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Questions on buying condo or house


windsorman
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Hi

 

I'm due to get my payout for being hit by a car next year, and rather than waste it (always seems to happen) I thought i'd buy somewhere in LOS, would be looking for somewhere smallish as it would just be for me and my son to holiday in untill i retire there (about 10 years)

 

I'm thinking a condo would be easier to buy, but i'd prefer to get a house (depends how much i get)....but whats the difference in costs when buying a house compared to a condo?

 

 

any info would be handy, i'm over in July for around 6 weeks and hoping i can sort it all out while i'm there.

 

Cheers

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Hi

 

I'm due to get my payout for being hit by a car next year, and rather than waste it (always seems to happen) I thought i'd buy somewhere in LOS, would be looking for somewhere smallish as it would just be for me and my son to holiday in untill i retire there (about 10 years)

 

I'm thinking a condo would be easier to buy, but i'd prefer to get a house (depends how much i get)....but whats the difference in costs when buying a house compared to a condo?

 

 

any info would be handy, i'm over in July for around 6 weeks and hoping i can sort it all out while i'm there.

 

Cheers

 

what price range are you looking for and what area?

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buying a house is much more difficult

Farang = Walking ATM. TG's push the right buttons and money comes out. PIN = BBBJ

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well wont really know till i get the finel settlement, so i guess that will really decide if i can get the house

 

 

I'm working on the the lowest end so 1M, and if i get more then i can get somewhere better which will be only god news.

 

As far as Area, If it's a condo then guess it would be around patts but if i do get a bigger amount and can go for the house and would be willing to go up country a bit further.

 

but i really havnt got a clue about the extra charges concerned with buying a condo or house

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well wont really know till i get the finel settlement, so i guess that will really decide if i can get the house

 

 

I'm working on the the lowest end so 1M, and if i get more then i can get somewhere better which will be only god news.

 

As far as Area, If it's a condo then guess it would be around patts but if i do get a bigger amount and can go for the house and would be willing to go up country a bit further.

 

but i really havnt got a clue about the extra charges concerned with buying a condo or house

 

For 1 Mill. you can find a small studio. Maybe something bigger if you look past 3rd road.

 

A couple of things to keep in mind:

 

Houses are hard to sell and even harder to rent. Also, Security can sometimes be an issue. Hopefully you have someone close by to keep an eye on it.

 

Condos are a lot easier, and the security is usually a little better.

 

When you do find a place, don't be afraid to haggle down. It still is a buyers market.

 

Good Luck!

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you can get a small studio in Jomtien for around a 1m baht. If you want to be in Pattaya anywhere close to the beach then 1.5m would be minimum for a basic condo.

Farang = Walking ATM. TG's push the right buttons and money comes out. PIN = BBBJ

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Probably won't be looking to rent, will just be letting friends in th UK use it for cheap holidays....apart from when i'm there in Summer and xmas

 

Will probaby get one of my freinds in Patts to check in on it, or may let her stay there.....it will just be a place to crash so wont be keeping anything there of value untill i move there properly and thats a while yet.

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buying a house is much more difficult

Not true and in some cases easier. That said the laws are different and you should find a lawyer you are comfortable with and understand the laws.

 

That being said to answer your original question houses per sqm are generally cheaper then condos.

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but how hard is it for a forigner to buy a house and land?

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but how hard is it for a forigner to buy a house and land?

 

Not hard to buy but remember you are bending the law..

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Not hard to buy but remember you are bending the law..

 

Remember you are breaking the law. Although many farangs buy houses using a thai company this is illegal. The authorities turn a blind eye at the moment but this may change. Condos are the only thing you can legally own. That is why they are more expensive. 1 m baht is a bit tight for a decent size condo near Pattaya. Better if you can stretch to 1.5 - 2.0 m.

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A farang can legally own a house in Thailand, just not the land it is built on.

 

Another solution to having the rights to use the land where your house is built is an 'Usufruct' agreement.

 

http://www.thailawonline.com/en/property/usufruct-contract/thai-usufruct-agreements.html

 

Many feel this is a safer and more legal way than the company name methord nowdays.

 

I farang can also legally lease land for 30 years from a Thai, however 30+30 year lease contracts are not legal and the second term is invalid so you are only safe for 30 years.

 

That said for me I prefer to have a condo, my condo is 100% in my name and I feel more secure with that. I just want to highlight the 'company name' house which a few years ago was the most popular way of 'owning' a house for a farang is not the only way. It is worth remebering for a condo to be in your name it needs to be within the farang allocation of units in the building, so you need to check that, in popular building for farang's the fsrang name units are often more expensive.

