Buying New House In Udon Thani

[tonika]

I am proposing to buy a house in Udon Thani in August 2011, when I return to Thailand. I have already put down a deposit when I was in Thailand in April. The amount outstanding is approximately 3.5 million baht. I've read that there is a 10% tax on large sums sent to Thailand, if, that is the case would I be better bringing the money in cash ( Sterling) or can someone suggest an alternative way ?.

Also, the exchange rates, if I decide to bring in cash. For instance, today on the BBC the baht closed at 49.46, whereas Thaivisa gives it at 48.92 the Bangkok and Kasikorn banks were 48.48. Would it be better to try and exchange here in the UK or elsewhere. ( If, that's possible) ?

Any help on the above would be appreciated.

[CharlieH]

Exchanging in Thailand is ALWAYS the better rate and option.

Lucky girl getting a 3.5 mil gift, hope you got the paperwork and your a*se covered !

Edited June 30, 2011 by CharlieH

[mrmazinkle]

Exchanging in Thailand is ALWAYS the better rate and option.

Lucky girl getting a 3.5 mil gift, hope you got the paperwork and your a*se covered !

Here here..I suppose youve been here a while and maybe even renting with your partner for a while..so no problems in the future. for you then....You cannot bring sterling as you need to show funds from abroad..so this is not an option..I wish you the best of luck...

[jybkk]

It's probably a different situation, but when I bought my condo in Bangkok, one of the requirements was to have a document from a Thai Bank showing the money was imported for that purpose. Bangkok bank was very helpful and offered pretty good rates.

I transferred around 5 million THB in Euros from a HSBC account to Bangkok Bank which then exchanged them to thai bahts then edited the certificate for the transfer of the funds. There was no tax.

[Naam]

Here here..I suppose youve been here a while and maybe even renting with your partner for a while..so no problems in the future. for you then....You cannot bring sterling as you need to show funds from abroad..so this is not an option..I wish you the best of luck...

no need to show funds for a home as it won't be in his name. funds from abroad for condo only!

for the OP: no tax!

[dddave]

Even if you do bring cash, you will be required to declare any amount over the equivalent of US $10,000 on arrival. The UK also requires disclosure of large amounts upon departure but I don't know what the limit is.

Such a sum of cash would be hard to conceal and I believe you risk the penalty of forfeiture or a large fine if discovered. Is it worth the risk?

[ianguygil]

For 3.5 million Baht we can negotiate a better rate for you than quoted. Larger amounts like this are more "wholesale" than "retail". Please PM me and I'll get somebody to contact you via phone or email. Our London Branch next to the Gherkin can even handle this to make calls and timezones easier. I am sure they can fix in a rate for you that you will like. Thanks.

Edited June 30, 2011 by ianguygil

[jalansanitwong]

You paid over 3.5 million baht for a house in Udon which is basically Isan territory. ? WOW ! How big is the house. For that much money you could build the Palace of Versailles with 200 rooms. Thai's build large homes in that neck of the woods for 400,000 b to 1 million tops. Who told you to pay 3.5 million ? Your Thai wife. Who owns the property ? You dont. Does it have a chanote red title deed? I hope youre not about to join the missing persons at the embassy in Bangkok.

[jalansanitwong]

I forgot one thing.. If youre British (likely) and you married a bar gir or internet dating bar girl its highly probable she is still married to a Thai man or a boyfriend floating around somewhere. If you are married to an Isan girl did you check to make sure there isnt a thai man (even possibly another farang) and no rug rat kids. Your chances of coming up trumps are very slim.Watch your back up there in Udon. Dead farangs dont make the news in this country anymor because .there's too many of them falling over to bother with.

[cougar52]

You paid over 3.5 million baht for a house in Udon which is basically Isan territory. ? WOW ! How big is the house. For that much money you could build the Palace of Versailles with 200 rooms. Thai's build large homes in that neck of the woods for 400,000 b to 1 million tops. Who told you to pay 3.5 million ? Your Thai wife. Who owns the property ? You dont. Does it have a chanote red title deed? I hope youre not about to join the missing persons at the embassy in Bangkok.

What have you been smoking Most houses built to Western Standards in Thailand cost between 9,000 to 15,000 Baht a square meter( which a small 160 sq. met single story house) is in excess of 1.3 million Baht.

