Would 5 rai of land be easy to sell

[oporhatch]

effectively my wife has been offered to buy 5 rai of land in ubon. She would like to buy it and sit on it for a number of years and then sell it, hoping land prices would increase, which is probable.

My concern is the size...which is 5 rai. 

in your opinions would that land be hard to sell as it is probably to small to farm and I am not sure it is near enough to anything to warrant somebody buying it and putting a house on it.

 

your advice and opinions appreciated

[Jip99]

Your barriers to selling don't seem to make  good reasons for your wife to buy.

 

Would YOU buy it in 5 years time?.... doesn't sound like it... if it is your wife's own money and she thinks she knows better, let her have a punt.  YOUR money would be a different matter.

 

 

I won't even go near the location/water/electric/type of land/comparable recent sale prices.. etc

 

 

 

[Rc2702]

Is her dad giving you a discount?

[chickenslegs]

2 minutes ago, Rc2702 said:

Is her dad giving you a discount?

Ouch!

[Rc2702]

Just now, chickenslegs said:

Ouch!

I'm sure it's happened to a lot of people. I remember my Mrs aunt trying it on a couple of years ago. She wanted 400k for 60 talang wah in their crap mud road village. There 21 Rai farm can't be worth more than 1 million. Maybe I'm wrong on that?

[chickenslegs]

2 minutes ago, Rc2702 said:

I'm sure it's happened to a lot of people. I remember my Mrs aunt trying it on a couple of years ago. She wanted 400k for 60 talang wah in their crap mud road village. There 21 Rai farm can't be worth more than 1 million. Maybe I'm wrong on that?

You are not wrong.

 

I think a lot of rural Thais overestimate the value of their land. Others are just taking advantage of foreigners who are naïve enough to believe that 4m2 of rice paddy is valued at 7,000 Baht.

[Rc2702]

Just now, chickenslegs said:

You are not wrong.

 

I think a lot of rural Thais overestimate the value of their land. Others are just taking advantage of foreigners who are naïve enough to believe that 4m2 of rice paddy is valued at 7,000 Baht.

Well a lot of them, a hell of a lot, never paid for it anyway. My Mrs clan of family rode up on horses to their patch of land and claimed it. About 150 Rai split between 9 brothers and sisters. That was less than 100 years ago when they claimed it. 

[oporhatch]

They are giving discount about (12% per Rai)and the person (who is family)  is also selling another plot to my Wife's Brother at the same price we are paying

 

He is looking for about £7k for the 5 Rai....

 

He would have sold  - half to the Brother and  quarter to us and he is keeping the other Quarter of the plot -  as  a road is being built next to the land next year and the current  owner believes the price will rise. 

 

Also the current owner is going to carry on farming on there and pay rent for it until we sell it ...........which goes back to how marketable the land is !!

 

Still undecided .....on the venture -  could be a case of nothing ventured nothing gained  -  or learn by your mistakes, it does give me a little more confidence that the Thai brother (who is not daft or stupid with money) is going buying the land , even though he is buying 10 Rai at the same price per Rai as my wife .

 

The owner is currently my Wife brothers -  brother in law

 

Could it all fit in place and potentially be a worthwhile venture ???

 

 

 

  

[djayz]

It's like asking how long is a piece of string. None of us here can predict the future, contrary to what some people would like us to believe. 

Can you/your wife afford to lose that money and not suffer too much if the deal or price of land goes south?

Even if the land loses value in the future and everything else in life goes pear shaped, at least you/you and your wife/your wife will have somewhere to build a house and live. One of my few regrets in life is not having bought land when I was younger. Return on investment, profit margins, etc. aside, I'd have something to pass on to my kids after I go.

  

 

[Rc2702]

How much rent has been agreed on the land?

[cornishcarlos]

If a road is being built alongside the plot next year and the land price is going to go up, why are the current owners not waiting until next year !!!

Seems to me, there is always some major development just around the corner, which is why you "must buy now" :)

7K pounds, is about 300k baht, so not a huge amount but can you afford to lose it ?? If yes, then go for it but please only buy Chanote land and get the Land Department to remeasure before purchase..

[oporhatch]

Thanks for your inputs

The land is Chanote  -  good point to get the  land Department to measure it.

I believe the reason the land owner is keeping the other 5 Rai is because he believes the land price will increase .

 

I am not sure what the rent is that he will be paying  -  I would not have thought to much !!!!

 

again thanks for your input 

 

regards