To Buy Or Not To Buy ?

[pattayapete69]

Hi All,

I've just been reading the thread on whether condo buying is a good or bad idea, which prompted me to ask a similar question about houses.

I am in the process of selling up in the UK, and am hoping to move to Pattaya once this is done. I am going to enroll in a TEFL course, and also hope to complete my dive master course too.

Whilst out there for a month in May, I did lots of homework on TEFL courses, and spoke to lots of farang teachers regarding the job situation. Now, whilst I know there is no guarantee of work, I am hopeful that I will be able to secure a teaching role, and maybe supplement this income with some small jobs teaching diving.

Once my property is sold here I will have lots of equity to play with, which I had planned to use to buy a house. I did the usual round of going to most of the major estate agents to view lots of properties. After all this searching, I finally found one that is owned by a friend from the dive school that I use, which is in a company name. I have gone through all the ownership issues with him and others regarding transferring the other 51% over to me once the property is bought, and am fairly comfortable with that side of things.

I guess my question is...... Should I buy, or would I be better off renting.

Now I know that there will be a wide range of views, mainly to do with the issue of job security and law changes, but would really appreciate all responses.

Many Thanks

Peter

[jumnien]

I think you should rent for a year and see how you like Thailand and all the various dive sites you might end up at. In the long run, I think home ownership can work out well even though it is odd. Be patient! Just my opinion.

[pattayapete69]

Thanks for the advice Mid

With regards to liking Thailand and the various parts, I have travelled fairly extensively throughout the kingdom in the last couple of years, 1 month in Koh Samui, 1 in Phuket, 1 in Chang Mai and 2 months this year in Pattaya, and I have to say as much as I liked Phuket and Samui..... there's no place like Pattaya. I was mainly wondering about the pitfalls, if any of home ownership.

[Mobi]

I don't wish to appear rude, but there's enough verbiage on this forum to fill an encyclopedia of the risks, dangers and sheer illegality of a farang owning a house in Thailand.

Regardless of what what any lawyers and estate agents with vested interests may tell you, IMHO any farang who goes ahead and buys a house in Thailand in the current legal and political climate - needs his head examined.

Keep your money in the bank and rent for the foreseeable future - unless, that is, you are fully prepared to walk away from whatever money you invest.

[pattayapete69]

Mobi,

Not rude at all, I asked for all opinions.

With regards ownership, I am sure this has been done to death somewhere on this forum. But, I was under the impression that you could get a 'silent' Thai partner who will put in writing via a lawyer that they have no interests, commercial or otherwise on the property, therefore they sign over their 51% of the company to you. Is this not the case?

Peter

[LaoPo]

I guess my question is...... Should I buy, or would I be better off renting.

Don't buy now; rent!

The economical & political situation in LOS (AND new laws coming up), together with the enormous unrest on the stock markets and economics in the rest of the world, right now, is a bad sign to buy now.

Keep your money in the UK, for the time being.

There will be lots of opportunities of buying a house within 1-2 years for a bargain, just IMHO.

LaoPo

[binnsy]

I don't wish to appear rude, but there's enough verbiage on this forum to fill an encyclopedia of the risks, dangers and sheer illegality of a farang owning a house in Thailand.

Regardless of what what any lawyers and estate agents with vested interests may tell you, IMHO any farang who goes ahead and buys a house in Thailand in the current legal and political climate - needs his head examined.

Keep your money in the bank and rent for the foreseeable future - unless, that is, you are fully prepared to walk away from whatever money you invest.

how do you get the 51%?????????

[xbusman]

Jeeze, a new one every day.

Lets start with the facts.

Its illegal for a foreigner to own a house in Thailand. Got it? Nothing complicated about that is there. No one will disagree with me, I am stating a simple fact of Thai law.

You can buy a condo here if the building has less than 50% foreigner ownership. If you do that, do your homework and have a good lawyer.

Now, for the rule.

The rule of investing in Thailand is "never never never invest more money than you are willing to walk away from".

Know the law, live by the rule, and its a lovely lovely place to live.

Break the law, you could have serious problems but if you live by the rule you will option of walking away and not being harmed.

Obey the law but break the rule and you should be sure to buy a high condo so you dont end up a paraplegic when you jump, so many of them do every year.

[cubes2]

Look mate, how many people are doing what you want to do 100, 1000. to many mate.

House, Rent it. Those who have one might not have it in a few years time,

(companies and all that Bs)

Teaching English To many people and to few well paid jobs.

Teaching Diving To many people and to few well paid jobs.

Keep your home in the uk , Come back when you can afford to retire.

Or rent it out and try the above. (all ways have a place to go back to)

If you do what your talking about, 7 years your be all done.

Money gone.

Might get involved with the bar scean.!!!!!!!!!!!!!!!!!

Back to the uk. And start again.

Don’t do it.

[CHdiver]

If you go to the Real Estate Section of this Forum, you will find a load of Information. It's worth reading. Btw, if you buy, I would go for a Condo, at least that you can own legaly. Selling later may be a little difficult thought.

Regarding teaching as a Divemaster. There are not many courses you can teach, also there is not much work for a Divemaster in Pattaya anyway, if any. Pattaya has to many Diveinstructors who are happy to do DM work too. Many early retired People even teach for free. If you want to earn at least some money, go up to Instructor.

[monty]

RENT

Keep your equity!

