Is now a good time to buy a condo in Bangkok?

[BigStar]

1 hour ago, CM Dad said:

If you cannot consume it, wear it, or easily pick it up and carry it, then I would not personally buy anything.

Crikey, you've stumbled upon part of the the classic, shrewd, street-smart TVF Poster Three Primal Laws Of Survival In Thailand:

 

1. Never invest in anything you aren't ready to lose;

2. Never own more than you can carry with you or freely leave behind;

3. Keep your suitcase packed at all times.

 

Quoting one or more of the Laws entitles you to an extra ten (+10) instant points of TVF posting cred. Congrats. I'll keep my suitcase stored and enjoy my condo another 20 years.????

[Dexxter]

3 hours ago, kenk24 said:

Everyone is individual but I doubt I will ever go back to my home country - - this is my home country now...

 

Have you ever been a landlord? 

 

Your formula works fine as a formula, the reality is that many tenants can be a disaster, costing not only money but time and loads of aggravation... 

As well as owning my own home, I am a landlord with 2 debt-free rental properties in Australia. In the 32 years I have been renting out my properties I have only had trouble with tenants twice, both times when they failed to pay rent and moved out without notice. I have never had problems with vandalism or theft, and rarely had problems with tenants not paying rent. But I also use a reputable real estate agent to vet potential tenants and to manage my properties. About 60% of the rental income from my cheapest property covers my Bangkok condo rent and utilities. My assets are also gaining value much faster than anything I would have bought in Bangkok say 5 years ago.

 

I also have the option of walking away from my rental condo if <deleted> hits the fan in Thailand and I am no longer able to live there. There is no way I would EVER consider buying a property in Thailand. And there is ABSOLUTELY no way I would ever buy a property in my Thai wife's name. I am not a fool.

[Dexxter]

3 hours ago, AlfHuy said:

In Isaan, you can build yourself a castle.

Correction. In Isaan, you can build your wife a castle.

[BritManToo]

1 hour ago, BigStar said:

So now you concede it's not just Thailand. But you'd have to read the news and have your eyeglasses prescription up to date. In Pattaya, First Optic is most recommended. Or perhaps the usual paranoia creates such selective perception.

 

Since last week:

 

https://forum.thaivisa.com/topic/1187191-foreigners-offered-new-‘smart-visa’-if-they-buy-a-condo-in-thailand-elite-card-holders-offered-work-permits/

https://forum.thaivisa.com/topic/1187695-here-they-come-120-chinese-from-guangzhou-set-to-arrive-at-bangkok-airport-on-tuesday/

https://forum.thaivisa.com/topic/1186794-foreign-property-owners-now-allowed-to-return-to-thailand/

and

https://forum.thaivisa.com/topic/1185879-stv-preliminary-country-list/

 

Note "foreign property owners." So that's definitely loosening from the total lockdown before, and the trend looks to continue as pressure mounts. Not to omit the salutary effect of the vaccines coming down the pike.

Most of those links just appear to be government lies, to try and keep the general Thai population from rebellion.

[elliss]

4 hours ago, AlfHuy said:

In Isaan, you can build yourself a castle.

     However that said . 

      You won't be King of the Castle ...

[scubascuba3]

Apparently New Nordic in Pattaya has gone bust, projects stopped, staff unpaid. Those bought off Plan must be worried

[Lacessit]

You can buy a condo in Chiang Mai for 2 million baht. You can buy a condo in Chiang Rai for 1 million baht. Cooler weather than Bangkok, biggest sauna on the planet. Not sinking, or 1 metre above a rising  sea level.

But I still wouldn't buy, even if the prices were half that. Why? Because I am only here on one year's extension, which can be terminated at the whim of an Immigration officer. Why do you think the TM7 is entitled " Application for extension of TEMPORARY stay in the Kingdom"?

Buying property in a country where you don't own the land under the house, or can only get to 49% control of a condo, is daft.

[Yellowtail]

you can buy a condo in Bangkok for 1 million baht, you can buy a condo in Bangkok for 500 million baht. 

 

Either may or may not be a great investment.

[1FinickyOne]

3 hours ago, Dexxter said:

There is no way I would EVER consider buying a property in Thailand. And there is ABSOLUTELY no way I would ever buy a property in my Thai wife's name. I am not a fool.

Suppose the Aussie $$ were to shoot up in value and maybe your properties as well and you found yourself w/10x the net worth you have now... then suppose property values here were to collapse and you could buy incredibly reasonably... 

 

Now, you can buy a beautiful property here for 4% of your net worth... but it goes in your wife's name and to her uncontested if things go south... 

