Redted Posted March 21, 2008 Share Posted March 21, 2008 I am looking for a house to buy for some time now. At the moment I am renting a small house and would like a bigger place. Having a new member to the family is overcrowding the house. Before I start looking, I thought to ask around first, and what a better way to start. Is it possible to still buy 3/bed properties in phuket for under 2 million Baht. Land size about 5/600 square meters ? Who sets house & land value on Phuket? Any information would be greatly be received. Ted Link to comment Share on other sites More sharing options...
goldfish Posted March 21, 2008 Share Posted March 21, 2008 Who sets house & land value on Phuket? What a surreal question. The buyer? The seller? Maybe an agreement between the two? Link to comment Share on other sites More sharing options...
taxin Posted March 21, 2008 Share Posted March 21, 2008 Who sets house & land value on Phuket? What a surreal question. The buyer? The seller? Maybe an agreement between the two? Goldfish ! Theres no room in this forum for sarcasm ! Still, what other way can you reply to such a stupid question?... Link to comment Share on other sites More sharing options...
Zpete Posted March 22, 2008 Share Posted March 22, 2008 Who sets house & land value on Phuket? What a surreal question. The buyer? The seller? Maybe an agreement between the two? Goldfish ! Theres no room in this forum for sarcasm ! Still, what other way can you reply to such a stupid question?... Ask dum question..... get dum answer....... sheeeeesh Where is he from?.......coming from? Link to comment Share on other sites More sharing options...
steelepulse Posted March 22, 2008 Share Posted March 22, 2008 (edited) Who sets house & land value on Phuket? What a surreal question. The buyer? The seller? Maybe an agreement between the two? Goldfish ! Theres no room in this forum for sarcasm ! Still, what other way can you reply to such a stupid question?... Ask dum question..... get dum answer....... sheeeeesh Where is he from?.......coming from? yes you can buy for under two million in a development like phuket villa 2 villa 5 or villa california, but it won't be on land of 500 or 600 sqm. BTW do you plan on buying in your spouse's name, or just a 30 year lease? Edited March 22, 2008 by steelepulse Link to comment Share on other sites More sharing options...
Redted Posted March 22, 2008 Author Share Posted March 22, 2008 (edited) Who sets house & land value on Phuket? What a surreal question. The buyer? The seller? Maybe an agreement between the two? Goldfish ! Theres no room in this forum for sarcasm ! Still, what other way can you reply to such a stupid question?... Only stupid people would think this question is stupid. Ask dum question..... get dum answer....... sheeeeesh Where is he from?.......coming from? Edited March 22, 2008 by Redted Link to comment Share on other sites More sharing options...
Redted Posted March 22, 2008 Author Share Posted March 22, 2008 Who sets house & land value on Phuket? What a surreal question. The buyer? The seller? Maybe an agreement between the two? Goldfish ! Theres no room in this forum for sarcasm ! Still, what other way can you reply to such a stupid question?... Only stupid people would think this question is stupid. Ask dum question..... get dum answer....... sheeeeesh Where is he from?.......coming from? Mods please delete this thread, I should have known better then to ask this forum for advice. Link to comment Share on other sites More sharing options...
WOOHOO Posted March 22, 2008 Share Posted March 22, 2008 Wasn't a stupid question at all. Read an article recently (unfortunately can't find it now) about the government office, or Bor Jor type of thing, who every x amount of years, might have been 3, set new values for the price of land. 1 rai is worth 3 million baht etc, etc. The article listed all the latest values for every different area, the value they were last time around and the % increase between the two. The appreciation was obviously huge, with Kamala coming out on top, with the largest % increase. As I said, can't find the article, so can't give a proper answer, but it was a justified question. Link to comment Share on other sites More sharing options...
stevenl Posted March 22, 2008 Share Posted March 22, 2008 set new values for the price of land.They don't set the price, the price is just like verywhere set between seller and buyer. They just note the selling prices for land, I presume for tax purposes? Link to comment Share on other sites More sharing options...
LivinginKata Posted March 22, 2008 Share Posted March 22, 2008 (edited) The price of land & buildings is set by the buy/sell market. The local land offices set land values for taxation purposes only, as it common here for buyers/sellers to understate the actual sale price (by a factor of 10) to save on land transfer taxes. It would be a very small house, on a very small plot of land, in one of the more scruffy moo bans, for under 2 million. Edited March 22, 2008 by LivinginKata Link to comment Share on other sites More sharing options...
