Water Park Condo

[latestarter]

8 hours ago, KittenKong said:

 

The building structure and general liability is covered by insurance that the building pays for out of the common fee. This does not normally include things like water damage occurring between units, or damage to furniture or possessions or decoration/fittings inside units by fire or theft or other causes, or individual liability. In some well-managed buildings there will be a discounted negotiated optional rate for private contents insurance that will cover individual risk to items inside your unit, and your liability to other units, but if you buy it yourself from a broker it will probably cost around 2,000-2,500B per year per 1MB of cover.

The most common sort of individual risk in a condo building is water leakage between units (normally from above). The older the building the more likely this is.

Thanks. When you refer to "well managed buildings" having a negotiated rate, would this be something set up initially by the developers or is it something that may evolve later through a well organised committee?

[latestarter]

8 hours ago, KittenKong said:

I think you have answered your own question. Though personally I would not trust any developer or agent or lawyer in Thailand further than I can spit.

Really?  Are there no reputable agents in Pattaya? I have met a few and confess I have mixed feelings.

As for lawyers, in my experience, they are the same everywhere.....to be avoided at all costs.

[KittenKong]

6 hours ago, latestarter said:

When you refer to "well managed buildings" having a negotiated rate, would this be something set up initially by the developers or is it something that may evolve later through a well organised committee?

 

A developer is very unlikely to get involved with this, unless he got some sort of commission. I'm thinking of buildings with a good committee.

[KittenKong]

6 hours ago, latestarter said:

Really?  Are there no reputable agents in Pattaya? I have met a few and confess I have mixed feelings.

 

Some are better than others, but I dont think I would trust any of them.

[jamduf]

I have a unit in Water Park. I am satisfied with the unit but, they were behind on finish date. I didn't like that. heights Holding was ok. Not satisfied with only having a few short term renters. Overall satisfaction will depend on when I go to sell.

[southsidebruce]

48 minutes ago, jamduf said:

I have a unit in Water Park. I am satisfied with the unit but, they were behind on finish date. I didn't like that. heights Holding was ok. Not satisfied with only having a few short term renters. Overall satisfaction will depend on when I go to sell.

is your unit a studio, 1 bedroom, etc?  what is your expectation on selling - how many years do you think you will hold the unit and do you think you will be able to sell it for more than you bought it?  if so, how much more?

[jamduf]

4 hours ago, southsidebruce said:

is your unit a studio, 1 bedroom, etc?  what is your expectation on selling - how many years do you think you will hold the unit and do you think you will be able to sell it for more than you bought it?  if so, how much more?

38 SQ. meters

5-7 years

 Not sure how I will do on selling it. Probably better to ask someone who has sold one.

[latestarter]

10 hours ago, jamduf said:

I have a unit in Water Park. I am satisfied with the unit but, they were behind on finish date. I didn't like that. heights Holding was ok. Not satisfied with only having a few short term renters. Overall satisfaction will depend on when I go to sell.

You mention " only having a few short term renters". Is your unit being managed by Heights Holdings or are you doing it yourself? If I go ahead with a purchase at Water Park, I was planning to use an outside management company to handle short term holiday rentals. However I would be interested to hear how you are progressing with Heights....assuming they are handling it for you.

[latestarter]

12 hours ago, KittenKong said:

 

Some are better than others, but I dont think I would trust any of them.

Do you know of any at the better end of the scale that you could recommend......albeit with reservations.

 

[latestarter]

On 3/20/2017 at 2:33 PM, JAI DEE MAK said:

 Yes know they are I own many apartments in different condos and have been a committee member in the past.

I was alluding to the fact that it should be checked, it should be in a separate account.

The JPM/committee can authorise use of it !!!! yes it should be only used for urgent Emergency repairs however this rule has been broken by some condos in the past.

There should be (by Thai law) a monthly balance sheet posted on the condo notice board for all to see this should be not later than the 15th of the following month

all should be listed there.

 

JDM

 

As a multiple owner, do you mind if I ask for some advice?

Do you think the best deals can be had from new completed condos, either from the developer or resales, or would it be better looking at 2-3 year old properties.

[latestarter]

On 3/20/2017 at 2:33 PM, JAI DEE MAK said:

 Yes know they are I own many apartments in different condos and have been a committee member in the past.

I was alluding to the fact that it should be checked, it should be in a separate account.

The JPM/committee can authorise use of it !!!! yes it should be only used for urgent Emergency repairs however this rule has been broken by some condos in the past.

There should be (by Thai law) a monthly balance sheet posted on the condo notice board for all to see this should be not later than the 15th of the following month

all should be listed there.

 

JDM

 

As a multiple owner, do you mind if I ask for some advice?

Do you think the best deals can be had from new completed condos, either from the developer or resales, or would it be better looking at 2-3 year old properties.

[JAI DEE MAK]

1 hour ago, latestarter said:

As a multiple owner, do you mind if I ask for some advice?

Do you think the best deals can be had from new completed condos, either from the developer or resales, or would it be better looking at 2-3 year old properties.

No I don't mine happy to help.

You have asked a difficult question to answer without a lot more information.

The best deal is the one that meets all of your requirements without risk.

JDM

[davidge]

3 hours ago, latestarter said:

As a multiple owner, do you mind if I ask for some advice?

Do you think the best deals can be had from new completed condos, either from the developer or resales, or would it be better looking at 2-3 year old properties.

