Do I have enough money?

[nopsled]

OK, first off, I'm new here so hi!  I know there are quite a few older threads about this already but the circumstances are a bit different, so would appreciate some advice.  I was thinking I would like to leave ole Blighty behind and move to Thailand for a while now.  I have met a lady who lives in HH and would like to move there and build a house with her about 18km outside HH.  I'm 54 years old and if I build said house i would have about £100k left.  She has 2 children, one leaving home soon.  I know it depends how i invest/spend the money, but she is hard working and pretty frugal I think, so would you say this is realistic or am i a long way off here?

 

Thanks

[lopburi3]

100k for how long?  The rest of your natural life?  You will have a pension?  When?  How much?  

 

How will you take care of medical expenses?  They could be small or huge and we never know.

 

Rents in Thailand are very reasonable to probably not a good idea to spend money on a house until relationship is proven.

 

As for what fits you we really can not say.  But finding work in Thailand if required to pay the expense costs later may be hard or impossible.

[Chomper Higgot]

So you want to start by using a wedge of your capital to build a house for someone else?

 

£100,000 at 54 will give you three or four good years, two if you buy a car, one if your lady seals the deal with a new addition.  

 

 

Then what?

[worgeordie]

Go for it, you will either find happiness, or lose 100K.

I think true happiness is worth more than 100K.

 

 

Just one question how long have you know the lady ?

regards worgeordie

[theguyfromanotherforum]

36 minutes ago, nopsled said:

would like to move there and build a house with her

 

So, how much money is she putting?

[BEVUP]

So how is this any different

Women with 2 children no doubt renting & wanting a house that you may have no say in

Then like mentioned she will want one with you & will no doubt need a car to get around in

Hard working ! so who looks after the kids, & she would be broke after paying expenses 

You will not be able to control the kids as you will be over ridden & really ! are you expecting one is about to leave soon =, Why ? because we did at that age in the west

 

YOU HAVE A LOT TO LEARN & Will be broke & fustrated by the time you hit 60 

 

Good Luck

[JAS21]

So, how much money do you actually have?

Are you already in receipt of a company pension?

How long do you think 4.3Mthb will last you?

Does the lady have any income?

Any school or uni fees coming up?

 

You need to think carefully

[nopsled]

I'll have about £160k.  Everything I have.  No pension.  I can feel the heat from here!  Let the flames commence ;-)

[BEVUP]

1 minute ago, nopsled said:

I'll have about £160k.  Everything I have.  No pension.  I can feel the heat from here!  Let the flames commence ;-)

No Flames - Reality

I would of owned everything but had a few hick ups

I would estimate your house maybe 3 Mill all up then car 1 Mill 

Cost of living pending = 100, 000 bht + p/mth

 

This doesnt cover your health 

[nopsled]

3 minutes ago, BEVUP said:

No Flames - Reality

I would of owned everything but had a few hick ups

I would estimate your house maybe 3 Mill all up then car 1 Mill 

Cost of living pending = 100, 000 bht + p/mth

 

This doesnt cover your health 

Thank you.

[JAS21]

5 minutes ago, nopsled said:

I'll have about £160k.  Everything I have.  No pension.  I can feel the heat from here!  Let the flames commence ;-)

With no other income and just 6.8M thb and only 54 and 10-12 years before you will get any pension ... your dreams look just a touch unrealistic. Do you expect to receive an inheritance ...

 

Now if you have a degree ...you can teach english and then that is a different matter ..

[nopsled]

I will inherit at some point, as things stand @£200k but that could be a while yet.  Parent age 76 in good health.  Hopefully will stay that way for many years.  I think I'm getting the picture.

[lovelomsak]

You do not have enough money believe me. 

  What ever you do concerning housing it will be expensive. If you rent now to see how it goes the costs to build will be more when you do it. If you build now you know nothing about the costs and will be overcharged for everything and pay double,  and  the builder will share the extra with the GF

  One poster put your worth at 6.8 million baht. After house and car who knows what you will have left. HH is not the cheapest place to build. House could easy be 3 million or more. Do you have to buy land also. If land too add a million.

  2 kids will drain you so fast I would say you have enough for 3 years max..

