Phuket It Is

[grumpyoldman]

[KarenBravo]

You and others use blanket statements that you should never buy here because it "can't be in your name", and you "shouldn't invest more than you can afford to lose", opinions that are not time dependent, are they? I rejected those arguments, which have been around for longer than most people have been here.

If you want to talk about the here and now, my opinion is that I would only buy a property if you intended to use it for the rest of your life; not as an investment.

You also say that the good old days will never return. I believe that they will for certain areas. Watch Chalong land prices rise when the road from Nanai to Chalong is finally opened. Watch land prices rise near the stations if they ever get the light railway system off the ground.

In 1999 when I bought the land I live on, I thought I was buying at the top of the market, as many people told me. In fact, I was buying just before the real boom.

[petercallen]

Just to bang home the nail.

I know a couple of people that are still renting the same house that they have lived in for the last 15 to 20 years.

With the money they have paid in rent, they could have bought the house two times over.

Their mistake was not to commit to living here, yet, they did anyway. I know that they both regret not buying.

Wouldn't it depend on where the money is "working harder" for them?

I've left my money back in my home country in the form of a property and cash at bank.

I get good rent coming in from the property and 6% interest on the cash at bank.

The property is an appreciating asset, rather than a property here depreciating through oversupply, poor constructing and years declining/uncertainty of a 30 year land use law.

Any maintainence or improvements to the property are also a tax deduction.

God forbid, if I have a major illness - Eg. cancer, stroke etc I still have a home to go back to for long term treatment and I have something to leave my kids upon my death.

The income generated from back home more than covers the rent I am paying here and I have avoided ALL of the risks associated will buying a property in Phuket/Thailand. Eg - EVERYTHING is 100% in my name.

Any maintainence on my rental in Phuket is paid for by the landlord. I live in quite a new place, but just one month ago a tile lifted in the bathroom, due to poor workmanship - not my problem, rang the landlord and it was fixed.

Basically, I'm making more money in my home country than my living expenses on Phuket, which includes rent.

To buy here would see me lose more money than what I would save in paying rent. It really has nothing to do with being committed to living on Phuket.

Some people do still have property, shares and bank accounts in there home country and still purchase a house here because they can afford to and do not want to live in a rented house with a landlord who can tell you what to do and how to live

So, the Thai Government can't tell you what to do and how to live by changing property ownership laws for foreigners and visa laws????????

And why would the Govt do that they are very strict now, if they do change them some time in the future i believe they will allow a expat to purchase up to a rai of land for there own use, why not we are not speculating and cannot take it with us if we leave or die

[steelepulse]

>>In 1999 when I bought the land I live on, I thought I was buying at the top of the market, as many people told me. In fact, I was buying just before the real boom.

When I bought some land around that same time, I know people were saying I overpaid. Just 1 year ago, a piece of land just like what I'm on sold for exactly 10X what I paid. Granted this type of land is in short supply, but the doomsayers of " the market has peaked, won't go up any more" have been saying this for years upon years.

[petercallen]

Real estate markets in all countries go through booms and busts at some time

The current market here is a bust and buyers market

There are still speculators building or trying to homes for expats, running out of funds and cannot complete them

The only houses selling here at present are at the lower end of the price range to Thai buyers

With oversupply the price of houses and rents drop, this will change in the future but not for a fair while in my opinion

People who bought into the market in 1999 are laughing all the way to the bank

[snamos]

I have to admit ive got a bit more of an open mind with regards to purchasing property in thailand after reading some posts here

Sent from my GT-I9100 using Thaivisa Connect App

[kawapower]

I know nothing about buying a house here apart from you have to rent/lease the land it is built on, can the owner of the land take it back at any time, maybe he will get an offer he can not refuse!! Does the contract cover this?

[LivinginKata]

I know nothing about buying a house here apart from you have to rent/lease the land it is built on, can the owner of the land take it back at any time, maybe he will get an offer he can not refuse!! Does the contract cover this?

If you have a legal contract registered with the land office for a period of time (maximum is 30 years) then the owner has no legal right to take back the land, assuming you as the lessor have met all the financial agreements.