I, and a few others, answered a similar question here:

It's easier for me to paste thread than type again ;-)

 

If you don't mind me saying, you seem to be set on buying a condo and using an agent to rent it out for you. You seem an ideal 'target' for the many shyster agents in Pattaya. Be careful.

Also, there are a huge number of empty condos on the rental market so don't rely on getting any income to cover costs. You may be lucky or the condo could just sit empty for years.

[latestarter]

2 hours ago, JAI DEE MAK said:

No I don't mine happy to help.

You have asked a difficult question to answer without a lot more information.

The best deal is the one that meets all of your requirements without risk.

JDM

All of the properties on my short list meet my requirements, but as a first time buyer in Thailand, I guess I dont understand what the risks are.

Obviously paying too much is a risk, but I think I can deal with that one. Buying property in my country is fairly straightforward. There is generally nothing hidden...what you see is what you get.

Can you give me an idea of any risks I should be on the lookout for.

[latestarter]

1 hour ago, davidge said:

I, and a few others, answered a similar question here:

It's easier for me to paste thread than type again ;-)

 

If you don't mind me saying, you seem to be set on buying a condo and using an agent to rent it out for you. You seem an ideal 'target' for the many shyster agents in Pattaya. Be careful.

Also, there are a huge number of empty condos on the rental market so don't rely on getting any income to cover costs. You may be lucky or the condo could just sit empty for years.

Thanks. I had already read that thread a few days ago and it is probably the reason for my increased caution.

Yes, my plan for the short term is to buy a condo suitable for holiday letting which I would use 3-4 time a year and give it to an agent or list myself on Airbnb (or similar) for the times that I am not there. In addition to that, in the short to medium term I would buy another 2-3 units to rent out. From what you say, this might not be a great idea.

How do I identify a "shyster" agent?

[davidge]

The people who tend to be more successful in renting out condos they own are those that live in Pattaya and do the day-to-day running of things themselves. Even then, a lot have empty condos a good part of the time. 

Obviously, LOCATION is a crucial part. It's much easier to rent out in Central Pattaya BUT prices are much higher to buy in the first place.

Also, don't expect to be able to liquidate assets whenever you want. It can take a long time to sell - again depending on location.

Yes, people have bought condos, got a return on investment by renting and sold at a profit 10-15 years later so it is possible. Equally, people are stuck with condos that they can't rent or sell.

If you really want to buy property as investment I can think of dozens of countries which would be a better bet than Thailand.

 

[latestarter]

2 minutes ago, davidge said:

The people who tend to be more successful in renting out condos they own are those that live in Pattaya and do the day-to-day running of things themselves. Even then, a lot have empty condos a good part of the time. 

Obviously, LOCATION is a crucial part. It's much easier to rent out in Central Pattaya BUT prices are much higher to buy in the first place.

Also, don't expect to be able to liquidate assets whenever you want. It can take a long time to sell - again depending on location.

Yes, people have bought condos, got a return on investment by renting and sold at a profit 10-15 years later so it is possible. Equally, people are stuck with condos that they can't rent or sell.

If you really want to buy property as investment I can think of dozens of countries which would be a better bet than Thailand.

 

Really, where would you suggest? Best I can hope for in Australia is around 4% return.

From the research I have done so far, returns in the neighborhood of 7-10% seem achievable in Pattaya....obviously assuming you can find a tenant. 

[davidge]

Sorry, I'm out of the thread now.

You've obviously already decided on your 'plan' regardless.

Good luck. I think you're going to need it. 

[latestarter]

1 hour ago, davidge said:

Sorry, I'm out of the thread now.

You've obviously already decided on your 'plan' regardless.

Good luck. I think you're going to need it. 

If I had already decided, I wouldn't be asking all these questions.  Thanks anyway, your feedback has been valuable.

[jamduf]

10 hours ago, latestarter said:

You mention " only having a few short term renters". Is your unit being managed by Heights Holdings or are you doing it yourself? If I go ahead with a purchase at Water Park, I was planning to use an outside management company to handle short term holiday rentals. However I would be interested to hear how you are progressing with Heights....assuming they are handling it for you.

I am currently using a freelance agent who I knew a little before purchasing and have become friends with. The reason why I went this way was that I heard companies only do ST or LT. FL can do both. But due to very little success I will probably switch to a big company for LT.

[jamduf]

9 hours ago, latestarter said:

As a multiple owner, do you mind if I ask for some advice?

Do you think the best deals can be had from new completed condos, either from the developer or resales, or would it be better looking at 2-3 year old properties.

 You can double check this. I am told by the people who sell these. It is better to buy before they break ground or while they are building it. This give buyer built in equity.. Scary I know. If a buyer went that way, best to go with large reputable company that always finishes.

[latestarter]

8 hours ago, jamduf said:

I am currently using a freelance agent who I knew a little before purchasing and have become friends with. The reason why I went this way was that I heard companies only do ST or LT. FL can do both. But due to very little success I will probably switch to a big company for LT.

 

8 hours ago, jamduf said:

I am currently using a freelance agent who I knew a little before purchasing and have become friends with. The reason why I went this way was that I heard companies only do ST or LT. FL can do both. But due to very little success I will probably switch to a big company for LT.

Thanks for the response. From what I have read and the feedback I'm getting, it seems tenants are hard to find. I would have thought you would be OK at Water Park given the location and the facilities. Good luck.