Should This Yank Buy A Villa?

[billp]

I've also been playing with the idea of buying something, in my case a higher-end condo in Bangkok which would not be rented out, but my own place to disappear to whenever I want to escape there, particularly during the European winter. I'd like some of the amenities like fitness room and pool on the roof and a view, but mainly I want the ultimate selfish luxury of being able to have my own nest in one of the world's great cities, and to be able to travel back and forth light.

I already have a condo that's rented out in Vancouver, British Columbia, and is almost paid for, and my primary residence in Berlin. My thoughts are that the condo market seems to be heating up in Bangkok and maybe if I wait much longer I won't be able to get into it at the same level as now. Even in the 3 years or so I've been playing with this idea, the market seems to have strengthened considerably and now the Baht has also just made a major move higher.

I'm not that interested in resale value, because the object would be to just keep this as a second residence for the rest of my days, although of course I'd like it to at least maintain its purchase value. Still though, I also think there's some strong possibility the Baht will continue to go up as the Thai economy gains strength, and that it's currently undervalued. And property prices most likely have some ways to go before they peak in the current cycle of recovery after the 1997 crash.

So, you guys who are in the know, what do you think? I'm perfectly aware of many of the pitfalls that many of you write about here and I've heard my share of the horror stories. But I do think that if you get a place from a reputable developer and employ a good lawyer for the deal, your chances are probably as good as any other place in the world. Or am I being naive? What about the secondary market? One of the posters above mentioned that the market is weak for "second hand" places. Does that also apply to condos in Bangkok? Could I turn that be to my advantage? What do you think I should expect to pay for a nice, central 2-bedroom place anyway? What are the monthly maintenance charges like?

Oh and by the way, one of the posters mentioned being able to rent a house for 6500 Baht. Sounds good, but I don't think you can get a price like that on a short-term furnished rental, can you? More like 15-20,000 minimum for a half-decent place, it seems to me.

[Heng]

My condo at Baan Suan Thon (by Land and House), Ratchadaphisek Rd. 36, not at all central but on the subway line is 98 Baht per square meter in yearly maintainence fees. Best to go with a well known developer, (and in my opinion Land and House is the only way to go for condos and homes if you can afford it), or you're risking the project maintainence standards falling away as time passes.

[jdinasia]

So .... Heng sells/rents property ....

I think in this situation I would assume there was a unterior motive in him reccomending someone that doesn't even know WHERE in Thailand they want to live should in fact buy here.

If you don't know when/ehere you will be ... and are not going to be living here for extended period of times ... rent don't buy!

(Oh and I have properties around Hua Hin if you want to rent!)

just joking ... nothing for rent here! `

[Jolly_Roger13]

My condo at Baan Suan Thon (by Land and House), Ratchadaphisek Rd. 36, not at all central but on the subway line is 98 Baht per square meter in yearly maintainence fees. Best to go with a well known developer, (and in my opinion Land and House is the only way to go for condos and homes if you can afford it), or you're risking the project maintainence standards falling away as time passes.

What do you think of this place?

http://www.leraffine.com/31.htm

[cobra]

I’d also observe influences are passing elsewhere in the world - Cuba’s not long off being opened back up again!

Quite right, and could change the dynamics of the whole area.

My parents use to take the ferry from the Keys to Havana, organized influences had made it a popular vacation venue, We'll just have to wait and see,

[Thaiquila]

I’d also observe influences are passing elsewhere in the world - Cuba’s not long off being opened back up again!

Quite right, and could change the dynamics of the whole area.

My parents use to take the ferry from the Keys to Havana, organized influences had made it a popular vacation venue, We'll just have to wait and see,

My understanding is that there are already tons of vaction/retirement condos in Cuba and the market is mostly Spaniards and South Americans. But opening it up to USA travel would indeed be "revolutionary", such a big market, so close, and so much pent up curiosity and demand.

The first step would be for the US government to legalize purchase and consumption of Cuban cigars by US citizens globally (it is now illegal for an American to even smoke a Cuban cigar, even outside the US). So, still not so close, yet.

[Thaipwriter]

and in my opinion Land and House is the only way to go for condos and homes if you can afford it, or you're risking the project maintainence standards falling away as time passes.

Agreed ! The Land and Houses company kick a55 and looks like the number one company for quality, price, locations.

I have seen some of thier 10 year old estates that look more like they are a couple of years old.....

but i would say that though....I'm a sales agent for them!! LOL

I still recommend renting though

[Heng]

So .... Heng sells/rents property ....

I think in this situation I would assume there was a unterior motive in him reccomending someone that doesn't even know WHERE in Thailand they want to live should in fact buy here.

If you don't know when/ehere you will be ... and are not going to be living here for extended period of times ... rent don't buy!

No ulterior motive, as I only rent out our own property, and there isn't even enough of it to even require advertising. As for our property development, I only mention it as a matter of fact, without any sales type details.

My suggestions are no different than any other "if I were you..." type suggestion we see on this board. I don't recommend renting because for myself, I would never rent. I feel like it's throwing away money. I have seen plenty of our own tenants rent from us for years and decades, and then when for whatever reason the tenant-landlord relationship ends, they have nothing to show for it (other than perhaps the peace of mind that comes with renting, and maybe the opportunity cost of capital that they may or may not have been taking advantage of over the years and investing in something else more tangible). In comes the 10 wheeled truck(s). Off they go further down the street, and in many cases, completely out of town to where the rent or buy prices are within their budget.

For those who feel they are in a high risk 'might lose it all' situation, again, I suggest condo ownership (needless to say that renting is just as good an option for those who don't require or who aren't ready for ownership). For those who feel they can trust their local husband or wife, I have also always suggested ownership through their spouse. Important to realize though that just because there are those that DO trust their spouses, it doesn't mean that everyone can. Legal, and no 'untested in local court' front companies required (for condo ownership; yes, renting too; and family ownership through their spouse).

[Heng]

My condo at Baan Suan Thon (by Land and House), Ratchadaphisek Rd. 36, not at all central but on the subway line is 98 Baht per square meter in yearly maintainence fees. Best to go with a well known developer, (and in my opinion Land and House is the only way to go for condos and homes if you can afford it), or you're risking the project maintainence standards falling away as time passes.

What do you think of this place?

http://www.leraffine.com/31.htm

Never heard of them. I'm tempted though to add Sansiri to my list of okay developers (1. Land and House 2. Sansiri). Their Sukhumvit 39 project looks great so far and the maintenance and management so far... is top notch. Only time will tell though.

[stinkey turner]

My condo at Baan Suan Thon (by Land and House), Ratchadaphisek Rd. 36, not at all central but on the subway line is 98 Baht per square meter in yearly maintainence fees. Best to go with a well known developer, (and in my opinion Land and House is the only way to go for condos and homes if you can afford it), or you're risking the project maintainence standards falling away as time passes.

Do you have a link to Land and House? Is it the same as Lannd House Pool?

http://www.landportal.com/

[Heng]

My condo at Baan Suan Thon (by Land and House), Ratchadaphisek Rd. 36, not at all central but on the subway line is 98 Baht per square meter in yearly maintainence fees. Best to go with a well known developer, (and in my opinion Land and House is the only way to go for condos and homes if you can afford it), or you're risking the project maintainence standards falling away as time passes.

Do you have a link to Land and House? Is it the same as Lannd House Pool?

http://www.landportal.com/

Sure. It's mostly in Thai though. There's a small section of info for foreigners, not sure how informative it is though.

Land and Houses