I should add that if you die then the contract is null and cancelled. That little clause has caught out quite a few spouces, dependents.

[Wikinger2]

Interesting opener but now more then boring.

House owner want to convince tenants to buy. Tenants are sure the best to do is renting.

Wow.

[Felt 35]

I have rented in Phuket for more than 16 years and so far it have cost me about 2.4m and I’m very happy with that choice and if I’m still alive and here the next 16 I also intend to rent. Dividing the amount above on yearly and monthly rent will at best cover me 2-3 months a year back home. Besides back home I have a house and that`s more than enough. To keep up a house takes time and money and to older I get to less motivating it is to have that burden “hanging” over me.

I got offered beach front land with a nice house on in Kamala just after coming here to less than the price of a pickup. Had I bought and lived there I would have been washed away when the Tsunami hit.

[kawapower]

I know nothing about buying a house here apart from you have to rent/lease the land it is built on, can the owner of the land take it back at any time, maybe he will get an offer he can not refuse!! Does the contract cover this?

If you have a legal contract registered with the land office for a period of time (maximum is 30 years) then the owner has no legal right to take back the land, assuming you as the lessor have met all the financial agreements.

I should add that if you die then the contract is null and cancelled. That little clause has caught out quite a few spouces, dependents.

So you lease or rent the land, build a house worth 10 million, the lease is in your wife's name, she dies you lose everything!! Must rush out and buy!!

[kawapower]

I know nothing about buying a house here apart from you have to rent/lease the land it is built on, can the owner of the land take it back at any time, maybe he will get an offer he can not refuse!! Does the contract cover this?

If you have a legal contract registered with the land office for a period of time (maximum is 30 years) then the owner has no legal right to take back the land, assuming you as the lessor have met all the financial agreements.

I should add that if you die then the contract is null and cancelled. That little clause has caught out quite a few spouces, dependents.

So you lease or rent the land, build a house worth 10 million, the lease is in your wife's name, she dies you lose everything!! Must rush out and Buy!!

Edited July 15, 2012 by kawapower

[hansgruber]

I know nothing about buying a house here apart from you have to rent/lease the land it is built on, can the owner of the land take it back at any time, maybe he will get an offer he can not refuse!! Does the contract cover this?

If you have a legal contract registered with the land office for a period of time (maximum is 30 years) then the owner has no legal right to take back the land, assuming you as the lessor have met all the financial agreements.

I should add that if you die then the contract is null and cancelled. That little clause has caught out quite a few spouces, dependents.

So you lease or rent the land, build a house worth 10 million, the lease is in your wife's name, she dies you lose everything!! Must rush out and buy!!

Its hard to commit to buy when you dont trust your spouse so in understand i your case. Keep renting Kenny.

Edited July 16, 2012 by hansgruber

[kawapower]

I know nothing about buying a house here apart from you have to rent/lease the land it is built on, can the owner of the land take it back at any time, maybe he will get an offer he can not refuse!! Does the contract cover this?

If you have a legal contract registered with the land office for a period of time (maximum is 30 years) then the owner has no legal right to take back the land, assuming you as the lessor have met all the financial agreements.

I should add that if you die then the contract is null and cancelled. That little clause has caught out quite a few spouces, dependents.

So you lease or rent the land, build a house worth 10 million, the lease is in your wife's name, she dies you lose everything!! Must rush out and buy!!

Its hard to commit to buy when you dont trust your spouse so in understand i your case. Keep renting Kenny.

Yep I will it is the safer option, very dodgy buying here!!

Edited July 16, 2012 by kawapower

[KarenBravo]

I know nothing about buying a house here apart from you have to rent/lease the land it is built on, can the owner of the land take it back at any time, maybe he will get an offer he can not refuse!! Does the contract cover this?

If you have a legal contract registered with the land office for a period of time (maximum is 30 years) then the owner has no legal right to take back the land, assuming you as the lessor have met all the financial agreements.

I should add that if you die then the contract is null and cancelled. That little clause has caught out quite a few spouces, dependents.

