Investing in a Pattaya condominium

[Siam Sam 964]

The next time I go to Thailand the Mrs and I are looking to buy a condo somewhere in Pattaya. Obviously I have done a bit of research and one of the reasons I am going to purchase a condo is to protect myself should our relationship come to an end in the future. I was just wondering if the property would have to be solely in my name in order for me to be entitled to half of it should we split up in the future? If the deeds had both mine and the wife's name on them, would she be able to keep the property after we separated?

 

From what I can see, condos are very cheap at the moment and because there is such an abundance of them it seems to be a buyer's market. There are so many on the market and it would appear that people who are trying to sell condos are finding it difficult. I'm not too worried about this as this is strictly an investment for me and would probably be rented out most of the time. Would I struggle to rent it when I am not in Thailand?

 

Are there any other things that I need to consider or be wary of? It would be good to hear some advice from condo owners in Pattaya.

[kaiser71 30]

I'm no expert in this stuff, but I would think you should own it and will it to her.

[VPI78 11,528]

As with financial advice seek guidance from professionals, e.g., a lawyer like Justtony, but if you are legally married then you are entitled to 50% of the proceeds from the marital estate/community property such as investments, housing, cars, etc., in a divorce. Land itself is a different gorilla in Thailand.

 

Personally I would get the Condo in at least 50% your name (you can get dual ownership on the 49% Farang consignment of Condos) to hedge your bets. But like all divorces if it is not amicable at the end ... it can be a bitch dealing with the bitch.

[yogi100 1,925]

If you buy one tell the wife it's rented, keep her in the dark as most Thai women only marry a falang as an investment despite your thinking she's 'different'. Do not buy a new one as the price of a new condo can go down like a lead balloon when you wish to sell it. Good luck in your enterprise.

[jaxxon55 252]

If you buy one tell the wife it's rented, keep her in the dark as most Thai women only marry a falang as an investment despite your thinking she's 'different'. Do not buy a new one as the price of a new condo can go down like a lead balloon when you wish to sell it. Good luck in your enterprise.

 

So much bad advice in one post is hard to imagine. Thousands of people are proving you wrong every year.

Jack

[Obsession 571]

The next time I go to Thailand the Mrs and I are looking to buy a condo somewhere in Pattaya. Obviously I have done a bit of research and one of the reasons I am going to purchase a condo is to protect myself should our relationship come to an end in the future. I was just wondering if the property would have to be solely in my name in order for me to be entitled to half of it should we split up in the future? If the deeds had both mine and the wife's name on them, would she be able to keep the property after we separated?

 

From what I can see, condos are very cheap at the moment and because there is such an abundance of them it seems to be a buyer's market. There are so many on the market and it would appear that people who are trying to sell condos are finding it difficult. I'm not too worried about this as this is strictly an investment for me and would probably be rented out most of the time. Would I struggle to rent it when I am not in Thailand?

 

Are there any other things that I need to consider or be wary of? It would be good to hear some advice from condo owners in Pattaya.

 

imho. it's not a good investment. If you are just looking for a foreign property investment, then there are better places than los. But if you go ahead, get it solely in your name. If you want to give your wife it if you split, then I understand and admire that. But at least make it so that it's your choice as you think she deserves it , and not due to a poor legal decision at the time of purchase.

[Parkwahn 61]

If you are married when you buy at the Land office you are asked to declare whether you are or not, overnight it becomes half hers.

 

As regards investment, I would only buy in Los if you intend using the property the rents are very high here , a mate has booked VT 6 for 3 months paying 28k a month.

 

If its in our name you will have to declare your marriage at the Land office, or commit fraud not sure where that puts you , my view on Thailand is abide by the laws.

 

I bought almost 2 years ago and have been offered what I paid it, so no capital appreciation but I have saved 480,000 baht in rent, I would also have to pay tax and fees that would be circa 150k baht..

[Gary 4,119]

To be safe, you would have to buy a condo in your name BEFORE you are married. If you buy it after you are married, it becomes a marital asset.

[farang1 7]

 

From what I can see, condos are very cheap at the moment and because there is such an abundance of them it seems to be a buyer's market. There are so many on the market and it would appear that people who are trying to sell condos are finding it difficult. I'm not too worried about this as this is strictly an investment for me and would probably be rented out most of the time. Would I struggle to rent it when I am not in Thailand?

 

 

I don't know how you figure condos are cheap right now, unless you are talking about ones on the darkside. The newer ones like View Talay 6 and others that are centrally located are running in the area of 70,000 per sq m. The fact that many condos are on the market does not appear to have lessened the prices.

[Parkwahn 61]

Garys, post gives the legal position.

 

As for rentals, I know a guy who has 14 units as always location is key but also fit out , a decent one in VT6 will rent easy with a decent yield, others in old blocks away from beach not as easy.

 

The guy with the 14 states unless you can get them let in high season for a year its not a doddle, but he is still buying them so who knows.

[Gary 4,119]

Some condo associations rip you off for electricity. You should buy one where the electric bill come directly from the electric company and not from the managers. The electricity rate is about 3.5 baht per unit. I have seen some that charge 7 baht per unit. Also some monthly maintenance fees are a rip off. Mine costs 10 baht per square meter and there is a comfortable surplus in the fund.

