House / Condo Purchase

[ChrisP]

Please excuse my financial naivete, but it's never been my strong point..

I would like (eventually) to buy a place in LOS, but don't have the up-front cash to do it. What are my options....??

My situation is:

Employed in the USA at an excellent salary.

Have an employers Pension Plan with a 403b savings plan. Has a Lump Sum and a monthly payout.

Planning to early-retire to LOS 2006 or 2007 (at 54/55) with Pension at about 90,000baht/month.

I could also do part-time consulting/design work when I'm here...

Could I borrow some $$ to purchase now against my Pension Lump Sum amount..??

Happy to PM details to a serious advisor... Tnanks!

Cheers

ChrisP

[astral]

I took out a small loan against my house in the UK and used that to buy the property in LOS.

The problem is that the closer you are to retirement age, the harder it

is to get a loan,

as the lender wants to be sure you have income to repay the capital.

[Dragonman]

Please excuse my financial naivete, but it's never been my strong point.. 

I would like (eventually) to buy a place in LOS, but don't have the up-front cash to do it.  What are my options....??

My situation is:

Employed in the USA at an excellent salary.

Have an employers Pension Plan with a 403b savings plan.  Has a Lump Sum and a monthly payout.

Planning to early-retire to LOS 2006 or 2007 (at 54/55) with Pension at about 90,000baht/month.

I could also do part-time consulting/design work when I'm here...

Could I borrow some $$ to purchase now against my Pension Lump Sum amount..??

Happy to PM details to a serious advisor... Tnanks! 

Cheers

ChrisP

<{POST_SNAPBACK}>

There are many companies who will lend you a percentage of your retirement lump sum, and even capitalize your future pension income. Interest rates are not good however. You can do an internet search to find some in your area. Unless you have a bargain property in mind I would wait.

[ilyushin]

I agree with the two above. Don't wait and see what you can get from your pension fund.

Good luck!

[ChrisP]

Thanks for the advice...

I assume I cannot get a mortgage in LOS at all....

DragonMan.. I didn't know that you could do that! Do you mean companies in the USA..?

Ilyushin.. I'm a bit confused... you say don't wait.. but others say wait..

ChrisP

[The_Moog]

I would have had you down for 39-40.

Thai financial institutions are now more sanguine about lending mortgage finance to foreigners who are here on a long term basis. When you open bank accounts enquire further for their lending criteria.

[Dragonman]

Thanks for the advice...

I assume I cannot get a mortgage in LOS at all....

DragonMan.. I didn't know that you could do that! Do you mean companies in the USA..?

Ilyushin.. I'm a bit confused... you say don't wait.. but others say wait..

ChrisP

<{POST_SNAPBACK}>

Although all my knowledge relates to UK I guessed that financial institutions in the States were into the same offers, perhaps not. Only stipulations in UK are that you have personal or company pension and you are over 50. However even if these deals are in existence, would still not advise as usually only taken up if you are desperate for the cash.

If you are only looking for a short term mortgage until you have the cash many Developers over here will grant these.

[ProThaiExpat]

ChrisP: It is often said that when you ass-u-me, you do exactly that.

Todays Bangkok post has a half page ad on the back page of the business sections about Baan Sathorn Chaophraya Condo development and it speaks of "becoming an owner with only 50K Baht down". 100% loan for Thai customers and subject to "Bank Conditions" for foreigners.

My guess is that the bank may have more stringent requirements for foreigners but so what, U.S. banks have their conditions as well.

Check it out. They have an onsite model to look at and their phone number is 02-860-4009. A good place to strart. Starting price advertised as 2.6 million baht (my guess is: that is for 40 sq. meters or 65K a sq. meter, fairly standard price for new condos in BKK)

[ChrisP]

Moog...

Flattery will get you EVERYWHERE!! (Did we meet...?!) and don't you live in a condo near Chidlom....? Any good as an area..?

ProThaiExpat - many thanks I'll check it out..........! I love condos, but "he" doesn't. What the ######. I'm paying.

Btw, I can't even FIND the BKK Post in Din Daeng / Prachasongkro area... I think I'm the only farang for miles..!

I didn't know Banks were easier now....

Seems I have more options that I thought... especially with taking an advance on my future pension.......! Anyone any more details on which companies I should approach about that..?? Just don't want to waste my time running around....

ChrisP

Mod

[CarlBkk]

Baan Sathorn Chaophraya seems to be a black sheep, I might be wrong. Not many condo developments offering "5 star facilities" and at fairly reasonable prices/location have sold as slowly as this one. I went to the show suite on Rajadamri well over a year ago and the rooms looked good (don't they always) and the price seemed reasonable. Location seemed ok..views good, future BTS, current river taxi. So why isn't this place selling? And why are first purchasers selling already? I now see they're trying some new techniques to get sales.

I can only guess it's the reputation of the developers and worries about future management (facilities going downhill), or the fact that it was an office building, therefore not brand new and has pillars and slightly imposing a/c units.

Still, it must be worth some research and a viewing.

[Beer-diow, khao-neow, mai-an!]

I know of some very clued up Thais who bought there to live in.