Thinking of buying a condo in Bangkok

[Yellowtail]

26 minutes ago, James7 said:

Thank you so much for amazing and useful insights!  I much appreciate it.  

 

To answer some of the questions above:

- yes I have 100k sitting in the bank not doing anything.  So idea was to do something with it... One of them was property if it's 'value for money'.  I do have access to a large property portfolio I own pretty much mortgage free back in the UK which I can refinance. I'm not looking to finance in Thailand.

 

- no, I'm not planning to split from my wife!  It's merely that we have different outlook in life (I love scuba diving and travelling and she much prefers to spend time with her siblings).  My wife has a Sri Lankan heritage but born/bred in London.  Key is that I can't stand UK weather esp in Winter and I want to enjoy my 50s so having a base in Asia makes sense for me.  

 

- as for JB, there are some awesome condos at really cheap prices.  I'm not sure Malaysia (and I lived in KL for a few years) is the right country for me compared to SG or Thailand though somewhere up north or Borneo wouldn't be so bad.

 

Given your collective advice, I'll look to invest in other assets (likely ETFs) or buy something in SG.

 

I really appreciate the amount of guidance guys - truly humbled that you all took time to reply.

Not an ETF but FSCSX has been great to me...

[James7]

12 hours ago, Yellowtail said:

Not an ETF but FSCSX has been great to me...

Isn't FSCX an ETF? 

[Mike Teavee]

19 hours ago, Yellowtail said:

What BTS station?

I've just moved out of Ideo Verve which is about as close to a BTS Station (On Nut) as you can get, great Condo, well maintained, excellent staff & a nice swimming pool/gym.

 

Everything you need (Tops, Lotus, Big C, Century Mall, Cinema etc...) is on your doorstep & 5 stops on the BTS to Asoke, I only moved out because after 3 years I wanted a change from Bangkok, if I moved back to Bangkok I would happily stay there again. 

 

I was staying in a 2br/1bth unit which 3 years ago I got for 20K, I would be surprised if you couldn't get this for  15K now, quick check on hipflat brings this one back for 12.5K  https://www.hipflat.com/listings/bangkok-condo-baifsxqc... I would be surprised if you couldn't get it for 10K. 

 

If anybody is interested I have the details of the lady who runs the Condo/Sales desk there (very helpful, got me 35k out of my 40k deposit back in 2 days, just waiting for the final electricity/water bills to get the remainder).

 

[Yellowtail]

1 hour ago, James7 said:

Isn't FSCX an ETF? 

I think FSCSX it is a mutual fund, but I could be wrong. 

[LarrySR]

You won't find a mortgage at a Thai bank but the seller of the condo might be open to terms since interest rates are so low. 

An offer of 20% down and 3% - 4% annual interest with a balloon payment to be paid in full in 10 years might be interesting to some sellers, no?

[Yellowtail]

6 minutes ago, LarrySR said:

You won't find a mortgage at a Thai bank but the seller of the condo might be open to terms since interest rates are so low. 

An offer of 20% down and 3% - 4% annual interest with a balloon payment to be paid in full in 10 years might be interesting to some sellers, no?

Probably, but you will likely not find or at least secure a bargain like that. 

[smutcakes]

1 hour ago, LarrySR said:

You won't find a mortgage at a Thai bank but the seller of the condo might be open to terms since interest rates are so low. 

An offer of 20% down and 3% - 4% annual interest with a balloon payment to be paid in full in 10 years might be interesting to some sellers, no?

Some sellers maybe, but pretty risky for the buyer...

Personally i think you would have a hard job finding a private seller to do that, and if you did you have a high chance of getting ripped off, and the big developers its just more hassle than its worth.

[LarrySR]

1 minute ago, smutcakes said:

Some sellers maybe, but pretty risky for the buyer...

Personally i think you would have a hard job finding a private seller to do that, and if you did you have a high chance of getting ripped off, and the big developers its just more hassle than its worth.

Of course an attorney would need to write up a contract and it would be registered on the Deed at the Land Department as any bank mortgage.

