Buy or Rent

[Faro]

Hello,

 

I am new in the city and I was thinking if it is a good idea to buy a condo in Pattaya. I will be spending at least few months a year here.

If the answer is yes then which area is good for both living and as a good investment. I appreciate any serious advise. Thanks

[jocky king]

If you are new in City.... Rent first and then decide if Pattaya is a town for your future, buy the Condo , if not, dont buy, then you wont lose anything.....

Edited September 29, 2011 by jocky king

[FOH]

No matter what you are told by smooth talking and slimey sales people Foreigners "CANNOT" own propery in Thailand end of story.

[splitpin]

He was not asking about property, he was asking about condo's, which are perfectly legal to own, you can have 10 of them if you wish. Buying a house is a different prospect.

 

I agree with jocky king, definitely rent for at least 6 months first

[raybrooks]

No matter what you are told by smooth talking and slimey sales people Foreigners "CANNOT" own propery in Thailand end of story.

 

Some people really show their ignorance on internet forums.

 

Jocky King + 1

[FOH]

Some people really show their ignorance on internet forums.

 

Jocky King + 1

 

Oh Yeah, go by a condo in Pattaya then and lets see who is ignorant!

 

Or better still try to sell one that you have "BOUGHT"

[thegrogmonster]

Oh Yeah, go by a condo in Pattaya then and lets see who is ignorant!

 

Or better still try to sell one that you have "BOUGHT"

I don't understand what you are on about.

 

I have known several people over the years that have bought condos in Pattaya and have had no problems. Also known a few that have sold them and again no problems getting the right price if you aren't in a hurry.

[raybrooks]

Oh Yeah, go by a condo in Pattaya then and lets see who is ignorant!

 

Or better still try to sell one that you have "BOUGHT"

 

Err, I own a condo in Pattaya ! Its common practice. You really are a fool !

[terrythai]

Buy a condo, yes you can.

 

Good advice already provided, rent for at least 6 months first.

[Edge]

Oh Yeah, go by a condo in Pattaya then and lets see who is ignorant!

 

Or better still try to sell one that you have "BOUGHT"

 

You really are spouting rubbish and you're off topic anyway.

 

 

To the OP, as the other sensible posters have said, rent.

 

You probably won't have much idea what you want and where until you've been here two years.

Even then, it's best if you don't think of a Condo' as an investment. There are many factors, obviously including the price you pay, but it is notoriously difficult to sell any property in Thailand unless you are lucky enough to catch a newbie......like yourself perhaps.

 

 

 

[FOH]

Err, I own a condo in Pattaya ! Its common practice. You really are a fool !

 

Actually FOOL, you don't own a condo, you own the lease on the living space in the buiding, have your contract translated into english and read the small print.

 

As I already stated foreigners CANNOT own property in Thailand.

 

Now I'm not playing with you rude little boys any more and I'm going to tell my mummy about you.

[ilya_SY]

Faro, rent for atleast 3 months and look around. Byuing a property in thai is the first idea of everyone who felt in love with thai from the first second being here. But before making decision pls take into account all opportunities available to choose the best for you.

 

IMHO: It is not proper time to invest in pattaya property now. Very little chance to earn more than income under bank deposit but different risk and assets liquidity. Better find some more profitable asset and spent income on renting.

[JAI DEE MAK]

Actually FOOL, you don't own a condo, you own the lease on the living space in the buiding, have your contract translated into english and read the small print.

 

As I already stated foreigners CANNOT own property in Thailand.

 

Now I'm not playing with you rude little boys any more and I'm going to tell my mummy about you.

 

 

 

When you list one of your interests as "Tailking Shit" why are you getting wound up when posting it ?

 

[raybrooks]

Actually FOOL, you don't own a condo, you own the lease on the living space in the buiding, have your contract translated into english and read the small print.

 

Been listening to fools on stools in bars during your two week vacations ?

[ProudAussie]

Better let my lil auusie mate that he does not own the condo HE JUST BOUGHT !!

 

Buying a condo in Thailand is an attractive option for many foreign nationals. There are less nationality restrictions in the condominium laws regarding ownership than land ownership and it is possible for a foreigner to own a condo outright. As one of the few property rights allowed under Thailand real estate law to non-Thai nationals, condo-ownership is popular for investment as well as residence and retirement purposes.

 

What condo units are foreign nationals permitted by Thailand land law to purchase?

 

In general, according to Thai real estate law and the regulations that govern condominium law, non-Thai nationals may purchase condo units in condo buildings throughout Thailand, as long as their purchase would not cause the foreign ownership ratio of combined units in the building to exceed 49% of the total floor area. Certain condo buildings in the Greater Bangkok Metropolitan Area may not be subject to the 49% foreign ownership ratio restriction.

 

What are the requirements for a foreign individual to purchase a condo unit in a building in which foreign purchases are permitted?

The condominium law of Thailand specifies that foreigners who do not have a Thailand residence permit must show proof that the funds for purchase of the condominium were brought from outside of Thailand. Non-Thais who have legal residence permits are not required to show evidence of funds coming from abroad for the condominium purchase.

 

What is the most typical way for a foreigner to purchase a condominium in Thailand?Most foreigners purchase a condominium by showing evidence of an incoming remittance of foreign currency into their bank account from abroad. This is typically demonstrated by requesting the issuance of a certifying document from the receiving bank in Thailand.

 

Can foreigners inherit ownership of a condo?Property ownership of a condo may be inherited by either Thai or non-Thai descendents under normal circumstances. However, consultation with a licensed Thai lawyer is recommended for estate planning.

 

Are condominium long-term leases available?Yes. Pursuant to the Thailand Land Law, condominiums may be leased to foreigners for periods of up to 30 years and may have options to renew. Leases of greater than 3 years are required to be registered with the Land Department.

 

Why is it important to have a qualified Thailand real estate lawyer supervise your condo purchase transaction?Thailand laws regulating real estate transactions do not provide as many inherent consumer protections as those in most western jurisdictions. For example, in Thailand, real estate agents are not licensed and title insurance is not commonly used. Thailand is very much a "Buyer Beware" jurisdiction.

 

http://www.thailandguru.com/thailand-property-ownership-laws-house-land-condominium.html

Edited October 5, 2011 by ProudAussie