Is this a good idea?

 

There is an apartment at Flybird for only 399,000 baht. 26 square meters. It looks clean and decent. Is that price reasonable or too high?

 

It does not look like much but I could get some nice leather furniture and lamps and I think it could work instead of renting and paying the first, last and deposit. I would own it forever so it would always be there.

 

That could be made into something nice, compared to rent you coud get your money back in 5 years !

Seems too good to be true to be honest.????

4 minutes ago, CharlieH said:

ThT could be made into something hice, compared to rent you coud get your money back in 5 years !

Seems too good to be true to be honest.????

I usually pay around 18-20k a month in rent so it would break even in under 2 years.

3 minutes ago, JimTripper said:

I usually pay around 18-20k a month in rent so it would break even in under 2 years.

Are there any pluses on costss ? Maintenance/service fees etc ?

3 minutes ago, CharlieH said:

Are there any pluses on costss ? Maintenance/service fees etc ?

Probably pretty low if there are.

 

I’m safe buying through an agent, right?

 

Is there anything I need to worry about just letting it sit empty and leaving the country, or would I need to be around watching it?

7 minutes ago, JimTripper said:

I usually pay around 18-20k a month in rent so it would break even in under 2 years.

 

You wouldn't pay anything like that for a small room in Pattaya. Your comparison should be with 5k pm.

 

7 years payback if you take into account annual maintenance costs

There's been a few of them popping up, that one certainly looks in better shape than the ones I've seen. For example, saw this on FB earlier today for 350,000 Bht.

 

 

Way too small for me personally, by the time you get a kitchen in (if desired), a bed and wardrobe and try and do something with what passes as a bathroom won't be much room for much else. But I could see it having potential if someone can handle the size. 

Foreign or Thai allocation?

1 minute ago, jacko45k said:

Foreign or Thai allocation?

The ones I've seen have been either (i.e. the foreign quota hasn't been filled) or specifically mentions foreign quota.

 

Case in point, the one I mentioned above:

 

2 minutes ago, Salerno said:

The ones I've seen have been either (i.e. the foreign quota hasn't been filled) or specifically mentions foreign quota.

 

Case in point, the one I mentioned above:

Usually impacts price....anyhow, just prompting to see if ownership criteria had been considered. 

4 minutes ago, jacko45k said:

Usually impacts price....anyhow, just prompting to see if ownership criteria had been considered. 

I asked someone on FB why the asking price was 300K extra for a foreigner for a place advertised as Thai or Foreign quota given it wouldn't be anywhere near that even if it had to be transferred ... surprisingly no answer ????‍♂️ ????

Put some bars on the window and it will resemble  a prison's cell...

6 minutes ago, ezzra said:

Put some bars on the window and it will resemble  a prison's cell...

Even Houdini would get claustrophobic in there .

     Some good comments already.  I would check to see if foreign quota is available as that is a big plus if it is.  If it isn't, you have to set up a company to buy in company name and there is paperwork, with expenses, that needs to be filed every year.  People go through the hassle of company ownership so they can buy houses and nice condos in desirable projects, such as Northshore, where foreign quota is full.  I don't think this condo would be worth the hassle of company ownership, at least not for me.

    If it is available in foreign quota, it looks to be a good buy for what it is--a basic roof over your head.   I agree that you could make something of it as it looks to be a clean, blank canvas in good shape.  It appears to not have a kitchen; you could have a basic one installed pretty cheaply.   My partner and I always buy because we like to be able to make changes to a place and make it our own--and we like knowing we will always have a roof over our head come what may.

     You mention that you usually rent condos for 18 to 20,000 baht a month.  If that is the case, you have been staying in projects far nicer than this one, with likely far more amenities.  My big question is whether you will be happy in this project, compared to what you have been staying at in the past.  Only you can answer that.  If the answer is yes, I would check the projects financials and check out the project itself to see how it is being maintained.  If they pass muster, I say go for it.

11 minutes ago, newnative said:

 My big question is whether you will be happy in this project, compared to what you have been staying at in the past.  Only you can answer that.  If the answer is yes, I would check the projects financials and check out the project itself to see how it is being maintained.  If they pass muster, I say go for it.

I agree. If you can be happy staying there then go for it. It's how i bought my first condo 17 years ago. It can be your base/storage facility ect.

399k to stay in prison.

 

Up to u

3 minutes ago, Celsius said:

399k to stay in prison.

 

Up to u

 

 

Life is what you make it.........Oh, and there are no bars on the windows. 

21 minutes ago, Celsius said:

399k to stay in prison.

 

Up to u

I thought of that, but looking back even the more expensive rooms I have been in, and even nice hotels, have often just been a rectangular room with windows on one end with nice furniture in there.

