, MRT or ARL; the right rapid transit-served condo is not limited to one next to the BTS. It may be one serviced by another rapid transit system that more suitably accommodates your commuting requirements.
- If you like the convenience of being able to hop between the services, consider a property near an interchange station.
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