Some Owning A Condo In Cm Questions...

[DavidMavec]

Hello...

I am interested in buying a condo in Chiang Mai and have a few general questions...

1) If you own a condo, Is the electricity charge generally what the utility company charges or is there a surcharge? When I have rented a serviced apartment it has been 6-7 baht but was wondering if you own a condo if it would be standard prices.

2) In general, what is the condominium maintenance fee per month? I understand that it is typically charged on a square meter basis...?

3) For those of you who have owned a condo for several years, do you consider it a good investment? What are some of the pitfalls?

I know these are very general questions with a wide variety of answers possible. Thanks for any ideas.

[PingandSingh]

Normally the bill is forwarded to you as the owner. This is Thailand however and thus not always the case. Official tariff is now at 4.5 Baht a unit something including the taxes. 5 Baht less should be fine. Many condos are taking advantage of this and charge up to 15 Baht a unit!

Yearly maintenance fee should be around 200 Baht/sqm. Again, TIT and I have seen 600 Baht /sqm on paper as well.

Yes, could be a good investment if you buy the right location (views, noise, shops, access roads) and at the right price.; 30.000 baht/sqm maximum.

Try to start with a small unit (<50 sqm); easier to sell and to rent.

Hope this helps.

[DavidMavec]

Thanks PinghandSingh, that's helpful.

A followup question: if I buy a condo and want to lease it out but leave Chiang Mai for a while, are there reputable people/companies who provide this service? What do they typically charge?

Thanks again.

[scotinsiam]

Thanks PinghandSingh, that's helpful.

A followup question: if I buy a condo and want to lease it out but leave Chiang Mai for a while, are there reputable people/companies who provide this service? What do they typically charge?

Thanks again.

Thats easy - Chiang Mai properties are excellent - http://chiangmaiproperties.co.th/

[Rancid]

I have a condo here, I paid extra and installed a government meter and since then have paid the government price.

Maintenance is by the sqm, be careful though if too low then no maintenance, also might check if the manager is driving a Mercedes, maybe rates too high.

I had a a few other condos previously and also sold at a profit (but bought well), economic conditions will dictate that though. See that Shine Condo on Changklan is 90% sold out (Rancid a bit slow on that one), take that as you will.

Everyone has their favorite realtor (or least hated at any rate), but maybe they are posting their own website, girlfriends or their friends, who knows? Feet on the ground and ask around, the picture will clarify.

[Baloo22]

I'm still a "newbie" here in Thailand, but I have been told that if you buy a condo, to make sure it is one (49% of the condo building area) that is allowed to be foreigner owned.

Also, I have read an account of one individual who went to purchase a condo thinking that it was one of the ones that could be foreign owned. The legal paperwork, of course in Thai, had this individual's name on it so he throught that everything was good. Luckily, he had his girlfriend with him (and she was honest). She noticed that the paperwork was actually creating a Thai company with exactly the same name as this man and that the condo was being purchased by the Thai company. In other words, the condo was NOT one of those available for foreign ownership and would NOT have been owned by him.

[JeffreyMcCollum]

I know of no condos in the Chiang Mai area that has a surcharge on power. Maybe and older one here or there ? With you as the owner it is hard for and outside sorce to ad extra charge. I pay 4 baht a unit for poser

In Chaing mai, the newer condos charge 25 - 45 Baht per sq.m per month. I have heard of some older ones that the charges is less, way less, but it shows in the care of the project. Units with pools cost higher.

I have had about a dozens condos in Thailand. Some I have doubled my money in less than a year. Some I have lost money on. But when you think of the time I have lived there at little or no cost, I have never gotten less than even on my investmentl

you can rent or lease out your units. Usuall fee is 1 month a year lease or 10 $ on a monthly rental I have not had good luck with chang Mai properties, but there are may out there and in the condo you buy I am sure someone will specailize in that building

The biggest problems with condos is the management of them. SOme are good, while others use them as there own cash machines. Some are run into the ground while others do well. As around and always check out a condo at many times of the day to make sure that quiet building next door is not a bar at night

[PingandSingh]

I know that this agent is taking care of my friends condos very well while he is abroad.

They charge 1 month commission for a year lease.

www.chiangmairiversidecondo.com

Edited May 27, 2012 by PingandSingh

[Beetlejuice]

Condos are leasehold and the maintenance company controls everything, so you can never own it.

I wouldn’t even want one for free.

[Thighlander]

In America, I pay 4% of the lease as a commission and 10% per month to collect rent and pay me. If you are out of State, you must have a property manager. In THB, I paid 675,000 and it easily rents for 18,000 thb pm. Try that in LOS.

[TommoPhysicist]

Buying a condo in CM costs twice as much as renting a condo in CM.

Why would anyone want to hang such a millstone around their neck?

Put the money in an Australian bank account, earn 5% interest, rent a condo when you need it using the interest.

Edited May 27, 2012 by TommoPhysicist

[neilrob]

Condos are leasehold and the maintenance company controls everything, so you can never own it.

I wouldn’t even want one for free.

Where on earth did you get that idea? Condos are NOT leasehold. Owners get a full chanote title.

