Buying A House In Thailand

[Harvey1903ch]

So i have worked in Thailand for 2 years now, got my work permits and visa etc all legit.

I suppose its time to start looking for a house, can anyone adise on how to get a mortgage in Thailand,

I clear 60 - 65,000 baht a month and want to go to a bank and borrow money as you would back home.

Is it easy enough? I plan to get married in 5 weeks so i will be married to a thai national by the time i make plans to buy a house.

Thanks

Chris

Edited October 3, 2013 by metisdead
Please do not post using all caps. Topic title edited to remove all caps.

[pigeonjake]

chris, i could be wrong, but i dont think you can get a mortgage,

your wife to be can, thai national,

youll get a lot of answers soon saying dont buy one anyway,,lol

take care jake,

and good luck with your wedding,

[Gavlar1981]

Chris you can but for a foreigner the rates are ridiculous, when i looked they wanted all payslips, proof of money in home country, WP, Visa info, Marriage cert, my wifes house certificate, all bank info from when i opened a bank account in Thailand (and i been here since i was 15 years old - now 31). The only finacially viable way is to buy in your wifes name but then she has to prove she earns more than 10,000 per month and this is minimum to get mortgage (but it wont be alot of money)

Hope this helps abit.

Good luck i cancelled my application half way as it was just getting out of hand, everyday wanting another piece of documentation!!!!!

[john1000]

Some good advice from experienced members here. Think you will get advice re putting property in wife's name but if you do, don't risk a lump sum, drip feed money to her in order to pay the mortgage if in her name.

[Jasun]

You'll also need a bigger deposit than usual, 30-50% depending on the bank.

[PattayaPhom]

Try all the different banks. Criteria varies from bank to bank and province to province. A new build with developer financing is always a good option for foreigners.

Sent from my ST27a using Thaivisa Connect Thailand mobile app

[happynthailand]

go to SCB bank,they will lend you 50% (50% down,50% loan)you pay loan from your account,loan in wifes name

wife can get 80% loan (80% loan,20% down) if working, you pay loan from your account

[givenall]

my best advice is to rent and don't buy. buying is loosing proposition at best even if you can sell when you want to. renting eliminates all hassles including the need for getting a mortgage

[gmac]

my best advice is to rent and don't buy. buying is loosing proposition at best even if you can sell when you want to. renting eliminates all hassles including the need for getting a mortgage

Yes, it gives you the freedom to live in a house you don't like with furniture you don't like repairs you would like done that the landlord won't agree to. Then the freedom to move to another similarly unsuitable place. Buying is the way to go as long as you have a stable relationship and don't invest more than you can afford to walk away from.

[recycler]

My advise would be to wait a while, 2 years is not that long and your current income won't get you very far. Your insight will grow and you'll get a better idea about the market, where you want to be and where not. A longer income and tax history helps you in convincing banks.

When applying for a mortgage it depends a lot on how you get in touch with the bank, there are a lot of people eager to help, they all have "my friend who can do", and they are all in it for a commission. Some however will get you a better deal than others, select carefully!

Forget the idea that your investment will grow over the years, second hand houses are rarely sold for more than when they were new. Thais and many others prefer new houses and there are plenty. Other advantages remain, eventually the house will be yours and you can do with it what you want. And the life insurance that comes with the mortgage gives some security for your wife and/or kids in case you pass away. But there's nobody else who pays for repairs and maintenance!

[falang07]

 

my best advice is to rent and don't buy. buying is loosing proposition at best even if you can sell when you want to. renting eliminates all hassles including the need for getting a mortgage

Yes, it gives you the freedom to live in a house you don't like with furniture you don't like repairs you would like done that the landlord won't agree to. Then the freedom to move to another similarly unsuitable place. Buying is the way to go as long as you have a stable relationship and don't invest more than you can afford to walk away from.

 

I do not think so. I rent a brand new house than was empty (no furniture), so the price for rent is even cheaper (6000 baht per month, 2 floor house with a small garden). I bought my own furniture and feel happy. If I have to move, I just take the furniture with me. It means I just rent the walls with roof and land, very comfortable. Any damage to the house (like during a flooding) is not of my concern.