 

[ExpatOilWorker]

Developers are getting creative:

Some 120 flats in several projects across the Southeast Asian country will be made available for bidding next month on whyborder, an online property portal owned and operated by a Singapore-based company. The flats are expected to be offered at 20 to 40 per cent below their selling prices.

https://www.scmp.com/business/article/3148446/after-rebates-and-freebies-thai-developers-auction-flats-online-bid-shake

[simon43]

If you think Sri Lanka is turning into Little China, be prepared for Bangkok to turn into Big China over the next few years.....

[smutcakes]

14 hours ago, simon43 said:

If you think Sri Lanka is turning into Little China, be prepared for Bangkok to turn into Big China over the next few years.....

And Laos leaders have already sold the country to China.... one step closer to the big Mango...

[Will B Good]

As an ardent 'only ever rent' person, I must admit I am quite tempted to buy a condo if the prices keep falling. Find a distressed seller maybe.

 

Live in the condo and then if it rents, out move out for the duration.

 

30 day AirBnB, live in a hotel, 12 month let go back to Isan.

[Pravda]

1 minute ago, Will B Good said:

As an ardent 'only ever rent' person, I must admit I am quite tempted to buy a condo if the prices keep falling. Find a distressed seller maybe.

 

Live in the condo and then if it rents, out move out for the duration.

 

30 day AirBnB, live in a hotel, 12 month let go back to Isan.

Me too.

 

The other day while wifey was driving me around I saw Metris condo (built by Major) 2 bed 48 sqm (I know) 3.8 mil baht. Next to ramkhamheang station.

 

I absolutely love the area and the legendary Nasa Vegas hotel. I'm thinking about buying it for the lolz

 

 

[Will B Good]

5 minutes ago, Pravda said:

Me too.

 

The other day while wifey was driving me around I saw Metris condo (built by Major) 2 bed 48 sqm (I know) 3.8 mil baht. Next to ramkhamheang station.

 

I absolutely love the area and the legendary Nasa Vegas hotel. I'm thinking about buying it for the lolz

 

 

Sounds good.....might take a look.

 

 

[Will B Good]

7 minutes ago, Pravda said:

Me too.

 

The other day while wifey was driving me around I saw Metris condo (built by Major) 2 bed 48 sqm (I know) 3.8 mil baht. Next to ramkhamheang station.

 

I absolutely love the area and the legendary Nasa Vegas hotel. I'm thinking about buying it for the lolz

 

 

Fly in the ointment for me....pet friendly........red mist drops when I hear someone letting the light of their life bark all day.

[chrisandsu]

1 hour ago, Pravda said:

Me too.

 

The other day while wifey was driving me around I saw Metris condo (built by Major) 2 bed 48 sqm (I know) 3.8 mil baht. Next to ramkhamheang station.

 

I absolutely love the area and the legendary Nasa Vegas hotel. I'm thinking about buying it for the lolz

 

 

48 sq meters is only 500 sq ft . That’s a tiny coffin in the sky . 

[Pravda]

2 minutes ago, chrisandsu said:

48 sq meters is only 500 sq ft . That’s a tiny coffin in the sky . 

 

Thanks for the update. I was completely unaware how condos are built in major cities all over the world.

[Will B Good]

25 minutes ago, chrisandsu said:

48 sq meters is only 500 sq ft . That’s a tiny coffin in the sky . 

Perfectly livable and eminently suitable for both short and long term rent.

[chrisandsu]

1 hour ago, Will B Good said:

Perfectly livable and eminently suitable for both short and long term rent.

You sure you are not a realtor ? 

[Will B Good]

56 minutes ago, chrisandsu said:

You sure you are not a realtor ? 

No....just some who can't afford much over 50m².....555

[newnative]

2 hours ago, chrisandsu said:

48 sq meters is only 500 sq ft . That’s a tiny coffin in the sky . 

     Everything's relative.  The first Bangkok getaway condo my partner and I bought was a 24 sqm (count 'em!) studio.  Despite the small size, we had a Thai king-size bed with enough room to walk around it (I hate beds pushed right up to a side wall), ample eating space for 2, a comfortable, leather electric reclining sofa for tv watching, a clothes washer hidden in a kitchen cabinet (I hate visible clothes washers in the kitchen), lots of storage, and a full-size fridge with automatic ice maker.  There was even a small balcony big enough for 2 small chairs.  It was sort of like a small, well-designed stateroom on a ship.