[PingandSingh]

Hi Beetlejuice,

This is a forum to HELP people and give them the CORRECT information. If you not like to do that, stay away.

What you write is complete NONSENSE. You own a condo with a FULL CHANOTE or TITLE DEED just as in foreign countries. Read the Thai Condoact 2008 please.

[DavidMavec]

Does anyone have any feedback on this company: http://www.rentinchiangmai.com/ ???

If so and you don't feel comfortable posting in public, please send me a PM.

Thanks!

[KhunVee]

Condos are leasehold and the maintenance company controls everything, so you can never own it.

I wouldn’t even want one for free.

This statement is absolute nonsense.

[TommoPhysicist]

Hi Beetlejuice,

This is a forum to HELP people and give them the CORRECT information. If you not like to do that, stay away.

What you write is complete NONSENSE. You own a condo with a FULL CHANOTE or TITLE DEED just as in foreign countries. Read the Thai Condoact 2008 please.

I was under the impression a CHANOTE was to indicate land ownership, not building ownership.

[KhunVee]

My 2 cents:

Q's from the OP.

Q:

1) If you own a condo, Is the electricity charge generally what the utility company charges or is there a surcharge? When I have rented a serviced apartment it has been 6-7 baht but was wondering if you own a condo if it would be standard prices.

A:

There can be a surcharge if your condo does not have it's own meter (yet) (most likely in old buildings only)

In that case, go to the electric office with your chanote and buy or rent from them your own meter.

They will come and install it within days.

Then you will get the monthly bill on your name at the official ongoing rate.

If there's already a meter in place.

Also head to the electric office and get the registration done in your name (bring your chanote)

You can also ask them to run a check on the meter if it's functioning alright and check the wiring to be sure nobody's "tapping" it.

Q:

2) In general, what is the condominium maintenance fee per month? I understand that it is typically charged on a square meter basis...?

A:

The calculation is most likely on sqm base (actually I never encountered an other system myself in Thailand)

Old condo's or run down condo's vary around 10 - 20 THB/sqm per month (give and take a few THB)

Brand new and very luxurious condo's can hit 50 THB, but there ain't many (if any?) in Chiang Mai charging that rate.

Q:

3) For those of you who have owned a condo for several years, do you consider it a good investment? What are some of the pitfalls?

A:

It can be highly profitable or it can ruin you completely. (also see: "Common sense 101")

The biggest pitfall here (IMO) is the language and in particular the writing.

If you can't read/write Thai you should have someone trustworthy to do this for you.

[KhunVee]

Hi Beetlejuice,

This is a forum to HELP people and give them the CORRECT information. If you not like to do that, stay away.

What you write is complete NONSENSE. You own a condo with a FULL CHANOTE or TITLE DEED just as in foreign countries. Read the Thai Condoact 2008 please.

I was under the impression a CHANOTE was to indicate land ownership, not building ownership.

A chanote is a document that indicates ownership of any form of real estate.

Land, house, building (on rented land), studio, apartment or Condo,...... and so on.

Chanote is the group name,... there are many different type's of chanotes.

[wanttobuyacondo]

Yes, they are the biggest in Chiangmai having three offices and a load of (always changing) staff. That doesn't mean, however, they're also the best!

CMP is probably the worst property - real estate agent - broker in Chiangmai, Thailand. When you rediscuss your case with their staff, this new information will not go into the computer or your file. This leads to very uncomfortable situations when (always other staff) comes to you with new customers. A lot of staff just say nothing visiting your house. Mouth shut all time. If you say nothing by yourself nothing would be said. Painful for a customer and a tuktuk driver would do a better job for sure. There were a few good talking ladies however.

The two lady owners like to be surrounded by foreign men and you hear stories those farang men ran away with money and they split. N. one of the two, wants to be on as many condo committee's as possible coz that is easy money. If she finds out there is nothing to reap she just quits. Recently happened at GalareThong and another condo on the river where she resigned after just a few months.

I changed to a smaller broker and at least I feel much more relax and comfortable now. They handle your case more friendly, professional and personal.

[YoungBrit]

Does anyone have any feedback on this company: http://www.rentinchiangmai.com/ ???

If so and you don't feel comfortable posting in public, please send me a PM.

Thanks!

I recently used this company (Perfect Homes) when I was looking for a condo and they were extremely helpful throughout the process. Very knowledgable too! I would not hesitate to recommend them.

YoungBrit

[stigvinck]

Does anyone have any feedback on this company: http://www.rentinchiangmai.com/ ???

If so and you don't feel comfortable posting in public, please send me a PM.

Thanks!

The owners are Simon and Rung.

I have known them for a couple of years. Simon has lived in CM for 10 years or so, so knows the city very well. Rung is born here

They have found us quite a few tenants already and we have used them to buy and sell a condo.

I would definitely recommend them. They are not the biggest and are relatively new to real estate in CM, but I think they are honest and that is important.

Sometimes it's a little difficult to understand his London accent, but that may be because English is not my mother language.

Stig

[DavidMavec]

Does anyone have any feedback on this company: http://www.rentinchiangmai.com/ ???

