What Are Our Options?

[naomisri]

About 2 years ago we bought 2 1br bungalows on about 32 waa land each. They are a couple of hundred metres (2 mins walk possible sea view if building 3 stories) from a beach with several resorts on, in Samui between Chaweng and Lamai.

We paid 1.5 million per plot chanote deed. The house opposite us on approx 90 waa, 2br is on the market for around 7 million. The third bungalow in our row of three is also up for sale, but the owner thinks she can get 1.8 million for it. I am skeptical (although I'd like to believe it )

We have inherited a lot of financial issues that have suddenly entered the equation and what I really want to do is liquidize our assets so that we can get rid of these, my husband is much more reluctant to let go of the land. My husband is Thai and owns some land on the mainland, but this was our first step on the land owning ladder here in Samui (well 15 years ago he used to own some prime land in Chaweng, but that's ancient history ) Before we can have any more kids I want to move to a bigger house.

So I guess my question is this if we sold or leased, what kind of value could be put on the properties? What length of lease term? Should we act now, or should we just tough things out, continue to rent the bungalows out and put off our plans for a bigger family for a little while? We can make around 10,000 a month on rentals. I just want to clear this axe that's hanging over our heads thanks to this unexpected financial burden, but do believe that long term this land is a good investment and I may just be panicking?

I'd very much like to know what you think.

[sbk]

Not any responses here naomisri, but if it were me, I guess I would tough it out and hold onto the land. Perhaps I have been in Thailand too long, perhaps I have learned from watching land values skyrocket in the 20 years I have lived here, but if possible, I'd hold onto it.

As for the lease questions, well that seems such a Samui specific question that I wonder if you'd prefer this thread in the Samui forum?

[jimmym40]

HOLD ON TO THE LAND...

In the next 10-20 yrs, you'll be able to fully retire.

So many times I'd wish I held on to what we had.

Like previous poster said, tough it out now, it'll pay in the long run.

[naomisri]

Yeah, SBK, that seems like a good idea - if you could do what you do please

I know it's very un-Thai of me to suggest selling it but I am one of these people that feels better if I'm completely free and clear of any financial burden. I'm all about the positive figures, ha!

I'd still be interested in the lease option. Any thoughts on putting a value on it anyone?