1. How do I rent out my apartment through the resort?
There are two methods of renting out your apartment.

a) You may join the Rental Guarantee Program which provides a 7% per annum return on your investment. In order to provide this guaranteed income, there are residency restrictions applicable which are provided in the Guaranteed Rental Booklet.

b) If you prefer the freedom to stay in your apartment whenever and for however long you wish, you can simply notify the resort when the apartment will be vacant and the periods you would like to rent it out. The apartment will then be placed in the resort room pool and rented out when the room is at the top of the queue. The resort will take a 30% commission and will provide for all booking fees, cleaning and laundry expenses. Your income is deposited into a local bank account in your name or it can be credited against your future maintenance expenses.

The resort will send you an email to confirm all bookings of your apartment and provide a twice yearly account of your rental activity. When you want to use the apartment again, you just notify the resort to remove the room from the resort rental pool. In this manner you have 100% control of when you want to use your apartment. However, all rentals must be handled through the resort rental system.

2. What do my maintenance expenses include?

The maintenance fee covers cleaning the common grounds, swimming pool, fitness center, reception, lift lobbies and hallways. It is used to keep the water and electric utilities operating, provides for garbage collection, and maintaining the roads and parking areas. It also pays for the 24 hour operation of the security guard and CCTV cameras, as well as the provision and maintenance of key card and lock systems. It does NOT provide for the internal maintenance of the apartments, kitchen or sanitary equipment, furniture or air-conditioning unless under warranty.

3. May I have friends or guests use the apartment?

You may have friends or family use the apartment but the resort must be notified by e-mail at least 48 hours prior to arrival with written confirmation from the hotel for approval. All guests must be registered and any cleaning and laundry charges will be the responsibility of the apartment owner.

4. May I bring in outside guests to my apartment?

Yes you may bring in outside guests to the apartment but they must be registered at the security desk. Use of the pool and the fitness center will incur a daily fee.

5. Do I need to buy insurance for my apartment?

Yes you should buy insurance for the apartment for theft, fire and liability, especially if you plan to rent out the unit at any time. The price for insurance is not expensive and has been included in your estimated annual operating costs.

6. Can I transfer my apartment BEFORE the construction is complete to another buyer?

Yes you have the right to transfer the apartment to another buyer before the apartment is finally transferred into your name. However, the selling price used at the Krabi Land Department for registration must be the original price.

7. How can I sell the apartment via the leasehold method after I have owned it for a number of years?

There are two methods:

a) The new buyer can take over the remaining years on your lease, for instance if after 10 years you have 20 years left on your first 30 year lease, the new buyer could take over the remaining 20 years, and sign 2 new 30 year extensions with the resort. In this method there are no taxes.

b) You cancel your Long Term lease with the resort, and the new buyer receives a new 30 year Long Term Lease with two 30 year extensions. You will be responsible for income taxes which will be determined by the number of years you have owned the apartment. So this should be calculated when you determine your selling price.

Under both methods, the buyer and apartment owner are responsible for all transfer taxes, legal fees, and costs that are related to the transfer of the unit. Normally these expenses are shared 50% – 50% between seller and buyer.

8. What is the sinking fund?

The sinking fund is for capital expenditures (separate from maintenance) such as a new roof, water pumps, motors for the elevator lifts, equipment for the fitness center. Much of this equipment has a useful life of 10 years, which is the period that each sinking fund payment must be made. This insures the resort and apartments are kept in optimal condition, increasing the re-sale value of the units.