Apartment Purchase

[Rorycook]

Hi to all the usual members :-)

I have given up trying to find an apartment with my perfect requirements, there seems to be so many apartments in BKK but I still haven't found one that would let us use gas which is up to decent living standards!? If anybody knows of one on the west side of BKK please let me know..

So, in the meantime I have started looking at prices to buy as I view this as slightly better than throwing my money away each month :-)

I would like to know the requirements for buying - do either me or my wife need a salary to show a bank or lender our income or can we go straight to an apartment owner?

I do have an income which is high enough to afford the payments but it is not a Thai salary so where do I stand on this??

Thanks in advance for your help :-)

Rory

[TRIPxCORE]

You don't need to show income if you are paying in full. The only requirement is that the money is transferred from a bank overseas into a Thai bank account for the sole purpose of buying a condo. If you plan on making payments and getting a loan, then that area I know nothing about in Thailand. I bought a condo two years ago so I have experience in it. If you have more questions, feel free to contact me via PM.

I am also selling that same condo if your interested, let me know.

[Dragonman]

Hi to all the usual members :-)

I have given up trying to find an apartment with my perfect requirements, there seems to be so many apartments in BKK but I still haven't found one that would let us use gas which is up to decent living standards!? If anybody knows of one on the west side of BKK please let me know..

So, in the meantime I have started looking at prices to buy as I view this as slightly better than throwing my money away each month :-)

I would like to know the requirements for buying - do either me or my wife need a salary to show a bank or lender our income or can we go straight to an apartment owner?

I do have an income which is high enough to afford the payments but it is not a Thai salary so where do I stand on this??

Thanks in advance for your help :-)

Rory

<{POST_SNAPBACK}>

I am not quite sure what you are considering. Is it a mortgage or loan? If mortgage you are unlikely, but it is rumoured, not impossible, to get one as a foreigner. Your wife could get one based on your non thai income, but the property would be in her name with you as guarantor. A loan is possible, but likely over a shorter term than any mortgage you would envisage.

[think_too_mut]

So, in the meantime I have started looking at prices to buy as I view this as slightly better than throwing my money away each month :-)

I would like to know the requirements for buying - do either me or my wife need a salary to show a bank or lender our income or can we go straight to an apartment owner?

<{POST_SNAPBACK}>

By renting, you are not throwing yor money away. At least not in BKK.

There are thousands and thusands of apartments nobody wants. Real Estate agencies are drowned under the supply.

If you bought one at a favourable price, what would you do with it if you wanted to sell?

Nobody would listen to you.

BKK is a place for cheap sex, nothing more than that.

[Rorycook]

So, in the meantime I have started looking at prices to buy as I view this as slightly better than throwing my money away each month :-)

I would like to know the requirements for buying - do either me or my wife need a salary to show a bank or lender our income or can we go straight to an apartment owner?

<{POST_SNAPBACK}>

By renting, you are not throwing yor money away. At least not in BKK.

There are thousands and thusands of apartments nobody wants. Real Estate agencies are drowned under the supply.

If you bought one at a favourable price, what would you do with it if you wanted to sell?

Nobody would listen to you.

BKK is a place for cheap sex, nothing more than that.

<{POST_SNAPBACK}>

True 'think_too_mut'

I have heard that this is the case but still new apartment blocks are going up? and if these develpoers are so desparate to sell their space why are the prices still higher than a lot of Thais could afford?

Another thing, I agree with the comment that I'm not completely throwing my money away but a friend of mine is paying B2,000 less than me every month and she has a 2 bedroom apartment whereas ours is only a 'studio'

I would still like to look into this as I feel that I would get more for my money even if the apartments crumbled to the ground before my final payment so if anybody has any idea on how succesful my application would be given the following circumstances:

I would like either to get a loan OR a mortgage - I'm really not fussed(unless somebody can tell me why I should be??)

I am willing to pay whilst the apartment would be in my wifes name

I am willing to spend up to B10,000 per month

I would like a 1 or 2 bedroom apartment near Pin Klao preferably but anywhere within 3 or 4km of the banglampoo area

Thanks in advance for the help :-)

Rory

[Stefan Beck]

Banks are banks are banks!

Any lender or mortgage broker will first value the property in question and then your ability to service the loan (credit history - group certificates etc). Why are you so dependent on borrowing from a Thai institution? Are their rates better than others?

Would it be easier lending from your bank overseas where you have a provable long credit history? Can I reasonably suspect that most of your money is coming from whence you came? This may or may not shield you against international fluctuations? Dependent on the conditions of your mortgage (exit fees etc) you can always change to a thai bank later (after proving that you have seviced the loan for a year or two)

Plenty of ways to get your foot in the door.

The vendor just wants his cash - he wont care what bank credits his account.

[stateman]

Hi to all the usual members :-)

I have given up trying to find an apartment with my perfect requirements, there seems to be so many apartments in BKK but I still haven't found one that would let us use gas which is up to decent living standards!? If anybody knows of one on the west side of BKK please let me know..

So, in the meantime I have started looking at prices to buy as I view this as slightly better than throwing my money away each month :-)

I would like to know the requirements for buying - do either me or my wife need a salary to show a bank or lender our income or can we go straight to an apartment owner?

I do have an income which is high enough to afford the payments but it is not a Thai salary so where do I stand on this??

Thanks in advance for your help :-)

Rory

<{POST_SNAPBACK}>

--

I’d like to offer a few comments, the first two are from my recollection.  So please verify the accuracy.

1. In general the banks give loans to Thais.  The length of mortgage term uses a magic number of 65 when considering age or years to retirement.  For example if borrower is 40 years old, the bank would give up to 25 years of mortgage (65-40).  Or if a person is 60 years old and expected to retire at 65, the bank will give only 5 years of mortgage (65-60). 

2. I read a posting from the Internet that some banks are quite desperate now.  (I am sure they have their number to make for each quarter, etc.)  They even offer loans to foreigners. 

3. I am not used to the way Thai banks offer loans.  I read that when a borrower pays up before the end of term, the bank still charges all the interest until the end of term.  For example if a loan is for 5 years, and on the 3rd year, one pays up.  The bank still say the borrower owes the interest till the end of the 5th year.  I don’t know if that is only for consumer loans or if it includes mortgate loans.  Anyway, please make sure you understand their pre-payment penalty.  The US is pretty good in this regards.  My lender used to not charge me anything extra when I prepaid the loan in full long before the end of my loan term.

4. I believe the country is in a stagflation for a few months now.  High oil price is driving inflation and cost of living up much – you probably will see many more items throughout the next 6 months adjusting their prices upward.  Lot of middle to middle-lower income workers are being squeezed hard, resulting in them becoming poorer and many unable to keep their apartments bought earlier.  Many outright lost their jobs.  Things just start to get ugly, although it is not well publicized yet.  So 6-12 months from now, there maybe more apartments in the market, many are from distressed sale.  Apartment price may be under pressure downward. 

5. I think “think_too_mut” has a good point, although it may not be what you want to hear.  But what if you can get the same apartment for less down the road, plus you are not at risk if the economy should turn out to be worse, e.g. less people go eat out, restaurants have no business, etc.  In the near future, if you had an apartment that you need to sell, you may be unable to sell it.  You may end up losing everything, including the apartment and all the savings.

6. Whatever you decide, wish you well!