Is this a good time to buy a Condo?

[bkk6060]

1 minute ago, Leaver said:

How about you tell me what "right" a foreign condo owner has over the land their condo sits on. 

OK.

The condo "owner" does own what is inside the walls of the box.

So, I guess I see your point.

But, they do in fact have 100% ownership inside those walls which gives them the right to control 

it as they please. 

But this is just not a "here" foreigner thing.  Most condominium properties around the world are sold/managed under the same principal.

 

[how241]

24 minutes ago, Leaver said:

How about you tell me what "right" a foreign condo owner has over the land their condo block sits on. 

The owners have full rights.  There is a Thailand condominium act(law)...Read and learn...Stop trying to push your anti Pattaya agenda.  Here is a google search and you can click, read, and learn.  Many articles are written by Thai lawyers BUT I guess you know more than them...haha

https://www.google.com/search?q=thailand+condominium+act+in+english&oq=thailand+condominium&aqs=chrome.4.0j69i57j0l6.11059j0j7&sourceid=chrome&ie=UTF-8

[newnative]

6 minutes ago, bkk6060 said:

Uh, I guess I am dumb don't get it.

   No, it's not you.  It has been explained so many times to this poster that it is legal to own a condo in your name in foreign quota--it's the poster who is not getting it.  He seems to think that since foreigners don't own the land a condo project sits on, being prohibited from owning land in Thailand, they do not legally own their foreign quota condos. 

   He is conveniently forgetting that Thai condo owners also do not own the land under their condos.  If the condo project sits on freehold land (not leased land), the land is owned by the condo project, which each owner buys into when they purchase their condo and each having a percentage share of the project usually based on the size of their condo.   Should 100% of the owners, foreign and Thai, ever agree to sell the condo project, for whatever reason, foreign owners would receive the same share of the profit, based on their condo ownership percentage share, as the Thai owners.  

[how241]

33 minutes ago, Leaver said:

Buy land/house in the name of a trusted Thai friend.

This has worked out quite well for me over the past 11 years.  Some people are unable to trust and that's OK, if it suits them.  Stay with your rentals.   The first Nirun condo I bought, 11 years ago, I rented out to a nice young Thai taxi driver(car).  He is still  there for the past 11 years.  Although everything was very well worn when he rented the condo he has not asked me to fix or replace one thing in 11 years.  I'm sure he must have replaced the mattress and repaired some things over the years.  I have not seen the inside of this condo for 10 years and have no intentions of disturbing him or any of my renters as long as the rent is paid each month.  I kept him happy by not raising up his rent for the first 5 years.  I wish all my renters where as nice as him.  It has given me a very nice ROI.   He could have almost BOUGHT  this condo with all the rent money he has paid me. One of the downsides of renting. 

[Airalee]

2 hours ago, Leaver said:

Real Estate Agents don't ever mention "negative equity."   ????

Even when they tell you about that awesome 120% LTV no doc mortgage that’s available.  

[newnative]

28 minutes ago, bkk6060 said:

OK.

The condo "owner" does own what is inside the walls of the box.

So, I guess I see your point.

But, they do in fact have 100% ownership inside those walls which gives them the right to control 

it as they please. 

But this is just not a "here" foreigner thing.  Most condominium properties around the world are sold/managed under the same principal.

 

     One clarification.  Neither Thais nor foreigners have the 'right' to control their condo 'as they please'.  Foreign and Thai condo owners are both governed by the Thailand Condominium Act and by the bylaws of the condo project as to what they can and cannot do in their condo.  It might 'please' an owner to set up a gambling casino in his condo but he doesn't have a 'right' to do so. 

[how241]

16 minutes ago, newnative said:

   No, it's not you.  It has been explained so many times to this poster that it is legal to own a condo in your name in foreign quota--it's the poster who is not getting it.  He seems to think that since foreigners don't own the land a condo project sits on, being prohibited from owning land in Thailand, they do not legally own their foreign quota condos. 

   He is conveniently forgetting that Thai condo owners also do not own the land under their condos.  If the condo project sits on freehold land (not leased land), the land is owned by the condo project, which each owner buys into when they purchase their condo and each having a percentage share of the project usually based on the size of their condo.   Should 100% of the owners, foreign and Thai, ever agree to sell the condo project, for whatever reason, foreign owners would receive the same share of the profit, based on their condo ownership percentage share, as the Thai owners.  

You can try to explain things to some people, again and again, BUT  you Can't make them understand what they refuse to accept because it doesn't go along with their opinions. 

[Destiny1990]

U can buy but can u stay? Or can u find tenants that can stay? Good luck ur purchases !

[Leaver]

2 hours ago, how241 said:

You can try to explain things to some people, again and again, BUT  you Can't make them understand what they refuse to accept because it doesn't go along with their opinions. 

Since when is 51% Thai owned and 49% farang owned, an "opinion?" 

[Leaver]

2 hours ago, how241 said:

The owners have full rights.

????

The foreign owners have less rights because foreigners simply can't own land here. 

 

It doesn't matter if your condo is on the tenth floor, it still sits on land that a foreigner can not "equally" own when compared to his Thai counterparts.