[falang07]

 

Buying is the way to go as long as you have a stable relationship and don't invest more than you can afford to walk away from.

 

Everyone has a stable relationship when buying a house in the partner's name. Shit only happens years later. And since we are talking millions bahts in case of a house, having to walk away is always a pain, not just because of the lost money, but also because of the lost time spent with it. If no one buys under these conditions, they will be forced to change the laws eventually. Too many houses are built for ridiculous foreigner prices that no one else wants to buy.

[cmcom]

I am building a house now in Lamphun for 1.2million. Getting married in december. She has 3 kids from from former relationships.. Been together for 3 years now.

I decided from the outset that if we separate she and the kids will keep the house. It is in her name anyway and would make it easier to separate knowing they would have shelter. I plan to pay the loan off over 8 years.

Unless you are building your retirement home dont stress about it. A house and land package is about the same as a nice car anyway.

[recycler]

Dream on about changing the laws regarding real estate in Thailand...

But when you are legally married in Thailand you both are entitled to half of the assets (and debts), that gives you the same protection as you would have in "western countries". At the land-office you even have to sign for consent when the land is transferred in your wife's name. If your wife also knows this it will not encourage her to kick you out on the first upcoming issue.

[DGIE]

^{I think better buy a condo or room in apartment rather than a house. Thre are private rooms that are for sale.}

[falang07]

Well, I was under the impression that at the land office you are supposed to sign a paper that the house is bought with the wife's money only and you have no interest in it whatsoever. Is this right? If so, no 50:50 then for you. So exactly the opposite of what you say.

[jimbobs1]

I built our house, I have 2 kids so I wanted something large as I was happy for her parents to move in, it was what what I wanted for the kids

I paid a lot , but my brother in law built a lovely little house for 700,000 he used my FIL land

The idea is that you have to be prepared to walk away with nothing is correct, a mortgage may be better for you but my brother in law just paid for the work as and when he had the money, it took them 2 years

Good luck with the house and the marriage

[Noreya]

I have my own story to share about buy a house in Thailand. Now I am Thai 47 years. In 2003 when I was unemployed from Trading company because of the company need to get out from Thailand and do relocate in China after China in WTO in 2000. My friend who is a nurse in Bangkok hospital ask me to work as a Caretaker for 71 years American (he went under L-spine surgery for 5 of them need one year continue rehab and caring) he did trading business in Thailand and living apart from his Chinese American wife in Cal. But a year later in 2004 we became a couple and his Chinese wife in Cal know it but she is ok. because she said he need a caretaker. In 2004 he set up a company just for suppose of buying a house for 100,000USD. or 4 million THB. then. We were together until April 2013. He got very sick and his Chinese-Amrerican son came to Thailand and put him in Nursing Care in Bangkok locate nearby our house and his son cut me out from him also his son apply to be SS Rep Payee to get his benefit from US SS office and transfer payment to Nursing Care direct from Cal. His son want to get 50% of shareholder for house ownership. see more.

[Noreya]

I am a Managing Director of a company. His son cannot do anything without my signature. I offer to his son I want to sell a house and 50% to him and to me. But I need to get a legal paper between his father and me in Thailand. I want to come to visit his father as long as he is living in nursing care in Bangkok (he cannot walk and lost memory from Alzheimer disease he is 81) his son instructed a nursing home do not let me come to see him. So I want his son to let me replace him and be a SS Rep Payee for him. Because I am not marry him and he did not divorce. But his son get me out from his father and I get his asset in Thailand. His son is very angry to me but he cannot do anything unless he let me see his farther as a Rep Payee. Then i will sign a paper for selling a house for him. Hope this is useful data for any expat here.

Nid

[allucero]

Rent, it is better unless you live in a village with your wife and her family... That way you may but the land and have the home built be the people in the village.. Research this avenue first. If you live in a large city, I would say don't buy it is too crazy and the home prices are too high....

