Buying Land

[Chelseafan]

On 5/15/2020 at 5:54 AM, PJPom said:

My wife has a plot of land In Kalasin area approx two rai which she had been saving to buy for years. When I came on the scene I was amazed at the seemingly cheap price so of course gave her a couple of thousand dollars to complete the purchase. I toyed with the idea of building the usual Falang mansion but looked into the legalities regarding tile of land and stepped back in horror at the lack of legal title and the complacency of local authorities. Result is she gets a small income from it every year as crops are grown but has a lot of pride that she owns something. For interest it is on a secondary surfaced road with water and electric at the gate on a slight slope with a river about a kilometre away, a few tall trees and usually growing cane or sweet potatoes, cost 100,000 baht

Too many factors to compare if I am overpaying, location seems to be the biggest factor. When did she buy the land as prices have shot up over the past 5-10 years

[Chelseafan]

On 5/15/2020 at 6:02 AM, tweedledee2 said:

400,000 baht for one rai is not a bargain, it's a farang price. I have 2 neighbors that offered to sell me 3-4 rai for 1-2 million baht farang price. 400,000 baht is nearly $12,500 and 1 rai is about .39 acres. Kanye West only paid around $14 million for a working Montana ranch with a home, buildings and over 1,400 acres.

I am not involved in the negociation, nor does anyone know I'm investing. The missus has (to her credit) done some background research by talking to neighbours who have also bought the land. One of them paid 250k for 1/2 Rai about 4 years ago so it doesn't look like I am getting Farang price.

 

[Chelseafan]

On 5/15/2020 at 9:46 AM, ajnamoon said:

Yeah sounds like Farang price  My wife bought land in Issan  a few years ago  over 1 Rai with Chanote  

120000 baht  inc transfer fee  so even taking inflation into account  400000 baht is excessive   try for 200 or 250  only if has Chanote otherwise worthless

 

Good call, though as much as I love my wife, she has zero bargaining skills however I am a Buyer by trade so will ask her to negociate through me. There is cheaper land much much further into the rural area but where we are isn;t too far from the main highway.

 

[cornishcarlos]

8 minutes ago, Chelseafan said:

Good call, though as much as I love my wife, she has zero bargaining skills however I am a Buyer by trade so will ask her to negociate through me. There is cheaper land much much further into the rural area but where we are isn;t too far from the main highway.

 

 

What title does the land have ??

[Bangkok Barry]

27 minutes ago, Chelseafan said:

Yes it's on a rural road (not dirt track) off the 2 motorway, some houses nearby but not populated, nearest BIG C is about 5km away. Water/Elec available to be plumbed in.

Sounds positive.

[Chelseafan]

40 minutes ago, cornishcarlos said:

 

What title does the land have ??

Thats what I am trying to figure out. I am going to wait until I'm in country again to see the title and take it to a lawyer. There is a Farang not too far away who has a lot of land so will also speak to him also. Incidentally he is the father of Tim Vincent.

 

[cornishcarlos]

9 minutes ago, Chelseafan said:

Thats what I am trying to figure out

 

Surely the seller knows, so therefore your wife should know ?? 

[Chelseafan]

6 minutes ago, cornishcarlos said:

 

Surely the seller knows, so therefore your wife should know ?? 

The seller will know but I have no contact and the wife knows but she is unsure how to translate it to me. In all honesty, I would want to check with a lawyer anyhow for peace of mind. I did mention Sor por kor to her and I think that's what it is but things can get lost in translation.

 

[473geo]

2 hours ago, Chelseafan said:

Yes it's on a rural road (not dirt track) off the 2 motorway, some houses nearby but not populated, nearest BIG C is about 5km away. Water/Elec available to be plumbed in.

 

This is interesting, is the land ready to build on right now, because if that is the case you have saved possibly 40-50k for infill, and bringing water and electricity to the site. when guys are quoting 'riceland' prices is important to take the preparation into account

[Chelseafan]

26 minutes ago, 473geo said:

 

This is interesting, is the land ready to build on right now, because if that is the case you have saved possibly 40-50k for infill, and bringing water and electricity to the site. when guys are quoting 'riceland' prices is important to take the preparation into account

Good question. Water and electricty, yes. How would I know if its ready to build on though ?

 

[473geo]

14 minutes ago, Chelseafan said:

Good question. Water and electricty, yes. How would I know if its ready to build on though ?

 

The land would be at least level or above the road you will drive out onto, not about a meter below as is common with rice land, better if the infill has been in place a few years to settle.

[PJPom]

5 hours ago, Chelseafan said:

Too many factors to compare if I am overpaying, location seems to be the biggest factor. When did she buy the land as prices have shot up over the past 5-10 years

land was bought about four years ago, it is in a small village approx 20 mins from Somdet near Lam Pao. The road it is on starts at the main road and ends at a Dam on the river and there are only four houses within 1 Km, well above rice fields with slight slope heading down to river. I was sorely tempted to build the Mansion but when I die what will my wife do with it, the area is littered with beautiful homes of many styles but they can't sell them or afford the upkeep. I am renting and when I do depart my wife will have the funds to support herself and she can do what she likes, meanwhile I am enjoying life.

Just for your information a block, about three Rai, in the adjoining village overlooking rice fields but filled to a level above the road and about ten minutes from Somdet supposedly sold for two million, I can't be certain of the size, it looked pretty big but absolutely featureless but with views for miles. Good luck, I hope it turns out well for you...

[Chelseafan]

4 hours ago, 473geo said:

The land would be at least level or above the road you will drive out onto, not about a meter below as is common with rice land, better if the infill has been in place a few years to settle.

I'll look out for that. Thanks for the tip

 

[Chelseafan]

1 hour ago, PJPom said:

land was bought about four years ago, it is in a small village approx 20 mins from Somdet near Lam Pao. The road it is on starts at the main road and ends at a Dam on the river and there are only four houses within 1 Km, well above rice fields with slight slope heading down to river. I was sorely tempted to build the Mansion but when I die what will my wife do with it, the area is littered with beautiful homes of many styles but they can't sell them or afford the upkeep. I am renting and when I do depart my wife will have the funds to support herself and she can do what she likes, meanwhile I am enjoying life.

Just for your information a block, about three Rai, in the adjoining village overlooking rice fields but filled to a level above the road and about ten minutes from Somdet supposedly sold for two million, I can't be certain of the size, it looked pretty big but absolutely featureless but with views for miles. Good luck, I hope it turns out well for you...

I did toy with the idea of renting and if I was single I would probably have done so but there are kids involved so I wanted to leave them something for the future. Wow 2mill for 3 Rai makes this deal look cheap, obviously depending on the type of title it has.

 

[soi3eddie]

On 5/15/2020 at 3:47 AM, AgMech Cowboy said:

Buy her some stock in Amazon.

If you had done that 3 months ago it would have more than paid for some very nice land with secure title...

[Chelseafan]

On 5/17/2020 at 5:42 PM, soi3eddie said:

If you had done that 3 months ago it would have more than paid for some very nice land with secure title...

Got my stock in Costco.

 

[torturedsole]

17 minutes ago, Chelseafan said:

Got my stock in Costco.

Bog roll, pasta, rice, noodles, flour was a good investment this quarter.  ????

[mikemi]

400000 for 1 rai in isaan?

 

sounds about 3-4 times the price it should be

 

but as others said, unless its in a town, then might be a bargain

 

if its just a bit of farm land then 80,000 - 160,000 is the going rate for isaan