Help me with two Condo options - about to buy

[lkn]

1 hour ago, trogers said:

Sure. I just inherited my late dad's condo July last year. We are both foreigners, and he did not live in Thailand.

Can you describe the process you went through?

 

As I read the Thai Condo Act a foreigner who inherits a condo has a year to sell it, or alternatively, become compliant with section 19 of the Act, which basically means showing evidence of bringing in foreign currency.

 

[lkn]

6 hours ago, rnalswls2 said:

how do I check if their management is doing their job well? Which fact should I check? Should I re-visit the building and walk around to check the building conditions? Or ask our agent?

Don’t trust anything the agent says (this is not specific to Thailand, agents will tell you whatever they think will close the deal).

 

Walking around the building is definitely a good start, but I would suggest requesting minutes, budget, and financial report from last AGM, that should give you an idea about what goes on in the building. Also check if monthly income and expenditure report is posted in the building.

 

That said, many people live happily in buildings that are being run by amateurs, so maybe this is not really a concern of yours.

[Inquisitorial]

Hi. We have condo about 10 min walk from Phrom phong and love the location.  The size of the condo you are looking at is very good value for the price.  Personally I would not go for one less than 100sm. 

 

Perhaps you could ask to speak to one of the committee members, that way you can find out more about how pro active the maintenance is.

 

have you checked out what the common area management fees are and if they have a sinking fund?

 

not sure if you are Thai if not you will have to check the foreign ownership, it can not be more than 49%.

 

[trogers]

21 minutes ago, lkn said:

Can you describe the process you went through?

 

As I read the Thai Condo Act a foreigner who inherits a condo has a year to sell it, or alternatively, become compliant with section 19 of the Act, which basically means showing evidence of bringing in foreign currency.

The Condo Act only stipulates that an FET has to be present when title is transferred to a foreigner.

 

In an inheritance, an FET provided by the deceased is already present and is not withdrawn like in a sales. Thus, no new FET is needed for title transfer to foreign heirs.

 

If the deceased is a Thai, a foreign heir will need to furnish an FET to cover his portion of ownership as the property has no FET from the deceased.

 

I only needed to pay the 2% transfer tax.

 

As in all cases on Thai wills, documents have to be submitted to the Thai court to get an order for the official appointment of the executor. With this court order, the executor can execute the will at the Land Office. I was the executor and beneficiary of my late dad's will.

Edited November 28, 2017 by trogers

[khunPer]

9 hours ago, rnalswls2 said:

ps - also, I have very stupid, basic question here... when foreigner owns a condo, does it mean really 'permanent'? So let's say I bought it under my name, and by accident I die, will this still go to my foreign husband or family?

If you are Thai and your husband foreigner, the foreigner can inherit the property – and have 50% in separation, if no other agreements has been made – but if it's not legal for the foreigner to own it, it has to be sold within a 12-month period; for example a house-and-land, whilst a condo within the 49% foreigner allowance, where 51% is Thai-owned, can legally be owned by a foreigner. It might be a good idea to check if the condos in question are within the 49%, and eventually have both names on the title deed; and also make sure the condo comes with a proper deed. Perhaps a poster more experienced in condo ownership can explain with better knowledge.

 

As for choosing one of the two options, normally we always hear that real estate property prices are based on location, and location; so looked from a purely investment point of view, the one with the better location should be preferred; if it's kept in a reasonable good condition, which it seem like. A well constructed and maintained building can last for many years.

Edited November 28, 2017 by khunPer

[Jsinbkk]

9 hours ago, trogers said:

A 140 sqm old condo at less than Bt50k per sqm in Phrom Phong district can only go up in value.

 

A new condo in Onnut at double that price rate can fall in value by a third when the bubble is pricked.

 

If you consider that location adds value, Prom Phong district commands 3x the price rate of Onnut by comparing new projects in both districts.

I disagree. Ban Suan Petch for example has 100 empty units. Same with most other older buildings in Prom Pong. 50% occupancy is pretty normal for older buildings. That's why maintainable is so bad. Half the owners are not paying fees. 

 

Occupancy for new buildings is even less. Just look how many lights are in st night. 20% occupancy very common. 

