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Thread: Buying used in thailand

  1. #1
    Cadet Gold
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    Buying used in thailand

    Hi all something i am wondering is why or it seems to be people either rent or build but dont buy used homes in thailand i should say established havin a seniors moment ,sites that i have visited seem to promote renting above buying ,now i know about the laws regarding farang not being able to own property but if you had a spouse who was thai she would naturally want to buy a home .

    I know that you can buy condos if thai ownership of the building is greater than i think 50% but i pose this as a question to you ,is there something wrong with established homes ?

  2. #2
    Frequent Flyer kaptainrob's Avatar
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    Quick answers re new -v- old:-

    a./ Pee or Pii - many Thai's will not buy old houses due to belief in 'ghosts'
    b./ New is easy for finance approval
    c./ Old needs fixing ... Thai's are not diy'ers

    Contemplating purchase of ANY property (house, car etc) in Thailand one must look at an 'escape' plan as selling 2nd hand takes a long long time. Many expats advise renting because this market takes a long time to learn, it being vastly different in so many ways to Western ways.
    Cheers, Rob.
    Lifes journey is not to arrive at the grave safely in a well-preserved body, but to skid in sideways totally worn out, shouting: holy s.h.i.t what a ride!

  3. #3
    Cadet Gold
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    I have looked at houses in chaing mai ,i can see why you say it takes a long time some of these homes have been on there for over 6 months ,when you say escape plan do you mean to get out of country quickly ?Ghosts ,well as long as i dont se the ghosts of my ex wives im happy ,this is something i will ask my friend about tonight ,i am a carpenter so pretty handy at most things exept electrickery cant see it smell it or taste it but when it bites you sure feel it

  4. #4
    Frequent Flyer kaptainrob's Avatar
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    'Escape Plan' = what to do if all turns to sh*t.
    Cheers, Rob.
    Lifes journey is not to arrive at the grave safely in a well-preserved body, but to skid in sideways totally worn out, shouting: holy s.h.i.t what a ride!

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    Cadet Gold
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    Well i asked her about spirits ,boogy men ghosts ect and she doesnt seem to concerned ,maybe this is in small village or something ,as for an escape plan well going on thai law there is none ,she gets it all being thai .This is the chance you take i suppose ,ive been married three times over the last 32 years twice to aussies and once to a philipino and i have to say the philipino was the worst of them all, anyway from what i can understand if you farang have no right in thailand under law for keeepi posessions whats the answer ,walk away as i have always beleived they are only material things ,if i was to buy a house i would be not looking at a mansion, small but comfortable for 2 with maybe the od guest so would be looking at under 60,000 dollars ,i could wear that if i had to walk away id be pissed but at my age whats the point at getting upset let them have it if they really want it , as long as you have enough for the ticket back to aus its all good.

  6. #6
    ประเทศไทยเพื่อน Founding Member Thai Dreamer ผู้เพ้อฝัน Changone's Avatar
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    In some fairly ok places in Thailand for $60,000 you could rent for about 30 years, and have complete freedom to move around. Try not to see it in terms of losing money.

  7. #7
    Cadet Gold
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    This is true ,i suppose i am looking at it more from the perspective of if anything should happen to me then my partner/spouse has some form of security the reason for this and it is only hyperthetical if she was to come here and live then once i retire move back to thailand she is or would be to old to get work and this would give her some security in her later years if i was not around ,as i said it is all just theory at the moment but even if i was to go to thailand now i would probably be able to buy and live for say around 32 years which would make me around 85 ,i see what you are saying and if i was single then why would i buy another house but if another party is involved it seems like the best thing for me to do .

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    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน justcruzing1's Avatar
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    I would think the better way of providing future support, should you die, would be invest in a trust.
    The value of Thai property does not go up, and much comes down in value.

    TG's have no idea or education of anything other than a house and or Gold.

    If you can setup an investment portfolio handled by a public trustee, then set it for all the dividends to be paid to her account on a monthly basis, not in 6 or 12 months, as they can't budget for that long.

    She would be much better off in the long run. She could even leave the principal and returns to her children in her own will. So it would go on and on, down the generations.
    "Of course you love me darling, I handsome man 55555"

  9. #9
    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน Zablive's Avatar
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    Quote Originally Posted by kaptainrob View Post
    'Escape Plan' = what to do if all turns to sh*t.


    Care to expand on that.?

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    Frequent Flyer kaptainrob's Avatar
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    Quote Originally Posted by Zablive View Post
    Care to expand on that.?
    May or may not include factors such as:-
    a./ Whose name are bank deposits in - ideally all YOURS + have access to HERS
    b./ Usufruct clause in property ownership?
    c./ Remaining funds/investments in home country?
    d./ Access to children upon split and how to care for
    e./ How sale-able are any assets purchased?

