Where is the Buying Condo for Dummies guide?

[Aziany]

Hi Condo owners,

What are the step by step actions you took to buy the Condo?

Are you living in it? Renting it out? Saving it for retirement ?

Any advice you would give to aspiring condo owners?

Thanks in advance

 

[Love_to_eat_Thai]

The process is a bit wild, or at least my experience was.  I'll briefly outline the process for you for buying foreign quota in an established building:

1. Find property, talk to realestate agent, confirm FQ and make offer, negotiate until it's accepted.  Get Line contact for agent as it will help with all the stuff that is about to happen.  Also find out their estimate of tax and transfer fees.
2. Make sure the agent is or has access to a Thai with experience and contacts in the Land Title office to make the process as smooth as possible.
3. Sign contract (in English, mostly plain language) and pay deposit, usually around 10% of purchase price.  Don't leave until the agent tells you the exact value they are advising the Land Office of as it will be important later.
4. Agent does all the work in the background, seller has to provide housebook, chanote, certificate from the Juristic that there's no outstanding fees etc. the agent chases all that up for you.
5. You transfer the money from outside of Thailand into your bank account, send in your currency (NOT THB) and make sure the transaction has a note attached that it's for buying a condo (the agent will tell you what to get the bank to do).  If you want to use Wise there will be more drama as there is likely to be an intermediate bank and more paperwork.  It can be multiple transactions if you need.
6. Go to your bank account home branch (the branch where you set up your account) and obtain an FFT letter to prove the funds came from outside of Thailand.  The amount in the letter needs to match the Land Office amount from step 3.  Get a cashier's cheque for the same amount made out to the seller.
7. Send photos of everything to agent and they will arrange for you to meet at the Land Office and do the actual deal.
8. Queue up with agent at the Land Office, sign about a dozen documents that are all in Thai, pay tax and transfer fees, get the chanote and confirm it's in your name (google translate on your phone as all the documentation is in Thai).  The whole process will take about an hour.
9. Leave the office and actually hand over the cheque and any other required monies to the seller, get the keys and housebook from them.
10. Go get a beer!

There was some extra drama with my particular purchase that delayed things a bit, but it all got sorted out ok.

I'm living in the condo, very happy with the decision to buy.

[Sloracer]

3 hours ago, Love_to_eat_Thai said:

The process is a bit wild, or at least my experience was.  I'll briefly outline the process for you for buying foreign quota in an established building:

1. Find property, talk to realestate agent, confirm FQ and make offer, negotiate until it's accepted.  Get Line contact for agent as it will help with all the stuff that is about to happen.  Also find out their estimate of tax and transfer fees.
2. Make sure the agent is or has access to a Thai with experience and contacts in the Land Title office to make the process as smooth as possible.
3. Sign contract (in English, mostly plain language) and pay deposit, usually around 10% of purchase price.  Don't leave until the agent tells you the exact value they are advising the Land Office of as it will be important later.
4. Agent does all the work in the background, seller has to provide housebook, chanote, certificate from the Juristic that there's no outstanding fees etc. the agent chases all that up for you.
5. You transfer the money from outside of Thailand into your bank account, send in your currency (NOT THB) and make sure the transaction has a note attached that it's for buying a condo (the agent will tell you what to get the bank to do).  If you want to use Wise there will be more drama as there is likely to be an intermediate bank and more paperwork.  It can be multiple transactions if you need.
6. Go to your bank account home branch (the branch where you set up your account) and obtain an FFT letter to prove the funds came from outside of Thailand.  The amount in the letter needs to match the Land Office amount from step 3.  Get a cashier's cheque for the same amount made out to the seller.
7. Send photos of everything to agent and they will arrange for you to meet at the Land Office and do the actual deal.
8. Queue up with agent at the Land Office, sign about a dozen documents that are all in Thai, pay tax and transfer fees, get the chanote and confirm it's in your name (google translate on your phone as all the documentation is in Thai).  The whole process will take about an hour.
9. Leave the office and actually hand over the cheque and any other required monies to the seller, get the keys and housebook from them.
10. Go get a beer!

