Buying A Condo In Thailand

[MyThaiLove]

Ok, i'm thinking about buying a condo in Thailand but not sure how it works.

1. Do they check my American credit or is it Thai credit?

2. Do they require a down payment? If so, what percentage?

3. Do i 100% own it or do I have only 30 years to own it?

4. Anything else i should know?

Can someone answer these for me please or send me to a site that has all of this info?

Thanks in advance,

Dave C

[Gary A]

Don't plan on being able to borrow money here in Thailand. It's not likely to happen. The down payment will be 100% of the purchase price.

A condo is the only property you can own in your own name. (Freehold). The condo complex must not be farang owned more than 49%. Money talks and bull sh!t walks.

[think_too_mut]

Ok, i'm thinking about buying a condo in Thailand but not sure how it works.

1. Do they check my American credit or is it Thai credit?

2. Do they require a down payment? If so, what percentage?

3. Do i 100% own it or do I have only 30 years to own it?

4. Anything else i should know?

Can someone answer these for me please or send me to a site that has all of this info?

Thanks in advance,

Dave C

Until recently:

You pay 100% cash and it's 100% yours forever. The money has to be transferred from your US account into Thai Bank account for the purpose of "Condo purchase.".

No need to check your credit, no down payment (maybe, some token sum only to keep the booking).

Since a few months ago a loan is possible:

You can get a loan from BKK Bank in Singapore, 20% deposit, max 10 years. There were threads about that, look a few weeks back.

[lopburi3]

Money for payment must be 100% and come from outside Thailand and be documented as such and for purchase of condo. Only a small percentage of condos are available for foreign purchase. If you intend to use the Condo to obtain investment visa you also have to meed special buying from developer type conditions. Loans are supposedly now available by using the Bangkok Bank branch in Singapore (foreign source money) but as of now that is the only place reporting that it is possible and have not seen detailed conditions/reports from anyone yet. But suspect as with most loans it is easier to qualify if you don't need it.

[Nadia 2]

Be aware that a common way to sell these condo units in certain areas is 'ownership' through the issue of shares in a Thai holding/ management company which owns the multi-unit building (sometimes in conjunction with 30 year leases). The Thai holding/ management company holds the property for the benefit of its shareholders (the 'unit purchasers').

In case of a Condominium according to the Condominium Act the Land Department is responsible for the registration and issuance of the unit title deeds and other types of registration of transactions, including the transfer and mortgages of condominium units.

[allane]

Ok, i'm thinking about buying a condo in Thailand but not sure how it works.

1. Do they check my American credit or is it Thai credit?

2. Do they require a down payment? If so, what percentage?

3. Do i 100% own it or do I have only 30 years to own it?

4. Anything else i should know?

Can someone answer these for me please or send me to a site that has all of this info?

Thanks in advance,

Dave C

[allane]

I considered buying a condo. a few years ago, did a lot of research, but did not proceed. I think that some of the banks/finance companies will consider taking a mortgage from a foreigner. I remember a requirement for a 25% down payment, which seemed reasonable to me. Ask them; it costs nothing to ask.

You must purchase the condo. (or at least whatever portion you do not mortgage) WITH CASH BROUGHT IN FROM OUTSIDE OF THAILAND, and, the money must be marked as such at the time it is brought in. You can NOT use money which you have previously brought to Thailand, and you can not use money which you have earned and saved here (if you are employed.) Money which came from either of these sources would have to be "recycled" through your home country first.

Get a copy of the Condominium Act (available in English), and read it carefully before proceeding.

[britainmal]

All these regulations, I think it is better to just rent.

[backflip]

You can also check with one of the several thousand real estate firms in Thailand. I talked with, and lloked for a condo with a couple dozen agents and companies. I finally found a nice place using the services of CBRE. Although involved, the purchase procedure isn't difficult.

[Khun Bob]

Where do i Get a copy of the Condominium Act (available in English) from ?

Cheers

I considered buying a condo. a few years ago, did a lot of research, but did not proceed. I think that some of the banks/finance companies will consider taking a mortgage from a foreigner. I remember a requirement for a 25% down payment, which seemed reasonable to me. Ask them; it costs nothing to ask.

You must purchase the condo. (or at least whatever portion you do not mortgage) WITH CASH BROUGHT IN FROM OUTSIDE OF THAILAND, and, the money must be marked as such at the time it is brought in. You can NOT use money which you have previously brought to Thailand, and you can not use money which you have earned and saved here (if you are employed.) Money which came from either of these sources would have to be "recycled" through your home country first.

