Buying for the future

[Billyboy294]

I did not think a Farang could 'buy' a house. A Condo is the only realistic option.

[just hanging]

4 minutes ago, Billyboy294 said:

I did not think a Farang could 'buy' a house. A Condo is the only realistic option.

oh jeez are we gonna start that again?

[Edge]

The OP only asked about buying a Condo so all the house crap is off topic.

Speed readers I guess.  

[Billyboy294]

On 4/27/2017 at 5:40 PM, jmooney said:

Why not build your own place?

Get a 30 year lease on some land and build yourself a nice house instead of being stuck in a condo?

 

 

4 hours ago, Billyboy294 said:

I did not think a Farang could 'buy' a house. A Condo is the only realistic option.

 

4 hours ago, just hanging said:

oh jeez are we gonna start that again?

I was just replying to thejmooney  post, talk about building a fence and "Go for it" referring to getting a lease.

[tywhatitdo]

What are the on going costs of owning a condo like? Does Thailand have annual property taxes you have to pay? Other than HOA/Condo Fees and utilities are there any other monthly expenses?


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[usexpat46]

On ‎10‎/‎22‎/‎2017 at 05:14, tywhatitdo said:

What are the on going costs of owning a condo like? Does Thailand have annual property taxes you have to pay? Other than HOA/Condo Fees and utilities are there any other monthly expenses?


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No property taxes.  Condo fees vary from one development to another and most charge by the sq meter.  i.e. 30 baht (more or less) per sq meter per month.  You'll also have electric and water based on useage along with internet and cable TV.

[s1nbad]

Personally I would advise renting before committing to a purchase

Remain flexible  -  once you live here your choice of where to live and the type of property you want may change as you become more attuned to your new life.  You will also find living here makes research easier and enables you to understand exactly what constitutes a good property investment be it a rental or a purchase.

If you commit to a purchase you will find it is a lot harder to sell your property at the right price than you first imagine, it takes time and agent fees can eat considerably into any investment made.

 

[davidge]

On 17/06/2017 at 09:54, Billyboy294 said:

 

 

I was just replying to thejmooney  post, talk about building a fence and "Go for it" referring to getting a lease.

Leases can still be overturned in court and you end up losing the house.

[davidge]

On 21/10/2017 at 23:14, tywhatitdo said:

What are the on going costs of owning a condo like? Does Thailand have annual property taxes you have to pay? Other than HOA/Condo Fees and utilities are there any other monthly expenses?


Sent from my iPhone using Tapatalk

 

5 hours ago, usexpat46 said:

No property taxes.  Condo fees vary from one development to another and most charge by the sq meter.  i.e. 30 baht (more or less) per sq meter per month.  You'll also have electric and water based on useage along with internet and cable TV.

That’s right. You need to check what the Condo fees are before you buy so you know the annual outlay. Some newer developments have much higher fees but the older ones sometimes bring in a ‘special precept’ so you pay more than expected. Basically, the fees may be too low to keep up the maintenance on older buildings so the Condo Board raise the extra.

The junta have brought in new property taxes but they don’t apply to First homes at the value of a condo, so no problem. I’m still unclear how they will treat condos bought in Company name? If designated ‘commercial’ there could be tax. Too early to tell yet. Best avoid condos not registered in foreign name anyway - whatever agents tell you.

 

[KittenKong]

On 24/10/2017 at 11:01, usexpat46 said:

No property taxes.  Condo fees vary from one development to another and most charge by the sq meter.  i.e. 30 baht (more or less) per sq meter per month.  You'll also have electric and water based on useage along with internet and cable TV.

 

No generalised property taxes yet. But as sure as eggs are eggs such taxes will come one day, though they will start off small and will probably exempt your first home as mentioned, at least initially. In the meantime it seems that there are already ownership taxes on company-owned property, though these are applied very erratically.

As for common fees, anywhere from 10B/sqm/month to 50+B/sqm/month. It will depend on the age and size of the building, and the amount and type of facilities it has. You may get an occasional one-off bill for major repairs (lift replacement, pool re-tiling) if needed.

Electric costs are zero if the condo is empty and in mine with the air-con on all the time I pay around 1500B/month.

Water again is normally zero if unused, though some condo buildings impose a meter reading charge. This is unlikely to exceed 50B or so though. My water costs me around 100B/month.

Cable TV is an optional extra in some condos. If it isnt included in the common fee then you may pay anywhere from 1000B to 3600B a year for it, if you want it.

Nearly all condo buildings have regular cleaners who are either part of the staff or connected with rental agents or laundries. Around 300B should cover it, depending on the size of the unit. Once a month should be more than adequate in an unused unit.

Contents insurance might be desirable in case of damage to/from other units by water leaks, or damage to your own stuff. Around 2,000-2,500B per million Baht of cover, yearly. Always turn off your stopcock when away for long periods.

[Oukiva]

14 minutes ago, KittenKong said:

Electric costs are zero if the condo is empty //

Almost. There is a monthly Service Charge of nearly 40 baht, so you must make certain that someone will pay your monthly bills, or you may not have electricity and electricity meter when you will come back... 