 

Do you disagree with this? 

[how241]

48 minutes ago, Leaver said:

Since when is 51% Thai owned and 49% farang owned, an "opinion?" 

This can be a big Farang Advantage...For example:  Right now, at Nirun Condos,  the Thai/farang quota is full...This means a Thai can ONLY sell to another Thai.  A farang can sell to BOTH a Thai or farang and still keep the proper quota.  Go ahead,  spin this around to be negative...

[safarimike11]

On 2/25/2020 at 10:03 AM, ivor bigun said:

Buy a house ,much better ,trouble is you need a wife you trust ???? luckily i do ,most of the condos i have been in (its a lot) the wife was in the business are so blooming small ,they are not the size of our bedroom .That is unless you have a lot of money spare ,to buy a large condo , like my wife]s friend and her husband , he has a "bigun" to.????

Hey Ivor ,I've got a "bigun" , too.

[how241]

45 minutes ago, Leaver said:

????

The foreign owners have less rights because foreigners simply can't own land here. 

 

It doesn't matter if your condo is on the tenth floor, it still sits on land that a foreigner can not "equally" own when compared to his Thai counterparts.

 

Do you disagree with this? 

You have NO clue as to how condos work.  The Thai condo law was copied almost exactly off the Euro law(Germany, I believe) .  ALL  condos work this way....Read and learn BEFORE you post.  Unless you are just trolling and want to keep posting...

[how241]

2 hours ago, Destiny1990 said:

U can buy but can u stay? Or can u find tenants that can stay? Good luck ur purchases !

Yes,  I can stay as I have already done for 11 years. My condos are rented 95% of the time, possible more.      I Love Pattaya !!!

[Hmunker]

45 minutes ago, how241 said:

This can be a big Farang Advantage...For example:  Right now, at Nirun Condos,  the Thai/farang quota is full...This means a Thai can ONLY sell to another Thai.  A farang can sell to BOTH a Thai or farang and still keep the proper quota.  Go ahead,  spin this around to be negative...

How exactly does it work then.I assume there is flexibility built into the system.So one condo could flip between Thai/ foreign ownership over its lifetime.All the governors of the system are looking out for is that the percentage ownership stays the same.Is that it?

[Destiny1990]

1 hour ago, how241 said:

Yes,  I can stay as I have already done for 11 years. My condos are rented 95% of the time, possible more.      I Love Pattaya !!!

Oh yeah if u rent out units under the 5 K to locals.. otherwise ur stuck like the rest of these landlords.

[newnative]

18 minutes ago, Hmunker said:

How exactly does it work then.I assume there is flexibility built into the system.So one condo could flip between Thai/ foreign ownership over its lifetime.All the governors of the system are looking out for is that the percentage ownership stays the same.Is that it?

   If the 49% foreign quota is full in a condo project, a foreign buyer has 3 choices:  to buy a condo in the project under Company name, Thai name, or foreign quota from a seller holding a condo in foreign quota.  Whatever he chooses, the foreign quota remains filled, assuming if he buys a foreign quota condo he keeps the condo in foreign quota.  

   If a Thai buys a foreign quota condo in the project and puts it in Thai name, this frees up the foreign quota by the size of the unit and a condo of the same size in Company or Thai name could be converted to foreign quota.  Some condos maintain waiting lists of owners wanting to switch their condos to foreign quota when foreign quota becomes available.  

[Hmunker]

2 hours ago, newnative said:

 Some condos maintain waiting lists of owners wanting to switch their condos to foreign quota when foreign quota becomes available.  

Are you saying a foreign owner might buy a condo he likes but it is in Thai name(so I assume he has to put condo ownership in maybe his girlfriends name).Then if a foreign quota becomes available with a lawyer he flips the ownership of condo back to himself from Thai to foreign?

Edited March 23, 2020 by Hmunker

[how241]

4 hours ago, Hmunker said:

How exactly does it work then.I assume there is flexibility built into the system.So one condo could flip between Thai/ foreign ownership over its lifetime.All the governors of the system are looking out for is that the percentage ownership stays the same.Is that it?

As long as farang ownership doesn't exceed 49%,  the Thai-farang ratio can be anything else.

[how241]

3 hours ago, Destiny1990 said:

Oh yeah if u rent out units under the 5 K to locals.. otherwise ur stuck like the rest of these landlords.

That's exactly what I do. I know people who rent out higher priced condos and are happy with the return they get.

[how241]

1 hour ago, Hmunker said:

Are you saying a foreign owner might buy a condo he likes but it is in Thai name(so I assume he has to put condo ownership in maybe his girlfriends name).Then if a foreign quota becomes available with a lawyer he flips the ownership of condo back to himself from Thai to foreign?

I guess that would work But you would need to pay the transfer fees again. Also comply with rules about how the money got into Thailand.  It might be worth it if you found a great deal. 

[Destiny1990]

4 hours ago, how241 said:

That's exactly what I do. I know people who rent out higher priced condos and are happy with the return they get.

The rental market above 5 k basically is death. But please keep telling ur ferry tales about the happiness of property owners here..

