First Time Buyer - Advice Needed

[SURREYCOUPLE]

Hi

My other half and myself are moving to Bangkok in August, she is a Primary School Teacher and has accepted an offer at a lovely International School in Bangkok.

We have a villa in Spain which we plan on releasing £50k equity from with the view to purchase a 2 bedroom apartment in Bangkok.

This is the first forum we have looked at regarding this so treat us with "kid gloves" and if you could point us in the right direction for advice on purchasing an apartment in Thailand we would be greatful.

This will initially be our home however it is also a long term investment as we will look to buy another apartment when we have settled and found the area we want to be in permanently.

Our requirements with the £50k are:

- 2 bedroom apartment close to skytrain

- Pool and Gym

- Must be in a safe area

Is it a buyers market at the moment?

Thanks guys

Ed

[RAZZELL]

Firstly, welcome to the forum

I'm sure other members would like to know how much time you've spent in Thailand, ages, lifestyle, etc. This could make answering your questions a bit easier.

With my (limited) knowledge I would advise the following:

With your budget I would say don't buy - rent. The market is not the same as Europe. There is no consistent upward trend. Rental prices have little relation to selling price. You can rent a beautiful flat in an upmarket area for £400 a month. To buy it could be £200k plus.

You've also got the option to move 6 months or a year later. Not so easy to sell a condo if you don't like the area.

RAZZ

Edited December 17, 2007 by RAZZELL

[naturalpoints]

Hi

My other half and myself are moving to Bangkok in August, she is a Primary School Teacher and has accepted an offer at a lovely International School in Bangkok.

We have a villa in Spain which we plan on releasing £50k equity from with the view to purchase a 2 bedroom apartment in Bangkok.

This is the first forum we have looked at regarding this so treat us with "kid gloves" and if you could point us in the right direction for advice on purchasing an apartment in Thailand we would be greatful.

This will initially be our home however it is also a long term investment as we will look to buy another apartment when we have settled and found the area we want to be in permanently.

Our requirements with the £50k are:

- 2 bedroom apartment close to skytrain

- Pool and Gym

- Must be in a safe area

Is it a buyers market at the moment?

Thanks guys

Ed

Looks like you have enough time before you head out. The best thing to do now is to plan a holiday there and look around and earmark certain areas and also get yourself familiar with the culture and attitudes out there.

You need to see the place 1st hand if not all the suggestions that people make to you would sound Thai.

Good luck.

[Lucifer]

Rent out your flat in Spain, then rent a flat in Bangkok.

[torrenova]

Rent for at least 6 months. If you don't know already then you are going to have to live here and decide whilst on the ground. The biggest trade off will be to live near work or live where you want to and put up with the commute.

Buying now or under pressure will amost certainly be the wrong decision.

[SURREYCOUPLE]

Wow ok very fast replies on here Thanks

The villa in Spain is already a rental property, rented 70% of the year, we make a fantastic return on it and after 5 years have made a huge profit - 200k.

I am only 25 so thought it wise to re-invest some of the capital whilst I am young however am seeing lots of advice on renting and will explore this avenue further.

To give you an idea of our budget we have £600 a month to spend on rental/mortgage. I looked at Morocco but am completly off the idea now.

Perhaps renting is the best option.... mmm...

We have spent propbably 5 weeks in Thailand in the last 2 years, we love the place. What areas are recommended?

[johnnyk]

Near skytrain and/or metro otherwise you spend too much time getting about.

Definitely rent for 6 months or so. Remember, getting in the housing market in BKK is easy but getting out less so.

[think_too_mut]

40K baht is the upper limit I would pay out of my pocket, there were dozens of units on the market, along Sukhumvit for 30-40K.

Thong Lor is one of most desirable areas. Just far enough from lower Sukhumvit, on SkyTrain, large Japanese and western population, western food shops, several international schools

Try with this agency. They have many offices, I know of 2 in brand new buildings where they handle lease/resale of condos.

http://www.acuterealty.com/condo_for_rent.asp

[Irene]

SURREYCOUPLE,

Others have give good advices. Another point you need to consider is be near to the school. That would allow your other half to have a better life. Ease of transportation is sub-par in Bangkok.

[PattayaParent]

Rent a place first.

Look for places that are advertised For Sale / Rent and see if you can do a deal with the owner whereby if you like the place and want to buy then the rent you've paid pays off some of the value.

Look around at as many places as you can so you can see the variety on offer and the prices, some expensive places are not as good as cheaper ones (at least true in Pattaya / Jomtien).

[GungaDin]

As others have said, rent for at least 6 months.

