Buying A Condo Off Plan

[CrossBones]

Hi

I have been to look at various developments (Matrix and Nova Group) in pattaya

These are off plan developments and there seems to be money to be made since the prices are going up fast and you have 3 years to pay for the property interest free.

I am just wondering.. since i have heared of developments going under and people losing their money, of experiences from people dealing with Matrix an Nova group

Is it best to go through an agent or go directly to the developer

If you go through an agent they have your email address and name on file and then they are getting comissions etc.. which is fine but i dont want to pay over the odds and also the complications of dealing through a third party is it worth it?

also i have money in thailand how can i use that to pay the installments instead of transfer from overseas is that overseas transfer still required?

can i get a bank account in another country like malaysia and then transfer to and from that account?

how does it work? i dont really fully trust the agents i have spoken to here.. of course they are just salesmen and tell you what you want to hear.

Thanks

[ESB7]

Both the companies you mentioned are well established and have other completed condo projects in Pattaya....the price will be the same either going direct or through an agent..the only benefit of going through an agent is they will show you various projects from different developers so giving you more choice

[Jdietz]

Yeah better buy quickly, prices will go up into the sky! Don't think it over, just sign at the x.

This is the right time to buy! (same as last year, or the year before...)

My advise: Run. Find something that actually exists instead, don't buy air.

Edit: ^^^ ESB7 looks like a time share agent... if you give advise please disclose your commercial involvement.

See:

Edited March 9, 2011 by Jdietz

[trogers]

...and you have 3 years to pay for the property interest free

What property? You mean you have 3 years to pay for a set of colorful brochures?

[PattayaParent]

Nova have completed all the projects they have started so far, which is a good sign, but no guarantee they will continue to do so. I don't know any Matrix properties.

You may get a bit of a discount direct from the developer as he would have to pay the agent 5% anyway, I've even heard of 10% these days when no properties are selling.

I suppose it was an agent that told you prices are going up fast? They're not, they should in fact be falling fast given the oversupply and lack of demand and current exchange rates but nobody wants to make a loss on their 'investment'.

[SantiSuk]

My understanding from the developer of my condo in Bangkok is that installments can be paid from a Thai bank account but, if you want to have the title in your own foreigner hands then you will need to ensure that all the purchase money including the installments ultimately comes from your foreign bank account. That's the only way you will get the relevant documentation to register the property in your name.

That doesn't stop you making installments form Thailand, but that would mean getting the developer to pay back any money you used as installments from your Thai bank account and then you paying all that money again from your foreign bank account prior to or at final contract. I don't know whether you can use a country that is not 'your own' - suspect you can.

Don't rely on the advice of one TV poster. Worth consulting a lawyer if you get nothing authoritative here.

[Darrel]

the prices are going up fast

Really? I would say they are falling in Pattaya, at least the prices of condos that actually sell, as opposed to those that are just for sale and have been for ages.

And if the government introduced a rule limiting condo ownership to just a couple of units per person the asking prices would collapse completely. There are far too many people owning 10, 50, 100 units and this artificially inflates prices. Not a healthy market at all, I think.

[craigt3365]

Let's close this topic as it seems to be running here also:

http://www.thaivisa.com/forum/topic/449721-buying-a-condo-off-plan-in-pattaya/