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Xfreak0000

Some questions on buying condo

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Xfreak0000

Hello? 

I have some discrete questions, but could you please share your knowledge and insights on the below questions?

- How do you think about new condo projects in Jomtien? I don't see any good things about Jomtien condos, but there are a lot of new projects and a lot of existing condos on sale, but Jomtien is far from central Pattaya and I don't also see any good point to live in Jomtien. is my understanding correct? or is there any other good point? so is it why there are many condos and new projects?

- How do you think about The base condo? On my opinion, it is the best condo(well-located, some defects, but generally well-built, big project, etc). I know 1 bed room unit is 27~30 SM2 so they are quite small, but if I buy a condo I will buy this. How do you think?

- Does buyer need to pay real-estate agent fee? as far as I know, normally seller covers it, but is there any case?

- Does your real-estate agent accompany to land office, juristic office, elecrticity company to do all the documentations work for you?

- Does lawyer really need for buying a condo? I heard about many deals without lawyer and it is quite simple work and if there is any problem the land office officier would not validate the documentations so it is safe as well. How do you think?

- What would happen after 20 years to big project condos such as The base, VT, Centric. full-renovation? or partial on-going renovation to keep up the quality?

Thank you.

 

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KittenKong

The obvious reason for living in Jomtien is that it isnt Pattaya. That's why I live there anyway. I enjoy being well away from bars, noise, traffic, Chinese tour buses etc. I go to Pattaya a few times a week to eat lunch. Apart from that I see nothing of interest there.

I see nothing desirable about the Base. To me it seems to be a hotel masquerading as a condo building.

Buyers dont pay agents here. Vendors pay agents.

An agent may help you with paperwork, or maybe not. They are not working for you: see above. Dealing with the juristic office is easy, as is dealing with the electric company. Apart from that there is precious little to do when buying an existing unit.

For a straightforward purchase of an existing unit in farang name a lawyer is fairly pointless as the Land Office does all the paperwork. I would be inclined to just find some third party who can read Thai and speak English to translate for you. That said, you should never trust anyone in Thailand when it comes to money/property. This includes agents and vendors and juristic staff and, as far as I'm concerned, lawyers. Scams here are endless.

How a building will be in 20 years will depend on several things: how good the management and committee are, what sort of use the building is put to, who the co-owners are. I would stay well clear of any building that has many short-term tenants in, or any building that has a predominantly Thai committee or predominantly Thai co-ownership.

You dont mention it, but for the sake of completeness I would point out that buying off-plan is totally different to buying an existing unit. I would never buy off-plan here. I would also never buy a company-name unit here.

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Scuba+

I wouldn't buy in Jomtien because i like being in Pattaya. Pratamak maybe as its half way between. You need to do a lot of research, I've changed my mind a few times in the last year, good job i didn't buy straight away

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mcfish

Jomtien is a perfect location
It's only 15 minutes in a baht bus from walking St.

Your surrounded by gentle men's clubs if you are into that and a world away from the Pattaya zoo.

It's also a lot cheaper condo wise especially second hand stuff in the view talay buildings.

You will regret buying in Pattaya when the novelty wears off and your stuck in the circus.

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Xfreak0000
21 hours ago, KittenKong said:

The obvious reason for living in Jomtien is that it isnt Pattaya. That's why I live there anyway. I enjoy being well away from bars, noise, traffic, Chinese tour buses etc. I go to Pattaya a few times a week to eat lunch. Apart from that I see nothing of interest there.

I see nothing desirable about The Base. To me it seems to be a hotel masquerading as a condo building.

Buyers dont pay agents here. Vendors pay agents.

An agent may help you with paperwork, or maybe not. They are not working for you: see above. Dealing with the juristic office is easy, as is dealing with the electric company. Apart from that there is precious little to do when buying an existing unit.

For a straightforward purchase of an existing unit in farang name a lawyer is fairly pointless as the Land Office does all the paperwork. I would be inclined to just find some third party who can read Thai and speak English to translate for you. That said, you should never trust anyone in Thailand when it comes to money/property. This includes agents and vendors and juristic staff and, as far as I'm concerned, lawyers. Scams here are endless.