[overherebc]

Different way to look at it.

Stable relationship, rent for say 10 years and when you move out if you're lucky get your deposit back, rent 15,000 a month, 10 years 1,800,000.

Stable relationship, buy house, pay off mortgage, usually less than rent per month. Sell house for best offer, probably more than the 3 months deposit you didn't get back , rent somewhere, enjoy money you got back, pop your clogs.

[BuriramRes]

my best advice is to rent and don't buy. buying is loosing proposition at best even if you can sell when you want to. renting eliminates all hassles including the need for getting a mortgage

That's fine as long as you are prepared to have your landlord dictate your way of living.

I bought a new spec house through forming a Thai company but now I have simply sold the house from the company to my wife. I decided that I trusted my wife more than mt lawyer & his wife, who were the proxy shareholders.

If we shift back to AUS next year, which I hope to do, I'll simply get someone to live in the house as a caretaker rather than sell it.

As they say, what you spend in Thailand, be prepared to walk away from it.

At least owning the property, you can craft it to suit your way of living.

[a10ams]

my best advice is to rent and don't buy. buying is loosing proposition at best even if you can sell when you want to. renting eliminates all hassles including the need for getting a mortgage

You're having a laugh?

Why pay your own mortgage when you can pay somebody else's?

[Berkshire]

I am a Managing Director of a company. His son cannot do anything without my signature. I offer to his son I want to sell a house and 50% to him and to me. But I need to get a legal paper between his father and me in Thailand. I want to come to visit his father as long as he is living in nursing care in Bangkok (he cannot walk and lost memory from Alzheimer disease he is 81) his son instructed a nursing home do not let me come to see him. So I want his son to let me replace him and be a SS Rep Payee for him. Because I am not marry him and he did not divorce. But his son get me out from his father and I get his asset in Thailand. His son is very angry to me but he cannot do anything unless he let me see his farther as a Rep Payee. Then i will sign a paper for selling a house for him. Hope this is useful data for any expat here.

Nid

This is the "other side" that we rarely hear about. Noreya, you should just sell the house and keep 100% of the proceeds. The son sounds like a real douchebag.

[FiftyTwo]

Different way to look at it.

Stable relationship, rent for say 10 years and when you move out if you're lucky get your deposit back, rent 15,000 a month, 10 years 1,800,000.

Stable relationship, buy house, pay off mortgage, usually less than rent per month. Sell house for best offer, probably more than the 3 months deposit you didn't get back , rent somewhere, enjoy money you got back, pop your clogs.

I wonder how many stable relationships fail shortly after a foreigner buys a house in the wife's name?

10 months seems a more likely period than 10 years.

So 1,800,000 loss for purchase as opposed to 150,000 loss for rent.

Not forgetting you lost 10 years interest on the 1,800,000 and had to pay 10 years maintenance on the house too.

[FiftyTwo]

I have my own story to share about buy a house in Thailand. Now I am Thai 47 years. In 2003 when I was unemployed from Trading company because of the company need to get out from Thailand and do relocate in China after China in WTO in 2000. My friend who is a nurse in Bangkok hospital ask me to work as a Caretaker for 71 years American (he went under L-spine surgery for 5 of them need one year continue rehab and caring) he did trading business in Thailand and living apart from his Chinese American wife in Cal. But a year later in 2004 we became a couple and his Chinese wife in Cal know it but she is ok. because she said he need a caretaker. In 2004 he set up a company just for suppose of buying a house for 100,000USD. or 4 million THB. then. We were together until April 2013. He got very sick and his Chinese-Amrerican son came to Thailand and put him in Nursing Care in Bangkok locate nearby our house and his son cut me out from him also his son apply to be SS Rep Payee to get his benefit from US SS office and transfer payment to Nursing Care direct from Cal. His son want to get 50% of shareholder for house ownership. see more.

You do not appear to be his wife, so the question arises, should you get anything?

Under Thai law, you are entitled to nothing, the son is entitled to everything.