 

cheers

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Cheers Jay

 

What other charges happen when buying a condo apart from the purchase price.....also whats a rough estimate on monthly charges, i will only be there twice a year to start

 

I'm still trying to decide between pats or somewhere further north.......think it will be a condo in pats for now then a house up north in a few years.

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I tend to agree with most posters here, I have my own house as I do not like living in a box, however I live here and have seen many neighbours houses burgled as it is noted that they are empty and its not just the theft its the damage caused. Therefore in my opinion a nice condo with good security is a better investment for a holiday home.

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that is kind of my thinking behind why the condo now and the house later when im ready to move over for longer periods.....

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how long does it take to sort out all the legal paperwork on a condo?

 

me and my son are coming over in july for 6 weeks, will that be long enough to have it all sorted by the time i go home?

 

If i buy an unfurnished condo....and buy the furniture....will the shops deliver (i'm disabled so would need a hand getting stuff in)

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Cheers Jay

 

What other charges happen when buying a condo apart from the purchase price.....also whats a rough estimate on monthly charges, i will only be there twice a year to start

 

I'm still trying to decide between pats or somewhere further north.......think it will be a condo in pats for now then a house up north in a few years.

 

Hi

 

I have a 38sqm 1 bed condo in jomtien with lots of facilities such as gym with aircon and large swimming pool and the service charge is 12,000 baht per year. This is something to check when viewing (just a you would if buying in UK). Also be aware there is property tax to pay when you change into your own name, some vendors will go halves with you on that tax so worth remebering when you make the deal. Also ask how much tax is due, it changes depending on factors like how long the vendor owned the property before etc. A good agent should be able to advise you for this.

 

The buying process is quicker than in the UK, but you should be aware if you are buying a condo in your own name the fund's to buy it must come into the UK in the correct methord. You cannot just bring in cash, you must be able to prove that the funds came from the UK into Thailand(or your home country) in GBP (or USD, euro etc) and was converted to Baht by a Thai bank. You need a letter (sometimes refered to as a 'Inward Remittance Confirmation Letter' or a 'Foreign Exchange Transaction Form') It is useful if you have a Thai bank account, and you transfier the money in GBP to that (normally costs about £17 for the transfier), and then that Thai bank can issue the correct letter for the Land office (they will charge about 300 baht for this). When dealling with the UK bank for the transfier make sure you demand they transfier the money in GBP and NOT change to baht on the UK side, some UK banks will convert to baht on UK side as the default which not only burns you on the exchange rate but also makes it impossable to use those funds for the farang name condo purchase.

 

If you go down the method to 'buy' a house, you do not need to follow this procedure as you never actully put it in your own name as mentioned before.

 

For furniture it depends, some places deliver, but in Thailand you can always find someone to help pick it up for a few baht. Offer a Baht bus driver 1000 baht in a quiet period and he will probably pick it up from the shop from you and take it you your building, offer the secrity guard's 100 Baht each and they will lift it up to your unit.

 

cheers

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Can deal with 12000 baht a year! lot less than i thought.

 

Will get a bank a/c as soon as I come over in July (forgot to do it this year...lol was distracted!) and i'll chat to my bank before i leave so that i can arrange the transfer while i'm in Los (but when i spoke to them last they said it can take a while to get into the thai a/c?)

I been looking at a few sites, and now stuck between jomtien.....only really been there for meals, and north pats (by the Centara Beach)....can u get from jomtien to pats along the beach on a bike or have u gotta go through the hills?

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Always rent before you buy for a month or so, then you will know what its like to live there, if you cant rent it or the seller wont allow it then there is probably a reason

Canterbury Tales Guesthouse ... email; canterburytalescafe@hotmail.com

 

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could be a problem for me....i already have the hotels booked for the whole 6 weeks.

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FYI if you do buy a house you do not have to show where the funds come from. Also if you buy a house and it is already in a company name tax's are a moot point.

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I would suggest a condo, mostly for security reasons and also easier to sell on should your plans change, also if you decide to rent it out you can make between 8-12% return on investment if you buy with renting in mind.

 

When transfering money to Thailand make sure you tell your bank its for the purchase of property or you will have problems at the land office,they will require you to show T.T.3 documents showing the money was imported in to Thailand to buy a property, you will also need this when you want to export the money back to the UK.

Edited by Ianm
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