First, starting to make a decent income in Thailand will take some time, secondly, renting can be remarkably cheap compared to buying!

Don't burn any bridges yet, certainly not before you are firmly settled!

[LaoPo]

Its illegal for a foreigner to own a house in Thailand. Got it?

Maybe you mean land....? You can own the house, not the land, as a foreigner (in most cases).

LaoPo

[xbusman]

Sorry, LaoPo is right as usual.

You can actually own a house, but never own the land.

In my little mind though, that means that in actuality you dont own the house. You pay to put a building on someones property and live there by their sufferance.

I stand corrected.

[cubes2]

What happens if the land owner wants 2m of the top soil.

oops, get off my land you.

[LaoPo]

What happens if the land owner wants 2m of the top soil.

oops, get off my land you.

No problem, sell him the 2 Meters of soil for the price of the house...move out and buy a next one.

Good deal.

ps: if the owner of the land wants to do so is another question...

LaoPo

Edited August 10, 2007 by LaoPo

[naka]

RENT out your house in UK and use the money to RENT a place in Thailand.

By the way ... sounds like your 'mate' is not much of a mate. He is

not telling you the whole story.

I have gone through all the ownership issues with him and others regarding transferring the other 51% over to me once the property is bought, and am fairly comfortable with that side of things.

Well, you should not be comfortable with this !!!

Naka.

Edited August 10, 2007 by naka

[philliphn]

You will be better of if you rent!

Your friend seems to have a vested interest. People with vested interests don't give good advice. Even though they may know how to be charming.

If you must buy buy a Condominuim. At least you can actually own it. Remember the Golden Rule, "never put more money in Thailand than you can afford to simply walk away from".

Having said this I would love to own a house in Thialand. But the socio political situation shines the light of reality in my face too brightly!

Edited August 10, 2007 by philliphn

[philliphn]

You will be better of if you rent!

Your friend seems to have a vested interest. People with vested interests don't give good advice. Even though they may know how to be charming.

If you must buy buy a Condominuim. At least you can actually own it. Remember the Golden Rule, "never put more money in Thailand thatn you can afford to simply walk away from".

Having said this I would love to own a house in Thialand. But the socio political situation shines the light of reality in my face too brightly!

[jackmuu]

Just rent out your place in the UK, trust me, you won't regret it.

The people here are talking sense.

[solo siam]

Rent your house out in the UK and if you can afford it buy a smaller place here.

Some people, myself included - do not like to rent properties, I like to own my own home, not particularly for investement pruposes but so that I can actually decorate it, make changes and not have some landlord breathing down my neck telling me he's thinking of selling it every 3 months.

I would suggest a Condo though, so you can actually own it.

[ABPC]

Hi All,

I've just been reading the thread on whether condo buying is a good or bad idea, which prompted me to ask a similar question about houses.

I am in the process of selling up in the UK, and am hoping to move to Pattaya once this is done. I am going to enroll in a TEFL course, and also hope to complete my dive master course too.

Whilst out there for a month in May, I did lots of homework on TEFL courses, and spoke to lots of farang teachers regarding the job situation. Now, whilst I know there is no guarantee of work, I am hopeful that I will be able to secure a teaching role, and maybe supplement this income with some small jobs teaching diving.

Once my property is sold here I will have lots of equity to play with, which I had planned to use to buy a house. I did the usual round of going to most of the major estate agents to view lots of properties. After all this searching, I finally found one that is owned by a friend from the dive school that I use, which is in a company name. I have gone through all the ownership issues with him and others regarding transferring the other 51% over to me once the property is bought, and am fairly comfortable with that side of things.

I guess my question is...... Should I buy, or would I be better off renting.

Now I know that there will be a wide range of views, mainly to do with the issue of job security and law changes, but would really appreciate all responses.

Many Thanks

Peter

[/quote

Dear Peter,

We always recommend for people to rent for at least 6 months prior to purchasing. This allows the potential buyer time to assess the local market and more importantly to firmly establish if buying is trully the best option. It is far easier to pack up and leave for sunnier shores when you do not have a property to sell. This is sound impartial advice which comes from years of experience dealing with expatriates looking to reside in Pattaya, Thailand. I trust the above assists in your decision making.

Alan

[Humphrey Bear]

And that is from someone who makes their living selling property.

Listen to the man!

I have put up the money to buy a house. My wife owns it now. I have a lease from her, but that is my only safeguard. For her and for me this works, but for many people such an arrangement would be fraught with argument and dissension. Even my wife and I disagree at times (not more than three times a day usually - when we get up, while we are up and when we go to bed just about covers it).

I can walk away from it if ever I must. I still own property in UK.

Rent, search the area, decide on what you want, find out the pitfalls and benefits, decide whether to buy or not. As Alan Bolton says - at least six months.

[dsfbrit]

After all this searching, I finally found one that is owned by a friend from the dive school that I use, which is in a company name.

A friend he is not - I have a house and land in a company name and like most Farang in this situation I have spent the last year looking at how best to modify this illegal structure. Quite simply:

- listen to the advice here

- rent for at least 6 months

- get a new 'friend'

- read some of the threads on this forum:-

http://www.thaivisa.com/forum/index.php?showforum=59

Good Luck you will love it out here. I envy you finding TV to ask this kind of question and getiing such good advice. I wish I had known about this forum before I bought my house!!!