If You Found A Condo You Loved...

[buddhafly]

supposing you found your ideal condo, but the foriegner quota was used up (49%) would you be willing to set up a company in order to buy it?

[bino]

Nope. I'd find a diffeerent condo.

Or- buy a house if I was willing to do the company thing. (Which I'm not...)

[buddhafly]

lots of views, but only one willing to answer?

[thaigene2]

No I wouldn't go the company route either. I would look elsewhere. Alternatively, you could rent from them for a while. That would give you time to see just how much you really do love it (and the building). Then you can decide later.

[madjbs]

Would you be able to buy it using a company and then at later date when the farang occupancy is bellow 49%, buy it off your company?

[buddhafly]

good question mad,

but i think it is unlikely the farang quota will go down as it seems unlikely that thais would buy a second hand condo.

[Jingthing]

No, nyet, mai, non, nein, nope, nao.

[kash]

krap, nao mak mak.

[cclub75]

No, nyet, mai, non, nein, nope, nao.

Seconded.

I would add (just for the pleasure) : "never ever".

[donx]

No!

[billaaa777]

The reason the price is so much lower than the foreign owned condos in that building is because it is Thai owned and nobody will buy it. So if you set up a company your chances of selling it will not be very good. If you like the condo so much and the building so much just by one of the foreign owned condos in the building.

[BEENTHEREDONETHAT]

No way!! Find one you can own legally. There have to be other ones out there you would like to have.

[jumnien]

I'd pray about about it, consult the gods, do a gut check and, if the price of the condo was less that 7.2% of my total net worth, I'd go ahead and form a company and buy it if my Thai friends agreed.

[rhino]

I'd pray about about it, consult the gods, do a gut check and, if the price of the condo was less that 7.2% of my total net worth, I'd go ahead and form a company and buy it if my Thai friends agreed.

It may sound naive, but for all those who replied "no", however energetically, is this because of the difficulty in re-selling or the dubious status of the company route?

[jumnien]

I'd pray about about it, consult the gods, do a gut check and, if the price of the condo was less that 7.2% of my total net worth, I'd go ahead and form a company and buy it if my Thai friends agreed.

It may sound naive, but for all those who replied "no", however energetically, is this because of the difficulty in re-selling or the dubious status of the company route?

Lots of people around here in Hua Hin are still comfortable using the dubious company route for condos and houses up to 30-50 million baht. Suprises me, but they are comfortable with it.

[PadThaiGuy]

Never, ever invest in Thailand unless you are willing to walk away from the investment later.

As a foreigner, you won't get fair treatment if the deal goes sour.

[Naam]

never ever listen to the advice of outsiders when you want to buy something you like and can afford

[PattayaParent]

Been in that position a couple of tmes and the answer is NO.

If I were going to form a company I'd buy a house.

[Ungabunga]

company ownership does not bother me too much, however a cunning plan would be to find another condo in the same building, then copy the interior design of the one you like. Hey presto!

[Jingthing]

There is always another condo. The main advantage of condo ownership for us in Thailand is that we can own them. For any decision, you need to do a pro and con list. The company ownership is all the con you need to know. Even buying outright is a bigger risk in Thailand than the west, add the company ownership factor, and it simply does not add up.

I would agree you shouldn't listen to strangers about what to buy. That isn't the point. If you buy through a dodgy shell company, you aren't really buying it!

Edited January 14, 2008 by Jingthing

[xbusman]

Absolutely as long it complies with the first rule of Thailand. NEVER INVEST MORE THAN YOU CAN WALK AWAY FROM.

If you like it, and it conforms to the rule, by all means spend your money as best suits you. You may well lose it someday, but having followed the first rule that will be of no concern to your lifestyle. You may have to sell it at a huge loss, but again, of no concern whatsoever. If, however, we are talking about more money than you can comfortably smoke after afternoon tea, under no circumstances should you invest using any vehicle or arrangement.