WOOHOO Posted March 22, 2008 Share Posted March 22, 2008 The local land offices set land values for taxation purposes I think that's the kind of info the OP was after. I'm fairly sure he understands the buying & selling process, and understands, that negotiations between the two, are how the selling price is established. Well at least I hope he did!! Link to comment Share on other sites More sharing options...
Redted Posted March 22, 2008 Author Share Posted March 22, 2008 Big Thanks for your comments to the positive members of this thread. So I understand the land office sets land prices. So its just a case of going down to find out how much for the minimum of a piece of land in a certain area... I would be buying in a company name but have heard that you pay more to the land office, and that you would have to bring all the shareholders to the land office to sign documents? Anyway looking to buy a two or three bedroom house fully furnished on about 500 to 600 Square meters of land with 3 phase electricity, own water supply. telephone line is a bonus, and parking for two cars. Thai style is alright as long as it looks OK and made of cement and the furniture is not to old or smelly, for around 1.8. Thanks again for the feedbacks. Ted Link to comment Share on other sites More sharing options...
DrDave Posted March 22, 2008 Share Posted March 22, 2008 Keep in mind that there's little correlation between the land value for tax purposes, and the market price of available land in the same area. You shouldn't expect to find a plot of land for the same price as the tax value quoted by the land office. Like anywhere else, market value is determined by factors such as proximity to main roads and shopping, infrastructure onsite (water, electricity, etc), road frontage, and the surrounding neighborhood. Also keep in mind the ever-increasing prices being asked by land owners during the past few years which will widen the gap between market value and value for taxation purposes. If buying the land via a company, make sure your shareholders are not simply nominees, and they have the resources to actually pay for their shares. This will be checked by the land office. In the past, the companies setup for land purchase by the local real estate agents used nominee shareholders, and these companies where never examined by the land office. Not so now, though. Also - I think for the type of house, land and infrastructure you're looking for, 2.5 - 2.8 million baht is probably a more reasonable amount. Link to comment Share on other sites More sharing options...
LivinginKata Posted March 23, 2008 Share Posted March 23, 2008 Also - I think for the type of house, land and infrastructure you're looking for, 2.5 - 2.8 million baht is probably a more reasonable amount. With 600 sqm of land ?? In a developed area (= paved roads/electric/phone/water) ... 2 or 3 beds, space for 2 cars. That woud be a challenge to find even at 2.8 million. More like modest house on 400 sq m land for that 2.8 million. Link to comment Share on other sites More sharing options...
LivinginKata Posted March 23, 2008 Share Posted March 23, 2008 So I understand the land office sets land prices. So its just a case of going down to find out how much for the minimum of a piece of land in a certain area... No,wrong. The land office sets land VALUES, not MARKET selling price As DrDave says ... "Keep in mind that there's little correlation between the land value for tax purposes, and the market price of available land in the same area' Land VALUES are typically much much less than MARKET price, and cannot be used as a guide for buying land. Best research you can do is to check the recent sales/purchases in your target area. Archived classifieds in the Phuket Gazette is a great place to start. Link to comment Share on other sites More sharing options...
Sir Burr Posted March 23, 2008 Share Posted March 23, 2008 Anyway looking to buy a two or three bedroom house fully furnished on about 500 to 600 Square meters of land with 3 phase electricity, own water supply. telephone line is a bonus, and parking for two cars. Thai style is alright as long as it looks OK and made of cement and the furniture is not to old or smelly, for around 1.8. You're going to put in a lot of time and miles and will end up disappointed. You might find a house with your specs next to a pig-farm, or, some other odious location, but, anywhere else and it'll cost three millionish and the land will be smaller than 600 metres. Take a look at the real estate agents web-pages. You can find the links on the Phuket gazette home page. Link to comment Share on other sites More sharing options...
LivinginKata Posted March 23, 2008 Share Posted March 23, 2008 Take a look at the real estate agents web-pages. You can find the links on the Phuket gazette home page. Best buy direct from home owner as agents inflate the price to get their % commision. But it's worth looking at their sites to gain some ideas. I've no idea why you are so concerned about LAND prices, when you are planning to buy an already built house. Different if you are buying land to build your own house. Link to comment Share on other sites More sharing options...