So you lease or rent the land, build a house worth 10 million, the lease is in your wife's name, she dies you lose everything!! Must rush out and buy!!

No.....read LiK's post again. If YOU die the lease is finished.

If you have a 30 year lease with your wife, she can either leave it to you in her will and you must sell it within one year, or, she can leave it to a member of her family and they are obligated to honour the remaining years on the lease. Please try to keep up Kenny, there's a good chap.

[kawapower]

I will try my very best to be a good chap and just for you!! Renting is by far the safer option here it works for me and many many others!!

[kawapower]

I will try my very best to be a good chap and just for you!! Renting is by far the safer option here it works for me and many many others!!

She leaves the lease to you so you must sell within one year, not good, she leaves it to her family who have to honor the lease, the family then all move in with you, lovely!!

[KarenBravo]

Renting is by far the safer option here it works for me and many many others!!

.....and so does buying. Depends upon timing and circumstances.

I am now going to take my own advice on this subject and <deleted>.

[kawapower]

Renting is by far the safer option here it works for me and many many others!!

.....and so does buying. Depends upon timing and circumstances.

I am now going to take my own advice on this subject and <deleted>.

Yes you are right there, horses for courses and good luck to all!!

[CrazyKid]

I knew even before I moved here that it would be foolish to buy anything here, renting is cheap and easy to move if you need to, My opinion is do not buy anything unless you can afford to lose it all !!

I guess if I was rich I could buy/lease but I am not rich enough to not care if I lost 1 mill or even a few 100K. I am a tough old fart, observant and a pretty good planner that grew up in a fairly mean world.. My gut says I'll like Phuket and I find when I trust my instinct I am right more times than not. I am willing to bet there are some people in Phuket and in just about in city in the world. My friends will treat me the way I treat them and the rest will be acquaintances. Next I need to get my Last Will and Testament done and arrange burial (former military with rights). Not that I plan on needed it

[petercallen]

I know nothing about buying a house here apart from you have to rent/lease the land it is built on, can the owner of the land take it back at any time, maybe he will get an offer he can not refuse!! Does the contract cover this?

If you have a legal contract registered with the land office for a period of time (maximum is 30 years) then the owner has no legal right to take back the land, assuming you as the lessor have met all the financial agreements.

I should add that if you die then the contract is null and cancelled. That little clause has caught out quite a few spouces, dependents.

So you lease or rent the land, build a house worth 10 million, the lease is in your wife's name, she dies you lose everything!! Must rush out and buy!!

Not true, you have a clause in the lease stating who ever inherits the land must continue the original lease agreement including extensions if that is possible in the future, anyway we are talking about 30 years how many of you will be alive and kicking then

[kawapower]

I know nothing about buying a house here apart from you have to rent/lease the land it is built on, can the owner of the land take it back at any time, maybe he will get an offer he can not refuse!! Does the contract cover this?

If you have a legal contract registered with the land office for a period of time (maximum is 30 years) then the owner has no legal right to take back the land, assuming you as the lessor have met all the financial agreements.

I should add that if you die then the contract is null and cancelled. That little clause has caught out quite a few spouces, dependents.

So you lease or rent the land, build a house worth 10 million, the lease is in your wife's name, she dies you lose everything!! Must rush out and buy!!

Not true, you have a clause in the lease stating who ever inherits the land must continue the original lease agreement including extensions if that is possible in the future, anyway we are talking about 30 years how many of you will be alive and kicking then

Very true Peter, you have a lovely house so all is good!!

[hansgruber]

It's not fair to judge others situations and why they rent or buy their property.

If I had a girl who had kids from a previous relationship I wouldn't buy either. Many stories of westerners getting booted out and the Thai father moves in.

[petercallen]

It's not fair to judge others situations and why they rent or buy their property.

If I had a girl who had kids from a previous relationship I wouldn't buy either. Many stories of westerners getting booted out and the Thai father moves in.

Plenty of stories about men abandoning there wife and children not only Thais and giving them no support as well

Do you really think women want this type of man back

[hansgruber]

It's not fair to judge others situations and why they rent or buy their property.