 

Would you not do that? Do you hate your wife that much? 

[1FinickyOne]

1 hour ago, Lacessit said:

Why? Because I am only here on one year's extension, which can be terminated at the whim of an Immigration officer.

And you have been here how many years w/o that happening? I have never heard of a retirement visa being cancelled on the whim of an IO.. they have always been polite and helpful to me and I bet you found the same...

 

Sounds like a great rationalization... 

[AlfHuy]

6 hours ago, BritManToo said:

I bought a new 3 bedroom house for 2Mbht, 300k deposit + 11k/month for 27 years.

Not much risk to me, I can stand a 300k loss (already lived in it 7 years) .......... but 10Mbht for one or two rooms? ......

I could live for 10 years on 10Mbht.

She owned the land and you build on it or was the price including the land?

[AlfHuy]

6 hours ago, mike787 said:

Buy now and buy big...best time is now before prices go way up.

up in hot air 555

[Lacessit]

2 minutes ago, kenk24 said:

And you have been here how many years w/o that happening? I have never heard of a retirement visa being cancelled on the whim of an IO.. they have always been polite and helpful to me and I bet you found the same...

 

Sounds like a great rationalization... 

I wouldn't say they have always been helpful, perhaps you have been lucky. When I moved from Chiang Mai to Chiang Rai, the female IO nitpicked for about two hours on the change of address.

Please go back to the post where I underlined and italicised the word temporary on an official form. What is it about that adjective you don't understand?

[AlfHuy]

6 hours ago, BritManToo said:

I know a couple of guys in Pattaya who bought a house in their hooker wife's name, and were evicted within the year.

If you buy her a house, does she really need you anymore? 

To buy the furniture and the European kitchen to make her sticky rice and not to forget, a luxury car to park on the driveway.

After that, you can p...   off.

Forgot, maybe throw in a few buffalos and a pick-up for the big family, than you p.... off.

[1FinickyOne]

5 minutes ago, Lacessit said:

I'm not going to disclose what I have done for my GF in a public forum. Sufficient to say she thinks the sun shines out of my a##e.

no but you quickly disclosed that you would not trust your wife to buy something in her name... and truly, good for you if you have done good things for her, that's nice. I have bought plenty here, in my wife's name, though I have no desire to have it returned. And my wife can look me in the eye, hold her head high, and not have to check my a*se to see the sun shine.. 

[AlfHuy]

6 hours ago, BritManToo said:

Whenever I invested in anything, I lost money faster than just having it sitting in a zero interest bank account.

Now any spare cash I have sits in a UK bank account losing value.

Between friends, I might help you out.

I saw a rubber farm, very productive and rubber running off the trees like honey.

 

Give me a call, I could consider to let you invest in my vision of being the Isaan rubber prince.

[Pattaya46]

2 hours ago, Lacessit said:

// Buying property in a country where you [..] can only get to 49% control of a condo, is daft.

And you know of course that what you just wrote is false information ! 

Foreign owner of a condo in Thailand have 100% control of his condo unit ! 

Please stop posting such "information" if you don't understand Thai laws. 

[pixelaoffy]

1 minute ago, Pattaya46 said:

And you know of course that what you just wrote is false information ! 

Foreign owner of a condo in Thailand have 100% control of it ! 

Please stop posting such "information" if you don't understand Thai laws. 

You can never own the land on which any property is built 

[wasabi]

I am thinking of buying a condo and already know which building. I've rented rooms in the building which is near the BTS and it has very low monthly fees yet is well managed. All the available rooms are Freehold. Like the OP I wonder if now is a good time, but not because I view this as an investment. Like anyone -- with a major purchase like real estate -- I don't want to overpay but having worked in the investment industry my whole life I know it is hard to time markets and that is just one piece of the overall financial puzzle. If I buy a condo in Bangkok it will likely be something I hold on to for life or until the seas rise so high I can't get in the front door so resale is not an issue. I don't think I'd ever invest in Thailand for anything beyond enjoyment and lifestyle. A condo would be a lifestyle purchase for me and though regrettable one I could afford to lose if something unexpected happened. I plan to spend time between Thailand and the USA when this pandemic finally dies down and It would be a matter of convivence and comfort to have a condo I could drop in and out of anytime. One furnished and arranged just how I want it. Having a Chanote of my own probably has a few benefits too.