Get a copy of the Condominium Act (available in English), and read it carefully before proceeding.

Why do you say "Only a small percentage of condos are available for foreign purchase." ?

Cheers

Money for payment must be 100% and come from outside Thailand and be documented as such and for purchase of condo. Only a small percentage of condos are available for foreign purchase. If you intend to use the Condo to obtain investment visa you also have to meed special buying from developer type conditions. Loans are supposedly now available by using the Bangkok Bank branch in Singapore (foreign source money) but as of now that is the only place reporting that it is possible and have not seen detailed conditions/reports from anyone yet. But suspect as with most loans it is easier to qualify if you don't need it.

[Dragonman]

Where do i Get a copy of the Condominium Act (available in English) from ?

Cheers

I considered buying a condo. a few years ago, did a lot of research, but did not proceed. I think that some of the banks/finance companies will consider taking a mortgage from a foreigner. I remember a requirement for a 25% down payment, which seemed reasonable to me. Ask them; it costs nothing to ask.

You must purchase the condo. (or at least whatever portion you do not mortgage) WITH CASH BROUGHT IN FROM OUTSIDE OF THAILAND, and, the money must be marked as such at the time it is brought in. You can NOT use money which you have previously brought to Thailand, and you can not use money which you have earned and saved here (if you are employed.) Money which came from either of these sources would have to be "recycled" through your home country first.

Get a copy of the Condominium Act (available in English), and read it carefully before proceeding.

Why do you say "Only a small percentage of condos are available for foreign purchase." ?

Cheers

Money for payment must be 100% and come from outside Thailand and be documented as such and for purchase of condo. Only a small percentage of condos are available for foreign purchase. If you intend to use the Condo to obtain investment visa you also have to meed special buying from developer type conditions. Loans are supposedly now available by using the Bangkok Bank branch in Singapore (foreign source money) but as of now that is the only place reporting that it is possible and have not seen detailed conditions/reports from anyone yet. But suspect as with most loans it is easier to qualify if you don't need it.

Bob, check out Department of Lands website.

www.dol.go.th

[TRIPxCORE]

You can buy a condo no problem. I just happen to have one for sale too. Take a look here:

http://bangkok.craigslist.org/rfs/121930181.html

[Fist]

There is nothing scary about buying a condo in Thailand could not be easier. The difficult thing is finding the right place and right one to buy.

I have been in Real Estate all many different places and the rules of thumb don't change.

The first one is don't listen to anyone telling you its better to rent.....if you are here on a regular basis buying is the best thing you can do.

Much depends on you as an individual and where you personally want to live but try and remember property is about Location location location.

If someone recomends a condo to you............trust no one and call up the condo building and tell them yo are an agent and are looking to buy 6 condos can they halp you...if they say YES go look somewhere else........find out how much the condo rents for.....multiply month by 12 and divide by the asking price.........eg 12* 40,000 /4.8 million give you a 10% yield gross......you should want to yield about 7.5% min.....that will stand you in good stead with investors should you want to sell in the future.

Keep away from condos near places like Nana and Cowboy or you can half yopur maket before you start......families don't like their kids walking past these places ithe evening and many farangs feel the same about their girlfriend being anywhere near the place.

Most imporatantly find out wha other condos sold for in the same building it would amaze you how many people end up being carted by some so called agent who has lumped up a condo at their expense.....make sure at some point you meet the actual owner and don't hand cash deposits to an agent

Armed with this info you could doddle of yourself and eventually find the right place or you drop me an email at [email protected] and I will tell you in 5 mins if what you are looking for actually exists.

If you are looking for a 250 sq mt condo in first class condition for around 7 million baht in Sathorn or Sukhumvit and find one let me know .I will buy 10 of them LOL or you could try Issan..............you will find Bangkok prices around 60,000 baht per sq mt up for the better condos........the ones at 50,000 down are in very bad building or in very bad condition, so unless you expect to spend around 12,000 baht psm fully renovating one keep your money in your pocket.

Renovating is something I love to do and is probably ones best bet if looking for value for money...you can end up with what you exactly want and the quality of finish will be higher than you can buy in any of the new condos.............make sure you get professional advice before going up this road too many older condos can't be improved enuff to justify buying them. You should be looking to expand toilet and kitchen sizes (they tend to be very small in older buildings) and in some condos that's impossible to do.

Good luck whatever way you go but I am 100% pro buying and would say go for it.