Home Owners In Pattaya

[JimmyTheMook]

After buying 2 homes here in Pattaya and spending a decent amount of money getting them up to standard, wishing I never dumped my money into home ownership here in the first place.

Anyone else feel the same way ?

[Mobi]

The short answer is probably yes.

If I had known then what I know now, I'd have rented.

Having said that, I've got a lovely home, and I'm very happy here. I transferred the title to my wife, took out a lifetime ufustruct, dumped the company and don't have any sleepless nights about it.

It didn't bankrupt me, and if I had to walk away from it tomorrow, I'd still be fine, financially, so all in all I'm OK.

[Luckydog]

After buying 2 homes here in Pattaya and spending a decent amount of money getting them up to standard, wishing I never dumped my money into home ownership here in the first place.

Anyone else feel the same way ?

Bought my little Town House about 2yrs ago for 1k. Thought it would appreciate. But I would be hard pressed to get my money back I fear.

The annual company costs are a bit steep too. About 20000bht.

Still cheaper than renting I guess. Places like mine are 10000 a month.

[Jingthing]

Happy I bought my condo. Since then, the dollar has crashed, and I would be very annoyed to have to pay the market rents for the same condo I own outright.

[Forkinhades]

I have 2 houses in Pattaya, both bought for 1.8 m baht each, had them for 5 years now, 1 has been rented for 4 years, and i have lived in the other one for 5 years, so have nearly got my money back, from rental returns ( another 3 years will suffice), and the money i would have paid in rent in 'my' home is almost returned too, and they are both worth in excess of 4 mill each now, so no regrets.

by the way, if you have got the balls, now is a good time to buy, and rent out, cos everyone is scared to buy.

[onzestan]

My honest reply - No

I.m quite happy with the home I bought over 10 years ago.

If I sold it today the land alone would bring 3 times what I have paid for it.

But again Im happy here, more than I've ever been in the west so I'll stay put.

My 2 1/2 cents

good luck

stan

[bazmlb]

Got a brand new house trying to rent it trying to sell it, its cheap for both rent and purchase but no interest, oh well

Condo condo condo

[Humphrey Bear]

Our (my wife's) house cost a touch more than I had hoped for, but it is now something that gives stability to my wife and kids, and I still have my house in UK, so I'm content.

Daughter wants a swimming pool now, so that's another year of work needed!

[Meg_2003]

Got a brand new house trying to rent it trying to sell it, its cheap for both rent and purchase but no interest, oh well

Condo condo condo

Im looking for a house for rent actually, any info?

[midas]

I can never understand people wanting to buy property in Thailand

- where the vast majority are here in any case only on the basis of some kind of visa ...........?

I would rather own my condo in Sydney in which i have a good tenant

and where the market is transparent and ownership is straightforward

[Phil Conners]

Yes, buying a house here is pointless. The rent is so low that you are better off investing your cash elsewhere, i.e. stocks or real estate in another country, then rent here. Rent here is generally (way) under 1% (per month, and probably close to .5%, of the purchase price). Do the math. I would suggest elsewhere you could get over 2%.

[Humphrey Bear]

Depends whether you have responsibilities or are just looking after yourself.

If I'm renting, then if I get hit by a bus what do my wife and family do?

If she owns the house, then her business just has to cover food, clothing and school fees.

I don't want the kids growing up in a tin shack, as my wife and her siblings did. So I invest money for their comfort and future.

Simole, really.

[Forkinhades]

and the digression starts

[Forkinhades]

Yes, buying a house here is pointless. The rent is so low that you are better off investing your cash elsewhere, i.e. stocks or real estate in another country, then rent here. Rent here is generally (way) under 1% (per month, and probably close to .5%, of the purchase price). Do the math. I would suggest elsewhere you could get over 2%.

I paid 1.8 mill for the house that I rent out for 25,000 per month, you do the math (and the house is now worth 4 mill)

[Jingthing]

Yes, buying a house here is pointless. The rent is so low that you are better off investing your cash elsewhere, i.e. stocks or real estate in another country, then rent here. Rent here is generally (way) under 1% (per month, and probably close to .5%, of the purchase price). Do the math. I would suggest elsewhere you could get over 2%.

Hmmm. Well I think that really depends on the specific deal.

My condo cost 3 million baht, now worth 4 million, and would rent for about 330K per year. I am liking these returns. And I don't agree at all that 24 percent a year in rental returns is typical at all in western markets. That would be fantastic. If I bought my old US condo, the rental return would be under 5 percent annually and thats in a super desirable area with high paying jobs.

