Thai wife buying condo

[HauptmannUK]

My wife, who is Thai, has some savings and is fairly determined to buy a condo in the Pattaya/Jomtien area. I have advised her against because the market is stagnant at best, and probably about to fall.

Anyway, she is determined because she wants it for security in old age (she already owns land and property in Isaan). We would live in the condo about 6 months a year and leave empty the remaining months. The money used will be hers although I might be prepared to help out up to about 500k THB, if necessary.

 

I've been looking at a couple of condo for her.

1. How does the Foreign Quota work?  If she buys an apartment currently in Foreign name will it switch to Thai Quota because she is Thai? Is there any way of keeping it in the Foreign Quota.?

2. Some of her money is in Thailand and some in the UK. Will this have any impact on the Quota issue.?

3. What would be the transfer fees on a condo c.3~4M THB in Pattaya/Jomtien area?

 

[Peterw42]

If the Condo is in a Thai name, its in the Thai quota, if its in a foreigner name ( "all" the funds would need to come from overseas) its in the foreign Quota. If the condo is currently foreign quota in would change to Thai quota if purchased in a Thai name.

 

You can usually change from foreign to Thai quota but not always Thai to foreign as the foreign is often full in expat areas.

 

Transfer fees 3-5%, dependant on what the land office values it at, or purchase price (advised), whichever is highest.

 

 

[sfokevin]

You might want to put it in both your names... This would need to be a Foreign purchase (all funds coming from abroad)... but this would give you a foreign quota unit which I think would be easier to sell as Few Thais would buy a old condo... 

[HauptmannUK]

1 hour ago, sfokevin said:

You might want to put it in both your names... This would need to be a Foreign purchase (all funds coming from abroad)... but this would give you a foreign quota unit which I think would be easier to sell as Few Thais would buy a old condo... 

Ok.  So if she buys a Foreign Quota condo can it stay Foreign Quota if in her name only and all her funds come in from overseas?

Can we put a Foreign Quota Condo in both our names and it stays Foreign Quota?  I didn't know condos could be in both names..

What would happen on my death? Would it switch to Thai quota immediately?

[KittenKong]

My wife, who is Thai, has some savings and is fairly determined to buy a condo in the Pattaya/Jomtien area. I have advised her against because the market is stagnant at best, and probably about to fall.

Already falling would be closer to the truth, and probably downhill all the way given the massive oversupply.

I would advise your wife to spend some time looking for a resale condo rather than buying a new one as prices for resales are often much lower than new prices. And she could look for a resale company-name unit from a distressed farang vendor and buy it in her name, and would probably make a massive saving on it. Of course either would involve a bit of effort and patience.

In most buildings popular with farangs a farang-name unit may be worth more, but if your wife intends keeping the unit that wont be an issue. And there are plenty of buildings here in which the farang percentage has not been sold out at all, so the question doesnt even arise.

[HauptmannUK]

1 hour ago, KittenKong said:

I would advise your wife to spend some time looking for a resale condo rather than buying a new one as prices for resales are often much lower than new prices. And she could look for a resale company-name unit from a distressed farang vendor and buy it in her name, and would probably make a massive saving on it. Of course either would involve a bit of effort and patience.

Yes, we're looking at resale because they tend to be better value than new and often better built. 

[sfokevin]

11 hours ago, HauptmannUK said:

Ok.  So if she buys a Foreign Quota condo can it stay Foreign Quota if in her name only and all her funds come in from overseas?

Can we put a Foreign Quota Condo in both our names and it stays Foreign Quota?  I didn't know condos could be in both names..

What would happen on my death? Would it switch to Thai quota immediately?

Good questions!... My Thai partner and I are joint owner of a condo in Bangkok... I never thought what would happen to the foreign designation if I were to die?... 

[Juan B Tong]

1.  Do it.

2. Get a lawyer.

3. Her name easier.

4.  Pattaya is OK to live.

[abrahamzvi]

16 minutes ago, Juan B Tong said:

1.  Do it.

2. Get a lawyer.

3. Her name easier.

4.  Pattaya is OK to live.

I entirely agree and I think it’s the right time to buy, as in spite of the over supply of condos, prices seem to hold steady, as it is expected that  they are going to increase medium or longer term

[bontang]

On 08/04/2018 at 12:43 AM, HauptmannUK said:

Yes, we're looking at resale because they tend to be better value than new and often better built. 

 

On 08/04/2018 at 12:43 AM, HauptmannUK said:

Yes, we're looking at resale because they tend to be better value than new and often better built. 