 

One question I've asked myself is, is it better to rent? Even with gradual rent price increases from a purely financial standpoint the answer is likely to remain YES it is better to RENT if I want to have the most possible money. Even if I pay the rent on a BKK condo while living in the US that would be financially smarter than buying since I don't expect much price appreciation vs putting that money in the stock market. But what if my landlord wants to sell or passes away, what if rents did unexpectedly rise more than I expect? There is money and then there is wealth and wealth is more than just dollars it is peace of mind. My wife is a US citizen but she is from Laos and speaks fluent Thai. She is unfortunately not financially savvy. It would give me some comfort knowing if I die before her she could have this prospective condo and that'd be one less thing for her to worry about.

[Pattaya46]

5 hours ago, BritManToo said:

3M is too much for a condo in Thailand IMHO.

What happens when they reject your VISA extension for some bogus reason?

Did it ever happened ?? 

For myself never heard of any retiree around me being refused his extension

(as long as he still get the required income of course)

[Pattaya46]

3 minutes ago, pixelaoffy said:

You can never own the land on which any property is built 

True, but how is it a problem for a condo? The condominium juridic entity, controlled by units' owners, is the owner of the land on which the condo is built.

[Lacessit]

18 minutes ago, Pattaya46 said:

And you know of course that what you just wrote is false information ! 

Foreign owner of a condo in Thailand have 100% control of it ! 

Please stop posting such "information" if you don't understand Thai laws. 

So you are saying when it comes to any vote in an annual general meeting, the 49% foreigner ownership will prevail over the mandated 51% Thai ownership?

If the Thais vote against a levy of 100,000 baht on each unit for condo upkeep, against your conviction the place is falling to pieces, what are you going to do?

You're the one that doesn't understand Thai laws.

[Yellowtail]

15 minutes ago, Lacessit said:

She is not my wife, she is my GF for reasons related to Australian Centrelink rules.

Does it really matter how each of us go about giving our significant other security?

She prays to Buddha every night for a long life for me, does yours?

 

Why would his girlfriend pray for you?

 

 

[Pattaya46]

9 minutes ago, Lacessit said:

So you are saying when it comes to any vote in an annual general meeting, the 49% foreigner ownership will prevail over the mandated 51% Thai ownership?

If the Thais vote against a levy of 100,000 baht on each unit for condo upkeep against your conviction the place is falling to pieces, what are you going to do?

You're the one that doesn't understand Thai laws.

You have 100% control of the condo unit that you own.

You will never see all Thai owners represented at an AGM.

And even in your own country, you have no 100% control of the condo if the majority of owners decide to vote differently that what you want.

Thai owners are not against foreigners at AGMs; they vote for the good of the condo globally.

[Lacessit]

7 minutes ago, Yellowtail said:

Why would his girlfriend pray for you?

 

 

Not going there.

[teacherclaire]

On 10/17/2020 at 2:39 PM, BritManToo said:

Tell that to all the foreign guys that bought, and can't get back into the country.

10MBht as a gift for a Thai chick  ..... you'd have to be bonkers.

The Condo goes away with the love to the Thai chick. How practical. 

[elliss]

1 minute ago, teacherclaire said:

The Condo goes away with the love to the Thai chick. How practical. 

  

    How convenient .  The Thai way ..

    Enter , the White buffaloes /farangs . 

    Welcome, to the Land of Smiles ... 

 

 

[NCC1701A]

yes now is the time to buy:

 

 

[elliss]

2 hours ago, Yellowtail said:

you can buy a condo in Bangkok for 1 million baht, you can buy a condo in Bangkok for 500 million baht. 

 

Either may or may not be a great investment.

 

    Condo, prices are going in one direction ..

    Down and down , sooner than later .. Ground zero , withing a year ..

   Those farlangs , who bought Condo, as a investment .

   Have been mixing  , with the wrong type of ...

 

[Lacessit]

5 minutes ago, Pattaya46 said:

You have 100% control of the condo unit that you own.

You will never see all Thai owners represented at an AGM.

And even in your own country, you have no 100% control of the condo if the majority of owners decide to vote differently that what you want.

Thai owners are not against foreigners at AGMs; they vote for the good of the condo globally.

We are arguing at cross-purposes. Of course a foreigner owns 100% of the unit.

My point, based on experience in a condo where I was renting, is this - Thais usually vote with their wallets. Not necessarily for the good of the condo.

The foreigners in said condo have been trying to increase the annual unit fees by about 20%, mainly for better maintenance and employment of more security staff, who are stretched pretty thin. One goes off sick, there's no cover. The annual fees are very modest compared to most other condos in Chiang Mai.

They need a 75% vote to get the resolution over the line. Seven years in a row, they have been rejected on the vote. One of the reasons is a bank owns about 30% of the apartments, so it's doomed before the Thais even cast their votes.

Next time you want to say I don't know something, try exploring what I actually said politely.