And I have a very good builder, speaks English, and listens; charges only 2,000 a square meter to build the house and I buy everything Tiles,(roof and floor),Blocks, Concrete, Wire, Plumbing, Etc. and my house will cost me around 3 Million, it will be 280 Square Meters with a pool.

So I would love to see your Palace with 200 rooms for 400,000 Baht.

Edited June 30, 2011 by cougar52

[phutoie2]

I forgot one thing.. If youre British (likely) and you married a bar gir or internet dating bar girl its highly probable she is still married to a Thai man or a boyfriend floating around somewhere. If you are married to an Isan girl did you check to make sure there isnt a thai man (even possibly another farang) and no rug rat kids. Your chances of coming up trumps are very slim.Watch your back up there in Udon. Dead farangs dont make the news in this country anymor because .there's too many of them falling over to bother with.

You seem to know a lot!

As the Op is planning to send Sterling across he could well be British, but you never know.

As for the Thai man lurking about, I have my suspicions about the guy who delivers the drinking water for some years now.

Should I start divorce proceedings against Mrs PT2 ?, after all she is from Isan (Chaiyaphum).

[CharlieH]

Just for information: the limit on cash taken out of the UK is 10,000, over that and you must report/declare it, otherwise if discovered they can confiscate it.

Trust and rely 100% on Ian (Ianguygil) from Bangkok Bank, he'll steer you straight every time.

I would suggest transfer via Bangkok Bank London to YOUR account in Bangkok Bank Thailand. If you havnt got one, wait til you do then transfer.

Best wishes, dont foget the Userfruct !!!

[jalansanitwong]

You paid over 3.5 million baht for a house in Udon which is basically Isan territory. ? WOW ! How big is the house. For that much money you could build the Palace of Versailles with 200 rooms. Thai's build large homes in that neck of the woods for 400,000 b to 1 million tops. Who told you to pay 3.5 million ? Your Thai wife. Who owns the property ? You dont. Does it have a chanote red title deed? I hope youre not about to join the missing persons at the embassy in Bangkok.

What have you been smoking Most houses built to Western Standards in Thailand cost between 9,000 to 15,000 Baht a square meter( which a small 160 sq. met single story house) is in excess of 1.3 million Baht.

And I have a very good builder, speaks English, and listens; charges only 2,000 a square meter to build the house and I buy everything Tiles,(roof and floor),Blocks, Concrete, Wire, Plumbing, Etc. and my house will cost me around 3 Million, it will be 280 Square Meters with a pool.

So I would love to see your Palace with 200 rooms for 400,000 Baht.

In your particular case its sounds like a big place 280 sm plus pool . 3m is obviously about right expecially with pool ,filtration and paving surround. is that what the original poster has ?

.

[Prichard]

You paid over 3.5 million baht for a house in Udon which is basically Isan territory. ? WOW ! How big is the house. For that much money you could build the Palace of Versailles with 200 rooms. Thai's build large homes in that neck of the woods for 400,000 b to 1 million tops. Who told you to pay 3.5 million ? Your Thai wife. Who owns the property ? You dont. Does it have a chanote red title deed? I hope youre not about to join the missing persons at the embassy in Bangkok.

Jalansanitwong - I’m afraid you are way off base about Udon Thani.

Three years ago a friend of mine from USA built his retirement home in Udon Thani for 5+ million baht:

· 3 rai of land @800,000 baht per rai (2.4 million baht).

· A custom home with 3 bedrooms, 5 bathrooms (2.5 million baht).

He also built a 2-room, 2-bath building within his 3 rai property for about 230,000 baht. It was for his live-in gardener.

You can do the math for the total amount with all other essential stuffs.

Remember the saying in real estate: “location, location, location”. His property is located right in front of a large water reservoir about 16 km from downtown Udon Thani.

To each his own, it is all relative. I am sure you could find a home in Udon Thani for 400,000 to 1 million baht. It all depends on where in Udon and what type of home you want to have.

Cheers.

[MichaelSong]

You paid a deposit and still have an outstanding amount of 3.500.000 thb ?

A good advice my friend, consider the deposit as a loss, and with the remaining 3,5 live as a king in Thailand .

Believe me, I was once in your shoes,

Good luck

<

[tonika]

Thanks guy's for all your replies and concerns. Been married just over 18 years, lived in Issan just over 3. Wife from Issan, I'm from UK. ( wife never worked in a bar as far as I'm aware, but she has worked in Primark and Asda.). It's me rather than her who's pressing to buy the house in Udon as there are more Farang there. And I'm thinking of retiring next April.