    Biggest problem in Th is it's very very easy to buy (any asset) but may impossible to sell, even long-term. For most farangs who split it's a one-way street, against them. I see and hear of many who are purchasing in new developments around CM yet will not be able to re-sell within ~ 5 years except at huge discount due to all the development and new stock availability.

    Rural Isaan homes are not expensive ~ 1 mBt/$33,000 would buy or build a lovely house, but you'd have walk away from that.
    Cheers, Rob.
    Lifes journey is not to arrive at the grave safely in a well-preserved body, but to skid in sideways totally worn out, shouting: holy s.h.i.t what a ride!

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    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน Zablive's Avatar
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    Falangs are used to buying used ...

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    Frequent Flyer kaptainrob's Avatar
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    Quote Originally Posted by Zablive View Post
    Falangs are used to buying used ...
    Your point being .....

    For cars & bikes yes, most are. Though I note a trend on TV toward many buying new having been bitten ... mind you, some ppl just aren't mechanically minded.

    For homes yes, but TW's will often NOT wish to buy a 'renovator'. And there's so many 2nd hand properties for sale, but finding a good one is like hens teeth. Add to the fact every-ones an Agent, but none are professional and an asking price may or may not reflect true value... hence many Expats end up buying new, in a mooban where they'll likely lose a bundle.

    1st place we looked at, 8 months ago, is still for sale. A magnificent 2 storey Land & House property in Sansai, fully furnished for 3.6 mBt. Singaporean owner/investor admitted he didn't understand the Thai market when he bought 4 such properties. [Sansai is 15/20 mins out of CM cbd and not really close to anything ... except lots of other new moobans!]
    Cheers, Rob.
    Lifes journey is not to arrive at the grave safely in a well-preserved body, but to skid in sideways totally worn out, shouting: holy s.h.i.t what a ride!

  13. #13
    Cadet Gold
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    well hopefully all assets /funds will be in my name or 90% as i said it is all hypothetical at this point but worth thinking about ,no children as im at the age where i like to hand them back to there parents and my friend doesnt have any or want any at her age . Funds in home country ,now this is a thing i have been a bit perplexed about wheather to put into a thai bank or chinese or leave invested in australia ,if in australia how do you get them transfered also paying tax on them ie:term investments. Banks are hard enough to deal with here let alone 8000 km away ,im going to do a pauline hanson on the usufruct clause "please explain" ,i think that the purchase of a house is a good idea you can still move around just rent it while away travelling ,i know of guys who have built new homes and then them and there spouse moved backed to there home country and leased it through a realestate company until they descide to return permanently anyway this is a good thread for ideas and throwing around veiws .

  14. #14
    Frequent Flyer kaptainrob's Avatar
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    2 things crispy: SEARCH 'usufruct' here or Google for details. Tax-wise, if no longer working full-time and/or below a certain income level, one can apply for 'non-reporting' status.
    Cheers, Rob.
    Lifes journey is not to arrive at the grave safely in a well-preserved body, but to skid in sideways totally worn out, shouting: holy s.h.i.t what a ride!

  15. #15
    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน Chob's Avatar
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    Quote Originally Posted by crispy View Post
    ... anyway from what i can understand if you farang have no right in thailand under law for keeepi posessions whats the answer ,walk away as i have always beleived they are only material things ,if i was to buy a house i would be not looking at a mansion, small but comfortable for 2 with maybe the od guest so would be looking at under 60,000 dollars ,i could wear that if i had to walk away id be pissed but at my age whats the point at getting upset let them have it if they really want it , as long as you have enough for the ticket back to aus its all good.
    I dont think you'd be saying 'walk away' so readily if the Thai girl and now owner of 'your' house , kicked you out a month after you paid for it.
    Nor 5 months , nor a year.
    Thus the reason why Expats tend to rent .... once the house is bought , it is in her hands . Theres no going back.

    The rental alternative ?
    I pay 12 monthly payments at $400 AUS a month on the simple NEW house below .
    Call that $5,000 a year including electric.
    Water , internet and cable TV is provided free. ( Bills I'd be paying if SHE owned it.)

    By your scenario of spending $60,000 it would take me 12 years to eat up the 60k, but I also live in one of the most expensive provinces in LOS , BUT the 60k in an Aus bank does earn some interest ....my logic is to 'Will' whatever cash you want to to your Thai wife and rent , and rent because -
    * You never know when you are going to get awful neighbours
    * Around here development is so rapid , that the lovely 'ambience' of the area is quickly dissapearing
    * Infrastructure like water supply is NOT keeping up with demand. The sea is getting dirtier.
    * You cannot just 'own' a house ... it takes money and labour to upkeep , and most wives want to see them 'improved'.
    * As the house gets older , I can move on when I want , and not have to wait to sell.

