Condo Or Land

[Smokemachine]

If lets say now you and your wife is going to work together to save some cash. Will you save the money to buy a budget condo under your name but space is limited (her family members maybe want stay together) or will you buy a land and build a house under your wife name but everyone can live together?

[RakJungTorlae]

I find it very odd that any grown man would want to live with anyone's parents or extended family, the holiday visit fine. but live under 1 roof hole year out? WHYYYYYYY!

Edited June 11, 2012 by RakJungTorlae

[simple1]

Putting aside the issue of having the family living with you. What's your monetary definition of cheap. 2/3 bedroom condo will likely cost you more than a house

[BigJohnnyBKK]

I think you'd be crazy to live anywhere near her family.

Being holed up in a small condo with them would to me be total hell.

Land+house is giving your money away to them, you'll be tolerated as a guest only as long as you kowtow to their wishes, another kind of hell.

**YOU** decide where **you** want to live at least a six hour bus ride away from her family, invite **her** but not her family to come along and live with you in your place.

Strictly financially my opinion is better off renting, not buying.

[Soutpeel]

Strictly financially my opinion is better off renting, not buying.

and this sound financial principle could also apply to the "wife/GF" as well, not just property...

[Smokemachine]

Ya I know condo is more expensive than the land and house. But my wife prefer to stay with her family (they are very close) that why I'm in a dilemma. Not sure what Is the best way for me. I agreed about the buying land and house is consider giving to them (although is under my wife name) and they will not even bother about me anymore since,things are in their name. To me , actually I feel ok staying with them but I'm just thinking of a win win situation which all the stuff can be under my name and my wife can stay with them. Is there anyway that if I buy a land and house, get my name on it through legal way? A will? I'm not sure is there such legal method?

[simple1]

Ya I know condo is more expensive than the land and house. But my wife prefer to stay with her family (they are very close) that why I'm in a dilemma. Not sure what Is the best way for me. I agreed about the buying land and house is consider giving to them (although is under my wife name) and they will not even bother about me anymore since,things are in their name. To me , actually I feel ok staying with them but I'm just thinking of a win win situation which all the stuff can be under my name and my wife can stay with them. Is there anyway that if I buy a land and house, get my name on it through legal way? A will? I'm not sure is there such legal method?

No you cannot own the land legally. You could explore establishing a Thai company for acquiring a house; but check out your local Land Office before going down this path. If putting the house in the wife's name via the Chanote, many foreigners put in-place a Usufruct for a thirty year right of access to the house. However this vehicle is not enforceable if you are married to a Thai & the marriage sours; unless you have the co-operation of the then ex wife.

[ballbreaker]

OP since you are already married there are no real good options to protect yourself if land and house are in wife's name. The best you can do is put land in her name and get all permits and construction contract for house in your name.only. If you divorce for some reason you should be able to recover some of your money after months in court.

A will does not help since you cannot own land and would be given 1 year to sell or put property in Thai persons name.

Give up the idea thinking its okay to have family living in same house. Bad idea and you will soon regret.

[payak]

serious life decision and you must ask strangers, will you decide according to our opinion.

If you cannot talk to your wife about such things I would think twice about having anything in her name.

[Johnniey]

I think you'd be crazy to live anywhere near her family.

Being holed up in a small condo with them would to me be total hell.

Land+house is giving your money away to them, you'll be tolerated as a guest only as long as you kowtow to their wishes, another kind of hell.

**YOU** decide where **you** want to live at least a six hour bus ride away from her family, invite **her** but not her family to come along and live with you in your place.

Strictly financially my opinion is better off renting, not buying.

I agree - my in laws are 400 km away.

Please explain how financially renting is better than renting.

I've rented for the last 17 years and now realize that if we had bought somewhere it could have been paid by now.

Edited June 12, 2012 by Johnniey

[soi41]

Ya I know condo is more expensive than the land and house. But my wife prefer to stay with her family (they are very close) that why I'm in a dilemma. Not sure what Is the best way for me. I agreed about the buying land and house is consider giving to them (although is under my wife name) and they will not even bother about me anymore since,things are in their name. To me , actually I feel ok staying with them but I'm just thinking of a win win situation which all the stuff can be under my name and my wife can stay with them. Is there anyway that if I buy a land and house, get my name on it through legal way? A will? I'm not sure is there such legal method?

Time for a wake up call and a reality check Mr Kelvin. Reading some of your previous posts, it seems you are completely lost in the new country of yours. If you are not being very careful, we will very soon see, you posting about, how the courtsystem is working here . Your wife is married to you, and still wants to stay with her family ?? Close or not close, YOU are her family now.

So my advice to you would be, rent in the beginning. NOTHING in your wifes or familys name, no land, no motorbike, no car (despite missing out on the new car rebate). Then down the line, 5 years time or so, when you are sure that your relationship is a good one, then you can start considering buying something here.