 

Rent in Bangkok and buy US stocks. Better investment and you can move when you want. 

[Dipterocarp]

When a foreigner inherits a condo it must be sold in one year. If the intent is to have a surviving spouse stay owning the unit there are two choices. One, purchase and register the chanote/title in joint ownership. Two, purchase the condo from the deceased spouses estate. The land office will require proof the money to came from outside of Thailand to do the title transfer.



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[trogers]

4 hours ago, Jsinbkk said:

I disagree. Ban Suan Petch for example has 100 empty units. Same with most other older buildings in Prom Pong. 50% occupancy is pretty normal for older buildings. That's why maintainable is so bad. Half the owners are not paying fees. 

 

Occupancy for new buildings is even less. Just look how many lights are in st night. 20% occupancy very common. 

 

Rent in Bangkok and buy US stocks. Better investment and you can move when you want. 

That location, deep inside Soi 39, is not that good, and is flood prone.

 

The OP is referring to the Soi between the Emporium and Suan Ben. You can hardly find any vacant old condo units in Soi 24 and this soi. One of my Japanese tenant tried looking for a unit for her friends.

 

Apartment units have vacancies, but because they are old and not refurbished, and charge high for utilities.

 

 

Edited November 28, 2017 by trogers

[KittenKong]

4 hours ago, Jsinbkk said:

Ban Suan Petch for example has 100 empty units. Same with most other older buildings in Prom Pong. 50% occupancy is pretty normal for older buildings. That's why maintainable is so bad. Half the owners are not paying fees. 

 

Occupancy for new buildings is even less. Just look how many lights are in st night. 20% occupancy very common. 

 

Regardless of who owns the unit someone should be paying the maintenance fees. The unit being unoccupied is not a reason for not paying.

 

It is down to the JPM/management/committee to ensure that this happens, and to put pressure on those who dont pay. The JPM/management/committee may be hopelessly incompetent or lazy or just plain dishonest (and in my experience most are all three) but even if not paid the debts should continue to mount and have to be paid off before the unit can be sold.

[trogers]

8 minutes ago, KittenKong said:

 

Regardless of who owns the unit someone should be paying the maintenance fees. The unit being unoccupied is not a reason for not paying.

 

It is down to the JPM/management/committee to ensure that this happens, and to put pressure on those who dont pay. The JPM/management/committee may be hopelessly incompetent or lazy or just plain dishonest (and in my experience most are all three) but even if not paid the debts should continue to mount and have to be paid off before the unit can be sold.

These are units built in the first half of the 90s, held by speculators rather than owner occupied.

 

The same problem might developed in projects built in the last five years, when the advance payment for two years of common fees run out.

[stephenterry]

OP, you have not yet mentioned what direction your proposed condo balconies are facing. South or West are prone to sun-baked afternoons (even with shades), and that's a no-no for those who want to live there all day. Ideally, aim for a N or E facing balcony, especially if you're aiming to resell in the future.  And the higher you are the less mozzies are around.

 

Also, it is important to ensure that whatever management maintenance is carried out, that it is satisfactory and seen to be carried out. While I hope it never happens to you, on two occasions where I lived the so-called Thai management boss stole all of the tenants' maintenance payments. In one case (Pattaya) the lift broke down and was not repaired for 6 months (because there was no funds). Living on the 13th floor was a nightmare. 

[trogers]

4 minutes ago, stephenterry said:

OP, you have not yet mentioned what direction your proposed condo balconies are facing. South or West are prone to sun-baked afternoons (even with shades), and that's a no-no for those who want to live there all day. Ideally, aim for a N or E facing balcony, especially if you're aiming to resell in the future.  And the higher you are the less mozzies are around.

 

Also, it is important to ensure that whatever management maintenance is carried out, that it is satisfactory and seen to be carried out. While I hope it never happens to you, on two occasions where I lived the so-called Thai management boss stole all of the tenants' maintenance payments. In one case (Pattaya) the lift broke down and was not repaired for 6 months (because there was no funds). Living on the 13th floor was a nightmare. 

The Soi mentioned by the OP is quite narrow, single lane in both directions. Condos would not be high-rise. And lower floors enjoy the shades from trees of the public park.