There was some extra drama with my particular purchase that delayed things a bit, but it all got sorted out ok.

I'm living in the condo, very happy with the decision to buy.

Re: step 5

Maybe it's bank specific or rules have changed.

I transferred my money to Bangkok bank in THB as the exchange rate from Wise is better than the bank.

I engaged a farang lawyer to do a due diligence but this was largely a waste of money.

The only other tip is look at as many properties as you can to get a good feel for price and value, I spent a few months looking.

Generally I wouldn't advise buying as an investment as information and market is not well regulated.

I did feel that higher value properties and or those well located (eg. Beachfront) would hope their value better.

 

[Love_to_eat_Thai]

2 hours ago, Sloracer said:

Re: step 5

Maybe it's bank specific or rules have changed.

I transferred my money to Bangkok bank in THB as the exchange rate from Wise is better than the bank.

I engaged a farang lawyer to do a due diligence but this was largely a waste of money.

The only other tip is look at as many properties as you can to get a good feel for price and value, I spent a few months looking.

Generally I wouldn't advise buying as an investment as information and market is not well regulated.

I did feel that higher value properties and or those well located (eg. Beachfront) would hope their value better.

 

I didn't bother with a farang lawyer as the Thai lady from the realestate agency ended up being far more useful in sorting out any issues and didn't cost me any extra.

I spent probably 10 months off and on looking at properties from South Pattaya to Na Jomtien before making my decision on which buildings I'd be happy in, then another 4 before I purchased.

[duke main]

1 hour ago, Love_to_eat_Thai said:

I didn't bother with a farang lawyer as the Thai lady from the realestate agency ended up being far more useful in sorting out any issues and didn't cost me any extra.

I spent probably 10 months off and on looking at properties from South Pattaya to Na Jomtien before making my decision on which buildings I'd be happy in, then another 4 before I purchased.

Any specific buildings that stood out, especially from S Pattaya to Pratumnak and along Thappraya Rd? I liked Regent the most in some ways but limited parking is a downside. Hyde Park 1 and 2 have great locations but I've heard that noise from T25 is a big issue. 

[Sloracer]

1 hour ago, Love_to_eat_Thai said:

I didn't bother with a farang lawyer as the Thai lady from the realestate agency ended up being far more useful in sorting out any issues and didn't cost me any extra.

Yes, good move. I had the same experience, the Thai realtor gave me much better advice and was more knowledgeable.

 

[Love_to_eat_Thai]

5 hours ago, duke main said:

Any specific buildings that stood out, especially from S Pattaya to Pratumnak and along Thappraya Rd?

There's heaps in Pratumnak that are great, none specifically that stood out to me though.  When you are close to Thappraya road and that high up it's mostly about the views you can get for the money you have to invest.  Most of the available condos were same same.

[galt67]

Some tips:

1. Central Pattaya should hold its value better than anywhere else.

Say from N. Pattaya Rd to S. Pattaya Rd to Second Rd to Beach Rd. In that 'box.'

2. 'Foreign name' properties will cost more BUT have higher demand.

3. Ask about the 'common fees.' They vary a lot.

4. Top-floor condos can have 'great' views but, some, get 'hot' thus higher AC bills.

5. If planning to 'rent' while living there, ask about the regs. Some, NOT all, juristics forbid short-term rentals.

6. Bargain HARD. Don't 'fall in love' with any, single, condo. 

 

 

 

[Invicta]

If you are buying from Thai quota in condo block ,money coming from your wife’s bank I guess is more straightforward or do you still have to have bank proof where money is from. Afterwards does your wife have to fill in TM 30 for visa purposes. I have read that even if you had yellow book a TM30 has to be completed for immigration office. Or company ownership with wife as director 

[talung66]

You will fine more information in the general realestate advice and discussion 

here is just 1