If so and you don't feel comfortable posting in public, please send me a PM.

Thanks!

The owners are Simon and Rung.

I have known them for a couple of years. Simon has lived in CM for 10 years or so, so knows the city very well. Rung is born here

They have found us quite a few tenants already and we have used them to buy and sell a condo.

I would definitely recommend them. They are not the biggest and are relatively new to real estate in CM, but I think they are honest and that is important.

Sometimes it's a little difficult to understand his London accent, but that may be because English is not my mother language.

Stig

You are in business with them if I am not mistaken. At least you are the guy they recommended who does renovations.

[stigvinck]

Does anyone have any feedback on this company: http://www.rentinchiangmai.com/ ???

If so and you don't feel comfortable posting in public, please send me a PM.

Thanks!

The owners are Simon and Rung.

I have known them for a couple of years. Simon has lived in CM for 10 years or so, so knows the city very well. Rung is born here

They have found us quite a few tenants already and we have used them to buy and sell a condo.

I would definitely recommend them. They are not the biggest and are relatively new to real estate in CM, but I think they are honest and that is important.

Sometimes it's a little difficult to understand his London accent, but that may be because English is not my mother language.

Stig

You are in business with them if I am not mistaken. At least you are the guy they recommended who does renovations.

I am not really in business with them.

We use them, amongst other companies, to find tenants for our condos and have used them before to buy and sell.

Yes, I know them personally, but that is not the reason why I recommended them.

Sent from my GT-S5830 using Thaivisa Connect App

[udonguy]

Hi Beetlejuice,

This is a forum to HELP people and give them the CORRECT information. If you not like to do that, stay away.

What you write is complete NONSENSE. You own a condo with a FULL CHANOTE or TITLE DEED just as in foreign countries. Read the Thai Condoact 2008 please.

I was under the impression a CHANOTE was to indicate land ownership, not building ownership.

Nope you get full chanot and have full ownership rights

[udonguy]

I know that this agent is taking care of my friends condos very well while he is abroad.

They charge 1 month commission for a year lease.

www.chiangmairiversidecondo.com

This is only riverside condo and that condo would not be high on my list - old, bad parking and lots of committee and manager problems and location is poor with no shopping, bars or restaurants to speak of. It's true some like it and there is a clique of old farang always in the reception area moaning about something or other.

[udonguy]

Does anyone have any feedback on this company: http://www.rentinchiangmai.com/ ???

If so and you don't feel comfortable posting in public, please send me a PM.

Thanks!

I know them too - new to the business but nice but always remember agents are agents are agents they are not your best friend they are there to make money

The owners are Simon and Rung.

I have known them for a couple of years. Simon has lived in CM for 10 years or so, so knows the city very well. Rung is born here

They have found us quite a few tenants already and we have used them to buy and sell a condo.

I would definitely recommend them. They are not the biggest and are relatively new to real estate in CM, but I think they are honest and that is important.

Sometimes it's a little difficult to understand his London accent, but that may be because English is not my mother language.

Stig

You are in business with them if I am not mistaken. At least you are the guy they recommended who does renovations.

I am not really in business with them.

We use them, amongst other companies, to find tenants for our condos and have used them before to buy and sell.

Yes, I know them personally, but that is not the reason why I recommended them.

Sent from my GT-S5830 using Thaivisa Connect App

[BillyBobThai]

With the prices of rent being as low as they are here in Chiang Mai, I do not know why anyone would consider buying. I pay 5000 baht for an unfurnished 3 bed, 2 bath house here in Hang Dong. It has a nice, large garden area and is in a quite area. With some things, sex and housing, it is cheaper to rent than buy.

[udonguy]

With the prices of rent being as low as they are here in Chiang Mai, I do not know why anyone would consider buying. I pay 5000 baht for an unfurnished 3 bed, 2 bath house here in Hang Dong. It has a nice, large garden area and is in a quite area. With some things, sex and housing, it is cheaper to rent than buy.

It's a consideration of course - but it's not just about money for those of us who live here for years and have moved here. It's also about having your own things around and about the way you 'feel' about having your own place. I would hate to rent personally.

[PingandSingh]

I know that this agent is taking care of my friends condos very well while he is abroad.

They charge 1 month commission for a year lease.

www.chiangmairiversidecondo.com

This is only riverside condo and that condo would not be high on my list - old, bad parking and lots of committee and manager problems and location is poor with no shopping, bars or restaurants to speak of. It's true some like it and there is a clique of old farang always in the reception area moaning about something or other.

Damned "udonguy", I noticed you yesterday sitting with that clique of old farang. You not returned my greetz; probably not seeing me just as the dozens of shops and restaurants on the backside of Riverside Condo. 50 yards away only. Are you really that old or are your eyes really that bad? See you tomorrow with the clique mate.

[udonguy]

Oh sorry it was you! I just heard some rumbling 'young man, young man' if I knew it was you I would have come over as I know it's hard for you to stand up with your zimmer frame these days. Yes those lovely new restaurants and those loads of great bars teaming with people are great! Pity they are only in my dreams - you too it looks like!