    We would probably still have this condo but it was just too far from the nearest metro station--around 900 meters.  And, we decided we wanted a condo with a true, separate bedroom rather than a partially screened bedroom area. 

     So, we sold that condo and bought a 1 bedroom over twice as big, at 52 sqm, in a different project.  Just around a 2 minute walk to the same metro station--which at my age I like.  I think you can make something livable no matter what the sqm you are working with.  48 sqm--after having just 24--seems plenty big enough.  And, condo projects these days come with so many nice amenities to enjoy.  

 

[DrJack54]

Won't read all the replies. This is perhaps unrelated but I find interesting. 

I'm not anti purchasing real estate. However.........

Opposite me there is new...ish development. 

After completion some adjoining properties did some extensions. On TOP of existing homes. See pics. Would you like to have purchased lovely new condo opposite. These monstrosities are virtually against balconies of some condos. 

[johng]

13 minutes ago, DrJack54 said:

After completion some adjoining properties did some extensions. On TOP of existing homes. See pics. Would you like to have purchased lovely new condo opposite. These monstrosities are virtually against balconies of some condos. 

Yep they even do it on temple ground....  just build a car park right in front of the condo..car park hardly used   plenty of space to build it elsewhere on the grounds  but seems to have been done deliberately to annoy the condo residents !!!!

 

 

[DrJack54]

1 minute ago, johng said:

Yep they even do it on temple ground....  just build a car park right in front of the condo..car park hardly used   plenty of space to build it elsewhere on the grounds  but seems to have been done deliberately to annoy the condo residents !!!!

 

 

The other thing that comes with ownership is the neighbors. 

I rent a condo and made sure it had couple of features important to me. 

First up No private ownership.

Along with strict management. 

Other requirements naturally.

 

Why was no private ownership important? .....any takers

[tjo o tjim]

I think too many people here are advising not to try to catch a falling knife.  I’m out of Thailand now, but what I see in other markets everywhere is that construction slowed down dramatically and for a prolonged time, and once people feel they can get a deal buying picks up very quickly. 

 

What is different about Thailand is there is a huge inventory of unsold properties that dates back several years.  Specifically in Bangkok, that often leads to a death spiral for a building, where critical maintenance is deferred, reserves are depleted, and the property cannot keep up.  After ~5 years, the amount needed to re-invest in the property is huge, and unless people are paying the maintenance fees (including unsold units), there is a huge shortfall.

 

All that said, it sounds like you have enough money to feel like you have options… but the smart move is going to be to invest that money in something that will grow rather than focus on hedging inflation with a real-estate purchase.

[chalawaan]

On 9/1/2021 at 5:36 PM, Yellowtail said:

Does not sound like the wife is part of the equation...

@James7 if your current wife is not Thai, and intends to stay beyond tourist visa limits, you will both have to get retirement visas, the sticker price is B800,000 p/a each, but the reality is you'll need to top that sum back up to a million baht minimum each year, to satisfy bank "seasoning" rules, as for 2-3 months before each annual extension, you cannot let you annual balance fall below B800,000 and cannot let it ever drop below B400,000 or the retirement extension is voided, and you have to re-apply as if you'd just landed.

Avoid the externally offered OA retirement visa, rather apply for a Non-O retirement off the back of a tourist visa in Thailand itself, it's relatively straightforward once the money seasoning issue is sorted, and lots of advice on that on various other threads, the Non-O route, currently means you bypass police checks, health checks, and compulsory health insurance -though insurance is a wise move IMO. 

Now, as for your property plans, no rush as many have said, everything is likely to improve for you as a prospective buyer, for some years to come. And who knows, the hassle and nonsense surrounding the annual cash requirements could ease too, thought the sum itself may well go up, we just don't know, that's part of the fun here, guessing what the government will do from one year to the next!

