Buying <=1MB Condo in CM

[datura]

Hi guys. I'm in my 20's, I lived in CM for 2 years and I'm back in Aus now. I want to purchase a budget condo in CM, 1 million baht or less. The condo will be used 50/50 as a rental and my own residence/holiday home if I go back, so it isn't purely an investment property. There are plenty of options but I'm having trouble deciding where to buy. There are condos in ideal areas but old building and old furnishings, or renovated and nicely furnished condos in renovated buildings in far-away areas. I've been looking for weeks and it's just extremely difficult to choose and I'm suffering from analysis paralysis. Just wondering if anyone has recently bought in this price range, I'd love to have a chat.

[baansgr]

If its as a holiday rental, location will be of utmost importance. Check out booking sites to see what is already on the rental market, give you an idea of what is popular and ROI. Larger older units usually fit expats on a budget, holidaymakers prefer all mod cons.

[1FinickyOne]

I would think that renters are not easy to find and to be managing one small unit from afar, even more difficult... maybe you are hesitant for a reason... that said, there seem to be some units in that price range near the railway station... good luck to you.

[Ulic]

Many old condos are bigger and better built than new ones that are thrown up in a

low cost above everything approach. Warranties/guaranties mean little. The old

adage in real estate come to mind. Location, location, location. Maybe an old condo

in a good building and a facelift/renovation of your unit. Rentals income may be

more difficult than you think. There is a push by hotel companies against short term

tourist rentals (less than a month). If you can make the numbers work for you with

no rental income, then fine. Regard any rental income as a bonus. Also you will

need a good/honest property management company if you are living in Australia.

Best of luck with whatever you decide.    

[Destiny1990]

What buildings did u visit sofar that qualifies?

[bazza73]

Renters are usually looking for condos with a pool, which puts the unit in a higher price bracket.

Bear in mind the body corporate fees can vary considerably.

There are some condos here which are cheap, but I would not touch with a barge pole. Shoddy construction, rusty water, defective wiring. Sometimes all in the same building.

IMHO at your age you should be buying property. However, I'd say you would be better off buying in Australia if possible.

[Dipterocarp]

I purchased a Condo in that range almost 10 years ago and it works out well for me, doing FIFO

overseas work and using part time, but gave up trying to rent it out. 

 

This is how it works with Non-resident Farangs and Condos.

Short term rentals (AirBNB) are illegal, the Condo management will mess with you.

Now with TM30 reporting enforced probably worse (don't even want to go there).

The Condo management are however willing to do these illegal short term rentals for you, and rip you off.

You can rent it out long term yourself without an agent working illegally , many do, but there then there is the risk of police entanglements. So by all means buy a Condo, just don't think you are going to rent it out while you are outside Thailand unless you  have a good management Company and your Juristic person allows it

 

• I could lease out my Condo long term but then I could not use it. The rent you can attract even in a new building for is quite low compared to purchase prices now.
• I could have my  Condo management rent it out short term, but I just cannot stomach these wonderful smiling women renting it out 10 nights and saying it was rented three, pocketing the proceeds for themselves, which is exactly what they did to me. I was thinking get an updated digital lock where I can download the door use history, but it is not worth the wear and tear with short term tourists, and now I have a lot of personal stuff there. 

 

 

 

Edited October 20, 2017 by Dipterocarp

[bazza73]

2 hours ago, Dipterocarp said:

• I could have my  Condo management rent it out short term, but I just cannot stomach these wonderful smiling women renting it out 10 nights and saying it was rented three, pocketing the proceeds for themselves, which is exactly what they did to me. I was thinking get an updated digital lock where I can download the door use history, but it is not worth the wear and tear with short term tourists, and now I have a lot of personal stuff there. 

 

 

 

You've had females swindle you? I'm shocked.

[Pinot]

Short term rentals are illegal. They have to be 30 day rentals. That's not enforced but it could be. 

 

Never buy anything in Thailand. Find a better investment and rent. 

[nasanews]

Buy a condo before the money is gone, it is future home and good investment.

Good luck.

[BuddyDean]

All roads lead to PP Condos, if on a budget.  Good baseline, not bad, but you can do better.  Hillside 3 is a nice older building, but may be difficult at a million.  City View is kind of a dump, but a great location.  No property taxes and low HOA fees make it easy to leave vacant.  Set higher rent and do six month terms....you will have more vacancy, but fewer headaches and wear and tear.  Avoid the lowlands.

[MaeJoMTB]

I know a guy that bought 2. They have never been rented.

 

Lots of empty condos in Chiang Mai, maybe worth buying to live in, but don't expect to rent them (sub 1M) out for more than 2,000-3,000bht a month to Thais.