almost ready to retire to Pattaya buying a condo info needed

[SPRING 1]

Greeting fellow Board members;

 

I have been working for Military Sealift Command for 25 years and plan on retirement in Thailand.

I have been coming to Thailand for many years but just recently decided to make this my home.

Plan on buying a condo or house, planning to spend about 2,000,000 to 3,000,000 baht, but so far a house seems

a little out of my reach, but there seems to be a deal of condo's which are priced within my budget.

Ok, having said all that...would appriciate any advice on the above, contracts, pitfalls, good deals ect.

I should have the savings needed in about 4 years in addition to my monthly navy pension.

I have been searching the local internet for the above info on my own as well.

 

all the best, spring

[js007 795]

Greeting fellow Board members;

 

I have been working for Military Sealift Command for 25 years and plan on retirement in Thailand.

I have been coming to Thailand for many years but just recently decided to make this my home.

Plan on buying a condo or house, planning to spend about 2,000,000 to 3,000,000 baht, but so far a house seems

a little out of my reach, but there seems to be a deal of condo's which are priced within my budget.

Ok, having said all that...would appriciate any advice on the above, contracts, pitfalls, good deals ect.

I should have the savings needed in about 4 years in addition to my monthly navy pension.

I have been searching the local internet for the above info on my own as well.

 

all the best, spring

 

Just remember, as a foreigner, you can't legally own land in Thailand, so buying a house would require setting up a fraudulent Thai company for the purpose of buying the house and land. Not a good idea, in my opinion.

 

Condos are easier. You can legally own one of those. My only advice there would be to look around at everything available. DO NOT buy anything that isn't completely built and that you can inspect. There have been many many scams in Thailand were people made a down payment on an unbuilt condo, only to have the "builder" disappear with the money. And when you make a purchase, hire a reputable lawyer to help with the transaction.

[short 215]

What about mobile homes? or do they not have tornados in Thailand?

[SPRING 1]

Thanks for the prompt response everybody, and yes I will if needed hire a lawyer to complete the transaction, I do have about 4 years until retirement to make up my mind, all the best spring

[VPI78 11,509]

If you are 4 years away and you are set on Thailand being the place for you then it would be wise to move some assets into Thai-based assets as a hedge against currency appreciation.

 

Many will have differing views about the strength of various currencies but the one certainty is that they fluctuate over time. You will want to have some Thai currency in the form of either hard assets such as property (as stated above you can own a Condo in Thailand in your name) or softer financial assets such as Thai-based securities for either income or retirement permission to stay, e.g., the 800,000 Baht sum required (yeah there are different ways to do that, just review other threads).

 

You probably already know but the Thai Baht has gradually appreciated since the financial crisis in Thailand in the late 90s from +57 Baht: 1 George Washington to about 30:1 currently. It was over 40:1 as recently as 2005/2006 and many predict it will continue to appreciate to levels last seen when it was unofficially pegged to the George Washington back in the 70s of about 20:1.

 

Any way you can hedge against that in different ways and my advice is pick a way in which you are most comfortable, i.e., there is risk in any financial strategy.

[SPRING 1]

Thanks for the info, I will check into all the above, spring

[tomcat76 327]

If you are 4 years away and you are set on Thailand being the place for you then it would be wise to move some assets into Thai-based assets as a hedge against currency appreciation.

 

Many will have differing views about the strength of various currencies but the one certainty is that they fluctuate over time. You will want to have some Thai currency in the form of either hard assets such as property (as stated above you can own a Condo in Thailand in your name) or softer financial assets such as Thai-based securities for either income or retirement permission to stay, e.g., the 800,000 Baht sum required (yeah there are different ways to do that, just review other threads).

 

You probably already know but the Thai Baht has gradually appreciated since the financial crisis in Thailand in the late 90s from +57 Baht: 1 George Washington to about 30:1 currently. It was over 40:1 as recently as 2005/2006 and many predict it will continue to appreciate to levels last seen when it was unofficially pegged to the George Washington back in the 70s of about 20:1.

 

Any way you can hedge against that in different ways and my advice is pick a way in which you are most comfortable, i.e., there is risk in any financial strategy.

 

'Just out of curiosity, why the -1 on VP178's post? As a US retiree, the OP will be having to deal with a dollar-denominated income stream against a possibly appreciating Thai baht. 'Sounds like something relevant to be factored into his financial planning.

Edited November 17, 2012 by tomcat76

[js007 795]

'Just out of curiosity, why the -1 on VP178's post? As a US retiree, the OP will be having to deal with a dollar-denominated income stream against a possibly appreciating Thai baht. 'Sounds like something relevant to be factored into his financial planning.

 

I agree. And it's not just a minor problem. What happens if the dollar totally collapses? If your only source of income is a military pension, you might be in a bit of trouble.

