Buying A Condo

[Korat cowboy]

Hello all,

I am thinking about buying a condo in BKK . I have heard that a farang can do so, is this true ? What are the problem's with purchasing one or two ? Could I rent it out ? Or would that be up to the indivdual property ?

Thank you for all your replies

[lopburi3]

I have heard that a farang can do so, is this true ?

Yes.

What are the problem's with purchasing one or two ?

Do you have a lifetime? The list can be endless. But assuming all the stars are with you, and you have the cash to pay for it, why? Very little chance of appreciation or resale IMHO.

Could I rent it out ?

Maybe. But you are aware that rents are very low here?

Unless you are VERY savvy I would not think a condo purchase would be viable for any reason other than your own home. And even then I would not advise it.

Be aware that those with close ties to the market/builders have already turned down or are reselling what you might find.

[sabaijai]

I know lots of very happy foreign condo-owners in BKK and elsewhere in Thailand.

During the boom years, say from 90 to 97, I knew several farangs who bought and sold condos and made money. Three foreigners I know doubled their investment within two or three years.

That era has passed and I would agree that the best reason to buy a condo now - at least for the short- to medium-term - is to live in it.

But I also think that as a long-term investment, assuming you buy into a well-managed development (very important), you might get a nice return on a condo when the Thai economy finds intself in another bubble or boom.

I own and reside in a Thai condo myself and am very happy with it. I shopped around for quite awhile first, and found a complex that had been repossessed by a Thai bank after the 97 crash, and was selling the units at half their original price. The units sold out very quickly, and a year after I moved in I received offers that were substantially higher than what I paid for the place.

Again, my purchase was something of an exception, as condos (and houses) in general aren't appreciating much these days. I don't think there are too many of the repossesion deals still left out there, but I could be wrong.

Another benefit to owning a condo, for those of us living here long-term, is that such ownership is considered favorable supporting evidence when applying for permanent residence. Or so I've been told.