Buying Your First Home - Need Advice.

[lilredbite]

Been researching on buying a condo in Bangkok and found this forum in the process. I am a Thai citizen, half Thai, and been living mostly abroad. My grasp of the language is not fantastic; I can speak and read but I'm awful at writing. And this makes it difficult for me to find info on buying a property as a citizen and etc. So I'm hoping that someone here may know something about this and point me to the right direction, links, books, etc.

I'm thinking of getting a medium sized condo in Bangkok that I could rent out for few years. Not really looking into making big bucks from the rent but the idea of letting the rent money contribute to the mortgage and having a home of my own to live in later when I come back is nice.

So my main questions would be:

1. How do you go about the process once you identify the property that you like? Apart from contacting the seller, do I really need to hire an agent and/or lawyer and how long does this take normally?

2. What's the down payment rate for Thais and the mortgage period?

3. Lastly, is Bangkok really sinking?

Sorry if I sound like a complete ignorant but all the info I found so far are for foreigners and I'm having trouble looking for the answers.

[CWMcMurray]

If buying from a new project, then the building agent will help to coordinate and submit mortgage paperwork to the bank for appraisal and approval

If second hand, then yes you will have to do all the running around and may be a food idea to get a lawyer

Down payment and loan amount (% of assessed value) vary between banks. Max length of mortgage is 30 years or number of years until borrower turn 65, which ever is less

Edited November 21, 2012 by CWMcMurray

[happynthailand]

yes Bangkok is sinking,a little bit each year

[USNret]

yes Bangkok is sinking,a little bit each year

Better buy on an upper floor.

Just curious... If you're not looking to make money on the investment then what is your motivation to buy now rather than later?

True, you will start paying down the mortgage. But you will also have to deal with wear & tear, vacancies, management fees, etc. What is the downside to leaving your money where it is for now (hopefully earning interest or dividends) and buying when you're ready? Plus, you lose a degree of flexibility as your money is tied to a Thailand property and maybe you change your mind later about moving there.

I can't help thinking the BKK market is overpriced & awaiting a correction. I've been waiting for this for 7 years as most of the rest of the world saw real estate prices plunge and BKK escaped unscathed. One day it will decline, who knows when? ... and then I will buy.

This is not intended as advice one way or another. I'm genuinely interested in your analysis that leads you to want to buy now. Thanks!

[lilredbite]

yes Bangkok is sinking,a little bit each year

Better buy on an upper floor.

Just curious... If you're not looking to make money on the investment then what is your motivation to buy now rather than later?

True, you will start paying down the mortgage. But you will also have to deal with wear & tear, vacancies, management fees, etc. What is the downside to leaving your money where it is for now (hopefully earning interest or dividends) and buying when you're ready? Plus, you lose a degree of flexibility as your money is tied to a Thailand property and maybe you change your mind later about moving there.

I can't help thinking the BKK market is overpriced & awaiting a correction. I've been waiting for this for 7 years as most of the rest of the world saw real estate prices plunge and BKK escaped unscathed. One day it will decline, who knows when? ... and then I will buy.

This is not intended as advice one way or another. I'm genuinely interested in your analysis that leads you to want to buy now. Thanks!

You've raised some good points there, @USNret. TBH, I am driven by the fact that if I invest now, I'd be able to settle the mortgage in less than 10 years. Not that I earn much, but right now I earn in SG currency that's much stronger than the Baht. So that'd be the plus point. Rules, prices and regulations make it almost impossible for an individual to buy their own pad in Singapore.

As for interests and dividends, it is so unbelievably low over here. The best rate for fixed deposit under SGD 50k is 0.7% p.a !!

Edited November 26, 2012 by lilredbite

[seefaonuma]

If you can read Thai you can go to Pantip web board for more comment about real estate .