    There are about 5 old Thai houses around here being pulled down and new ones put on by local Thai families as I type.
    This is an urban setting and the blocks are tiny. The houses are expendable , all the value in Phuket is usually in the block.

    Having said all the above , I would be interested in considering 2nd hand homes , but there isnt even a wrecker around here for 2 million.
    The cheapest 1 bedder I know of is asking 3.6 million , near double your budget.

    The Thais that are willing to part with a block , will throw a cheap new house onto it to try and value add ...hey presto , that 340 metre block was worth 2.5 million , but with the 2 million house on they are asking
    6 MILLION...
    Attached Images Attached Images
    Last edited by Chob; 13th May 2013 at 19:36.

  16. #16
    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน Chob's Avatar
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    Quote Originally Posted by crispy View Post
    well hopefully all assets /funds will be in my name or 90% as i said it is all hypothetical at this point but worth thinking about ,no children as im at the age where i like to hand them back to there parents and my friend doesnt have any or want any at her age . Funds in home country ,now this is a thing i have been a bit perplexed about wheather to put into a thai bank or chinese or leave invested in australia ,if in australia how do you get them transfered also paying tax on them ie:term investments. Banks are hard enough to deal with here let alone 8000 km away ,im going to do a pauline hanson on the usufruct clause "please explain" ,i think that the purchase of a house is a good idea you can still move around just rent it while away travelling ,i know of guys who have built new homes and then them and there spouse moved backed to there home country and leased it through a realestate company until they descide to return permanently anyway this is a good thread for ideas and throwing around veiws .
    Its generally advised by your lawyer , even in Australia , that if you are paying , ITS IN YOUR NAME , or not at all.
    Expats have seen some real crash and burns , so usually advise the same.
    If you must 'buy' , you can buy a 'condo' freehold , but then you have to watch out that the 'Body Corp' money doesnt get pilfered by the Management or Owner.

    Australia is still one of the best 'interest rate' payers within the 'safety' of the Western world , so most would leave their money in Aus at about 4% return currently.

    You set up an interest bearing account in Aus ( fixed is highest interest rates usually) , the bank will tell you which Thai bank they deal with easiest , and you choose when and how you want money transferred to your account in Thailand OR you get trained in internet banking , and transfer money as you need it.
    Honestly , if I can do it anyone can.
    You always get your money sent in Aus dollars , then convert it to baht HERE , where the fees are non existant , and the exchange rate best.

  17. #17
    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน Chob's Avatar
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    This , from Stickman........

    Why I Will Never Buy A Condo

  18. #18
    ประเทศไทยเพื่อน Founding Member Thai Dreamer ผู้เพ้อฝัน jontymate's Avatar
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    Quote Originally Posted by Zablive View Post
    Falangs are used to buying used ...
    I am not sure in what context you meant this from the responses, but I think as a 'statement" you are spot on.

    No body likes hand me downs to be second hand Rose etc in all cultures.

    Dao has said to me many times. About a house (In LOS Only). It is second hand in a way it is used therefore worth less. Like a car.

    Now she feels this way in LOS about a house. Not a condo. Different "Feel" not be your ground.
    "Man cannot discover New Oceans unless he has the courage to lose sight of the shore" 
      
       
       
         
       
      
     

  19. #19
    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน Spot's Avatar
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    Oh well,

    Hey Crispy we are the same age and most likely same motivations. S being the youngest inhertted her mum's house. Her older sister and 4 kids gets ditched by Thai husband for a newer model as did her mum and moves into S Inherited house..... Whats she going to do throw them onto the street?

    Good friend of her deceased mum passes away and house comes on the market. I assume you have seen the pics of my Ban? $5K Aud spend another $5Kaud and it will be mansion..... It is a very solid shell ATM very basic and watch my TR4 for details...

    S and family now know me well enough now, when I turn up at the Baan it is in hired dual cab ute, so I can be useful and not Hiso Falang. Nothing above draws me to any conclusions except be yourself and do it your way. S knows she does not have Falang Millionaire but she has me... And she is happy and so am I....

    If it turns to mud then $10k way cheaper than my ex....
    Last edited by Spot; 13th May 2013 at 19:46.
    Ohhhh, Pigsy! You call yourself a demon? จูบก้นของฉัน Everything I post here is IMHO and IME... I am no expert....

  20. #20
    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน Spot's Avatar
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    Ok i tried to delete a bit where I said where did my post go it just up there.. So ummm we got some rain today Nice weather for sleeping in.... How was Collingwood on the (Did we win?)....

    So er work tomorrow Seeya
    Last edited by Spot; 13th May 2013 at 19:50.
    Ohhhh, Pigsy! You call yourself a demon? จูบก้นของฉัน Everything I post here is IMHO and IME... I am no expert....

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