Buying And Renting Condos, Your Experience?

[gerry53]

who cares, i am not defending myself, btw, go to sleep, you have to go to work in the morning, ha ha ha

i am making 3k from internet dude, working 2, 3 hours per day, you wish you could do that, yes special people can do that and not leech from a fat boss who eats all the profits and leave them with bare minimum, good luck

Radiola - with your self acclaimed ability to make 3K baht a day (in 2 - 3 hours) and not working for "the man" why don't you just work an extra 30 minutes a day and rent or buy a fantastic condo or house in a really nice area??? It sounds like you have been very successful with your degree and many other things. I think you deserve it. If the stress of working 2 1/2 - 3 1/2 hours a day is too much please advertise for a helper.

Edited May 3, 2012 by gerry53

[pauljones]

Investing in Thailand?

What about the corrupt realtors, property managers, board of directors, building staff, repairs men, and dodgy customers?

NEVER invest here unless of course you plan on walking away from it all.

[Darrel]

Investing in Thailand?

What about the corrupt realtors, property managers, board of directors, building staff, repairs men, and dodgy customers?

Dont forget the Elvis impersonators. B*stards.

[gerry53]

Investing in Thailand?

What about the corrupt realtors, property managers, board of directors, building staff, repairs men, and dodgy customers?

NEVER invest here unless of course you plan on walking away from it all.

What's wrong with investing in Thailand? Have you seen the results of the stock market performance in many western countries compared to the Thai SET (stock exhange Thailand)?

I can't disagree with your real estate assessment at this point in time - too many people trying to get rich from a market that has put too many poorly planned units onto an already flooded market.

[Rimmer]

Flame and counter flame removed

[Darrel]

I can't disagree with your real estate assessment at this point in time - too many people trying to get rich from a market that has put too many poorly planned units onto an already flooded market.

A prominent and very glossy local estate agent described the current situation as "a giant Ponzi scheme" in a recent magazine article and of course he is correct. Being somewhat inured to estate agents always putting positive spin on everything, I was pleasantly surprised to read that and the guy went up several notches in my estimation as a result.

[how241]

radiola, I stay in Pattaya about 4 to 6 Months of the year. I have been doing this for 20 years or so.

I rent because it's too easy. I have a large circle of farang friends and all I need to do is fire off an email a couple of weeks before arriving and I will have a condo ready for me. I pay 6,000 baht a Month plus expenses for a mediocre 32 sqm condo around the soi Arunothai area. Bigger condos I can get easy for around 10,000 p/m but again they are just mediocre. A mate of mine owns a super nice 32 sqm condo in view talay 7 Jomtien on the high floor (I think 20) he rents it long term for 22,000 baht per Month. Whatever your budget is you can find something.

As others have said, some owners try it on and charge way beyond what the condo is worth. Then some try on big deposits, I never pay deposits for the condos I rent. I just pay the Monthly fee plus expenses, none of this holding deposit stuff.

Why I say it's easy to rent is because if I don't like a place then I move, get another very easily. Buying for me means putting in at a minimum $30,000 AUD or (1 million baht). I do not want to lose the interest I get from my capital at 6% here in Australia so for me I won't buy. My long term mates in Pattaya think totally opposite to me, horses for courses.

No matter how good you think your future condo could be only what someone is prepared to pay rent for it is what it is worth. What you think you should get for rent may never happen. Long term farang residents know what is the right price is. There are those that will accept the correct price then there are the dreamers, their condos are still empty. Good Luck.

+1...Good post.

[WinnieTheKhwai]

Out of curiosity, what do typical condo units (say the 48 sq meter Viewtalay one) in a somewhat downtown (incl. Jomtien, or in between Pattaya and Jomtien) go for? Two million or so?

[Darrel]

48sqm in VT5 (I dont pay much attention to VT7) asking prices are anywhere between 1.75M and 3.5M depending on the floor, view, finish, tenure, owner's desperation etc.

Actual selling prices would be lower, though perhaps not much lower at the bottom end, if at all.

[bmanly]

Out of curiosity, what do typical condo units (say the 48 sq meter Viewtalay one) in a somewhat downtown (incl. Jomtien, or in between Pattaya and Jomtien) go for? Two million or so?