[Edge]

2 hours ago, Oukiva said:

Almost. There is a monthly Service Charge of nearly 40 baht, so you must make certain that someone will pay your monthly bills, or you may not have electricity and electricity meter when you will come back... 

Ran into all that once and I have a bad memory re' paying at 7-11 on time so electricity is on a DD with PEA and they send an SMS just before they take the money saying how much (plus I get the bill).

[KittenKong]

3 hours ago, Oukiva said:

Almost. There is a monthly Service Charge of nearly 40 baht, so you must make certain that someone will pay your monthly bills, or you may not have electricity and electricity meter when you will come back...

Is that not exempted if your monthly consumption is less than 50B? I have never been away from my condo for more than a complete calendar month so I have never had a bill that low.

I also pay my bill by direct debit, as mentioned, precisely to avoid the inconveniences that you mention.

[fatjack1]

Lots of experience here.  Only comment I would make is there are two priorities to making sure you don't make a big mistake.

Location.  Buy where you want to BE.  If it's Pattaya and you want to be able to get around without driving be on 2nd rd or Beach road.  

Building - even in the right location if the building isn't being run properly you will have headaches.  It needs to have a proper condo owners association, properly funded, and not too many thai owners who don't feel obligated to pay their share of the maintenance fees.  Or farang owners for that matter.  

Once you have the area examine the building carefully.  Is it well maintained?  Parking?  Security? Elevators?  Try and find an owner of a condo and pump them for their opinion.

Best of luck.

 

[George810]

Stay/rent in and near a few of the se places for longer stays before buying.

[usexpat46]

10 hours ago, fatjack1 said:

Lots of experience here.  Only comment I would make is there are two priorities to making sure you don't make a big mistake.

Location.  Buy where you want to BE.  If it's Pattaya and you want to be able to get around without driving be on 2nd rd or Beach road.  

Building - even in the right location if the building isn't being run properly you will have headaches.  It needs to have a proper condo owners association, properly funded, and not too many thai owners who don't feel obligated to pay their share of the maintenance fees.  Or farang owners for that matter.  

Once you have the area examine the building carefully.  Is it well maintained?  Parking?  Security? Elevators?  Try and find an owner of a condo and pump them for their opinion.

Best of luck.

 

I also looked for a place on high ground as I didn't want to have to wade thru ankle deep water when it rains and a quiet area.  Since I didn't want to drive in the 2nd deadliest country in the world (deaths per 100k residents) I bought not far from one of the main baht bus routes and near a major market for shopping.

[fatjack1]

10 minutes ago, usexpat46 said:

I also looked for a place on high ground as I didn't want to have to wade thru ankle deep water when it rains and a quiet area.  Since I didn't want to drive in the 2nd deadliest country in the world (deaths per 100k residents) I bought not far from one of the main baht bus routes and near a major market for shopping.

That first part.  Well, when it really rains there aren't many places that don't flood at least for a while.  I know my street will flood and trap me fora time a few times a year.  I don't think there is any way to predict that unless you live like up on Pratumnak Hill.  Which of course means you aren't in town easily getting around.  I'm happy where I bought on Soi 13 and Second road.  Yeah, few times a year no go.  I just accept it.

 

 

[KittenKong]

On 30/10/2017 at 09:01, fatjack1 said:

Well, when it really rains there aren't many places that don't flood at least for a while.  I know my street will flood and trap me fora time a few times a year.  I don't think there is any way to predict that unless you live like up on Pratumnak Hill.

My condo is situated on a slight slope in Jomtien near the sea. It never floods, nor does the car park. Not even close. This is one reason why I bought into it as once any rain has stopped I can always walk to nearby shops without getting my feet wet. Only massive movements in sea level could alter this.

Further downhill the main road often floods a bit, though it drains away fast.

[fatjack1]

2 minutes ago, KittenKong said:

My condo is situated on a slight slope in Jomtien near the sea. It never floods, nor does the car park. Not even close. This is one reason why I bought into it as once any rain has stopped I can always walk to nearby shops without getting my feet wet. Only massive movements in sea level could alter this.

Further downhill the main road often floods a bit, though it drains away fast.

Wish  could say the same.  When it really rains Soi 13 floods and no way I go anywhere and keep my feet dry.  

[usexpat46]

11 minutes ago, KittenKong said:

My condo is situated on a slight slope in Jomtien near the sea. It never floods, nor does the car park. Not even close. This is one reason why I bought into it as once any rain has stopped I can always walk to nearby shops without getting my feet wet. Only massive movements in sea level could alter this.

Further downhill the main road often floods a bit, though it drains away fast.

Same with me, lived in my condo for 8 years and have never had any standing water on my soi from rain.

[just hanging]

if you are going to buy a place, live in it for a bit, check it out in the heavy rain, loud noises and transportation.  Not only will you wind up in a better place, but you will be able to sell better.  you make most of your money on a sale when you buy it

my village has no noise, and no water at all.  I made sure before I brought my house