Buying An Aparment

[goin2chiangmai]

Hi guys, have been to Chiang Mai two times. I am considering of buying an apartment here. Will not be staying here all the time, most likely one or two months a year. As such, I was wondering if there are any condo buildings providing the lease service when I am not in town, just like those villa management companies in Bali.

Also, can anyone recommend any good properties in town and advise reasonable prices ranges? Have asked few properties, the prices seem to be more expensive than Hua Hing and I always thought Hua Hing is more expensive than Chiang Mai.

Thanks.

[PingandSingh]

Hi,

Check this link. They have service for long and short term rentals as well.

http://www.chiangmairiversidecondo.com

Cheers.

[JohnnyGray]

You've been there twice and only want to stay there for 4-8 weeks a year? Where's the logic in buying? As an investment? Rent a condo or stay in a hotel when you want to visit.

I'm not sure your post is serious...

[shepsel]

Real estate--sales and rental--is a buyers/renters market. There are thousands of empty units most of the year. The only time where it may be a little difficult to rent an apartment in a desired location is October through January, and those owners who are lucky enough to attract a tenant for part of the year are left with vacant apartments the rest of the year. Do you want to really want to have this type of investment?

[goin2chiangmai]

You've been there twice and only want to stay there for 4-8 weeks a year? Where's the logic in buying? As an investment? Rent a condo or stay in a hotel when you want to visit.

I'm not sure your post is serious...

Like I said, many people bought villas in Bali and only stayed there for a month or two every year. so, I do see a logic there.

Yeah, part of the reason is for the investment purpose, but not the only reason.

[goin2chiangmai]

Real estate--sales and rental--is a buyers/renters market. There are thousands of empty units most of the year. The only time where it may be a little difficult to rent an apartment in a desired location is October through January, and those owners who are lucky enough to attract a tenant for rrpart of the year are left with vacant apartments the rest of the year. Do you want to really want to have this type of investment?

Thanks for the tips of the market situation here. There is a big likelihood that I will spend my retiring life here and I am just afraid the real estate prices will boost in the future like what I have seen in other countries. Of course, I would like to have some income when I am not staying Chiang Mai before the retiring days. Actually, before I finding my current stay in Chiang Mai, the rental ranage of different condoes that I have seen seem to indicate quite a reasonable return on investment. And of course, I probably only saw a small part of the picture which is one of the reasons that I am asking here.

I would like to know if there are any condo developers or managers in Chiang Mai who can guarantee the rental income like some of the villa developers and managers in Indonesia do.

Thanks again.

Edited April 13, 2012 by goin2chiangmai

[JohnnyGray]

You've been there twice and only want to stay there for 4-8 weeks a year? Where's the logic in buying? As an investment? Rent a condo or stay in a hotel when you want to visit.

I'm not sure your post is serious...

Like I said, many people bought villas in Bali and only stayed there for a month or two every year. so, I do see a logic there.

Yeah, part of the reason is for the investment purpose, but not the only reason.

If you've money to burn, good luck to you

[elektrified]

You've been there twice and only want to stay there for 4-8 weeks a year? Where's the logic in buying? As an investment? Rent a condo or stay in a hotel when you want to visit.

I'm not sure your post is serious...

Like I said, many people bought villas in Bali and only stayed there for a month or two every year. so, I do see a logic there.

Yeah, part of the reason is for the investment purpose, but not the only reason.

A condominium in Chiang Mai is not a good investment. The value could, and often does, depreciate. There are just too many already and many more being built. Bali is a different situation.

[elektrified]

Real estate--sales and rental--is a buyers/renters market. There are thousands of empty units most of the year. The only time where it may be a little difficult to rent an apartment in a desired location is October through January, and those owners who are lucky enough to attract a tenant for rrpart of the year are left with vacant apartments the rest of the year. Do you want to really want to have this type of investment?

Thanks for the tips of the market situation here. There is a big likelihood that I will spend my retiring life here and I am just afraid the real estate prices will boost in the future like what I have seen in other countries. Of course, I would like to have some income when I am not staying Chiang Mai before the retiring days. Actually, before I finding my current stay in Chiang Mai, the rental ranage of different condoes that I have seen seem to indicate quite a reasonable return on investment. And of course, I probably only saw a small part of the picture which is one of the reasons that I am asking here.

I would like to know if there are any condo developers or managers in Chiang Mai who can guarantee the rental income like some of the villa developers and managers in Indonesia do.

Thanks again.

The answer is no.

[ARISTIDE]

My advice, don't trust the Thai lease service! (unless you make sure they send you monthly electricity bill to you while you're back home)

Edited April 14, 2012 by ARISTIDE

[maichai40]

The price of condos in CM reached the price of Hua Hin and Pattaya, but here are very

difficult to rent.

If you wish to invest for renting later i suggest you Phuket, this is what

i did and works for me.

But you have to select carefully of course...if you need more info you can PM me.

[Rancid]

There are always mixed reactions on buying property here, I maybe wrong but it seems those that have bought generally seem happy and those that never have decry it. The post about Phuket was probably right in that if you select carefully you may get better occupancy than Chiang Mai, thn use the aquired rent to rent in CM if you prefer it here. Chiang Mai also has two sides of town, the Night Bazaar side and the Nimmenheimen side, I have been told that the pink money prefers the latter so that might be a better investment as that is quite an active scene here, or maybe not if that doesn't suit you.

I see Riverside was recommended, that should be a great building but last I heard there were ongoing issues and battles regarding who gets the lucrative jobs on the comittee, management etc (not only Riverside but many older buildings), also it has been suggested that committee members with rooms get first perefernce when customers arrive? You might want to look at a newer building that has a (hopefully) professional committee and management in place.

Many newer buildings are out of town a bit, probably great for living, but not sure if tenants want to be out there, maybe. There are a few newer ones in Nimmen area and also another new one going up on Changklan now, if the prices are OK that seems a good spot. Property in Thailand attracts no land tax and building fees are generally quite low, that can make it an OK investment when you compare to the ever increasing land taxes in the West as local governments are always trying to scrounge up more money. Suggest you spend the time to look around and make up your mind, everyone here including me has a biased opinon to some extent.

[sfokevin]

I would recommend that you settle on a condo complex that you like and try one season as a renter there... This gives you a first hand review of the rental process, vacancy, building maintenance, and will give you a true feel for the building and its convenience and qualities as a long term investment. In that season you will most likely meet a fellow owners who are wanting to sell their unit - which you can buy without the cost of an agent (But do the transaction thru a lawyer and make sure the wire transfer/foreign ownership is documented)...

Remember buying is a lightning fast process - but selling is not so fast...

Good luck

Edited April 14, 2012 by sfokevin

[udonguy]

Hi,

Check this link. They have service for long and short term rentals as well.

http://www.chiangmairiversidecondo.com

Cheers.

I would not recommend Riverside! bad location, poor parking and management problems - just buy where you like and lock it up!

[thaigold]

Someone really needs to line out the reasons why renting is the only option for a Farang in the Kingdom. Or better yet, cogently explain why it could be better to buy. The smart money says rent / smart money always knows the truth.

[udonguy]

Someone really needs to line out the reasons why renting is the only option for a Farang in the Kingdom. Or better yet, cogently explain why it could be better to buy. The smart money says rent / smart money always knows the truth.

you really want to know? I own several or are you just winding us up? us 'non-smart' people?

PS and where are the 'smart' people investing - I'd love to know Master Investment Jedi

Edited April 15, 2012 by udonguy