[Soutpeel]

Ya I know condo is more expensive than the land and house. But my wife prefer to stay with her family (they are very close) that why I'm in a dilemma. Not sure what Is the best way for me. I agreed about the buying land and house is consider giving to them (although is under my wife name) and they will not even bother about me anymore since,things are in their name. To me , actually I feel ok staying with them but I'm just thinking of a win win situation which all the stuff can be under my name and my wife can stay with them. Is there anyway that if I buy a land and house, get my name on it through legal way? A will? I'm not sure is there such legal method?

No you cannot own the land legally. You could explore establishing a Thai company for acquiring a house;

Which technically is illegal as well..

[simple1]

Ya I know condo is more expensive than the land and house. But my wife prefer to stay with her family (they are very close) that why I'm in a dilemma. Not sure what Is the best way for me. I agreed about the buying land and house is consider giving to them (although is under my wife name) and they will not even bother about me anymore since,things are in their name. To me , actually I feel ok staying with them but I'm just thinking of a win win situation which all the stuff can be under my name and my wife can stay with them. Is there anyway that if I buy a land and house, get my name on it through legal way? A will? I'm not sure is there such legal method?

No you cannot own the land legally. You could explore establishing a Thai company for acquiring a house;

Which technically is illegal as well..

True

[Soutpeel]

Ya I know condo is more expensive than the land and house. But my wife prefer to stay with her family (they are very close) that why I'm in a dilemma. Not sure what Is the best way for me. I agreed about the buying land and house is consider giving to them (although is under my wife name) and they will not even bother about me anymore since,things are in their name. To me , actually I feel ok staying with them but I'm just thinking of a win win situation which all the stuff can be under my name and my wife can stay with them. Is there anyway that if I buy a land and house, get my name on it through legal way? A will? I'm not sure is there such legal method?

No you cannot own the land legally. You could explore establishing a Thai company for acquiring a house;

Which technically is illegal as well..

True

In theory the OP could "own" the house alone, but not the land its on...dont need a company to do that, the law refers to land, but seeing at the land and house are "linked" it can get quite difficult to split the two in practical terms..

[Trembly]

Get a condo. It's the only type of property that you as a foreigner can legally own freehold without having to deal with anyone else.

Edited June 12, 2012 by Trembly

[overherebc]

serious life decision and you must ask strangers, will you decide according to our opinion.

If you cannot talk to your wife about such things I would think twice about having anything in her name.

Living in any country always live your life in a way that you can if you want to just walk away from it with no regrets as to what you leave behind.

[Soutpeel]

Get a condo. It's the only type of property that you as a foreigner can legally own freehold without having to deal with anyone else.

This is the smartest advice of the lot...

If some does insist on owning a house/land in Thailand, be prepared to walk away from it and take the hit, if it ever came to that...

This is exactly how I look at it...I "own" a house in Thailand and if something happened be tween myself and Mr Soutpeel...I decided a long time ago I would be prepared to take the hit and walk away

[meom]

This is the smartest advice of the lot...

If some does insist on owning a house/land in Thailand, be prepared to walk away from it and take the hit, if it ever came to that...

This is exactly how I look at it...I "own" a house in Thailand and if something happened be tween myself and Mr Soutpeel...I decided a long time ago I would be prepared to take the hit and walk away

Suddenly all your posts make so much more sense

Edited June 12, 2012 by meom

[overherebc]

Just to add,

I have been here a long time and I still hear guys telling other new guys, my wife checked everything and the car and bike have to be in her name because I don't have a work permit and B visa.

I know it's bullsh-t and many know it's bullsh-t but it still happens on daily basis.

[PattayaParent]

I think you'd be crazy to live anywhere near her family.

Being holed up in a small condo with them would to me be total hell.

Land+house is giving your money away to them, you'll be tolerated as a guest only as long as you kowtow to their wishes, another kind of hell.

**YOU** decide where **you** want to live at least a six hour bus ride away from her family, invite **her** but not her family to come along and live with you in your place.

Strictly financially my opinion is better off renting, not buying.

I agree - my in laws are 400 km away.

Please explain how financially renting is better than renting.

I've rented for the last 17 years and now realize that if we had bought somewhere it could have been paid by now.

Because if you get fed up with the family being with you 24/7 you can pack your bags and go and you lose nothing and If you buy the land and house you have already lost it all up front.

[NanLaew]

I think you'd be crazy to live anywhere near her family.

Being holed up in a small condo with them would to me be total hell.

Land+house is giving your money away to them, you'll be tolerated as a guest only as long as you kowtow to their wishes, another kind of hell.

**YOU** decide where **you** want to live at least a six hour bus ride away from her family, invite **her** but not her family to come along and live with you in your place.

Strictly financially my opinion is better off renting, not buying.

I agree - my in laws are 400 km away.

Please explain how financially renting is better than renting.

I've rented for the last 17 years and now realize that if we had bought somewhere it could have been paid by now.

