Buy Condo In Koh Samui (New)

[khman]

Hi,

I may buy a condo in Koh Samui (being built, or built, new).

I think there are things to do, to know, before signing.

i.e :

- what if they build a new building 2 meters from my balcony, hiding see view?

- what if I paid the deposit, and construction never starts?

- what if it is such low quality that I hear my neighboors?

- what if rains enters in my house?

etc, etc.

Maybe I am paranoid, but sometimes Thailand is strange. And sometime it's like in Europe, no problem

Also, for having it in freehold, must there be 51% thai in the building?

Can I rent to anyone easely (I mean administratively talking).

I heard for money transfer, it must be over 20K$ for getting tor tor 3?

LBNL : I am renting in a residence that rent daily, monthly, yearly, I enjoy soooo much, is it possible to BUY from them?! What if they sell the whole building to someone?

Anyway, any information is welcome.

Thanks !

[BlackWolf]

An answer to your questions of what will happens, I can only say nothing. And there is nothing. you can do about it. Of course you can try to complain.but it will be in vain. As for the freehold, there is an absolute law that Thais must own 51% of the building. I have a friend who bought a condo where there are not 51% of Thai ownership and he got lot of problems with this.

Rember the are much more easier to rent than to by. And if for some reasons you want to sell, it might take years to do so.

[goldfinger]

My advice, sing with the Beatles "Let it be"

[itishothere]

If the builder has built here before, find out where and go and visit the place and speak to whoever is managing it now. I know of a few on the island and the same builder has actually done a pretty good job.

For your other questions, the Real Estate section of the Forum has some good advice.

As others have said, there are some things you will have to accept. The good news is 49% of the owners should be in a similar position to you, and in a Juristic set-up that can be pretty useful if things aren't quite what you had expected.

[joe84330]

there are very few legitimate condo projects on samui. do your due diligence first, never invest in anything that is supposed to be a condo that doesn't have a condo license in place, otherwise you'll end up with an apartment and that plus 60 baht will get you a cup of coffee. there aren't any well located condo projects here anyway, if you want a condo go to pattaya or bkk. land dept here does not like condos and the building codes, when enforced, make them unprofitable, again go somewhere that a condo is a viable investment. as much as i like samui, samui is not that place. yet.

[stgrhe]

Two keywords:

1. Due diligence

2. Escrow

[BigC]

my advise is good lawyer and don't buy off plane. i know it is more expensive to buy once built but that is part of the risk with buying off plan. could cost you more if any of these things go wrong.

U need a lawyer to check exactly who wons the part of the building who you are buying from. check the contracts for maintence fees.

Also check out the compnay who owns the building.

Who are they ? What other work have they done ?

Also the maintence fees have to be well balanced. not too expenseive but they are important to make the buildi be looked after.

Imiagine if there are only a few apartements being used and the rest of the building has been emtpy for a year. with no maintence the build could be left to rot.

also it is obvious the company makes a profit out of the fees but this gives them more insentive to look after the place for years after.

Also check that the building has been given a conidminom liscence ?

Check the company document to see how le-git it is ?

That is just what i would do should i buy into one,

[BigC]

also check the house in for real the size in meters. not in cm's. Also houses built out of paper don't hold the rain to well.

Got 1 rai of paper for sale if anyone is interested.

got to shoot now. Yogy Bear has snatch my lunch box again. have to go on the chase. whooosh.

by the way 1 rai of paer could build a very good private paper airaplane airport

Edited June 27, 2011 by BigC

[Macnick]

Ask the developer how they are able to complete the project.

If they require to sell all/most of the units then double check their history

If they have a bank gurantee you are pretty safe

PM me if you need any advice

Cheers

Mac

Edited June 28, 2011 by Macnick

[churchill]

also check the house in for real the size in meters. not in cm's. Also houses built out of paper don't hold the rain to well.

Got 1 rai of paper for sale if anyone is interested.

got to shoot now. Yogy Bear has snatch my lunch box again. have to go on the chase. whooosh.

by the way 1 rai of paer could build a very good private paper airaplane airport

[crazykopite]

1, Due Diligence on everything you buy even if it is a toaster in home pro check it out that it works before you leave the store

2, Get a lawyer and then get another lawyer to check that the 1st lawyer did the job correctly

3, find a good accountant that does not rip you off I use Big Business she is brill and not expensive

4, Open up a thai bank account but only keep the minimum amount you need even the thai's don't trust banks.

5, Do not believe everything that a real estate agent tells you for a few baht find a thai interpreter go to the land office and get the answers you need on a particuler piece of land or property

I get my accountant to do everything for me as after 6 years of doing my accounts she is on the ball

6, Beware of desperate farangs they can be your worst nightmare if they are in need of money so choose your friends very carefully

Follow these rules and you should survive there are bargains to be had on the island so never pay the asking price Good Luck !!!

[Thaifan2]

Don't buy off plan .You will not save anything in the current climate .

[Boyce]

My advice is don't do it, there have been more dodgy land and building deals on Samui in the last few years.

i lived there solid for 3 years , one of the best persons to ask IMHO is Boardmember Boater, who lives on the island.ask in the Samui forum.

Edited August 1, 2011 by Boyce