How a building will be in 20 years will depend on several things: how good the management and committee are, what sort of use the building is put to, who the co-owners are. I would stay well clear of any building that has many short-term tenants in, or any building that has a predominantly Thai committee or predominantly Thai co-ownership.

You dont mention it, but for the sake of completeness I would point out that buying off-plan is totally different to buying an existing unit. I would never buy off-plan here. I would also never buy a company-name unit here.

Dear Kittenkong.

I appreciate your detailed answer and your opinions. 

I am thinking of buying an existing one like The base.

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Xfreak0000
20 hours ago, scubascuba3 said:

I wouldn't buy in Jomtien because i like being in Pattaya. Pratamak maybe as its half way between. You need to do a lot of research, I've changed my mind a few times in the last year, good job i didn't buy straight away

 

Dear Scubasucba3.

I was also having Unixx in mind, but heard many bad news such as poor management, poor finishing, etc and the price is not reasonable at least what I think so I finally removed it from my list.

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Xfreak0000
19 hours ago, mcfish said:

Jomtien is a perfect location
It's only 15 minutes in a baht bus from walking St.

Your surrounded by gentle men's clubs if you are into that and a world away from the Pattaya zoo.

It's also a lot cheaper condo wise especially second hand stuff in the view talay buildings.

You will regret buying in Pattaya when the novelty wears off and your stuck in the circus.

Dear Mcfish.

What kind of gentlemen's club? I went to Jomtien a few times during the day until dinner time for seeing the sea and having dinner, but did not see any good bars there.

Are they at different locations than Jomtien beach road? 

In terms of condo price, I checked recent on-going and planned condo projects and their prices are almost as expensive as Pattaya ones, which is about 100,000 baht per sm2. I know 2nd hand condos are a lot cheaper, but when I buy I will rent it so would be better to have one in Pattaya.

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mcfish
Dear Mcfish.
What kind of gentlemen's club? I went to Jomtien a few times during the day until dinner time for seeing the sea and having dinner, but did not see any good bars there.
Are they at different locations than Jomtien beach road? 
In terms of condo price, I checked recent on-going and planned condo projects and their prices are almost as expensive as Pattaya ones, which is about 100,000 baht per sm2. I know 2nd hand condos are a lot cheaper, but when I buy I will rent it so would be better to have one in Pattaya.
I'm very surprised to hear about new condos being the same price. Are you sure your taking sea views into account? But I agree if your gonna rent it then Pattaya depending on location could be a better choice

Google the clubs in the map 3cc797b6de605596c29c191bbe25079d.jpg

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usexpat46

When I was looking to buy a condo I wanted one in central Pattaya near a market and baht bus route as I didn't want to drive a car or motorbike.  I  wanted one in a quiet area and found one near the end of a dead end soi.  Also I wanted it located on high ground as I didn't want to walk thru water during storms.  Within the complex I wanted a room at the end of the hallway so I would only have one common wall neighbor, was lucky and found a unit without any common wall neighbor.

 

Regarding what the place will be like in 20 years that is difficult as its up to the owners on how much to charge for common area maintenance (CAM) fees.  It could be 40 baht per sq meter monthly today and then in the future a majority of the owners vote to reduce the CAM fees down to 25 and the place begins to go down hill.

 

When I was looking to buy a new condo the places charged a higher price per sq meter on each higher floor also some had a higher price per sq meter even on the same floor depending on which side of the condo was the unit.

 

On new unit the buyer pays a transfer tax also on new unit there is a one time sinking fund charge which is based upon the size of your unit times "X" amount.

When buying in a new complex many times the price includes furniture,  I didn't want theirs so asked if they hadn't already bought the stuff and reduce the price which they did.  Also I've know of some people who only wanted to buy as a shell and they would do the inside themselves which will allow you to buy from the developer at even a lower price and finish off the inside to your liking.

 

Edited by usexpat46

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mcfish
When I was looking to buy a condo I wanted one in central Pattaya near a market and baht bus route as I didn't want to drive a car or motorbike.  I  wanted one in a quiet area and found one near the end of a dead end soi.  Also I wanted it located on high ground as I didn't want to walk thru water during storms.  Within the complex I wanted a room at the end of the hallway so I would only have one common wall neighbor, was lucky and found a unit without any common wall neighbor.
 
