Expatriates: Rent or Own the place of living in Thailand

[Hummin]

1 hour ago, JonnyF said:

Well we don't know each other but if we did I would let you know why some us like owning and don't regret it at all.

 

I can't think of a better place to have a base in SE Asia than Bangkok. Even if I leave Thailand for another country it would probably be for another SE Asian country so I can rent my place or just leave it empty for my occasional returns/holidays.

 

And if right location in Bangkok, you will always bevable to sell. 
 

I know a few popular condeminiums that finished around 2007 in Pattaya, they got the same amount in Thai Baht when selling, and they made a small profit, only because of strong Baht compare to the valuta changes during 12 years. 
 

of course if you add the maintenence fee on top of it during the 12 years, you had a free rent maybee

Edited January 29, 2022 by Hummin

[1FinickyOne]

1 hour ago, BritManToo said:

Would point out it's your wife's home and you'll be out at the first sign of trouble.

Less chance of being chucked out by a landlord IMHO.

 

I once knew a Thai lady who dumped her foreign husbands every 5 years.

She used to say, "The foreigners only buy me one house or business, so I might as well get a new husband and a new house"

She was on the third foreign husband at the time, I thought it was quite a clever strategy.

didn't Zsa Zsa have a joke about being a housekeeper?

 

Yes, precisely right. I have always told my wife that if she ever wants me to leave, it is ok - just give me 24 hours notice and I can be out... I am fully aware [before I buy] that anything I buy in my wife's name is hers... and I put no demands behind that. I am also fully aware that relationships change... as ours definitely has too... 

[spidermike007]

I prefer to rent. However, I have the good fortune of living in a smaller town, where things are quiet and peaceful. And I rent a beautiful 3 bedroom home for 10,000 baht a month! It would be ridiculous or me to buy. It is a renters market. I figure my annualized return on my money, if I were to buy that home would be around 3%. Just not worth it. 

 

I do plan on building a home in the near future upcountry, where we own very scenic land. But, that is quite different. 

 

I anticipate condo prices to drop by half. A friend of mine recently moved to Pattaya. He looked at condos in Jomtien. He walked into one of the nicest towers, looked at a 36th floor unit with panoramic views, and when he was quoted 28,000 a month, he offered 10,000. They settled on 13,000. He said the agent more or less admitted the building was nearly empty, and they could not rent or sell anything, at this time.

 

A good friend of mine has a girlfriend who works as a senior level manager for one of Thailand's biggest developers. She told him that they have reduced their building by 90% of what it was pre-Covid, which was around 100 developments a year. She said they cannot lease or sell anything at this time, that makes sense financially. She said demand is lower than she has ever seen it, in her career, which included the 1997 crisis. This time, it will be worse than 1997. Just wait. Do not buy now, unless it is at least a 40% discount, and the seller pays all the fees. 

 

 

Edited January 29, 2022 by spidermike007

[Harveyboy]

23 hours ago, Hummin said:

You can not choose your neighbours, so therefore rent! 

 

5 years ago I was going to buy the perfect condo, but never found it to the price I was willing to pay. The few I was interested in and  I almost bought or was interested in, is still on the marked. 

 

 

 

thats for sure we bought a house new build 2 years ago  we were in free accommodation as my wife works for the government...it was a nice quiet area but i wanted something to leave to the kids later got this house on a development ...nurses.. military..teachers .bank staff all seemed good then a family of market traders ..large family and their non stop barking  dogs don't give a s##t.. Well it all went down from there so you never know who will move in and screw it up ..rent mate..you can always pull up stakes and leave 

[DefaultName]

I rented for 3 years, then bought in the same condo block.  Financially, it may not make sense, but I can do what I want in the place and I have the security of knowing that I will be there as long as I want, without any landlord worries.

[rickudon]

Best answer - find a girl with a house! No massive initial outlay, just spend some money from time to time on improvements/maintenance.

[jts-khorat]

On 1/29/2022 at 4:22 AM, spidermike007 said:

I anticipate condo prices to drop by half.

I have been to Thailand, on and off, basically since the crash in 1997 and have been waiting for such a "crisis" ever since.

 

Thai companies would rather leave behind a derelict, half-built condo tower which they can write off over decades (or sell it on during the next goldrush) than sell units under price, therefore having to write them off immediately.

 

I, therefore, would not expect to see prices for condos in the major destinations to go down by much, especially not those marketed to foreigners.

Edited January 30, 2022 by jts-khorat
typo

[SCOTT FITZGERSLD]

it all depands on your net worth.

i think an expat who does not own a business / job in thailand, should bring / invest

in thailand no more than 5-10% of his net worth.

that is because the rules and regulations here are not clear and everchanging, so in case

you get in unpredictable troubles (i was once threatened with ARREST by immigration in bangkok airport

just because i could not remember on which airline i came to thailand !!!)

you can pack all quickly and leave.

[Orinoco]

Bought first condo 22 years ago in pattaya. it served me very well.

for a work base. still got that one,  it's  just a holiday home now.

No regrets at all, and it's one more asset for the wife and step daughter when i'm gone.

But would i do it again now 2022, no, the sands of Thailand are constantly shifting now for us expats.

so i would just rent. unless situation for us changes dramatically.

can't see that happening any time soon.

Buy in your own country and rent it out, it should cover any rent here and some. 

 

 

 

 

 

[RafPinto]

On 1/29/2022 at 9:30 AM, sandyf said:

That would be fairly obvious if you don't know much.

I built my house in 2009, cost me 900K and it has kept me occupied over the years. It is about 100 sq m 2 bed bungalow and has certainly been a lot cheaper than renting comparable accommodation so you would have to explain what constitutes a "loss". If for some reason circumstance changed it wouldn't bother me to leave it behind.

Back to the future 555

Built my house in 2009 and date in picture is 2004.

[JustAnotherHun]

On 1/29/2022 at 4:10 AM, Hummin said:

And if right location in Bangkok, you will always bevable to sell. 
 

I know a few popular condeminiums that finished around 2007 in Pattaya, they got the same amount in Thai Baht when selling,

That's correct.

It depends on the Condo and the place it's on. AAA properties don't lose over the years or even gain.

When I bought my condo, the Euro was at it's top and the price of my unit has increased over the years. I did and do not see it as an investment, but even if I did, it would not have been a bad one.

 

[sandyf]

On 2/1/2022 at 12:03 PM, RafPinto said:

Back to the future 555

Built my house in 2009 and date in picture is 2004.

Take it you don't know much about cameras & date.