 

So what’s the difference here. Put in some nice furniture and it becomes a nice, although admittingly small, apartment inside.

 

One thing that puts me off it is the lack of a balcony though. I like to sit outside so that may be a dealbreaker. It would be better if it had a sit on balcony.

8 minutes ago, Celsius said:

399k to stay in prison.

 

Up to u

    Same size condo at The Edge is 3.5 million baht--and up.  So, an extra 3 million baht for a more gilded box .  Some want the gild, others can do without.  Obviously, small condos are not for everyone but for some they are just the ticket.  That's one of the things I like about Pattaya, the very wide variety of housing in all types and at all price points, both to rent or buy.   

11 minutes ago, JimTripper said:

One thing that puts me off it is the lack of a balcony though. I like to sit outside so that may be a dealbreaker. It would be better if it had a sit on balcony.

It looks like the balcony has been filled in, you could always revert back.

The difference between this and hotel room is that you are not stuck in a hotel room. Another difference between this and another shoebox condo are facilities. Yes, to some people they are useless, but to others they offer the opportunity to escape the tiny room and perhaps give the illusion that they are somehow less confined. 

 

On the other hand this may be a good rental opportunity. The less things there are inside, the less likely are things to break. This is particularly a maintenance free rental which I wish it existed in Canada. However, people need to be realistic, This is not 5k a month rental..... maybe 2.5k rental.

 

 

 

 

26 minutes ago, Peterw42 said:

It looks like the balcony has been filled in, you could always revert back.

Looks the best place to have a kitchen there, have a bed that folds up to the wall, nice 50inch TV on the wall ,sofa and a few mirrors make it look bigger, bargain...

Or buy two adjacent rooms and transform those to one unit. That will give space for bathroom, kitchen etc.

9 hours ago, JimTripper said:

I thought of that, but looking back even the more expensive rooms I have been in, and even nice hotels, have often just been a rectangular room with windows on one end with nice furniture in there.

 

So what’s the difference here. Put in some nice furniture and it becomes a nice, although admittingly small, apartment inside.

 

One thing that puts me off it is the lack of a balcony though. I like to sit outside so that may be a dealbreaker. It would be better if it had a sit on balcony.

What about laundry facilities, as on the balcony is normally where the washing machine was put in the older units.  Does it have an air conditioning unit or is that something you wouldn't need. Is there communal parking for a motorbike or car if you have one, and is it near transportation if not.  What are the common area fees that the complex charges? Is there on site security? just a few things I looked for when I bought my first 36sqm condo in Nonthaburi near the MOPH for which I only paid 650K.  To furnish my unit I ended up spending about 200K for the bed, couch, television center and a double closet for the clothes.  Added a small coffee table, which is where I ate, and had a small refrigerator placed on the wall near where I installed the small kitchen cook unit with the hot plate and a spot for the microwave, and a cupboard above the sink for my eating utensils.  The bathroom is another thing to look at, I had to add the water heater and then the shower glass walls, as all it was just a shower head on the wall and the toilet next to the sink, so I separated the toilet from the shower. All things to think about, unless of course your happy living Thai style.  Sold that unit for 1.2MThb when I bought my Lumpini Condo.

26 sqm is going to be very small for fitting in a bathroom and kitchen, and I guess wall fittings would be the order of the day for things like a TV.

 

I'd suggest it would suit a single person. A couple would be at each others' throats after a while.

 

The swimming pool is a plus. IMO it would pay to check noise levels through the walls, and the reliability of water and electricity supply.

 

The op is probably looking at a minimum budget of half a million baht, apart from the price itself, to make it livable.

12 hours ago, CharlieH said:

That could be made into something nice, compared to rent you coud get your money back in 5 years !

Seems too good to be true to be honest.

How could you get your money back in 5 years? It will also required 100K for furniture/AC. Let's say you rent it for 2K. How many years it will take to get your money back?

8 minutes ago, Onerak said:

Let's say you rent it for 2K. How many years it will take to get your money back?

It's not about renting it for 2K, it's about the 18-20K per month dead money the OP is currently spending on rent.

I have seen prison cells look better than that. I am sure you do not live this way in your Western country, why live that way here? I just do not get it.

and couldn't you just image what the neighbors will be like.  In a place like that what do you think will be living there   ??

30 minutes ago, Salerno said:

it's about the 18-20K per month dead money

If OP is renting now 18K/month, I bet he can't live here. Please check the prices in Facebook market place what you can get for 18K/month in Pattaya. This is good for giving as a gift to your Pattaya sugar baby. May be he can upgrade it to this standard. Not sure how much it will cos though.