Buying A Mid-range Condo

[dreamweaver]

Hi,

I'm looking at buying a mid-range condo (probably a 1 bedroon unit) in Sukhumvit area which would be registered under my own name. My budget is about 1.8 mil baht or less. I'm a foreigner who comes to Thailand quite often on a tourist visa. Planning to rent out the apartment eventually to expatriates on short-term leases. Do you guys think it's a gd time for me to buy a unit now or better to wait to see how the political and economic situtation will develop over the next few months?

Any one has good legal firms to recommend for property transactions?

Thanks zil

[thaigene2]

Hi,

I'm looking at buying a mid-range condo (probably a 1 bedroon unit) in Sukhumvit area which would be registered under my own name. My budget is about 1.8 mil baht or less. I'm a foreigner who comes to Thailand quite often on a tourist visa. Planning to rent out the apartment eventually to expatriates on short-term leases. Do you guys think it's a gd time for me to buy a unit now or better to wait to see how the political and economic situtation will develop over the next few months?

Any one has good legal firms to recommend for property transactions?

Thanks zil

There are basically two types of condos - the A-B Grade and then C Grade. The type of money you're talking about is probably Grade C - this is a studio apartment with bars on the exterior windos and wide dark hallways with bars on the doors or sometimes steel doors. Hard to get a one-bedroom I think - but you could put two of these studios together if you found a new place being built.

The A or B grade are the type of places that farangs and Thai middle class people buy. But the bare minimum price for Sukhumvit Grade B is around 45,000 Baht per sq. M. Really more like 50-55 K.

So 40 sq M for a one bedroom place would be around 1.8 million - that's you minimum I think.

Good luck - and 'no' I wouldn't buy now. I'd wait, and I wouldn't trust anyone to rent it either. They could tell you no one was renting and their relatives could be living in it...paranoid yes. But with good reason in Thailand.

[Simmo]

Hi,

I'm looking at buying a mid-range condo (probably a 1 bedroon unit) in Sukhumvit area which would be registered under my own name. My budget is about 1.8 mil baht or less.

You have a strange idea of mid-range. 1.8m will buy you a shoebox anywhere near Sukhumvit. Further outside of the centre, will get you something resembling decent on that budget.

[Fist]

Hi,

I'm looking at buying a mid-range condo (probably a 1 bedroon unit) in Sukhumvit area which would be registered under my own name. My budget is about 1.8 mil baht or less.

You have a strange idea of mid-range. 1.8m will buy you a shoebox anywhere near Sukhumvit. Further outside of the centre, will get you something resembling decent on that budget.

Nothing could be nearer the truth. I had 12 friends bought 1 bedroom condos under 50sq mt for that type of money in the year 2000..they thought they were a great buy then and they were........They are still one of the nicer mid range condos around but now they sell for about 3.2 million baht. New condos are all around 100,000 baht per sq m and one bedrooms are like gold. There is one available including transfer etc on a low floor with no view for 2.85M but that's the cheapest one bedroom I have heard of.......

Having said that I have found a 2 bedroom for 46K psm on Sukhumvit but that is rare and as it is 150 sq m it is way outside your budget.

There are a few buildings around where you can put a half decentroof over your head but you should be thinking about Phrakanong or On Nut.......I know of one 40 to 45 sq m. that was for sale for about 1.2 million walking distance to the BTS. Building is ok and if you put a few bucks into it it could be decent. I would need to check with the owner if he still wants to sell.

There is another one in lower sukhumvit that has cheap condos but it is so scruffy when you walk in it would be embarrassing to take you there. Theyare simply just not worth the money.

I am not a believer in going miles out of the main drag to get low prices........when it comes to selling you will struggle and transport costs if you are a man about town can be crippling.

Drop me a PM if you are interested and I will check out the ones at Phrakanong BTS`for you.

[ashacat]

Drop me a PM if you are interested and I will check out the ones at Phrakanong BTS`for you.

Which ones at Prakanong BTS are you refering to? Just interested...

[csroland]

Honestly I don't know anything about the topic, but I would like to ask you guys, whether there is a certain limit (in money consideration) to buy a studio.

As I know a foreigner can buy a condo unit in Bangkok for sure. But whether he can buy a 1-bedroom condo around Ladphrao or Ladkrabang or else...I don't know. That's why I ask, what can actually buy a foreigner by himself? What is the lowest sum of money, what one has to count with?

One of my Thai friends just bought a unit at around 750k baht. Can a foreigner buy around this price anything?

Thanks for the reply.

[samtam]

Planning to rent out the apartment eventually to expatriates on short-term leases.

I'm just wondering if you've thought this bit through. If you're letting for short term leases, how are you going to manage that? Will you have a maid to organise? How short is short? I always think there's a big difference in a property for your own use and one that's bought for rental. With multiple usage are you willing to spend decent amounts of money on fixing normal wear and tear? Don't forget there are many serviced apartments around that offer 24 hr service, including cable TV, ADSL high speed internet et etc. I think it's unrealistic to think that you's get many takers unless you were really cheap, but then again , that would attract the wrong sort of tenant, in my view.

[quiksilva]

Honestly I don't know anything about the topic, but I would like to ask you guys, whether there is a certain limit (in money consideration) to buy a studio.

As I know a foreigner can buy a condo unit in Bangkok for sure. But whether he can buy a 1-bedroom condo around Ladphrao or Ladkrabang or else...I don't know. That's why I ask, what can actually buy a foreigner by himself? What is the lowest sum of money, what one has to count with?

One of my Thai friends just bought a unit at around 750k baht. Can a foreigner buy around this price anything?

Thanks for the reply.

The sum of money is not important in determining whether you can buy.

If it is a Condominium you can buy one, just so long as the 49% foreign ownership quota is not surpassed, and I suspect that this should not be an issue in the sort of places you'd be looking at, but nevertheless you should check before buying.

[dreamweaver]

You're right Samtam. I've considered the points that you mentioned since i first posted this topic. I've decided to use the apartment for my own use instead Thanks

I'm just wondering if you've thought this bit through. If you're letting for short term leases, how are you going to manage that? Will you have a maid to organise? How short is short? I always think there's a big difference in a property for your own use and one that's bought for rental. With multiple usage are you willing to spend decent amounts of money on fixing normal wear and tear? Don't forget there are many serviced apartments around that offer 24 hr service, including cable TV, ADSL high speed internet et etc. I think it's unrealistic to think that you's get many takers unless you were really cheap, but then again , that would attract the wrong sort of tenant, in my view.

[backflip]

"If it is a Condominium you can buy one, just so long as the 49% foreign ownership quota is not surpassed, and I suspect that this should not be an issue in the sort of places you'd be looking at, but nevertheless you should check before buying. "

The easiest method to do so is to visit the Juristic person's office. The person can show you exactly which condo is owned by Thai vs. non-Thais.