Buying A House In Thailand

[Straight8]

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.

Um.. you are a very ...um... generous man!

[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.

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.

Correct I am not legal wife and have no rights to see him. But I am a major shareholder in a company. And only one Managing Director from day one that set up a company for buying a house.

Nid

[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.

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.

Correct I am not legal wife and have no rights to see him. But I am a major shareholder in a company. And only one Managing Director from day one that set up a company for buying a house.

Nid

[Noreya]

I also sign a 4 million check to pay it to developer at Land Office.

Nid

[davejones]

Whether it's cheaper to rent or buy depends on where the money to buy is coming from. If you currently have 5 million baht sitting in an account earning 2% interest and use that money to buy a 5 million baht property, then the cost to you is 100,000 baht a year or 8,333 baht per month. But if you're borrowing 5 million at 6% interest, then the cost to you is 300,000/yr or 25,000/mth. There are other costs involved as well.

And to complicate matters, you should also take into account how much your rent might rise over the years. Also, buying means you'll eventually own outright, whereas renting means you'll be paying rent forever. You then need to factor in property appreciation/depreciation, etc. It's not straightforward.

I'm in no hurry to buy because I think prices are too high at the moment. We just moved into a brand new condo and the landlord thanked us for renting it because it's been empty for two years, as he couldn't rent it. Many don't seem to realise how oversupplied the market is. I often wonder how the prices hold up so well, but they seem to. But I have seen some distressed sales at close to 50% below other for sale prices.I think "real" value must be around 50% of current prices in central Bangkok. But it's a difficult market to understand.

But if I found my dream home that I planned to live in for years, then I'd definitely buy, as I value having things just like I want them. Also, many that have families want to give them some security, and that is worth paying extra for.

I think most of the complainers are just too poor to buy. It's odd that some get all aggressive if someone buys a 2 million baht house, but don't react the same if someone spends the same amount on rent or on a car. We all die in the end, and I thought the whole reason of earning money was to spend it.

Edited October 6, 2013 by davejones

[FiftyTwo]

I think most of the complainers are just too poor to buy. It's odd that some get all aggressive if someone buys a 2 million baht house, but don't react the same if someone spends the same amount on rent or on a car. We all die in the end, and I thought the whole reason of earning money was to spend it.

If I had 5M in the bank earning 3%, it would stay in the bank because it's my money.

Just bought my gf a 2M house, I gave her 350k, no strings, the bank lent her the rest.

I can afford to give away 350k several times, I can only afford to give away 2M once.

But this way, best of both worlds, my rent is now fixed at 7% until she dumps me, or 25 years pass.

After 17 years I will have given her 2M, more expensive in the long run, but also more secure.

@DJ

How many times can you afford to give away 2M?

Edited October 7, 2013 by FiftyTwo