Chance To Buy...yes /no

[flyboy747 21]

Old chesnut I know guys, but have the chance to buy a house in Hua Hin, at a very good price, good location, own pool, 20% less than build cost 8 years ago, the 49% ownership factor is my main worry, the owner is a long standing mate, and the house is rented out to Brits at this time.... would value all your comments.

Cheers

[jacko 8,822]

Old chesnut I know guys, but have the chance to buy a house in Hua Hin, at a very good price, good location, own pool, 20% less than build cost 8 years ago, the 49% ownership factor is my main worry, the owner is a long standing mate, and the house is rented out to Brits at this time.... would value all your comments.

Cheers

Check whether the 20% less than build price really holds water, ie take a look at similar houses in the locale and compare prices.

 

I would not care what it was worth 8 years ago, they were overpriced back then and the market has changed. It is a buyers market now.

 

I presume it is in a company name and you are buying the company, and you will have 49% shares.

This in itself is commonplace, a slight twist of the rules. The other shareholders should sign over their holdings.

This long standing mate, I presume he has a record of integrity as far as you are concerned? Many a person has been 'done over' by a friend in need.

 

Why is he selling?

 

Are you planning to live there or do you see this as income generation?

 

And always, find a good lawyer to process things for you, independent from your friend.

 

As a different consideration, a house is in constant monetary drain.

I sometimes wish I had just rented a good condo and kept the money invested.

Edited March 28, 2011 by jacko

[Bush Pig 11]

Old chesnut I know guys, but have the chance to buy a house in Hua Hin, at a very good price, good location, own pool, 20% less than build cost 8 years ago, the 49% ownership factor is my main worry, the owner is a long standing mate, and the house is rented out to Brits at this time.... would value all your comments.

Cheers

 

I could think of many better ways too lose money that would be less stressful and more fun.

[jacko 8,822]

I could think of many better ways too lose money that would be less stressful and more fun.

Buy a bar?

 

But to be honest, ignoring any major changes in law (or effort to enforce existing law) or political upheaval, Thailand has big potential.

An appreciating currency, fast developing country, and a population becoming wealthier.

 

A house that ticks a lot of boxes should appreciate from now.

Edited March 29, 2011 by jacko