[stephenterry]

3 minutes ago, trogers said:

The Soi mentioned by the OP is quite narrow, single lane in both directions. Condos would not be high-rise. And lower floors enjoy the shades from trees of the public park.

Still a good idea to check it out at 2-3pm on a sunny day - and there are two condo options, aren't there?

[rnalswls2]

Hi all, 

 

I just turned down old Phrom Phong one, since the building itself was TOO old when I second visited, and when I visited their night time it was very noisy with all kids around on the common area. (they were just there, running and screaming...)

 

Now I'm looking at another one with 105sqm, 6.3MB, inside Thong lor area with tenant till July 2018, (32,000THB). and I'm paying 29,000THB for my rent currently. If, the building, location, room condition are all good - is that a good idea to go with tenant inside? (I haven't viewed the actual unit yet, just want to hear some of your opinions to see if it's even worthy to view the place)

 

Has anyone bought a condo with tenant already in? Please share thoughts and informations thanks! 

[trogers]

1 hour ago, rnalswls2 said:

Hi all, 

 

I just turned down old Phrom Phong one, since the building itself was TOO old when I second visited, and when I visited their night time it was very noisy with all kids around on the common area. (they were just there, running and screaming...)

 

Now I'm looking at another one with 105sqm, 6.3MB, inside Thong lor area with tenant till July 2018, (32,000THB). and I'm paying 29,000THB for my rent currently. If, the building, location, room condition are all good - is that a good idea to go with tenant inside? (I haven't viewed the actual unit yet, just want to hear some of your opinions to see if it's even worthy to view the place)

 

Has anyone bought a condo with tenant already in? Please share thoughts and informations thanks! 

Which soi in Thonglor?

[Destiny1990]

39 minutes ago, trogers said:

Which soi in Thonglor?

Asking price seems to high with rental returns.

[trogers]

15 minutes ago, Destiny1990 said:

Asking price seems to high with rental returns.

Would depend on the state of the interior. Could be a project built in the 90s.

[Destiny1990]

41 minutes ago, trogers said:

Would depend on the state of the interior. Could be a project built in the 90s.

Barely makes 6%. 

[rnalswls2]

1 hour ago, trogers said:

Which soi in Thonglor?

Sorry - it's more Phrom Phong - soi 39 with tenant inside. 

 

Plus these are on my list to go have a look. 

- Supalai Place soi 39, 97sqm, 6.9mb

- JC Tower 98sqm, 6.8mb

- Baan chan 72 sqm 5.5mb 

- Waterford Rama 4, 65sqm with rooftop, 3.9mb 

 

The top three are all near each other, since I don't mind living far from BTS, distance doesn't bother me, I will need to see how the building condition would be. The last Waterford is in Phrakanong and not sure why it's very cheap even near the BTS, probably building maintenance could be very bad. I haven't viewed any of them yet so I will need to visit to see. 

 

[trogers]

1 hour ago, rnalswls2 said:

Sorry - it's more Phrom Phong - soi 39 with tenant inside. 

 

Plus these are on my list to go have a look. 

- Supalai Place soi 39, 97sqm, 6.9mb

- JC Tower 98sqm, 6.8mb

- Baan chan 72 sqm 5.5mb 

- Waterford Rama 4, 65sqm with rooftop, 3.9mb 

 

The top three are all near each other, since I don't mind living far from BTS, distance doesn't bother me, I will need to see how the building condition would be. The last Waterford is in Phrakanong and not sure why it's very cheap even near the BTS, probably building maintenance could be very bad. I haven't viewed any of them yet so I will need to visit to see. 

 

You can rule out Ban Chan and Waterford as they are small for your needs, and would be facing competition from similar size units in Onnut and they are nearer to the BTS.

 

While you may not need to be near to the BTS, properties near the BTS would retain their value over time, or even increase. Those that are kilometres away may fall in value, like Supalai and JC Tower. These two projects are actually near to Petcheburi road, and not Sukhumvit road.

 

I wouldn't recommend any on your list 

[luk AJ]

Make sure you check the statements of revenue and expenses from the condominium building. Cash on hand, sinking fund etc..


