Buying for the future

[moviedude 0]

Planning ahead and considering to buy a condo flat in Thailand for when I give up the rat race. Can't decide on location and whether to let it out whilst I'm still working. Places I've liked are around Patong and Pattaya. If I was to buy there I could leave it empty and use it for holidays. I would need to employ cleaners etc.

And then there is the question of apartment size. Do I get something cheap and small or a 2 or 3-bed place?

I don't expect the prices to change much in the next 5 years and investment is. It my reason for buying.

I am leaning to Pattaya and the surrounding areas and am open to suggestions.

[jacko 8,814]

Well the first and big decision is location!

Personally when I first arrived in Thailand after retiring, I rented, and did a 'grand tour' of a few places and still ended up selecting the Pattaya area.

Many will still tell you to rent. (If you live in it, fuck it or sail in it, rent).

 

So there is your second big decision.

 

Size, here is decision 3, I ended up choosing a house as I wanted more space and my wife has an aversion to little boxes in the sky with prison like corridors. I could not imagine living in 33sqm with a fridge buzzing in the same room as my bed!

 

At the moment I would say property is far from being a good investment here, there is over-supply. One can hope gambling will be legalized and 99 year leases will appear but no guarantee! It is a buyers market assuredly.

 

How much experience of Thailand and Pattaya area do you have?..... If you had a 2 week holiday every year for 10 years you have had what I get every 6 months, and I assure you living here is different than holidaying here. I may say I have 12 years of experience of living here, more accurately I have had 6 months experience 24 times!

 

Come rent for a spell, as the old letch said to the nubile, suck it and see if you like it.

Edited April 25, 2017 by jacko

[losgrad 264]

I agree with Jacko.

Rent in various locations to experience the subcultures within some of the many local neighborhoods. I stayed in various locations before I rented a small apartment for a year, then purchased a double condo in another neighborhood. After 6 great years in my condo, it's still functional for our lifestyle, but now I wouldn't mind living in another area I recently rented (staycation :) - pros and cons.

P.S. It's much easier to buy a place here than to sell.

Edited April 26, 2017 by losgrad

[Bullfrog 2,224]

At the moment I would say property is far from being a good investment here - It is a buyers market assuredly.

 

I always find this opinion contratictory. Surely a buyer's market is the time to buy..

 

Anyway, as I have said elsewhere, it took 2 years of using shanks' pony to select the condo that I have bought into. Prior to that I spent time looking at Agency windows and websites ...If you can't spend time on the ground don't do it..

[jacko 8,814]

 

I always find this opinion contratictory. Surely a buyer's market is the time to buy..

 

Anyway, as I have said elsewhere, it took 2 years of using shanks' pony to select the condo that I have bought into. Prior to that I spent time looking at Agency windows and websites ...If you can't spend time on the ground don't do it..

But not as an investment.

More as a necessity.

Like a vehicle perhaps.

 

I have friends currently dancing with glee that their condos are now worth a lot more, as they bought them with £s brought in at 60+ baht, Can't sell them though, and of course live and expect to die in Thailand, so will not realize the gain in Sterling terms. I am off to the UK in a few months and am wondering what to shop for there to save money! I got a 40KG allowance!

Edited April 26, 2017 by jacko

[tallguy 1,475]

I agree with Jacko's assessment of the market.

 

There is a huge oversupply of condos in Pattaya and although developers try to keep advertised prices high there are a lot of bargains around if you are in a position to buy.

 

However, the oversupply means that properties are difficult to rent or sell if you expect a reasonable return on your investment.

[Bullfrog 2,224]

I am off to the UK in a few months and am wondering what to shop for there to save money! I got a 40KG allowance!

 

I am off for a couple of weeks in August flying EVA Premium Economy with only hand baggage on the outward leg. I shall be returning with 40kg of Poundland corned beef...

[SlipSlopSlap 186]

OP, I have never bought or owned property in Thailand, so take the following with a grain of salt:

 

I am currently renting a condo for 2 weeks at View Talay 6, been here for 4 days now. (All my other trips I have simply used hotels.)

 

The floor I'm on seems deserted (there would have to be 50 apartments on each floor, but I haven't counted). I have only seen 2 apartments in use (both dudes were leaving their doors open all the time to catch the breeze and save on AC I guess, both seem to have gone now).

 

I don't hear farang voices and thai girls laughter in the corridor at all, at any time of the day or night like I do in most hotels (which is fine by me). In fact I don't hear anyone!

 

There are 3 lifts, I never have to wait long for one! The majority of the time it is empty when I get in and travel down.

 

The pool never has more than about 4 mongers in it, although often a family or two with a few kids (Thai family holidaying or a farang with his thai wife/child.)

 

The ground floor has about a dozen businesses, including basic coffee shops, grocery stores, massage places. They look empty whenever I walk past.

 

There would be about 5 or 6 separate condo renting/ selling businesses on the ground floor, they look very quiet inside!

 

Now it is quite possible lots of these places are owned by people doing what you describe, living overseas and renting between their own visits and it is very much low season.