If I had a girl who had kids from a previous relationship I wouldn't buy either. Many stories of westerners getting booted out and the Thai father moves in.

Plenty of stories about men abandoning there wife and children not only Thais and giving them no support as well

Do you really think women want this type of man back

No but I'm making a point.

Some guys have a trust with their Thai wife where they can trust them with the family home in their name, regardless of their past relationships/occupation and those guys tend to be the buyers.

The guys who are in dubious relationships are the ones that are reluctant to buy a property and continually rent. It's an apples and oranges comparison because not one relationship is the same.

I just agree with Kenny because like him, I am unsure about my current spouse.

It's case by case

[kawapower]

It's not fair to judge others situations and why they rent or buy their property.

If I had a girl who had kids from a previous relationship I wouldn't buy either. Many stories of westerners getting booted out and the Thai father moves in.

Plenty of stories about men abandoning there wife and children not only Thais and giving them no support as well

Do you really think women want this type of man back

No but I'm making a point.

Some guys have a trust with their Thai wife where they can trust them with the family home in their name, regardless of their past relationships/occupation and those guys tend to be the buyers.

The guys who are in dubious relationships are the ones that are reluctant to buy a property and continually rent. It's an apples and oranges comparison because not one relationship is the same.

I just agree with Kenny because like him, I am unsure about my current spouse.

It's case by case

Yes you need to have complete trust in your wife/gf to put anything in there name, I choose not to, the gf refused when I did offer saying it's your money etc not mine!!

[Felt 35]

It's not fair to judge others situations and why they rent or buy their property.

If I had a girl who had kids from a previous relationship I wouldn't buy either. Many stories of westerners getting booted out and the Thai father moves in.

Plenty of stories about men abandoning there wife and children not only Thais and giving them no support as well

Do you really think women want this type of man back

No but I'm making a point.

Some guys have a trust with their Thai wife where they can trust them with the family home in their name, regardless of their past relationships/occupation and those guys tend to be the buyers.

The guys who are in dubious relationships are the ones that are reluctant to buy a property and continually rent. It's an apples and oranges comparison because not one relationship is the same.

I just agree with Kenny because like him, I am unsure about my current spouse.

It's case by case

I believe most people who are here over many years and choose to rent follow a simple principle, i.e. would they buy on the same terms in their home country?

[petercallen]

It's not fair to judge others situations and why they rent or buy their property.

If I had a girl who had kids from a previous relationship I wouldn't buy either. Many stories of westerners getting booted out and the Thai father moves in.

Plenty of stories about men abandoning there wife and children not only Thais and giving them no support as well

Do you really think women want this type of man back

No but I'm making a point.

Some guys have a trust with their Thai wife where they can trust them with the family home in their name, regardless of their past relationships/occupation and those guys tend to be the buyers.

The guys who are in dubious relationships are the ones that are reluctant to buy a property and continually rent. It's an apples and oranges comparison because not one relationship is the same.

I just agree with Kenny because like him, I am unsure about my current spouse.

It's case by case

Fair enough, you need to be sure or as sure as you can be before committing to buying a house

There are problems in most countries if a relationship breaks up

I understand why most people would prefer to rent and do

[snamos]

As a fair amount of Phukets expat population could be put into the 'gods waiting room category' I would suggest renting or a 30 year lease to anyone over 50.

If you are under that age maybe buying is a viable option, Im intrigued now. I might get the missus to get finance and Ill just slip here the monthly rent and if its the same as the repayments on the house then Im not losing anything...better the money goes to her than the landlord. Then in 20 years if we are still together and flip the joint I havent lost anything

[LivinginKata]

<snip>As a fair amount of Phukets expat population could be put into the 'gods waiting room category' I would suggest renting or a 30 year lease to anyone over 50.

I think you have hit the nail on the head. The 30 year option gives a nice retirement home until death. Cheaper/more comfortable than renting for 30 years. Fact of the matter is that the Thai girlfriend or wife hates that option. On the other hand the 30 year lease costs much the same as buying freehold so why not give your life partner a bonus.