Regarding what the place will be like in 20 years that is difficult as its up to the owners on how much to charge for common area maintenance (CAM) fees.  It could be 40 baht per sq meter monthly today and then in the future a majority of the owners vote to reduce the CAM fees down to 25 and the place begins to go down hill.
"Within the complex I wanted a room at the end of the hallway so I would only have one common wall neighbor"

This can not be stressed enough. I did the same thing and preferably the bedroom has no neighbors for peaceful sleeping. Due to construction in Thailand the walls can be thin and you don't want your bedhead against the neighbors stereo system

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Xfreak0000
34 minutes ago, mcfish said:

I'm very surprised to hear about new condos being the same price. Are you sure your taking sea views into account? But I agree if your gonna rent it then Pattaya depending on location could be a better choice

Google the clubs in the map 3cc797b6de605596c29c191bbe25079d.jpg

Now I understood what you mean by gentlemen's club.

I and my friends call them day time bar. lol;

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usexpat46
3 minutes ago, Xfreak0000 said:

Now I understood what you mean by gentlemen's club.

I and my friends call them day time bar. lol;

The few that I've visited the non service ladies were freelancers, thus they don't have set working hours or set workdays.

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Scuba+
Dear Mcfish.
What kind of gentlemen's club? I went to Jomtien a few times during the day until dinner time for seeing the sea and having dinner, but did not see any good bars there.
Are they at different locations than Jomtien beach road? 
In terms of condo price, I checked recent on-going and planned condo projects and their prices are almost as expensive as Pattaya ones, which is about 100,000 baht per sm2. I know 2nd hand condos are a lot cheaper, but when I buy I will rent it so would be better to have one in Pattaya.
Buying to rent.....from what I've read its difficult to rent out all year depending where you are. A friend just stayed at City Gardens for a month before xmas, the owner would never have rented for a month if they could have rented for longer, this probably means there will be months in low season when its empty

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Geordie59
28 minutes ago, scubascuba3 said:
1 hour ago, Xfreak0000 said:

 

Buying to rent.....from what I've read its difficult to rent out all year depending where you are. A friend just stayed at City Gardens for a month before xmas, the owner would never have rented for a month if they could have rented for longer, this probably means there will be months in low season when its empty

You can rent unsold condos at City Garden and many other places from the developer. They usually have many to rent so shorter term rentals are easy to find even in high season.

Edited by Geordie59

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Scuba+
You can rent unsold condos at City Garden and many other places from the developer. They usually have many to rent so shorter term rentals are easy to find even in high season.
Same point though, developers/owners would rent out long term if they could and City Gardens is one of the more popular condos

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usexpat46
1 hour ago, Geordie59 said:

You can rent unsold condos at City Garden and many other places from the developer. They usually have many to rent so shorter term rentals are easy to find even in high season.

Awhile back the new Nordic Group were advertising a guaranteed rate of return if you bought from them as they would rent units out for short terms.  I haven't seen that offer lately.

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mcfish
Awhile back the new Nordic Group were advertising a guaranteed rate of return if you bought from them as they would rent units out for short terms.  I haven't seen that offer lately.
Doesn't matter. Nothing is for free and the rental return is paid for by the consumer and built into the price

Think of it like zero finance for cars. Who do you think pays for that? The bank.. No way... The dealership... No way. The customer.. Bingo!

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KittenKong
2 hours ago, usexpat46 said:

Awhile back the new Nordic Group were advertising a guaranteed rate of return if you bought from them as they would rent units out for short terms.  I haven't seen that offer lately.


Still mentioned on their website. Still a complete load of bollocks as far as I can see.

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KittenKong
4 hours ago, usexpat46 said:

Regarding what the place will be like in 20 years that is difficult as its up to the owners on how much to charge for common area maintenance (CAM) fees.  It could be 40 baht per sq meter monthly today and then in the future a majority of the owners vote to reduce the CAM fees down to 25 and the place begins to go down hill.

