Urgent Help Needed With The Value Of A Bangkok Town House

[Tigs]

I have only been in Thailand since February and live in the south (Trang), however, I am in Bangkok on average 4 days per week on business and currently rent. I have been offered a 'town house' in the area of Silom. It is between Silom Rd and Sathorn rd. Near the Embassies of Saudi, Nepal and Malaysia. It is a quiet little rd comprising about 10 town houses. This one is 5 bedrooms, last house on the right, with parking outside for 1, maybe two cars. Newly refurbished with white marble floors and aircon throughout. Big Living room merging into kitchen (nice) and dinning area. The next three floors have the bedrooms (two on-suite) and two further bathrooms. On the third floor it goes out to a rooftop garden, a utlility room and a maids room. It is currently lived in by 1 indian businessman who's family have decided they prefer life in India. He is a pea rattling round in a pod and tells me he just wants rid. 15 Mill Baht and he says it is mine (he says this is what he paid for it in cash 2 years ago, before he refurbished it). He has the Chanote deeds with him in his office safe ( I've inspected them!). I do not have a clue as to whether this is a good buy. Having just come from Central London, where for this price i could not buy a 2 bedroomed flat, on the face of it, it appears good. I have inspected the house, it seems lovely. Any thoughts from you seasoned Bangkokers?? Thanks in advance.

By the way, I know the guy reasonably well, we are infact developing into quite good friends, and he is not putting any pressure on.

Edited July 1, 2008 by Tigs

[donx]

I can't provide reliable information about the price. All I can say is that is sounds pretty good for the amount of space but you haven't said how much that is so I can only guess. My question to you is how do you plan on owning it? How does this man own it? I assume the owner is a foreigner and as such is not allowed to own land. Did he purchase it through a Thai company? Will you purchase it through a Thai company?

I suggest you contact a lawyer.

[RAZZELL]

I'm no property expert...but if you search the advertiser's on this forum you may be able to get a rough comparison.

I do a lot of research (dreaming ) and I would say that "farang" prices are maybe 10-20% more than if sold to a Thai. (Check some Thai language sites)

I'll let other's bore you with the laws on property ownership

RAZZ

[dotcom]

Sounds like a good deal.

[thaihome]

Have to agree that 15 mil for a 5 bedroom townhouse in that area sounds like a deal. I am confused about the location he described as the Nepal Embassy is on Sukhumvit and the Malaysian Embassy is on the south side of Sathorn and the Saudi is on the north down the rode a bit. Also note he did not mention the Australian Embassy, which dominates the area near the Malaysian Embassy. Maybe he is purposely doing a slight mislead there.

TH

[Pushit]

Have to agree that 15 mil for a 5 bedroom townhouse in that area sounds like a deal. I am confused about the location he described as the Nepal Embassy is on Sukhumvit and the Malaysian Embassy is on the south side of Sathorn and the Saudi is on the north down the rode a bit. Also note he did not mention the Australian Embassy, which dominates the area near the Malaysian Embassy. Maybe he is purposely doing a slight mislead there.

TH

Nepalese Embassy is on Sukhumvit Soi 71

[thaihome]

And your point is? That is between Silom and Sathorn?

I suspect the OP was thnking of the Myanmar Embassy which located at 132 North Sathorn.

TH

[Tigs]

Thanks for all the replies guys, i appreciate it.

Thaihome, you are right.

Sorry guys, my fault, my wife did say Myanmar, the Nepal bit was my mistake, one of those G+T induce abberrations. I have to say though, you are all as sharp as razors, thanks, and yes the Oz embassy is close by.

Donx

I could buy the property with my wife (Thai), or I could buy through my company in BKK. You are right, the current owner bought it through his company. He is a diamond trader in Gem Tower and worth a bob or two. Thats why i have asked for all of your help as although the guy is really nice, you don't get to be a well heeled diamond trader by being really nice do you? Or maybe you do i don't know

I am trying to find out the area of the house.

[donx]

Sounds like it could be a good deal for you then.

It is common for houses (townhouses included) to be less than comparably appointed condos for a few reasons. One of these reasons is that foreigners can't directly own these properties (unless the house is separated from the land which just complicates the situation). Foreigners typically resort to either having it placed in the name of a Thai partner (e.g. spouse) or in the name of a Thai company. Because both of these options involves more risk than out right ownership in the case of condos, prices of houses tend to be tied more closely to what a Thai is willing to pay.