Redted Posted March 23, 2008 Author Share Posted March 23, 2008 (edited) Take a look at the real estate agents web-pages. You can find the links on the Phuket gazette home page. Best buy direct from home owner as agents inflate the price to get their % commision. But it's worth looking at their sites to gain some ideas. I've no idea why you are so concerned about LAND prices, when you are planning to buy an already built house. Different if you are buying land to build your own house. LivinginKata. Thanks for all the advice on this thread. It is just that I will need some Indication on the value of the land and house separately , and taking into account the construction costs and the profit the seller is making. I think buying a house at a low price would be to wait until the seller reaches a state of desperation to sell, maybe want's to leave Thailand quick or needs the money in a hurry, and would sale the house for what he paid for it to be built. Pluse chuck all the furniture in for free. Making a killing out of someone's misfortune would be the correct term. Ted. Edited March 23, 2008 by Redted Link to comment Share on other sites More sharing options...
stuandchris Posted March 23, 2008 Share Posted March 23, 2008 What a pleasent person you must be ted, cheap charlie doesn't come into it. Houses here are expensive, if you knew anything about Phuket you would have known that, instead you get a strop on about sarcastic remarks from your original post. I don't know where you live at the moment but please stay there. Link to comment Share on other sites More sharing options...
PCA Posted March 23, 2008 Share Posted March 23, 2008 What a pleasent person you must be ted, cheap charlie doesn't come into it.Houses here are expensive, if you knew anything about Phuket you would have known that, instead you get a strop on about sarcastic remarks from your original post. I don't know where you live at the moment but please stay there. you think you know anything about Phuket? Link to comment Share on other sites More sharing options...
donne Posted March 24, 2008 Share Posted March 24, 2008 From my understanding... They have land value statistic, well, obviously because they have in Bkk. Why not in Phuket? Developer mark-up for land fill and infrastructure. Contractor submit BOQ to Developer, oh! now we have building price. Developer mark-up 15% profit, also some for advertisement, employees etc. Bank comes and estimate the building+land value = the price for loan. Now you can see the number.... I dont think you can find 3 bedroom house under 2m bht. Land alone is 14,000 bht per sq.wah. (4 sq.m.) with mark-up in the general area. An ordinary, or i say pretty below standard house is 12,000 bht per sq.m. 3 br, 3 bath rm, living and kitchen should be 120 sq.m. --> 120 sq.m. x 12,000 bht per sq.m. = 1,440,000 bht. Land lot 500 sq.m. or 125 sq.wah --> 125 sq.wah x 14,000 bht per sq.wah = 1,750,000 nht SUM = 3,190,000 baht This is only for suburb area though. Link to comment Share on other sites More sharing options...
LivinginKata Posted March 24, 2008 Share Posted March 24, 2008 Great information by donne. And I completely agree with the calculations, a well thought out response. Link to comment Share on other sites More sharing options...
steelepulse Posted March 24, 2008 Share Posted March 24, 2008 >>> I think buying a house at a low price would be to wait until the seller reaches a state of desperation to sell, maybe want's to leave Thailand quick or needs the money in a hurry, and would sale the house for what he paid for it to be built. Pluse chuck all the furniture in for free. The philosophy realy doesn't work when the seller has paid for his house with cash, not on a loan like in the west where they want to get out from under it. If the seller paid in cash, then chances are the seller isn't that desperate to sell and will hold out for his price, or rent out the house in the meantime. Good luck on finding something decent in a reasonable nieghborhood with said budget. I hear phang gna has some houses that meet your specs. Link to comment Share on other sites More sharing options...
LivinginKata Posted March 24, 2008 Share Posted March 24, 2008 We recently considered buying a detached 2/3 bedroom villa in Chofa Thani moo ban (oppoiste TOT depot on Chofa West). Very nice, furnished, internet line, cable TV, communal swim pool/resturant. Asking price was 3 million...ish. After much thought we decided not to buy. Now house been on market 5 months and asking 2.8 million. Owner leaving Phuket, and keen to sell. PM me if you want his number. I've noticed that homes in this price range are not selling, and prices are falling. Link to comment Share on other sites More sharing options...
Redted Posted March 24, 2008 Author Share Posted March 24, 2008 Thanks again for the information. Donne’s calculation seems to be spot on. I still think that there are properties with my specifications and price range on Phuket. And by the end of this week I will prove that this is the case. Sorry if my last reply offended some people, but that's how the banks work too. So why not me? Ted. Link to comment Share on other sites More sharing options...