'Walk' around areas that you fancy and talk to security guards,

they know what is going on, and get some cards printed (Panthip Plaza) with your name & number in Thai & Ingrish on for the guards.

Even if there is no sign, "for rent" outside a place you fancy, the guard might tip you off. (For a small fee)

These guys work for abt 60B an hour (or is it a day?)

Good luck... it ain't easy.

[think_too_mut]

As others have said, rent for at least 6 months.

'Walk' around areas that you fancy and talk to security guards,

they know what is going on, and get some cards printed (Panthip Plaza) with your name & number in Thai & Ingrish on for the guards.

Even if there is no sign, "for rent" outside a place you fancy, the guard might tip you off. (For a small fee)

These guys work for abt 60B an hour (or is it a day?)

Good luck... it ain't easy.

How do you talk to security guards? Had they known English they would have been in a better job.

Where did you gather info about their wages? Everyone + dog knows legal minimum is 184 baht a day, they could only be on more.

And who said they are chatty with strangers? With my wife, when inspecting one apartment, there was a factory almost attached to the building.

Wife asked the guard what the building (the factory) was, he said he did not know. He was sitting in the chair leaning on the factory's wall.

Good luck... it ain't easy.

What is hard about it? Too much choice? Tens of thousands of dormant apartments can really make it hard to narrow down to 100 or so and then shortlist to 10.

[GungaDin]

Dear Richard ^ ^ ^ Maybe no one talks to you because of your general attitude!

It's assumed that the OP would have a Thai with him!

Edited December 20, 2007 by GungaDin

[fletchsmile]

Some good advice above.

- Rent initially, don't buy. Rental yields are poor in Thailand, which is good news for renters.

- Start off somewhere close to where you will be working. That's one of the most important factors.

- Consider a serviced apartment. The little things in life can initially be more difficult/frustrating in Thailand than usual, particularly with a new job and little free time. A serviced apartment is more of a home than a hotel, and all you need to worry about is paying one bill. The rest is done for you. Sure it's a bit more expensive, but you seem OK for money, so it's worth a thought.

When I first arrived my accommodation requirement was: "a two bed serviced apartment close to the office". This allowed me to focus on work and social life. I moved to a house after about a year. Once you know your way around and are settled at work, things like where to go when you get disconnected thru not receiving your bill so obviously not paying it, seem to matter less.

See how it goes before buying. Thailand's OK for nesting rather than investing. Your tastes will change in terms of where you want to be, including whether Thailand is for you or not. It's different than a holiday. I liked Sukhumvit area for example, when I first arrived, but after a couple of years, I found I preferred other places. We now live closer to Sathorn. Away from the tourist areas, away from all the notorious nightlife, so generally more of a local/ more normal feel and nicer people: no touts asking you for massages, less being ripped off etc. As a single guy Sukhumvit was fine. Now married, with a young daughter, there's much nicer areas. I also wouldn't want my daughter growing up anywhere near the lower ends of Sukhumvit.

Take your time, and enjoy. No need to rush. The Thais certainly don't!

[RAZZELL]

Some good advice above.

- Rent initially, don't buy. Rental yields are poor in Thailand, which is good news for renters.

- Start off somewhere close to where you will be working. That's one of the most important factors.

- Consider a serviced apartment. The little things in life can initially be more difficult/frustrating in Thailand than usual, particularly with a new job and little free time. A serviced apartment is more of a home than a hotel, and all you need to worry about is paying one bill. The rest is done for you. Sure it's a bit more expensive, but you seem OK for money, so it's worth a thought.

When I first arrived my accommodation requirement was: "a two bed serviced apartment close to the office". This allowed me to focus on work and social life. I moved to a house after about a year. Once you know your way around and are settled at work, things like where to go when you get disconnected thru not receiving your bill so obviously not paying it, seem to matter less.

See how it goes before buying. Thailand's OK for nesting rather than investing. Your tastes will change in terms of where you want to be, including whether Thailand is for you or not. It's different than a holiday. I liked Sukhumvit area for example, when I first arrived, but after a couple of years, I found I preferred other places. We now live closer to Sathorn. Away from the tourist areas, away from all the notorious nightlife, so generally more of a local/ more normal feel and nicer people: no touts asking you for massages, less being ripped off etc. As a single guy Sukhumvit was fine. Now married, with a young daughter, there's much nicer areas. I also wouldn't want my daughter growing up anywhere near the lower ends of Sukhumvit.

Take your time, and enjoy. No need to rush. The Thais certainly don't!

Wise words

Anywhere from Suk 24 and up to Tonglor.

RAZZ