 

But jeez, I think if I was interested in buying a place here I wouldn't have to line up in a queue and wait for a salesman to see me!

Edited April 27, 2017 by SlipSlopSlap

[js007 795]

Part of the problem with deciding what to do is that we all have years of experience in our home countries, watching the real estate market. Here in the USA, over my lifetime, the real estate market has gone up in a big way. So I'm conditioned to assume that will always be the case, long term. But Thailand is different, perhaps.

 

Possible considerations:

 

-over supply

-build quality

-difficulty selling

-knowledge of the various neighborhoods

-exchange rate

 

Renting is very very easy. Sometimes I think that's the way to go.

[InternationalTraveler 282]

Been here nearly 6-years now. Originally came with the intention to buy.

Rented first apartment on the Darkside with tennants above and either side. Too noisy and too far from town 5Km.

Now rent a house in the centre only 10-minutes walk from the beach and bars, yes location is paramount.

I like the freedom that I can move anytime and if the shit does hit the fan for any reason I can open the safe, grab my passport

and get the fcuk of here.

[Goldpanner 399]

If I was tempted to buy anything in SE Asia it would be in Vietnam, Nha Tang or maybe Dalat.

I doubt any property in Pattaya is going to bring any decent return as an investment now.

[Bazle 1,485]

I bought a condo 6 years ago in Pattaya, Soi 15, not as an investment but as a holiday HOME. Currently, I spend about 5 months a year there, in 4 week visits.

 

During the 6 years, there was maybe 1 year when I was blighted by noisy neighbours but, overall, I have no regrets.

 

At the moment, I have no desire to sell it but accept that, if I did, I'd find it difficult to do so at a reasonable price.

 

However, it has saved me a lot of money in hotel costs, and given benefits not quantifiable in monetary terms, like being incredibly convenient, giving some structure to my retirement years, etc.

[moviedude 0]

Well the first and big decision is location!

Personally when I first arrived in Thailand after retiring, I rented, and did a 'grand tour' of a few places and still ended up selecting the Pattaya area.

Many will still tell you to rent. (If you live in it, fuck it or sail in it, rent).

 

So there is your second big decision.

 

Size, here is decision 3, I ended up choosing a house as I wanted more space and my wife has an aversion to little boxes in the sky with prison like corridors. I could not imagine living in 33sqm with a fridge buzzing in the same room as my bed!

 

At the moment I would say property is far from being a good investment here, there is over-supply. One can hope gambling will be legalized and 99 year leases will appear but no guarantee! It is a buyers market assuredly.

 

How much experience of Thailand and Pattaya area do you have?..... If you had a 2 week holiday every year for 10 years you have had what I get every 6 months, and I assure you living here is different than holidaying here. I may say I have 12 years of experience of living here, more accurately I have had 6 months experience 24 times!

 

Come rent for a spell, as the old letch said to the nubile, suck it and see if you like it.

Good advice.

[texasfarang 202]

I've had the condo bug so many times...Pattaya, Angeles City, Destin, Curacao, Cartagena, Subic, Bangkok,...now I'm back in love with Pattaya and I'm inclined to think that when it comes to condos it is better to rent than own.

 

Curacao and Cartagena were driven by a hot Colombian who I fell out of love with so I was soooooo glad I never pulled the trigger on those condo searches.

 

Philippines has turned into a steaming pile of dog shit and I'm oh sooooooo glad I never went condo there.

 

Around 2007 I almost bought a huge condo in Destin when people were flipping properties in Florida and making silly money until the whole thing tanked.

[Bullfrog 2,224]

I have friends currently dancing with glee that their condos are now worth a lot more, as they bought them with £s brought in at 60+ baht, Can't sell them though, and of course live and expect to die in Thailand, so will not realize the gain in Sterling terms.

 

Jacko is the only poster to touch on a subject that was important to me in decidng what to buy .... what happens when I snuff it..

 

At the moment I am happy as a pig in shit over here in the slums so I gave my sons (who will inherit whatever I leave behind) what they would like me to do with 45,000 quid of my savings..

 

Buy a canal boat in UK with a permanent mooring on the kennet and avon canal in Wiltshire

Buy a caravan in the West Country (where the oggies grow on trees - oh bugger janner)

Buy a mobile home in The New Forset

Buy a condo in Pattaya (again)

 

Each would incur annual fees but could be rented out... They overwhelmingly voted for the condo option.

 

I see myself as caretaker of my savings not the owner of them. I have a little pension which , if careful, I can live off.... ..Enough for me to regularly get ratassed and make an embarrassment of myself in Buttsy's, Bodega or anywhere I stumble into...

 

As I mentioned I spent 2 years walking the streets before finally choosing the condo .... but I still quite fancy the canal boat so will check a few out in August...

[atlas2 4,329]

A lot of Thai wives have n aversion to living in a box in the sky..... though the fact that a condo can be owned lock-stock and barrel by her husband I believe contributes to the aversion.