 

I didn't buy my Jomtien condo for an investment, I bought it so I would know what my monthly costs would be. As it has turned out, it has appreciated not to mention that I bought it when there was 41 baht to a dollar. The monthly income from the rent is nice to have. I certainly have no regrets.

[JohnnyK 28]

There are some guys making the rental/investment thing work but they seem to have bought carefully and at prices that make sense.

Paying 2 million for a studio isn't going to cut it IMO.

I know of at least one guy who bought studios at less than a million, did them up nicely and has a good rental stream.

Longer-term rentals make sense as the wear and tear is less with one tenant than with a revolving door.

[frankie8 21]

Super expensive if you want quality!

twice as expensive as florida for example...

and you will be paying for the systematic rip off,of keeping the building up!

anything livable for two people,decent building and location...6 million +

[Gary 4,119]

Super expensive if you want quality!

twice as expensive as florida for example...

and you will be paying for the systematic rip off,of keeping the building up!

anything livable for two people,decent building and location...6 million +

Super expensive if you want quality!

twice as expensive as florida for example...

and you will be paying for the systematic rip off,of keeping the building up!

anything livable for two people,decent building and location...6 million +

 

 

Mine is 60 square meters with a separate bedroom. The monthly maintenance is 10 baht per square meter per month. The fund has a healthy surplus and it covers maintenance, security, trash and insurance. The security is excellent and the pools and grounds are spotless. I would be happy to sell it for half of what you have quoted. There are many decent units available at around the two million baht range.

 

ADDED - Florida? I had a condo in Florida and the maintenance was $275.00 per month. That is one reason that Florida condos are cheap.

Edited March 27, 2012 by Gary

[hillbilly 81]

why noy send george(skygod) a pm he worked for alan bolton estate agents for a while

[bigmick 840]

If you are married and want to buy a condo, good for you, you will need to make sure of the area, location, management costs etc. But - just my two cents worth. If you are married to a Thai lady and have any doubts about what happens if........... Then be prepared to buy your condo with what you can afford to lose and not shed a tear over it. If you dont have any doubts over your relationship , then buy your condo and enjoy. You should put it in your name if you are worried about any of the process and then put it in your "will" who you would leave it to

[Siam Sam 964]

If you buy one tell the wife it's rented, keep her in the dark as most Thai women only marry a falang as an investment despite your thinking she's 'different'.

 

I think that would be nigh on impossible to buy a condo without her knowing about it. Besides the fact I am not a rich man she's my wife, she knows things.

 

imho. it's not a good investment. If you are just looking for a foreign property investment, then there are better places than los. But if you go ahead, get it solely in your name. If you want to give your wife it if you split, then I understand and admire that. But at least make it so that it's your choice as you think she deserves it , and not due to a poor legal decision at the time of purchase.

 

I know what you're saying about there being better countries to invest in with a foreign property but but I don't really see it being feasible to buy one anywhere other than Thailand. As long as the wife and I stay together I'm always going to have an affinity with Thailand so it makes sense to have somewhere over there we can live in, so as to save money on future holidays. While I'm not in Thailand I'll be able to rent it too and although it won't bring in much, it's still money I could save up.

 

If you are married when you buy at the Land office you are asked to declare whether you are or not, overnight it becomes half hers.

 

As regards investment, I would only buy in Los if you intend using the property the rents are very high here , a mate has booked VT 6 for 3 months paying 28k a month.

 

If its in our name you will have to declare your marriage at the Land office, or commit fraud not sure where that puts you , my view on Thailand is abide by the laws.

 

I bought almost 2 years ago and have been offered what I paid it, so no capital appreciation but I have saved 480,000 baht in rent, I would also have to pay tax and fees that would be circa 150k baht..

 

As I said above, I intend on using it a lot so I feel it is a wise thing to do. I agree with abiding by the laws too - I would definitely declare that I am married because we have been for a while now and she has my family name too. I wouldn't want to risk any complications in the future just because I had been "disrespectful" to Thai law. If we split up I'd want her to have half of it anyway as I wouldn't want to see her leave with nothing. Mind you, I suppose that's down to exactly how we were to split!

 

To be safe, you would have to buy a condo in your name BEFORE you are married. If you buy it after you are married, it becomes a marital asset.

 

Too late for that. Five years next year.

 

I don't know how you figure condos are cheap right now, unless you are talking about ones on the darkside. The newer ones like View Talay 6 and others that are centrally located are running in the area of 70,000 per sq m. The fact that many condos are on the market does not appear to have lessened the prices.

 

You don't have to buy a brand new one, there are hundreds on the market at any one time and prices start at around a million baht for a basic thirty to forty square metre unit.

 

Some condo associations rip you off for electricity. You should buy one where the electric bill come directly from the electric company and not from the managers. The electricity rate is about 3.5 baht per unit. I have seen some that charge 7 baht per unit. Also some monthly maintenance fees are a rip off. Mine costs 10 baht per square meter and there is a comfortable surplus in the fund.

