Rent Or Buy

[yeehi]

Hello

Just thought i would get some talk going on the relative merits of buying / renting for retirement in chiang mai.

afaik non-thais can only buy an apartment not a house.

So, where is the best place to buy an apartment in chiang mai?

Personally i would prefer something near town. I wonder how much a big apartment would cost. For example a 4 bedroom one. I wonder how much a studio apartment would cost too...

I have also heard somebody say that the lovely houses we see modeled in Central loose their value faster than greased lightning.

I also heard that unless one stands and watches over the construction of one's house at every single stage everything will be sub standard, all the corners will be cut and it will be a p.o.s. But this is only what i have heard from 3 people. Surely it can't be *that* bad?!

In most towns there is an upmarket area and a bad part. Where are these in CM?

Just to get some talk going really...

[chanchao]

> I wonder how much a big apartment would cost. For example

> a 4 bedroom one.

Personally I'd wonder where to even FIND a 4 bedroom apartment in Chiang Mai, never mind about it being avaiable for renting or purchase.

Renting a house would be FAR cheaper and not tie up money.

> I have also heard somebody say that the lovely houses

> we see modeled in Central loose their value faster than

> greased lightning.

Depends. If it's some fly-by-nite moo-ban development that never takes off and you have a tiny little plot of land with a quickly built and ill-designed house where the roof touches the roof of the house next to you then there wasn't too much value in that to begin with, never mind what you paid for it. So 'losing value' is too simple a statement, it depends what you buy and where it's located.

> I also heard that unless one stands and watches over the

> construction of one's house at every single stage everything

> will be sub standard, all the corners will be cut and it will be

> a p.o.s. But this is only what i have heard from 3 people.

I think that's the case too, yes. Not necessarily because they want to rip you off, but just because of misunderstandings and God knows what else will cause things to go not the way you want. I'd like to think that getting a house built is a one year full time job.

> Surely it can't be *that* bad?!

It's not bad, just different. Try building a house and paying for it back home, now THATs really bad. Perhaps you don't have to sit on top of it as much to oversee construction, but that comes at a price. Probably, if you'd spend more on a really reputable builder in Thailand you could relax a bit more yourself.. but.. go with a regular cheap builder then yes you will have to re-explain a couple of times that you want the wires in the walls and that the sockets should not be 10 inches from the floor. As a foreigner you're just likely to have specific requirements that aren't obvious to the builder, so you better be prepared to be available for feedback. (24/7. )

Cheers,

Chanchao

[ThaiPauly]

I think it depends on what you are looking for in the long term.

If you want the house of your dreams you have to buy it then you can customise it to your exact requirements. You may never want to sell it in your lifetime so the selling and loosing money scenario does not apply.

I have done this and after 8 months of torture watching it being constructed I now have the "House Of My Dreams" and the only way I will want to leave it is in a wooden box.

But as Chancho rightly says if you are having a house built on a Moo Bann then you need to ensure that you find one that is nearly finished. Downside of that is that all the best plots have gone.

The Moo Bann I live on is owned by a very wealthy Thai family so they have to finish it for the sake of their reputation. It is in a lovely spot 15 mins drive to town.

However the development has been 2 years in the making so far and I can only see 13 houses occupied out of 70 they intend to build. Last year they only sold 3.

I have also seen some deveolpments that I would have cried had I bought one, solitary houses surrounded by overgrown grass, no security, no gardeners or cleaners to keep it looking good. At least where I live they keep the unsold land in good order and have 24 hour security for just 13 occupants and only 4 houses under construction plus about 8 built but not sold.

yes we hada lot of trouble getting it exactly right, but this is not Farangland so I have come to accept it, but like I say i am over the moon with it.

It is also advisable to withold about 10% of the purchase price to ensure that if anything goes wrong it can be fixed without you having to get outside contractors in to do the work. In my contract it said I had 7 days to approve all the work and then it was deemed to be perfect. So in essence what they offered was a seven day guarantee!!! No way was that acceptable so as we had so many problems with the house I told the developer I would not pay the two final instalments for a year. He's a good (and quite wealthy) guy trying to do his best, and accepted my offer.

At the end of the day its your call, my property started at 3.1m but by the time I had it completley as I wanted it (with a pool) it stands me in a 6m. I am sure I would not get that for it should I want to sell, but I can never see a time when I would want to do that, and it is as I say the home I always dreampt of having.

Good luck with whichever way you decide to go, but one thing is for certain you have picked the right City in which to retire .

TP

[ThaiPauly]

By the way I do live in Chaing Mai, I cannot for some reason manage to change my wherabouts although I have tried changing my details!!

It may be confusing me telling you all this stuff and you thinking (hey this guy comes from Bangkok, what does he know about Chaingmai?)

Can anyone give me any help with this, Chanchoe, I am sure you would know.? Thanks

TP

[astral]

I own my house, through a company, but I am not sure it is the right answer.

There is little or no town planning in Thailand. You do not know what will be built next to your estate in a few years time.

You have not right of appeal if they build a big noisy factory on your doorstep.

If you rent you can up and move.

Not so easy if you own, and the value has already dropped.

[chanchao]

> Can anyone give me any help with this,

Almost top of the page click 'My Controls'

Then click 'Edit Profile Info' from the menu on the left.

[Pantip]

Hello

Re (Just thought i would get some talk going on the relative merits of buying / renting for retirement in chiang mai.)

Over the last 16 years or so I have built 4 houses in and around Chiangmai, why, because on completion I have been offered a very good price to sell. The last house which is only just completed was sold for nearly twice my all up costs !! The result is that after 16 years I am still living in my original 2 bedroom wooden shack.

The secret (as in any other part of the world) is location – location – location. As chachao implied, you have to supervise the job your self otherwise your contractor (as in any other country) will take short cuts. But Chiangmai has got it’s fair share of good builders and contractors so it’s no great hassle. Finance is still reasonably cheap in Thailand and easy to get, repayments would be about the same as I am paying in rent for my little shack next to the river, although I must admit that I am getting used to the idea of staying in it till the time comes for me to ‘shoot through’ to my next life.

It’s a great life here as I am sure most other expats will agree.

Regarding ownership – There are many ways around the problem, your local lawyer would be able to help you there.

Again, your choice of land, its location and the quality of design and construction is the key.

[scottie]

That's refreshing to hear Thaipauly. You're happy & you've given good sound advice.

The one thing you didn't say, was where abouts you live. Would be keen myself, if right part of town.

Due to move out later this year....hey we'll have a swing of the golf sticks if you fancy it!!

Regards

Scottie

[ThaiPauly]

Hey Scottie, I do swing the sticks (badly but I do ) PM me if you want to know more, I love where I live, up to you if you think the same.

TP

[jjrbus]

My Hero:

I'm just getting ready to leave CM, but would enjoy chatting with you when and if I get back.

Jim