[newnative]

7 hours ago, Hmunker said:

Are you saying a foreign owner might buy a condo he likes but it is in Thai name(so I assume he has to put condo ownership in maybe his girlfriends name).Then if a foreign quota becomes available with a lawyer he flips the ownership of condo back to himself from Thai to foreign?

     It can be done.  However, there is expense involved because you are basically re-selling the condo from a Company or Thai owner to a foreign owner and the transaction needs to be done at the Land Office with taxes and fees paid just like in a regular condo sale. 

     Before buying a condo in Company or Thai name thinking you will be able to convert it, you should determine from the condo project:

     1. Do they maintain a waiting list for foreign quota if foreign quota is filled. 

     2.  If yes, how many condo owners are on the list. 

     3. If no, would they be willing to start a list and contact you should foreign quota become available.

     4.  If they maintain a list, do they wait until there is enough foreign quota available to process a large condo first on the list or, do they choose an owner down the list that has the same size condo.  (40sqm of foreign quota becomes available, #1 on the list has an 80sqm condo and #2 on the list has a 40sqm condo--do they hold the quota for #1 until more becomes available or give it to #2.)

     What you determine from the above should help you decide on whether to buy a condo in Thai or Company name.  Frankly, I don't think foreign quota becomes available very often (I could be wrong so others are free to jump in with their knowledge) so if you really want to buy a condo in your name I would advise looking for a condo already in foreign quota in the project you are interested in.  With covid-19 causing such turmoil, a foreign quota condo might come on the market.  Make friends with the condo staff--they are often the first to know when a condo might be coming up for sale. And, let the large agencies know you are interested in the project and a condo for sale in foreign name only.  There is no MLS so I would let a number of them know your interest.  Good luck.

[Henryford]

You would have to be crazy to buy a condo in a company (or thai) name. There are thousands for sale in the foreign quota.

[fforest1]

So are most the real estate agents unemployed now I bet sales are hovering right above zero........If you are a buyer things have never been better than now.....Name your price..

[fhickson]

11 hours ago, Destiny1990 said:

The rental market above 5 k basically is death. But please keep telling ur ferry tales about the happiness of property owners here..

if it were that easy we would all be doing it.

[Destiny1990]

45 minutes ago, fhickson said:

if it were that easy we would all be doing it.

Never said anything is easy but units under the 5 k can try get locals tenants while above that price range there are no more customers!

anyway I would not recommend doing any of these 2 here.

[how241]

1 hour ago, Destiny1990 said:

Never said anything is easy but units under the 5 k can try get locals tenants while above that price range there are no more customers!

anyway I would not recommend doing any of these 2 here.

 

2 hours ago, fhickson said:

if it were that easy we would all be doing it.

 

1 hour ago, Destiny1990 said:

Never said anything is easy but units under the 5 k can try get locals tenants while above that price range there are no more customers!

anyway I would not recommend doing any of these 2 here.

To do the 'rental-remodel-resell' game successfully,  you need a variety of skills. Sales and marketing skills,  a good eye to decorating,  possible the ability to fix-repair-install some things to help keep your costs down.   These are just a few that I mention here.  It's not for everyone but can be a interesting and rewarding  business/hobby.   

[how241]

8 hours ago, fforest1 said:

So are most the real estate agents unemployed now I bet sales are hovering right above zero........If you are a buyer things have never been better than now.....Name your price..

Maybe, as Thai people are VERY slow to drop down their property prices.  They seem to not care how long it sits empty. 

[baansgr]

12 hours ago, newnative said:

     It can be done.  However, there is expense involved because you are basically re-selling the condo from a Company or Thai owner to a foreign owner and the transaction needs to be done at the Land Office with taxes and fees paid just like in a regular condo sale. 

     Before buying a condo in Company or Thai name thinking you will be able to convert it, you should determine from the condo project:

     1. Do they maintain a waiting list for foreign quota if foreign quota is filled. 

     2.  If yes, how many condo owners are on the list. 

     3. If no, would they be willing to start a list and contact you should foreign quota become available.

     4.  If they maintain a list, do they wait until there is enough foreign quota available to process a large condo first on the list or, do they choose an owner down the list that has the same size condo.  (40sqm of foreign quota becomes available, #1 on the list has an 80sqm condo and #2 on the list has a 40sqm condo--do they hold the quota for #1 until more becomes available or give it to #2.)

     What you determine from the above should help you decide on whether to buy a condo in Thai or Company name.  Frankly, I don't think foreign quota becomes available very often (I could be wrong so others are free to jump in with their knowledge) so if you really want to buy a condo in your name I would advise looking for a condo already in foreign quota in the project you are interested in.  With covid-19 causing such turmoil, a foreign quota condo might come on the market.  Make friends with the condo staff--they are often the first to know when a condo might be coming up for sale. And, let the large agencies know you are interested in the project and a condo for sale in foreign name only.  There is no MLS so I would let a number of them know your interest.  Good luck.

If you hold a condo in a Thai company, the Juristic office can allocate that to Foreign Quota if becomes available without any need to go to the land office. Same as a Thai person can own a condo in foreign quota.