 

I didn't buy my Jomtien condo for an investment, I bought it so I would know what my monthly costs would be. As it has turned out, it has appreciated not to mention that I bought it when there was 41 baht to a dollar. The monthly income from the rent is nice to have. I certainly have no regrets.

 

That's the sort of advice I was looking for when I started the thread. Thanks for that Gary, definitely something to consider if I go ahead with it. How much would the charges for maintenance of the building and gardens cost, roughly speaking?

 

There are some guys making the rental/investment thing work but they seem to have bought carefully and at prices that make sense.

Paying 2 million for a studio isn't going to cut it IMO.

I know of at least one guy who bought studios at less than a million, did them up nicely and has a good rental stream.

Longer-term rentals make sense as the wear and tear is less with one tenant than with a revolving door.

 

So is paying less than a million baht for a condo a good thing to do or not? What you're saying is rather contradictory because the guy you know seems to be doing okay.

 

why noy send george(skygod) a pm he worked for alan bolton estate agents for a while

 

Something to consider because I have met him too, he's an affable person.

 

If you are married and want to buy a condo, good for you, you will need to make sure of the area, location, management costs etc. But - just my two cents worth. If you are married to a Thai lady and have any doubts about what happens if........... Then be prepared to buy your condo with what you can afford to lose and not shed a tear over it. If you dont have any doubts over your relationship , then buy your condo and enjoy. You should put it in your name if you are worried about any of the process and then put it in your "will" who you would leave it to

 

I know what you're saying, if I brought one and we were to split up I'm sure it would be a nightmare getting back half the money even if the split was amicable, I'd probably be better off writing it off. In the last week or so we have been talking and we're not sure what we want to do now, we're so irresolute about it. I'm starting to think I might be better off investing in a property in England.

Edited April 4, 2012 by Siam Sam

[Gary 4,119]

Quote

 

That's the sort of advice I was looking for when I started the thread. Thanks for that Gary, definitely something to consider if I go ahead with it. How much would the charges for maintenance of the building and gardens cost, roughly speaking?

 

Quote

 

 

The ten baht per square meter covers everything. Mine is 60 square meters so it is 600 baht per month. There are no additional monthly or yearly charges.

[VPI78 11,528]

Quote

 

That's the sort of advice I was looking for when I started the thread. Thanks for that Gary, definitely something to consider if I go ahead with it. How much would the charges for maintenance of the building and gardens cost, roughly speaking?

 

Quote

 

 

The ten baht per square meter covers everything. Mine is 60 square meters so it is 600 baht per month. There are no additional monthly or yearly charges.

 

 

 

Gary has a good rate. Mine (albeit in Bangkok) is now 25 Baht per metre per month and it started 6 years ago at 20.

 

You will probably also pay into an initial Sinking Fund of about 10% of the Condo price.

[frankie8 21]

how are you going to live in a studio with your wife/girlfriend?

its just too small....that relationship may not last too long...

a one bedroom or two, is also a much better investment.

Edited April 6, 2012 by frankie8

[Siam Sam 964]

how are you going to live in a studio with your wife/girlfriend?

 

It goes like this: when we are hungry, we get some food, sit down and eat it. When we are relaxing we sit down and when we are tired we go to sleep. I think that's pretty standard for most people.

 

its just too small....

 

Studio apartments are designed for one or two people to live in the last time I checked.

 

that relationship may not last too long...

 

I have known my wife for over five years. She has been living with me in the UK for three and a half of those years.

 

 

a one bedroom or two, is also a much better investment.

 

I concur but we don't have enough money to buy a two bedroom condo at the moment. If we can get a one bedroom one within our budget then we will do.

[VPI78 11,528]

Sam, you could use developing a thicker skin M8.

 

Keep in mind on the Internet you can be anyone you want and many of the cynics have never even been to Pattaya but are just keyboard warriors. Many others probably do not have a pot to piss in and are just jealous.

 

On the death bed you will regret more of what you did not do in life than any mistakes you may have made doing. Have a punt, this life is not a trial run ... Even if you are Buddhist.

[Siam Sam 964]

Sam, you could use developing a thicker skin M8.

 

I think I have a pretty thick skin when it comes to my wife, I never would have brought her to England if that wasn't the case. Whenever people criticise me on the board I try to rise above it but in this case I thought I would try to challenge what was said constructively with some facts.

 

Keep in mind on the Internet you can be anyone you want and many of the cynics have never even been to Pattaya but are just keyboard warriors. Many others probably do not have a pot to piss in and are just jealous.

 

 

Very true.

 

 

On the death bed you will regret more of what you did not do in life than any mistakes you may have made doing. Have a punt, this life is not a trial run ... Even if you are Buddhist.

 

Also very true. I am determined to make something of my life, I wasted too many years already.

[Keen Punter 272]

You can own a condo outright as long as there is a certain percentage of condos in the same block owned by Thais. Not sure of the exact percentage. Best to contact an English speaking Thai lawyer for the best advice.

[MM 6,562]

Generally it's 51% Thai, 49 % foreign.