My friend has 2 x 48sqm condos in view talay 7. Both are high floors with uninterrupted panoramic views. His personal condo owes him 4 million. He bought it as an empty shell but fitted it out with 5 star fittings. The second condo he paid 4 million as well for it, he currently rents that one for 22,000 baht per Month. It is the views and plush fittings that bring up the price, there are cheaper ones in the building. To be honest, when I visit him there I don't feel like leaving it's so good there. Has a really nice pool and restaurant also, 2 laundries downstairs, small shops etc. He is very happy living there.

[gerry53]

Out of curiosity, what do typical condo units (say the 48 sq meter Viewtalay one) in a somewhat downtown (incl. Jomtien, or in between Pattaya and Jomtien) go for? Two million or so?

My friend has 2 x 48sqm condos in view talay 7. Both are high floors with uninterrupted panoramic views. His personal condo owes him 4 million. He bought it as an empty shell but fitted it out with 5 star fittings. The second condo he paid 4 million as well for it, he currently rents that one for 22,000 baht per Month. It is the views and plush fittings that bring up the price, there are cheaper ones in the building. To be honest, when I visit him there I don't feel like leaving it's so good there. Has a really nice pool and restaurant also, 2 laundries downstairs, small shops etc. He is very happy living there.

If your friend is happy with his condos that's great. The rental condo will take 15 years to recoup the 4 million baht not including interest, other costs, unrented months or upkeep. If he paid cash he could have collected 15 years on another investment. My choice is to rent because I can leave if terrible neighbors move in, I need a change of scenery or location, the condo association runs the project poorly or any number of other reasons. I never know what I am going to be doing in 6 months never mind 15 years and with the Pattaya area market saturated (and many more being built) I would not want to have to sell.

[Darrel]

His personal condo owes him 4 million. He bought it as an empty shell but fitted it out with 5 star fittings. The second condo he paid 4 million as well for it,

4M is way over the top for VT7. Somewhere between 3 and 3.5 would have been closer to the mark, even at inflated Pattaya prices.

[sparebox2]

Returns is 5 to 10% for rental.

Appreciation is about 2 to 5% per year.

Nothing can go wrong. Go for it.

[bmanly]

My choice is to rent because I can leave if terrible neighbors move in, I need a change of scenery or location, the condo association runs the project poorly or any number of other reasons. I never know what I am going to be doing in 6 months never mind 15 years and with the Pattaya area market saturated (and many more being built) I would not want to have to sell.

Yeah, I'm the same Gerry, I rent too. He was very very nervous when VT 7 was being built as you may know it nearly didn't happen. He did ask my opinion and I advised him against it at the time but he wanted that view at any cost. But his building was completed in the end and he is happy, that's all that matters now.

[Barack]

His personal condo owes him 4 million. He bought it as an empty shell but fitted it out with 5 star fittings. The second condo he paid 4 million as well for it,

4M is way over the top for VT7. Somewhere between 3 and 3.5 would have been closer to the mark, even at inflated Pattaya prices.

Not necessarily, it really depends on the quality of the built-out. Some renovations are done with with rental market in mind and it shows. I can hear the racket from the construction noise as I type. Cheap construction in my opinion; the original vt7 ceilings and bathroom, no kitchen exhaust duct, etc., everything cosmetic and easy on the eyes but not quality. He'll want to sell for nearly 4M but not worth it (more like 3M). The 5* build-outs will ask for 4.5M and apparently are getting it.

[Darrel]

Nothing can go wrong.

Wow.

[radiola]

i am not buying then, the problem is with the inflation, keeping my 3 million in a bank aint that good i think

[suv1979]

What is the wrong side of Sukhumvit Road ?

Who is a good agency to use for a condo?

What sites have free posting to list rentals?

[LennyW]

What is the wrong side of Sukhumvit Road ?

Who is a good agency to use for a condo?

What sites have free posting to list rentals?

The wrong side of the Sukhumvit is a matter of personal opinion.

Agents.....East Coast, Alan Bolton, Rightmove, One Stop, Five Star Villa's and Condos, ...... etc. etc etc.

Sites... Thaivisa classifieds, Pattaya trader, Bahtsold, Craigslist, Facebook - Property in Pattaya, Facebook - Pattaya Real Estate Network, etc. etc. etc.