So the question is not about process, about resale, or about legality in a country without processes, without resale markets or without the rule of law. The only question you have to answer here is "Can I walk away from this size investment without looking back?" Only you can answer that dependent on your circumstances. If you answer yes, go for it. If you answer no, and buy anyway, make sure its over the fifth floor.

[jumnien]

Absolutely as long it complies with the first rule of Thailand. NEVER INVEST MORE THAN YOU CAN WALK AWAY FROM.

If you like it, and it conforms to the rule, by all means spend your money as best suits you. You may well lose it someday, but having followed the first rule that will be of no concern to your lifestyle. You may have to sell it at a huge loss, but again, of no concern whatsoever. If, however, we are talking about more money than you can comfortably smoke after afternoon tea, under no circumstances should you invest using any vehicle or arrangement.

So the question is not about process, about resale, or about legality in a country without processes, without resale markets or without the rule of law. The only question you have to answer here is "Can I walk away from this size investment without looking back?" Only you can answer that dependent on your circumstances. If you answer yes, go for it. If you answer no, and buy anyway, make sure its over the fifth floor.

Wise advice for 95% of all investments everywhere! Don't put all your eggs in one basket!

[Misty]

supposing you found your ideal condo, but the foriegner quota was used up (49%) would you be willing to set up a company in order to buy it?

Okay, you could translate this:

You've found your ideal (condo, house, car, vacation, drug, other consumable asset), and it is may be considered illegal to actually (buy or otherwise consume) it in the future. Would you go ahead and consume something which may be considered illegal in the future?

My answer: No. Not worth the future potential headache or other hassles. I like to consume things that are legal, and there are plenty of choices on this front.

Or you could translate:

You've found your ideal (condo, bar, brothel, company, other investment asset), and it is may be considered illegal to actually (buy or otherwise invest in) it in the future. Would you go ahead and invest in something which may be considered illegal in the future?

My answer: No. There are plenty of other things worthy of investment that are legal, and I like to invest in things that are legal.

Cheers

[bino]

or the dubious status of the company route?

Yup.

[Jingthing]

The bar some people are setting for buying a home or investment is way too low. Don't settle for that low. Don' t settle for flushing your money down the drain. Buy something you can own in your name legally. Or rent.

[Crash999]

Yep, gone that route before. And best news is when selling the condo there wasn't any sales tax. Wahey!

[thaigene2]

I'd pray about about it, consult the gods, do a gut check and, if the price of the condo was less that 7.2% of my total net worth, I'd go ahead and form a company and buy it if my Thai friends agreed.

It may sound naive, but for all those who replied "no", however energetically, is this because of the difficulty in re-selling or the dubious status of the company route?

Both from my perspective

[lannarebirth]

Here's what I did. I bought what I liked and could afford easily. It's a place I enjoy to live. I never considered it as an investment because everyone has to live someplace. It's doubled in value and I've enjoyed 30% currency appreciation. None of that matters at all because it's my home. If I sold it I'd have to spend at least as much to replace it. Live where you're happiest.

edit: I should add, my example is a house. I'm not a condo person.

Edited January 14, 2008 by lannarebirth

[thaigene2]

There is always another condo. The main advantage of condo ownership for us in Thailand is that we can own them. For any decision, you need to do a pro and con list. The company ownership is all the con you need to know. Even buying outright is a bigger risk in Thailand than the west, add the company ownership factor, and it simply does not add up.

I would agree you shouldn't listen to strangers about what to buy. That isn't the point. If you buy through a dodgy shell company, you aren't really buying it!

I agree fully - would only add what happens if one day they say foreigners can no longer even buy a condo freehold?

Will they do that - who's to say TIT. But what would happen then? Unlikely they woudl strip you of your freehold, but selling would be a problem, non?

[Jingthing]

I think there is a very low probability that the Thai government would steal foreigners condos. The ones in our names, that is. They have diplomatic relations with our countries and that would be an international outrage.