What documents is the juristic condo person required from the owners.

[JBChiangRai]

1 hour ago, arick said:

Underlying lesson to learn don't invest or by condos in this country.

I think, never buy off-plan, and never buy new.

 

There are always motivated sellers in the resale market, and that is where you should be looking if you want to buy and not loose you shirt.

[scubascuba3]

28 minutes ago, JBChiangRai said:

I think, never buy off-plan, and never buy new.

 

There are always motivated sellers in the resale market, and that is where you should be looking if you want to buy and not loose you shirt.

Yep buying off plan is mainly for suckers and noobs, were popular with Russians and Chinese, not now it seems

[OneMoreFarang]

32 minutes ago, scubascuba3 said:

Yep buying off plan is mainly for suckers and noobs

I agree, just looking at the news in Thailand.

 

But I wonder, are there laws in Thailand to protect the buyers? Do developers go to jail if they don't deliver? Do people get their money back, maybe many years later?

Or is it like: bad luck, no money, next one please? 

[scubascuba3]

15 minutes ago, OneMoreFarang said:

I agree, just looking at the news in Thailand.

 

But I wonder, are there laws in Thailand to protect the buyers? Do developers go to jail if they don't deliver? Do people get their money back, maybe many years later?

Or is it like: bad luck, no money, next one please? 

Depends, my lawyer friend was approached because a guy paid off plan and it hadn't moved for years, basically kaput, she checked the funding of the company, nothing, so no point pursuing. Seems easy for these dodgy companies to just move the money out before things kick off

[newnative]

42 minutes ago, scubascuba3 said:

Yep buying off plan is mainly for suckers and noobs, were popular with Russians and Chinese, not now it seems

    Buying off-plan can be profitable if you know what you are doing.  My spouse and I bought 3 condos off-plan at The Base and Centric Sea in Pattaya.  Both projects in great locations, with very little in the way of competition from other seaview condos in that area at that time, and both being built by large Bangkok developers with good track records of completing projects--Sansiri and SC Asset.  You do need to do your homework, the numbers need to work, and we would never buy off-plan from a small or unknown developer.  

[digbeth]

50 minutes ago, OneMoreFarang said:

I agree, just looking at the news in Thailand.

 

But I wonder, are there laws in Thailand to protect the buyers? Do developers go to jail if they don't deliver? Do people get their money back, maybe many years later?

Or is it like: bad luck, no money, next one please? 

 

Hopefully for most buyers all they stand to lose is the deposit/ downpayments, the rest is between the Banks and developers,

 

whoever put cash for the whole unit 100% off plan when even when you can wait until completion and there's always units available, the discounts for buying off plan is not worth it  

[arick]

2 hours ago, scubascuba3 said:

Yep buying off plan is mainly for suckers and noobs, were popular with Russians and Chinese, not now it seems

It was very popular with Thai people also. There should be a huge court case happening this month.

[Dan O]

7 hours ago, scubascuba3 said:

Not really, ok for buying to live in

Only if they are managed and budgeted properly to maintain the condition of the whole bldg and very few are.

[OneMoreFarang]

4 minutes ago, Dan O said:

Only if they are managed and budgeted properly to maintain the condition of the whole bldg and very few are.

There are always compromises.

 

I recently bought a condo in a building where I lived for rent for many years.

I renovated it completely and now it is the way I want it, all new, like in a brand-new building.

I like one big room, and a kitchen and a bath. Something like that seems to be hard to find. It seems 100sqm divided in two or three bedrooms is what many people want. The opposite from what I want. So, for me, buying made sense.

In my building, like in others, the management is far away from perfect. Yes, it would be great if the management would be great. That also applies when renting. As long as most of everyday life is fine, I don't worry too much.

[Dan O]

16 minutes ago, OneMoreFarang said:

There are always compromises.

 

I recently bought a condo in a building where I lived for rent for many years.

I renovated it completely and now it is the way I want it, all new, like in a brand-new building.

I like one big room, and a kitchen and a bath. Something like that seems to be hard to find. It seems 100sqm divided in two or three bedrooms is what many people want. The opposite from what I want. So, for me, buying made sense.

In my building, like in others, the management is far away from perfect. Yes, it would be great if the management would be great. That also applies when renting. As long as most of everyday life is fine, I don't worry too much.

When I say proper management and budgeting lacks in most buildings.its not just the day to day interaction and attentative approach to dealing with owners or tenants. Management should be planning and budgeting a 25 year plan for the maintenance on the building common areas, amenities and exterior envelope of the bldg. Most dont budget past 3 to 5 years if that. Many just plan on monthly maintenance items  and then when a roof fails or an elevator needs to be replaced or pool relined they hit you with a special accessment or cut corners and do marginal repairs or none. The exterior, amenities and common areas are the first thing people see and will kill a resale before anyone steps foot into your condo not to mention affecting your owned space from leaks or other issues occurring outside your space

Edited May 4 by Dan O

[scubascuba3]

39 minutes ago, Dan O said:

Only if they are managed and budgeted properly to maintain the condition of the whole bldg and very few are.

"very few are" is wrong based on where i live, many condos well maintained, of course i could name some that aren't 

[Dan O]

1 minute ago, scubascuba3 said:

"very few are" is wrong based on where i live, many condos well maintained, of course i could name some that aren't 

Not based on a research study i did before covid for a real estate investment group here. Are all condo management's bad,  no but most are not properly funded to support the structure over a normal life span of 25 years. If yours is run properly thats great as long as you stay on top of the meetings and require transparency in budgeting and financial management.

[scubascuba3]

9 minutes ago, Dan O said:

Not based on a research study i did before covid for a real estate investment group here. Are all condo management's bad,  no but most are not properly funded to support the structure over a normal life span of 25 years. If yours is run properly thats great as long as you stay on top of the meetings and require transparency in budgeting and financial management.

Yeah we got lucky with a good JP, common fees and sinking fund increased

[OneMoreFarang]

20 minutes ago, Dan O said:

Not based on a research study i did before covid for a real estate investment group here. Are all condo management's bad,  no but most are not properly funded to support the structure over a normal life span of 25 years. If yours is run properly thats great as long as you stay on top of the meetings and require transparency in budgeting and financial management.

I remember I had a conversation with a committee member about the management.

He asked me: Who wants a job like that? 

It's unlikely that highly skilled people want to work as manager of a condominium (without making illegally extra money). 

I think that is part of the problem. 

[Dan O]

58 minutes ago, OneMoreFarang said:

I remember I had a conversation with a committee member about the management.

He asked me: Who wants a job like that? 

It's unlikely that highly skilled people want to work as manager of a condominium (without making illegally extra money). 

I think that is part of the problem. 

Yes you need a person thats good at face to face issues and a second person that knows how to create and  manage the budget process for on going maintenance projections and planning. No one wants to pay the cost of those 2 staff to get qualified people. Then the second battle is convincing the condo owners about the importance of the long term plan, and why the cost to fund the hoa fees will increase correctly. Real estate agents and purchasers don't want high fees and owners don't like to fund these fees