Edited June 5, 2007 by Jingthing

[Forkinhades]

And I don't agree at all 24 percent a year in rent returns is typical at all in western markets.

hear hear, a typical 2 bed flat in London, cost £200,000 rent = £750 per month

so whats the math on that Phil Conners???

[jackmuu]

The guys that are saying they regret buying, why is that? Is it to do with Pattaya in particular, the fact that the investment hasn't gone up in value enough or just too much hassle?

I still rent and I know I pay a lot, but it is a top condo in BKK, might buy in the future but not yet of course. It would be interesting to know why the disappointment.

[jackmuu]

The guys that are saying they regret buying, why is that? Is it to do with Pattaya in particular, the fact that the investment hasn't gone up in value enough or just too much hassle?

I still rent and I know I pay a lot, but it is a top condo in BKK, might buy in the future but not yet of course. It would be interesting to know why the disappointment.

[Naam]

Do the math. I would suggest elsewhere you could get over 2%.

is that math based on Chang, Lao Khao or a mix of both?

[Phil Conners]

Sorry, I meant .5% resp. 1% - my bad. (was the nasty comment necessary?)

[luckyluke]

Bought a house,in name of my wife, but with a bank loan,that I pay of course,still 5 years to go,the worse scenario :my wife kick me out,she has to find another guy who is ready to pay the loan,I lose the same money as i was renting a house,but of course I am sure this will not happen.

[Naam]

Sorry, I meant .5% resp. 1% - my bad. (was the nasty comment necessary?)

"Nasty" is my middle name Phil. it's all my parents fault. they selected the name.

[Forkinhades]

Sorry, I meant .5% resp. 1% - my bad. (was the nasty comment necessary?)

most of your comments are nasty...........

[Forkinhades]

no disrespect though

[JimmyTheMook]

The guys that are saying they regret buying, why is that? Is it to do with Pattaya in particular, the fact that the investment hasn't gone up in value enough or just too much hassle?

I still rent and I know I pay a lot, but it is a top condo in BKK, might buy in the future but not yet of course. It would be interesting to know why the disappointment.

Liquidity (sp?)

Of course real estate is never like cash in the bank , but it is sure as far as it can be from being liquid right now in Pattaya.

[Phil Conners]

Sorry, I meant .5% resp. 1% - my bad. (was the nasty comment necessary?)

most of your comments are nasty...........

Unintentionally.

[yaketyak]

I have 2 houses in Pattaya, both bought for 1.8 m baht each, had them for 5 years now, 1 has been rented for 4 years, and i have lived in the other one for 5 years, so have nearly got my money back, from rental returns ( another 3 years will suffice), and the money i would have paid in rent in 'my' home is almost returned too, and they are both worth in excess of 4 mill each now, so no regrets.

by the way, if you have got the balls, now is a good time to buy, and rent out, cos everyone is scared to buy.

Agree with your last sentance , although they are scared for a reason.

Also , and i know this is not your reason for doing it , but if you had bought a house in the UK 5 years ago the returns would have been the same percentage -wise but you would have been much wealthier because a house bought for say £100000 would be now about £300000 so you would be "up" by about £200000, whereas you are actually up by about 2.2 million baht (only £33000) on each .

For this reason i would always rent in Thailand and have a property in the UK. Financially you are always better off this way as , for some reason , property in anything other than the most popular business areas, never seems to increase much in Thailand. And its all very well saying your place is worth 4 million , but getting a buyer who will actually go through with it is another thing. Whereas in the UK a property can always be sold readily as long as the price reflects reality.

Just my 2 cents worth

[midas]

And its all very well saying your place is worth 4 million , but getting a buyer who will actually go through with it is another thing. Whereas in the UK a property can always be sold readily as long as the price reflects reality.

Just my 2 cents worth

yaketyak - exactly ! Even people in this thread have admitted

there isnt much interest in their properties. If you had to sell

up here - I just wouldnt be confident of even my money

back and how long would it take anyway in this market ?????

[Forkinhades]

Agreed present climate not too good, with the military running the country.

We will have to wait and see what the new thai PM does.

My houses are paid for here in thailand, about £55,000 when i purchased, could not buy a house in the UK for that money, would of have to take out a mortgage. Which i will do when the property market 'crashes' in the UK, been waiting far too long now......., maybe it will never happen....who knows.

Anyway I am happy here with what i got, and if i die my spouses will be taken care of here!

[Forkinhades]

yes it is near on impossible to sell right now, because nobody knows what the heck is going on.

Estate Agents I know have not sold anything for months now, and say they will have to return to England, if things do not change soon.

I cannot see things getting for about 18 months here, so its just a case of 'sitting'

The UK Market slumped for about 8 years, and now has been booming for 10 years, sustainable, i think not........