investing in house/townhouse to renovate?

[expatsailer]

Hey guys,

In the US we're able to get some really good deals on homes that are derelict and then renovated. What are the rules on renovating townhouses and houses? I.E. can i add another floor to a townhouse? some places in pattaya are in prime walking distance and I'm sure a Thai would be willing to part with there home if enough cash is involved.

[Andyfez]

Attitude to property isn't the same in Thailand.

'If enough cash is involved' will mean you won't make at profit on the deal.

 

Sellers will happily overprice over here, then patiently wait till the next generation of their family has grown up before they sell.

[scorecard]

 

What buyers are you looking at, Thais or foreigners. Makes a very big difference.

[marquis22]

There is a property waiting to be renovated next door here for you if you are interested.

 

[tryasimight]

3 hours ago, marquis22 said:

There is a property waiting to be renovated next door here for you if you are interested.

 

Where is the property situated? 

[Lacessit]

11 minutes ago, tryasimight said:

Where is the property situated? 

I think the poster was pulling your leg. The building pictured is unsafe, because it has no roof, and rain will be wicking down the steel of the cement columns, causing spalling. It would have to be demolished and rebuilt from the ground up.

Some falangs here apparently turn a reasonable profit by renovating run-down condo apartments. That works if the apartment is part of the falang allocation in the condo.

Renovating a stand-alone house here could be quite problematic, because a falang can't own the land it sits on. Unless the OP has a landowner he can trust absolutely.

[3421abc]

It is a good idea but like someone mentioned above the Thais very often ask ridiculous and unrealistic prices for their property. I am sure you can eventually find one that has a lot of debt and need to sell faster. Will take some searching for leads.

Also will make a big difference if you are marketing for foreigner or Thais. I would aim for foreigners and certainly not homes since we are not able to own them.

I think you would get more good deals purchasing from foreigners that want to get out of Thailand and can't easily find a buyer, those will give you a better room for profit.

[ukrules]

There's a town house in Hua Hin which has never been lived in, no doors or windows so it's been open to the elements for the 20+ years.

 

I know someone (a Thai) who was going to buy it a few years ago and the apparently really old woman (80+) in Bangkok who owns it said that she's decided not to sell it but she now wants to rent it out. You couldn't make it up - it's a shell of a house covered in graffiti and she wants to rent it to some mug, presumably a foreigner on a lease.

 

So she refused to sell it to the Thai guy for a reasonable price.

 

[Lacessit]

Some Thai properties are unsaleable to Thais. There's a huge house in my GF's village which is derelict, and no-one goes near. My GF freaked out when I wanted to take a closer look.

Any house where an occupant has died violently, or has committed suicide, is shunned by Thais. Because they believe the ghosts of the departed are still hanging around.

[Henricus]

It`s not investing in renovation, but paying for the renovation. 

[expatsailer]

What it comes down to really is the land. Finding a townhouse/house in a favorable area that can be bought cheap and renovated. Possibly even a complete tear down and rebuild.

58 minutes ago, Lacessit said:

Some Thai properties are unsaleable to Thais. There's a huge house in my GF's village which is derelict, and no-one goes near. My GF freaked out when I wanted to take a closer look.

Any house where an occupant has died violently, or has committed suicide, is shunned by Thais. Because they believe the ghosts of the departed are still hanging around.

Yeah, that type of stuff would never fly with my Thai wife.

[Suradit69]

On 3/18/2018 at 1:54 PM, expatsailer said:

In the US we're able to get some really good deals on homes that are derelict and then renovated.

And a whole lot of people who thought that was a foolproof way to make money ended up losing everything.

 

 

[theguyfromanotherforum]

On 3/18/2018 at 1:54 PM, expatsailer said:

In the US we're able to get some really good deals on homes that are derelict and then renovated.

 

Yes

[ukrules]

2 hours ago, theguyfromanotherforum said:

 

Yes

Aren't you from Canada ?

[Anythingleft?]

Risky business, the market here seems to follow no normal route or any logic. Many pifalls with ownership and regulations etc, not to say it cannot be done just that it is a minefield for the newcomer...

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[Polaky]

Sounds like it would be fraught with problems, would you need a work permit?, also permits to alter structures, Is there a system you need to follow for electrical/plumbing, do people you hire to do specific tasks need to be registered?, Insurance?, etc, giving me a headache just thinking about it.