[overherebc]

Different way to look at it.

Stable relationship, rent for say 10 years and when you move out if you're lucky get your deposit back, rent 15,000 a month, 10 years 1,800,000.

Stable relationship, buy house, pay off mortgage, usually less than rent per month. Sell house for best offer, probably more than the 3 months deposit you didn't get back , rent somewhere, enjoy money you got back, pop your clogs.

I wonder how many stable relationships fail shortly after a foreigner buys a house in the wife's name?

10 months seems a more likely period than 10 years.

So 1,800,000 loss for purchase as opposed to 150,000 loss for rent.

Not forgetting you lost 10 years interest on the 1,800,000 and had to pay 10 years maintenance on the house too.

Stable relationships here are probably as stable as anywhere else in the world but getting into that would change the direction of the thread.

The OP is looking for the best way to buy a house, not advice on who to marry, or is it whom, I'm not sure.

I reckon he's getting a varietyof opinions and that's why we're posting options, and is probably quite capable of coming to the decision that's right for him.

[Noreya]

I agree if you buy a house do prepare to walk away from it. To have a mortgage loan for expat interest rate is 6% in average. As I am one of insider for 10 years. Do not buy a house. Rent it or buy condominium is the solution.

The son in my story. He get used to with his father support him for his University and living after he graduate it was 2008 but unemployment rate 9% in U.S. so he had hard time making a living for himself. I look at a father I was caring for 10 years as my beloved husband. It is heartbreak that I cannot see him. Thank God at lease I get a job now and comeback to be an office woman again. I want to give you one more information. When ownership of a house is under company name. You must file balance sheet to Ministry of Commerce for your company to keep it active. And when you sell it (a house) not a company to Thai. You must pay company income tax bot Land Office and Revenue Dept for net company income from selling a house. But if you sell a company it is save to public in newspaper for 1 week. This is some legal matter.

Nid

[Noreya]

I have my own story to share about buy a house in Thailand. Now I am Thai 47 years. In 2003 when I was unemployed from Trading company because of the company need to get out from Thailand and do relocate in China after China in WTO in 2000. My friend who is a nurse in Bangkok hospital ask me to work as a Caretaker for 71 years American (he went under L-spine surgery for 5 of them need one year continue rehab and caring) he did trading business in Thailand and living apart from his Chinese American wife in Cal. But a year later in 2004 we became a couple and his Chinese wife in Cal know it but she is ok. because she said he need a caretaker. In 2004 he set up a company just for suppose of buying a house for 100,000USD. or 4 million THB. then. We were together until April 2013. He got very sick and his Chinese-Amrerican son came to Thailand and put him in Nursing Care in Bangkok locate nearby our house and his son cut me out from him also his son apply to be SS Rep Payee to get his benefit from US SS office and transfer payment to Nursing Care direct from Cal. His son want to get 50% of shareholder for house ownership. see more.

You do not appear to be his wife, so the question arises, should you get anything?

Under Thai law, you are entitled to nothing, the son is entitled to everything.

Under Thai law to set up a company you must have at least 3 shareholders and 51% must be Thai so I am that 51% and he is 49% lawyer 1%. I am entailed to a company asset and a son entailed to nothing as long as his father life. When father pass away 48% shareholder must be transfer to his son but practical is not an issue because everything must have my signature since I am only authorizes Managing Director in a company.

[FiftyTwo]

I agree if you buy a house do prepare to walk away from it. To have a mortgage loan for expat interest rate is 6% in average. As I am one of insider for 10 years. Do not buy a house. Rent it or buy condominium is the solution.

The son in my story. He get used to with his father support him for his University and living after he graduate it was 2008 but unemployment rate 9% in U.S. so he had hard time making a living for himself. I look at a father I was caring for 10 years as my beloved husband. It is heartbreak that I cannot see him.

Wife married at Amphur office could see husband with or without sons permission.

If you just lived with a guy or had a 'village wedding' you are not his legal wife in Thailand and have no rights.