  When I met my wife she was hard working and frugal. Now she does not work  and spends like there is a money tree out side in the yard

  Think real hard about what you are doing you do not want to be in your 60's broke.

  

[reenatinnakor]

You can build a house for 35k... But what you have left over still won't be enough for your life.

[473geo]

160k

Less 10k in the bank for visa requirements assuming marriage visa (20k if retirement visa)

= 150k

Min 600 per month assuming no rent 12 years say 90k

=60k 

55k should buy and equip a modest home 

=5k

Transport a motorsi perhaps 

Few luxuries

A no frills lifestyle 

Eventual UK pension possibly about the same living standard (If enough qualifying years)

 

Possible  Do you enjoy living life on the edge 

[TommyTucker]

Will you be keeping a property in the UK!


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[nopsled]

45 minutes ago, 473geo said:

160k

Less 10k in the bank for visa requirements assuming marriage visa (20k if retirement visa)

= 150k

Min 600 per month assuming no rent 12 years say 90k

=60k 

55k should buy and equip a modest home 

=5k

Transport a motorsi perhaps 

Few luxuries

A no frills lifestyle 

Eventual UK pension possibly about the same living standard (If enough qualifying years)

 

Possible  Do you enjoy living life on the edge 

Well, I've climbed some mountains, and I used to fly aerobatics (hence the lack of money ;-), so yes, I guess I do.

 

Seriously, thanks for the replies.  Food for thought.

Edited January 28, 2018 by nopsled

[simoh1490]

As said, house equals 3 million and car equals 1 million (you''ll be lucky to get away so cheaply), at current exchange rates that's 90K Pounds, even if you lived frugally and got away with 60k a month for living expenses, bank interest rates are 1.70% at very best - you'll be broke in just over 4 years. Do yourself a favour and don't do it.

[nopsled]

OK, second option. Don't sell my flat, rent it out and have an income of about £650 per month after agent/repair fees.?  Clutching at straws?

[DineshR]

I hate to break it to you but you simply don’t have enough ... you have roughly 7 m baht ... whatever you budget for a house ... double it ... then you will need a car ... I’d say you will wipe out your 7 m building the house and buying a car ... and living on roughly 30k baht a month with a wife and 2 kids is stretching it ... it’s just not there.


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[473geo]

21 minutes ago, nopsled said:

OK, second option. Don't sell my flat, rent it out and have an income of about £650 per month after agent/repair fees.?  Clutching at straws?

Sounds like it would be a good way to come and experience for yourself, look at the housing options, see how your spending goes. At least if things were too tight you would soon know it for fact. Plus initially in the short term you would perhaps not require anything more than basic accommodation. Is moving in with the lady an option in the short term? Although I'm sure you have thought on that one.

For instance If you bought a ready built house, no need to take into account the "double the budget" advice on a build. That in itself is a major saving right there 

 

 

[nopsled]

2 minutes ago, 473geo said:

Sounds like it would be a good way to come and experience for yourself, look at the housing options, see how your spending goes. At least if things were too tight you would soon know it for fact. Plus initially in the short term you would perhaps not require anything more than basic accommodation. Is moving in with the lady an option in the short term? Although I'm sure you have thought on that one.

For instance If you bought a ready built house, no need to take into account the "double the budget" advice on a build. That in itself is a major saving right there 

 

 

Thanks geo.  Yes, I would live with her first anyway.  She suggested this.  She has a small business and supports this family on her own.  I think with our resources pooled it would be OK?  She rents though, and I think she sees it as wasted money if at some point we could buy somewhere.  So do I come to that.

[473geo]

3 minutes ago, nopsled said:

Thanks geo.  Yes, I would live with her first anyway.  She suggested this.  She has a small business and supports this family on her own.  I think with our resources pooled it would be OK?  She rents though, and I think she sees it as wasted money if at some point we could buy somewhere.  So do I come to that.

Sounds good to me, get your flat rent flowing and give it go for a while, enjoy. You will then have the pleasure of conversations about the future with your lady. All part of the enjoyable experience of Thailand.