House in Udon according to the lawyer, land cannot be owned by a foreigner but the house can. It has a Red chanotte, as well as a Ufsufruct contract. I've to apply for a Yellow 'Ta Bien Baan' from Immigration, I've to sort out all other legallities when I come in August. We already have 2 properties near Bungkan but never had this trouble in the past. The house is a 2 storey, 4 bedroom, 2 ensuite bathrooms plus 2 toilets, fully furnished and A/C throughout by a small lake. There are also special facilities (Gym, pool etc.) for residents on site. It might sound expensive but when you think what I paid for this 3 bedroom Barrat house here in the UK it's the difference between day and night. Also looked at new housing developement in Bungkan last April, the price was over 4 million for the cheapest property, all with small gardens plus they were all sold.

Anyway thanks again, ALL replies really appreciated.

[CharlieH]

Thanks guy's for all your replies and concerns. Been married just over 18 years, lived in Issan just over 3. Wife from Issan, I'm from UK. ( wife never worked in a bar as far as I'm aware, but she has worked in Primark and Asda.). It's me rather than her who's pressing to buy the house in Udon as there are more Farang there. And I'm thinking of retiring next April.

House in Udon according to the lawyer, land cannot be owned by a foreigner but the house can. It has a Red chanotte, as well as a Ufsufruct contract. I've to apply for a Yellow 'Ta Bien Baan' from Immigration, I've to sort out all other legallities when I come in August. We already have 2 properties near Bungkan but never had this trouble in the past. The house is a 2 storey, 4 bedroom, 2 ensuite bathrooms plus 2 toilets, fully furnished and A/C throughout by a small lake. There are also special facilities (Gym, pool etc.) for residents on site. It might sound expensive but when you think what I paid for this 3 bedroom Barrat house here in the UK it's the difference between day and night. Also looked at new housing developement in Bungkan last April, the price was over 4 million for the cheapest property, all with small gardens plus they were all sold.

Anyway thanks again, ALL replies really appreciated.

The Yellow Tabien Bahn is from the Amphur NOT immigration.

Good luck.

[Pib]

To the OP: There is no 10% tax put on large sums sent Thailand.

[ESB7]

Well done OP for putting a few in their place...............just because a few have had a bad experience they dont think anyone else can have a 'normal' relationship......when I transferred a 2 million over from UK through Nationwide to BKK Bank...not a problem at all, no tax and only 25 quid swift charge..that was about 4 years ago....transfer in Sterling and get the exchange rate here as always will be better...good luck in your new home and have a great retirement.....

[Derifo]

You paid a deposit and still have an outstanding amount of 3.500.000 thb ?

A good advice my friend, consider the deposit as a loss, and with the remaining 3,5 live as a king in Thailand .

Believe me, I was once in your shoes,

Good luck

<

Experience is the best teacher.

[Chivas]

Just for information: the limit on cash taken out of the UK is 10,000, over that and you must report/declare it, otherwise if discovered they can confiscate it.

Trust and rely 100% on Ian (Ianguygil) from Bangkok Bank, he'll steer you straight every time.

I would suggest transfer via Bangkok Bank London to YOUR account in Bangkok Bank Thailand. If you havnt got one, wait til you do then transfer.

Best wishes, dont foget the Userfruct !!!

Wrong !!!

The limit for CASH with no further documentation is £1000 if stopped by money dog/casual Excise pull.

You take your chances !! I had £1012 confiscated-fact.

[GreenSnapper]

Wrong !!!

The limit for CASH with no further documentation is £1000 if stopped by money dog/casual Excise pull.

You take your chances !! I had £1012 confiscated-fact.

Sounds as if communism has returned.

[tonika]

For 3.5 million Baht we can negotiate a better rate for you than quoted. Larger amounts like this are more "wholesale" than "retail". Please PM me and I'll get somebody to contact you via phone or email. Our London Branch next to the Gherkin can even handle this to make calls and timezones easier. I am sure they can fix in a rate for you that you will like. Thanks.

Sorry I haven't been in touch sooner but been away on a course. I actually live in Scotland If it's possible can you give me a call on 0141 647 8732 regarding your offer. My flight is booked for 25 th August 2011 and I need the money to be in place by the 29th August 2011 if I wish to proceed with the sale of the property.

Regards

Tony Cano