Over 17 years ago, I sold the quiet country property I had bought on the 'outskirts' of Pattaya. Great move as now it is slap bang in the ghetto beween Soi Buakhao and Sai Sahm. Over 20 years ago I was very interested in a 'unique' housing development near Bang Saray that promised zoning laws and leaving the trees in place to mature. I never followed through on it. Now it's being bulldozed and replaced by all the horrible, treeless, concrete resorts that are spreading down the coast.

You may be in a unique position if your 17-year rental has been in the same property and it is still as desirable now as it was back then. However, most 'paradise' investments made around 20 years ago, unless accompanied with a huge tract of land (such as a farm), have lost their appeal and have become the suburbs or refuse tip of some provincial shithole.

Edited June 12, 2012 by NanLaew

[Soutpeel]

This is the smartest advice of the lot...

If some does insist on owning a house/land in Thailand, be prepared to walk away from it and take the hit, if it ever came to that...

This is exactly how I look at it...I "own" a house in Thailand and if something happened be tween myself and Mr Soutpeel...I decided a long time ago I would be prepared to take the hit and walk away

Suddenly all your posts make so much more sense

Woopsie....

[NanLaew]

... but seeing at the land and house are "linked" it can get quite difficult to split the two in practical terms..

It's quite easy to separate them with a bulldozer; even more satisfying if you have taken some driving and operating lessons and actively partake in the separation process.

I recommend a D7 Cat as being just the right size.

Edited June 12, 2012 by NanLaew

[Soutpeel]

... but seeing at the land and house are "linked" it can get quite difficult to split the two in practical terms..

It's quite easy to separate them with a bulldozer; even more satisfying if you have taken some driving and operating lessons and actively partake in the separation process.

I recommend a D7 Cat as being just the right size.

This is true

[LennyW]

Land and house every time, push comes to shove you can always sleep in the shed with the dog!!

But seriously, look at buying a house that is already in a company name, get your lawyer to check there are no encumbance's on the company, simple change of director and on you go. Plenty around.

Why anyone with even a small family would consider a condo is beyond me - single people get stir crazy in condos, imagine tripping over kids and in-laws all day and night......aaaaaaaaaaargh!!!

[arthurwait]

DO !

NOT !

LET !

HER !

FAMILY !

MOVE !

IN !

!

!

!

[David48]

Kelvin ... why do you do this?

These are nice honest Folks.

They invest their time to reply to you.

It's sad ...

Oh ... one topic I am interested in that you started recently ... were you able to discover the total cost for getting the leather replaced on your Honda seat?

Oh, speaking of cars ... did you get someone to confirm if the colour white cost more or the same price for your new car like you suspected?

And that Buddha Statue ... you know, the one that you were chasing that looked different to the other Buddha Statues. Were you able to buy one for your home?

I just have an intense dislike for people who stroll through the Forums.

Yeah, yeah, I know, my reply is not related to OP's question ... I'll get my Coat.

[BigJohnnyBKK]

Please explain how financially renting is better than renting.

My rule of thumb: Take the rent price and multiply by 12 years. If the buy price is higher, it doesn't make sense financially.

If a condo, you have to deduct the maintenance/common charges from the rental income stream. Of course the latter are impossible to predict decades down the road, in the beginning when the developer is still flogging units it will be much much lower than a decade later, even if the build quality is excellent (in Thailand? hah!). You have no control over that monthly fee, can often end up nearly as much as rent in and of itself. Plus there aren't nearly the kind of protective measure in place for the individual owner's rights v/v the developer, here they can continue to skim the cream, cook the books no real rule of law.

Most areas are so grossly overbuilt and the Thais with money to spend only interested in the newer properties, can take forever to get a decent price when trying to resell, if you want to unload within a short time say six months you'll have to take a major haircut on the sell price.

As many other threads here show, neighbors can do what they like to devalue your property and you have no comeback.

Plus the overall generally much greater risk involved in investing in a country without respect for rule of law, end up on the wrong side of some grand poobah's scheme and your SOL.

I'm starting to think 12 year ratio is way too high.

But not for the roof over your head, here in Thailand keep that a rental, ideally less than 15% of your total expenses should be doable as opposed to back home often 40+%. Put the money you save into investments that spin off cash income.

If real estate is really your thing, then maybe a whole bunch of little places, say half-million, rented out at $3,500 - 4,000 purely as (not quite passive) income. Fix most stuff yourself, have some tough guys with clubs to deal with deadbeats.

Keep your personal consumption separate from business investments, and IMO the latter out of the land of scams.

Edited June 12, 2012 by BigJohnnyBKK

[Smokemachine]

serious life decision and you must ask strangers, will you decide according to our opinion.

If you cannot talk to your wife about such things I would think twice about having anything in her name.

Actually she did mentioned about buying a condo under my name after I discuss with her about my concern for the house properties. But she also mentioned wanted to stay with her family so I thought of seeking some opinions in TV for better solutions.

[Smokemachine]

Guys, thanks for all your advice. Im really new in LOS. No friend with me, alone following my Thai wife. Now still deciding a lot of stuff. Im glad to know TV. Got lot of advices and information for me.