 

[nopsled]

27 minutes ago, 473geo said:

Sounds good to me, get your flat rent flowing and give it go for a while, enjoy. You will then have the pleasure of conversations about the future with your lady. All part of the enjoyable experience of Thailand.

 

Thanks geo.  Sound like a good starting point.

[sirineou]

as everyone said

Rent your place, come here and stay with your lady. I am sure she would appreciate the help. After a year here all your questions will be answered. Who knows in a few years your property in the UK can be worth a lot more aslo.

Perhaps you can stay with your lady and periodically go back and work for a litle while . if you have a place to stay , supplementing your income  and building up your retirement pension, then in five years you make your move full time.

Good luck

[tonray]

Invest your savings in dividend paying equities that will grow over time.

 

7,000,000 baht invested paying 3.25% in dividends after taxes will give you about 17,000 baht monthly. If you keep your property spinning off rentals add another 25,000 baht per month. You can live (not extravagantly) but can make it on 42K baht monthly with her supplementing from her business. If the portfolio of stocks does well over time...then a house can be considered. All Thai girls will say that renting is throwing away money...when it is your money they are talking about. If her business is successful have her apply for a mortgage loan and you can make the payments on that if she feels that way. Keep your capital working for you to have options later in life.

Edited January 28, 2018 by tonray

[nopsled]

1 hour ago, tonray said:

Invest your savings in dividend paying equities that will grow over time.

 

7,000,000 baht invested paying 3.25% in dividends after taxes will give you about 17,000 baht monthly. If you keep your property spinning off rentals add another 25,000 baht per month. You can live (not extravagantly) but can make it on 42K baht monthly with her supplementing from her business. If the portfolio of stocks does well over time...then a house can be considered. All Thai girls will say that renting is throwing away money...when it is your money they are talking about. If her business is successful have her apply for a mortgage loan and you can make the payments on that if she feels that way. Keep your capital working for you to have options later in life.

Thanks for that tonray.  I can't do both but at least I have some new numbers to consider.  I think a joint effort may be doable.

[jacko45k]

How much is enough, you can always use more!  Avoiding risk in it's pursuance is the key!

You don't tell us if you have income or any pensions to go with the £100k. Your sate pension is still about 13 years away.

There isn't much opportunity to make much money with investing these days.

 

If the £100k is all you have, you are well off the mark. In fact the OP appears like a wind up, if not you may be returning home tail between your legs in the future.

[Emster23]

Suggest a vasectomy also. Seems like you are to be her tent and she is looking to drive in every peg. A child with her is such a bargaining chip in case you ever wish to get out. Sorry if we seem pessimistic, but recall saying "Hope for the best, prepare for the worst, do the possible".

 Would you jump in whole hog to a similar arrangement back home? Listen to your gut, and keep your eyes open.

[zaZa9]

8 hours ago, nopsled said:

Thanks geo.  Yes, I would live with her first anyway.  She suggested this.  She has a small business and supports this family on her own.  I think with our resources pooled it would be OK?  She rents though, and I think she sees it as wasted money if at some point we could buy somewhere.  So do I come to that.

You do know that the law says ''Farang can never own Thai land" right?

So if you build a house with your money , its sitting on land that ( you bought ) in HER name.

Forget all types of tricky bits of paper - if a Thai wants you off THEIR land they will achieve that goal.

And Ive never seen a better incentive  for any  woman wanting rid of a man than the carrot  of automatically  "Winning" a house for her decision. To a Thai this cant possibly have been a bad decision.

Do NOT buy/build a house in someone elses name !

You will need a car living way out there  ( my obs of the bush near HH is 'hot and dry' ) and you will have relocation costs. Put the car in YOUR name - you can. Watch  out carefully to see  if she tries to guide or misinform you on this ( or the house ). 

Then on top of all that - two kids ...

Sheez , the country is full of attractive women without them ...

 

 Anyway ...

I sincerely advise other Aus men that $800 k  aud ( 400k pounds ) at age 60 is a minimum to have behind them and retire here  pre-65.

Up to you ,  the 'live off your UK rent' idea will be very  tight ... but possible.

At least you'll know if she really likes you , or was just hoping for money ...lol.

 

But good luck !