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[Destiny1990]

40 minutes ago, trogers said:

You can rule out Ban Chan and Waterford as they are small for your needs, and would be facing competition from similar size units in Onnut and they are nearer to the BTS.

 

While you may not need to be near to the BTS, properties near the BTS would retain their value over time, or even increase. Those that are kilometres away may fall in value, like Supalai and JC Tower. These two projects are actually near to Petcheburi road, and not Sukhumvit road.

 

I wouldn't recommend any on your list 

What Buildings and or units would u recommend her??

Edited November 29, 2017 by Destiny1990

[trogers]

24 minutes ago, Destiny1990 said:

What Buildings and or units would u recommend her??

Those built in the 90s would be Waterford Diamond Tower in Sukhumvit 28 and Waterford Thonglor, inside Sukhumvit 53. Both within 200m from Sukhumvit road and near to the BTS.

 

I think they may have 2-bedroom of size 100 sqm.

 

Also, there are a couple of 90s projects inside Sukhumvit 59, walking distance to Ekamai BTS.

Edited November 29, 2017 by trogers

[rnalswls2]

2 hours ago, trogers said:

Those built in the 90s would be Waterford Diamond Tower in Sukhumvit 28 and Waterford Thonglor, inside Sukhumvit 53. Both within 200m from Sukhumvit road and near to the BTS.

 

I think they may have 2-bedroom of size 100 sqm.

 

Also, there are a couple of 90s projects inside Sukhumvit 59, walking distance to Ekamai BTS.

How about Aree Place Sukhumvit 26? This one meets my budget, over 80sqm for 5.9mb

 

I'm already fed up condo shopping the more I look into the more it gets complicated and disappointed but thanks to help me through this anyway!!!

[trogers]

6 minutes ago, rnalswls2 said:

How about Aree Place Sukhumvit 26? This one meets my budget, over 80sqm for 5.9mb

 

I'm already fed up condo shopping the more I look into the more it gets complicated and disappointed but thanks to help me through this anyway!!!

Quite a walk to Phrom Phong BTS, and they don't have a swimming pool.

 

Try Top View Tower in Sukhumvit 59.

[sidgy]

Sorry - it's more Phrom Phong - soi 39 with tenant inside. 
 
Plus these are on my list to go have a look. 
- Supalai Place soi 39, 97sqm, 6.9mb
- JC Tower 98sqm, 6.8mb
- Baan chan 72 sqm 5.5mb 
- Waterford Rama 4, 65sqm with rooftop, 3.9mb 
 
The top three are all near each other, since I don't mind living far from BTS, distance doesn't bother me, I will need to see how the building condition would be. The last Waterford is in Phrakanong and not sure why it's very cheap even near the BTS, probably building maintenance could be very bad. I haven't viewed any of them yet so I will need to visit to see. 
 

Lived at Waterford Rama 4 Well recommended. Good community living. But I would suggest you go with the one you have already set your heart on


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[rnalswls2]

38 minutes ago, trogers said:

Quite a walk to Phrom Phong BTS, and they don't have a swimming pool.

 

Try Top View Tower in Sukhumvit 59.

Looks nice it's a bit over our budget but we will view the room first - I just sent a request email to the agent for viewing thanks for the recommendation! 

[trogers]

9 minutes ago, sidgy said:

Lived at Waterford Rama 4 Well recommended. Good community living. But I would suggest you go with the one you have already set your heart on


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Not that Waterford Rama 4 is not good. Just that the 2-bedroom units are small for her needs, and with only one bathroom.

 

The unit she looked at has a roof garden priced at Bt3.9m. Probably one of the unit that shades my west facing unit after 3pm...?

[trogers]

2 minutes ago, rnalswls2 said:

Looks nice it's a bit over our budget but we will view the room first - I just sent a request email to the agent for viewing thanks for the recommendation! 

Your welcome...good luck.

[rnalswls2]

12 minutes ago, sidgy said:

Lived at Waterford Rama 4 Well recommended. Good community living. But I would suggest you go with the one you have already set your heart on


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Oh! Good to hear the opinions of someone who lived there! It is the most cheapest option for us now - and I'm going to view it this weekend. 

 

Were you a tenant or the owner of the unit? How was the condo management and security, environment etc? Thanks