I've never heard of this happening. In fact what usually happens is that the common fee starts off too low and/or with no provision for inflation, and so after a few years some sort of supplementary fee has to be imposed to stop the building from going bankrupt. Even Thai co-owners (who are some of the world's cheapest Charlies) will generally pay this rather than see the building go under.

The problem with buildings going downhill is much more likely to be due to incompetent and/or dishonest management, and incompetent committees who simply have no idea how to run a building or keep management in check. One thing is for sure here: if the committee doesn't check every single Baht someone will steal it.

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Edge
3 hours ago, usexpat46 said:

Awhile back the new Nordic Group were advertising a guaranteed rate of return if you bought from them as they would rent units out for short terms.  I haven't seen that offer lately.

Maybe they sold out.   :rolleyes:
Seriously, the package they offer appeals to a certain type of investor and they probably aren't reading PA.

@Xfreak0000
Sorry if I missed it but have you stated your budget?

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mcfish
When I was looking to buy a condo I wanted one in central Pattaya near a market and baht bus route as I didn't want to drive a car or motorbike.  I  wanted one in a quiet area and found one near the end of a dead end soi.  Also I wanted it located on high ground as I didn't want to walk thru water during storms.  Within the complex I wanted a room at the end of the hallway so I would only have one common wall neighbor, was lucky and found a unit without any common wall neighbor.
 
Regarding what the place will be like in 20 years that is difficult as its up to the owners on how much to charge for common area maintenance (CAM) fees.  It could be 40 baht per sq meter monthly today and then in the future a majority of the owners vote to reduce the CAM fees down to 25 and the place begins to go down hill.
 
When I was looking to buy a new condo the places charged a higher price per sq meter on each higher floor also some had a higher price per sq meter even on the same floor depending on which side of the condo was the unit.
 
On new unit the buyer pays a transfer tax also on new unit there is a one time sinking fund charge which is based upon the size of your unit times "X" amount.
When buying in a new complex many times the price includes furniture,  I didn't want theirs so asked if they hadn't already bought the stuff and reduce the price which they did.  Also I've know of some people who only wanted to buy as a shell and they would do the inside themselves which will allow you to buy from the developer at even a lower price and finish off the inside to your liking.
 
"Regarding what the place will be like in 20 years that is difficult as its up to the owners on how much to charge for common area maintenance (CAM) fees.  It could be 40 baht per sq meter monthly today and then in the future a majority of the owners vote to reduce the CAM fees down to 25 and the place begins to go down hill."

I think your reading to much Thai visa or barstool talk

This is totall nonsense!

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usexpat46
1 hour ago, mcfish said:

"Regarding what the place will be like in 20 years that is difficult as its up to the owners on how much to charge for common area maintenance (CAM) fees.  It could be 40 baht per sq meter monthly today and then in the future a majority of the owners vote to reduce the CAM fees down to 25 and the place begins to go down hill."

I think your reading to much Thai visa or barstool talk

This is totall nonsense!

Really, at my condo, which is 10 years old, the CAM fees which are 50 baht per sq meter were waived for the 1st 6 months of this fiscal year.  That represents a 50% decrease over the year which is more than my example.

Have never read Thai Visa.

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mcfish
Really, at my condo, which is 10 years old, the CAM fees which are 50 baht per sq meter were waived for the 1st 6 months of this fiscal year.  That represents a 50% decrease over the year which is more than my example.
Have never read Thai Visa.
Can you upload a pic of the letter either in thai or English.

Your saying that only one payment is reduced followed by the second payment going back to normal?

Why? But more importantly if it's only the first payment then how would this indicate a downhill roll?

Bizarre but upload the letter you would have received and I will have my lawyer friend here who represents us farang at our bangkok condo look it over

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KittenKong
1 hour ago, usexpat46 said:

Really, at my condo, which is 10 years old, the CAM fees which are 50 baht per sq meter were waived for the 1st 6 months of this fiscal year.  That represents a 50% decrease over the year which is more than my example.

Technically this is indeed a correct way of dealing with the situation of a building's income exceeding expenditure significantly. And it shows your management and committee in very a good light as, in all buildings I know of, any such excess cash would probably just get squandered on some nonsense or other.

That said, at 50B/sqm you are starting from a high level.

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