Edited September 21, 2021 by chalawaan

[brianp0803]

I am also thinking about buying a condo in BKK for myself to live in maybe in the 8-15 million price range. My major concern is the resale value and the time it takes to resale.  I think lower priced condos are easier to resale.  There seems to always be new developments and I think people prefer new to used.  I think older units are likely bigger and obvious if it has good maintenance structure (new condos look nice now - but maybe not in 5 years)

I am not looking at it as an investment, but I do not want to loose a lot of money owning it (then easier to rent)

I hear people say close to BTS is best for resale - but also pay a premium for this feature. I have seen several condos that have free shuttle to BTS (about 10 minutes on shuttle - but a little far to walk)

 

Opinions?

[newnative]

9 hours ago, brianp0803 said:

I am also thinking about buying a condo in BKK for myself to live in maybe in the 8-15 million price range. My major concern is the resale value and the time it takes to resale.  I think lower priced condos are easier to resale.  There seems to always be new developments and I think people prefer new to used.  I think older units are likely bigger and obvious if it has good maintenance structure (new condos look nice now - but maybe not in 5 years)

I am not looking at it as an investment, but I do not want to loose a lot of money owning it (then easier to rent)

I hear people say close to BTS is best for resale - but also pay a premium for this feature. I have seen several condos that have free shuttle to BTS (about 10 minutes on shuttle - but a little far to walk)

 

Opinions?

     Ok, opinions.  My partner and I live in Pattaya but we have a bkk getaway condo.  In my opinion you do not need to spend 8-10 MB for a bkk condo close to the subway.  In early 2020 we paid 6MB for a fully-furnished 52 sqm condo on the 37th floor of a very nice condo project just a 2 minute walk to the Phetchaburi MRT.   I think we got a good buy--and good buys are out there.

     The condo project was finished in 2013 and has about all the amenities you could want, as well as very ample garage parking.  At around 500 units, it's not too big or too small.  I would avoid new mega projects with the majority of the units studios and small 1 bedrooms of 25 to 35sqm.  These projects lend themselves to becoming magnets for short-term illegal daily renters.  My project has no studios; the smallest unit in my project is 42sqm and most are 48 to around 100 sqm.  

     Slightly older projects can offer good value and larger room sizes.  If it is a higher-end project it is likely to be maintained decently; a project with some years on it should also offer clues as to how it is being maintained.  These projects might also have a better ratio of owner-occupied units.

    My final opinion is regarding condo shuttles.  The first bkk condo we bought was 900 meters from the MRT.  Far, but the project would have a shuttle.  (It was a new project we bought off-plan.)  Project finishes, we move in and, indeed, there was a shuttle.

    But, almost always the shuttle schedule did not correspond to our schedule--it was geared to residents going to work in the morning and coming home in the evening.  When we were ready to go out the shuttle was not running and when we got back we would have to wait at the MRT station for the next run--which was often a long wait.  We didn't like trying to match our schedule, usually unsuccessfully, to the shuttle schedule.   We sold that condo--at a small profit--and bought as close to the station as we could get on our budget.  An added plus to this location for us is the relatively short walk to the Airport Link.  

    

    

[brianp0803]

I am very interested in your ability to sell ( I would be happy if break even).  That is my major concern to buying.  I am sure I would stay at least 5 years - otherwise renting is find

 

How long did it take to sell?  How long did you have it before selling?

I think I want at least 60 sq meters for 2 people.  Currently renting in 45 sq meters and I want larger.

I am looking at moving to a bigger condo (85 sq meters with patio), but the shuttle goes from 8:00 - 5:00.  Not early enough for going to work and ending too soon.  But a taxi was on about 5 minutes (45 Baht) to Askok BTS)  I think thinking it is time to buy a car or motorcycle

[prchunter]

I also figure now is a good time to snatch up a condo in the heart of Bangkok.  From what I've gathered from my research it is tough to resale your condo.  Right now am just trying to figure out whats the best way to go about this.  I would want a 2 bedroom that is no more then 200 m from a bts station.  Ideally located between Asok and Ekkamai as I figure these condos tend to maintain their value even after a couple of years.  Any advice?