Sorry to jump the Cue, My Daughter has 2 x 36m2 Fully Furnished Condos side by side for sale in Jomtien Sea View,   Reason she wants to sell she will finish high school soon & on to Uni,  you can contact her on 66  926 584 228,

Thank you.

[Aussieroaming]

On 08/04/2018 at 12:43 AM, HauptmannUK said:

Yes, we're looking at resale because they tend to be better value than new and often better built. 

We bought a new condo in BKK. Offered the developer 3.2 million under their asking price plus 2 years juristic costs, transfer fees and sinking fund all covered by the developer. A couple 2 floors down paid 16 mill for an identically sized and laid out condo and then paid all waived fees that we didnt have to cover. So you can get value new as well if you are willing to make a stand.

 

 

[shy coconut]

24 minutes ago, bontang said:

 

Sorry to jump the Cue, My Daughter has 2 x 36m2 Fully Furnished Condos side by side for sale in Jomtien Sea View,   Reason she wants to sell she will finish high school soon & on to Uni,  you can contact her on 66  926 584 228,

Thank you.

Probably not a good idea to post your teenage daughters phone number here.....

 

Or anywhere for that matter.

[HLover]

Just now, shy coconut said:

Probably not a good idea to post your teenage daughters phone number here.....

Yes, directly PM the poster would be better.

Can you imagine the calls and texts she is going to receive?

 

[gaff]

The only smart solution is to put in your farang name.

[Media1]

On 08/04/2018 at 12:43 AM, HauptmannUK said:

Yes, we're looking at resale because they tend to be better value than new and often better built. 

Not better built. You will be able to see any major issues buying a resale used condo. Check water pressures and wall structures. A real close look at finishes 

[newnative]

      Before buying anything I would give some thought to where you and your wife would like to live in Pattaya on your 6 month stays.  How you will be spending your time might help determine location.   My partner and I have bounced around trying different areas; we've lived in the Pratamnack area, Jomtien area near Jomtien Complex, South Jomtien area, South Pattaya area, Central Pattaya area, and, (finally!) we will be trying the Wong Amat beach area.  

     We think Wong Amat will work best for us long-term as full-time residents.  The area seems to have a nice vibe, some beautiful, new developments,  a little quieter than some of the other areas we have lived, and we like that it's not far from Central Festival and Marina, Tesco, Bangkok Hospital, and the upcoming Terminal 21.  Good luck!

[ScotBkk]

8 hours ago, abrahamzvi said:

I entirely agree and I think it’s the right time to buy, as in spite of the over supply of condos, prices seem to hold steady, as it is expected that  they are going to increase medium or longer term

You an estate agent .........................

[dickjones2018]

do you have children together ? otherwise if she dies, you will have to put up money again from overseas to "inherited" it, right ? 

[MyFriend You]

On 4/10/2018 at 10:34 AM, abrahamzvi said:

I entirely agree and I think it’s the right time to buy, as in spite of the over supply of condos, prices seem to hold steady, as it is expected that  they are going to increase medium or longer term

Very true,,,,,,,,,,,,people forget to take the Exchange Rates into consideration, as the Thai Baht strengthens, the prices inevitably go up for foreigners, simply because we have to pay more for rhe Baht.    

[HauptmannUK]

On ‎11‎/‎04‎/‎2018 at 3:39 AM, dickjones2018 said:

do you have children together ? otherwise if she dies, you will have to put up money again from overseas to "inherited" it, right ? 

My wife will pay for the condo - it will be 100% hers.  If she dies before me then it will go to her sons.  I will either move out and rent somewhere else for my remaining days, or pay her sons a rent if they are agreeable to me staying in the condo.  Obviously I might lose out a little (if I've  paid for decorating, new windows or whatever) but I can live with that.

[HauptmannUK]

On ‎10‎/‎04‎/‎2018 at 8:34 AM, abrahamzvi said:

I entirely agree and I think it’s the right time to buy, as in spite of the over supply of condos, prices seem to hold steady, as it is expected that  they are going to increase medium or longer term

I disagree. Prices are not holding steady.  My wife has been looking at condos over the past 12-18 months and I would say that prices are falling.  We have seen quite a nice one in Jomtien which was up at 4M about a year ago and now is at 2.9M - the foreign owner is desperate to go home.

A friend of my returned to the UK in March. He has lived in Pattaya for over 12 years but fell ill with stomach cancer. The hospital bills were becoming unaffordable so he has had to return to the UK to live and get treatment.  He ended up selling his condo for around half the asking price of comparable units (in North Pattaya) - seems that heavy discounts are needed to shift a property because there are few buyers about at the moment.

I have told my wife to be patient and wait for a desperate seller...