Redted Posted March 24, 2008 Author Share Posted March 24, 2008 We recently considered buying a detached 2/3 bedroom villa in Chofa Thani moo ban (oppoiste TOT depot on Chofa West). Very nice, furnished, internet line, cable TV, communal swim pool/resturant. Asking price was 3 million...ish. After much thought we decided not to buy. Now house been on market 5 months and asking 2.8 million. Owner leaving Phuket, and keen to sell. PM me if you want his number. I've noticed that homes in this price range are not selling, and prices are falling. LivinginKata Thank you so much for the kind offer, it sounds great. But is priced one million over my budget. Why do sellers emphasize U.B.C & telephone lines in house advertisments? I think the air condition is more important. Anyway if he would put a few sweeteners in, like a new car or speed boat, then I would be interested in taking a look, and for that price I would expect all the furniture too T.V and video washing machine, cooker, motor bike, etc etc. You think I am kidding? Ted. Link to comment Share on other sites More sharing options...
DrDave Posted March 24, 2008 Share Posted March 24, 2008 We recently considered buying a detached 2/3 bedroom villa in Chofa Thani moo ban (oppoiste TOT depot on Chofa West). Very nice, furnished, internet line, cable TV, communal swim pool/resturant. Asking price was 3 million...ish. After much thought we decided not to buy. Now house been on market 5 months and asking 2.8 million. Owner leaving Phuket, and keen to sell. PM me if you want his number. I've noticed that homes in this price range are not selling, and prices are falling. LivinginKata Thank you so much for the kind offer, it sounds great. But is priced one million over my budget. Why do sellers emphasize U.B.C & telephone lines in house advertisments? I think the air condition is more important. Anyway if he would put a few sweeteners in, like a new car or speed boat, then I would be interested in taking a look, and for that price I would expect all the furniture too T.V and video washing machine, cooker, motor bike, etc etc. You think I am kidding? Ted. Sellers will emphasize telephone lines because in some areas of Phuket, no new lines are available. It's a valuable commodity that cannot always be easily obtained. I believe that in Patong, for example, there is a considerable waiting list for new phone lines (6 months+). If a house doesn't have aircon, you can always go to HomePro, buy one and have it installed in a few days time. Not so for phone lines. Curious as to why you would expect the seller of this particular villa to "sweeten the deal"? Typically, a buyer would ask for concessions such as these when he has other similar properties to choose from, at the same approximate price, or less. Are you aware of comparable homes in that area at the same or lower price? Based upon the description provided by LivingInKata, 2.8M sounds like a very reasonable price for that area and type of house. As steelepulse mentioned, virtually all foreign-owned homes are owned outright (no bank financing), and owners always have the option of renting their property instead of selling it while waiting for a better sellers market. Assuming this seller isn't taking much of a loss at 2.8M, if he were to rent it out at just 15K/month, then he'd be getting more than a 6% return on investment, which in today's environment isn't bad at all. Link to comment Share on other sites More sharing options...
LivinginKata Posted March 24, 2008 Share Posted March 24, 2008 Ok, that's it for me. I'm beginning to think that first few replies to this OP were accurate. Tried my best, but this guy is completely unrealistic. I wish you the best of luck. let us all know if you got your dream house for your dream price. BiBi. Link to comment Share on other sites More sharing options...
Redted Posted March 24, 2008 Author Share Posted March 24, 2008 Ok, that's it for me. I'm beginning to think that first few replies to this OP were accurate. Tried my best, but this guy is completely unrealistic. I wish you the best of luck. let us all know if you got your dream house for your dream price. BiBi. LivinginKata Should have something by the end of the week. Don’t know about it being a dream house, but with a few extra Baht and a little bit of work (by the wife) it would be fine. Got an appointment to see one this evening, asking price 1.8. I will let you know how it go's . Another two bed going for 1.6 on 500 square meter plot, but still trying to contact the owner for a viewing. I will keep you updated on my progress. Ted. Link to comment Share on other sites More sharing options...
Redted Posted March 24, 2008 Author Share Posted March 24, 2008 Well after a most entertaining viewing, the owner offered his two bedroom shack for 1.7 on 300 square meters of land.The land is set way back from the road and a uneven dirt track leading to the shack. No U.B.C or Telephone line, the back was finished with Jipson board, and the roof was old and no wall around the property. If you were to demolish the house you would still be paying to much for the land size. So tomorrow I am looking at another 2 bed for 1.9 million, land size 200 sqm. I will keep you informed. Ted. Link to comment Share on other sites More sharing options...
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