[jacko 8,814]

I say bide your time. Rent for a year, there are a lot of condos available for reasonable rents, houses too, but buying new I think they are overpriced.

Firstly have you decided where to live? Pattaya for example, central or outskirts, up-country maybe? The place is changing so fast you may find you would rather be some-place else. Many Expats seem to settle over on the dark-side, preferring the space of a house to the proximity of the night-life. A condo is really a little box where you are confined, a relaxing drink being perched precariously 100 feet up in the air, with a nice sea-view and sunset at night...maybe.

 

Four years is still a while off, and as you have been spending a lot of time in cramped quarters I wonder whether a studio would suit, hell hang an old brass porthole on the wall and run the taps and you are back at work!

Edited November 18, 2012 by jacko

[atlas2 4,329]

Quite right an undeserved -1 for VP I just voted him up to 0 best I could do. Maybe the guy who voted it down has fat fingers and it was an honest mistake.

[yogi100 1,925]

Rent don't buy. Things change quickly in Pattaya and if you've bought you're lumbered if the neighbourhood goes downhill which it can easily do. Thai lawyers can be slippery customers and you won't have a clue what you are getting into when you sign on the dotted line.

[Gary 4,119]

I wouldn't buy a condo as an investment but I would buy one that I intended to live in and keep. There are several things to look at before committing. See that the maintenance fund is fat and healthy. Many condo complex funds have been raped and stolen from. Make sure the electricity is billed directly to you. Some condo units have utilities managed by the condo association. Some double or even triple the actual bill. Assure yourself that the complex security is organized and effective. And finally, buy a unit in your own name that is turn key and that it has electricity and water already working. Buying a unit that the utility connections have not been completed make it impossible to live there.

 

And yes, I do own a nice condo condo in Jomtien. It is my security blanket in case my wife were to throw me out. After 8 years with her I don't think that is likely but one never knows. I prefer to leave the condo empty for my own use. That's where I am now. It's nice to have your own place when you need a change of scenery.

 

ADDED - My maintenance fee is 10 baht per square meter per month. Mine is 60 square meters so it costs me 600 baht per month. There are no other charges. The grounds are well kept and the swimming pools are pristine.

Edited November 18, 2012 by Gary

[JohnnyK 28]

Rent first and then do the research on the ground. The more units you see the more you will learn.

[BigDUSA 71]

Thanks for the prompt response everybody, and yes I will if needed hire a lawyer to complete the transaction, I do have about 4 years until retirement to make up my mind, all the best spring

 

You will need a honest competent lawyer to represent your interest. Check out the expat clubs for recommendations on this issue. There are a couple of problems with buying a condo or house. Pattaya has a serious water shortage, now. Thousands of condo's are being built and where will the extra water, electricity come from.

[jacko 8,814]

You will need a honest competent lawyer to represent your interest. Check out the expat clubs for recommendations on this issue. There are a couple of problems with buying a condo or house. Pattaya has a serious water shortage, now. Thousands of condo's are being built and where will the extra water, electricity come from.

Water shortage, there was 2 foot of it in the streets yesterday!

[Dr Mick 111]

I agree rent ,then you can try other parts Thailand ,who knows you may not like living in Pattaya full time ,For me know its ok for a week but i miss Khon Kaen where i have now lived here for 5 years now and I only rent house pay 10000 bhts rent for a beautiful house here.

Have you seen many places in Thailand ,if you like to be near sea i would look at living in Hua Hin ,

Dont forget what you can get in Pattaya can also be found in many other cities in here in Thailand.

Also retirement is very different to being on holiday ,if you want to PM and ask me me any questions about retirement here feel free to ask me,all the best in your future retirement ,i have no regrets living here in LOS

[JohnnyK 28]

Hua Hin is a great place to live, under three hours to BKK and 4-5 from Pty. But, condo for condo, HH is more expensive.

[Gonzo 419]

It all depends how much money you can afford to spend or loose. I spent 1.5 Mill THB 7 years ago on a condo in Jomtien and I am glad I did. If, for some reason, I cannot live here any longer, I will be happy to have the missus or her family take possession of it. Actually, I made out a last will and testament to say so. I will never burn my bridges with my home country and I will keep the bulk of my investments there.

[bigmick 840]

You are 6 years away from retiremnet, so i think you should perhaps ask this question in about another 5 years and see how the land/laws are then. Hopefully nothing has changed for the worse and you will rent first and take time to explore Thailand first to make sure you are sure this is where you want to be. Holidays here are great, living here is different and has its issues, but overall - like many others, i am very happy here

[sinbinjack 251]

Was there not a Pattaya condo on line forum /group/Magazine ,thingy. I did have it as a favourite but lost the Address when my old PC died .There was listed a good few condos for sale rent and good reviews of what they were like Written by those who lived there.