[Bullfrog 2,224]

A lot of Thai wives have n aversion to living in a box in the sky..... though the fact that a condo can be owned lock-stock and barrel by her husband I believe contributes to the aversion.

 

No No ...They are frightened of a Tsunami hitting the Penthouse apartment on Pratumknacker Hill ...It's coincidental that it is in Farang name.....

[Gary 4,119]

I view paying rent as a total waste of money. That said, buying a condo in your own name is pretty safe. I never viewed my condo as an investment. I bought mine when there were 41 baht to a dollar. I no longer live in the condo and I don't rent it out. I like it there when I want a change of scenery. It also serves as a security blanket for me. After more than ten years with my Thai wife, it's not likely that she will throw me out but one never knows.

 

I could be out of her house within a day. I will always have a roof over my head and certainly won't miss any meals. How do you put a price on peace of mind? I could never put up with the feeling of being or feeling trapped. My policy has always been to never to spend money that you could not afford to walk away from.

[Bazle 1,485]

I view paying rent as a total waste of money. That said, buying a condo in your own name is pretty safe. I never viewed my condo as an investment. I bought mine when there were 41 baht to a dollar. I no longer live in the condo and I don't rent it out. I like it there when I want a change of scenery. It also serves as a security blanket for me. After more than ten years with my Thai wife, it's not likely that she will throw me out but one never knows.

 

I could be out of her house within a day. I will always have a roof over my head and certainly won't miss any meals. How do you put a price on peace of mind? I could never put up with the feeling of being or feeling trapped. My policy has always been to never to spend money that you could not afford to walk away from.

 

Good thinking IMHO.

[moviedude 0]

I view paying rent as a total waste of money. That said, buying a condo in your own name is pretty safe. I never viewed my condo as an investment. I bought mine when there were 41 baht to a dollar. I no longer live in the condo and I don't rent it out. I like it there when I want a change of scenery. It also serves as a security blanket for me. After more than ten years with my Thai wife, it's not likely that she will throw me out but one never knows.

 

I could be out of her house within a day. I will always have a roof over my head and certainly won't miss any meals. How do you put a price on peace of mind? I could never put up with the feeling of being or feeling trapped. My policy has always been to never to spend money that you could not afford to walk away from.

I like that peace of mind thought though having an empty place that's not making money for you would eat away at me.

[losgrad 264]

I like that peace of mind thought though having an empty place that's not making money for you would eat away at me.

 

Before I retired, I would have agreed as I was working long hours to make money and expected my investments and properties to work too.

 

Now, it's all about spending my money, enjoying it with an empty property in either my home country or here waiting for my impromptu visit and just making sure the money lasts until the end.

 

 

P.S. I have very appreciative grown kids whom I regularly give big gifts, otherwise they are doing fine. They've had many more advantages and opportunities than I.

Edited May 4, 2017 by losgrad

[Gary 4,119]

I never had any intention of renting out my condo. At one time I did rent it out to a friend of mine. Since he was a friend and a dependable guy the rent was in my bank account every month right on time. During that time I discovered that I missed the place when I went back for visits, especially during high season when hotels were full and rates were high.I'm not wealthy by any means but I am able to live exactly as I want with a surplus from my pensions every month. If I sold the place, what would I do with the money? No way would that affect my lifestyle and I would lose my way of changing scenery whenever I feel bored at home. The condo has a separate bedroom and is totally furnished including a desktop computer and a washing machine. When I go down for a little holiday, all I need to take with me is a backpack full of clothes. There is a small restaurant across from my condo in the complex. There is a 7-11 right outside the gate. Security is second to none. Monthly maintenance is 10 baht per square meter or 600 baht per month. There are no taxes and the maintenance fee pays insurance and trash removal. I consider that quite reasonable for a second home away from home. Different strokes for different folks. I am also aware that a hearse has no luggage racks.

[iIanPPI 3]

I have been tempted to buy a condominium (remember, you're only buying a lease, not freehold), but decided against it. The price of hotels, or rooms, or apartments, is so cheap to rent in Thailand, that I would need to live here for well over 20 years before buying a condo saves me money. Along with that, renting somewhere I can move at a moments notice; and I don't have to worry about the political instability in Thailand, the asinine visa policies, insurance, the building catching fire, the building being smashed up because the developer didn't bribe the right people, or anything else.

 

I do understand the allure of buying a condo, being able to stick a flag in the sand and say "this is mine", but it is in my case it would be without merit and not a wise decision financially.

[jacko 8,814]

I have been tempted to buy a condominium (remember, you're only buying a lease, not freehold), but decided against it. The price of hotels, or rooms, or apartments, is so cheap to rent in Thailand, that I would need to live here for well over 20 years before buying a condo saves me money. Along with that, renting somewhere I can move at a moments notice; and I don't have to worry about the political instability in Thailand, the asinine visa policies, insurance, the building catching fire, the building being smashed up because the developer didn't bribe the right people, or anything else.

 

I do understand the allure of buying a condo, being able to stick a flag in the sand and say "this is mine", but it is in my case it would be without merit and not a wise decision financially.

I am sure a rented condo is just as flammable!