Buying a Condo in Pattaya in my foreign name. Advise please...

[aussiejon1604]

Hi all,

Recently I have started to entertain the idea of buying a condo in Pattaya. I plan on being here for some years to come and would be more interested in an existing condo rather than buying off the plan. Another reason is that rent wise, I will see myself spending the same amount in monthly rent in 5 years as I would if I was to purchase a property now. Sounds like a cost effective scenario and why should I bother forking out money to a landlord or investor when I could be living in it with the knowledge that it's an physical asset that will eventually pay for itself and become a secure investment.

If anyone could please advise on the best way to approach this it would be much appreciated.

I would consider both options of either a real estate agent sale or private sale. (I did buy a house privately once before without too much hassle although I now have an ex Thai wife sitting pretty in it.)

I do have a Thai bank account with sufficient funds to make a cash purchase.

I am sure there are plenty of expats happy with the decision they made to buy outright. I would be more than happy to hear from them and any recommendations they can offer up.

Thanks

[crazygreg44]

You state "Another reason is that rent wise, I will see myself spending the same amount in monthly rent in 5 years as I would if I was to purchase a property now" . . .what makes you believe so ? You can rent a 32 sqm Condo for 14,000 BHT monthly for example in View Talay at Dongtan Beach , while buying the same condo will cost you around 1,800,000 BAHT. This means if you buy, the condo will pay off within nearly 11 years plus the costs for management fees. If condo prices were amortized within 5 years, a lot many more people would start buying property in Pattaya and Jomtien.

By any ways if you'd really plan to buy a condo, I would visit the many condominium complexes and look at their blackboards myself. It will save you agent costs and by doing so you have a chance of comparing the rental prices to the sales prices of the said location.

Good luck !

Edited January 18, 2014 by crazygreg44

[aussiejon1604]

You state "Another reason is that rent wise, I will see myself spending the same amount in monthly rent in 5 years as I would if I was to purchase a property now" . . .what makes you believe so ? You can rent a 32 sqm Condo for 14,000 BHT monthly for example in View Talay at Dongtan Beach , while buying the same condo will cost you around 1,800,000 BAHT. This means if you buy, the condo will pay off within nearly 11 years plus the costs for management fees. If condo prices were amortized within 5 years, a lot many more people would start buying property in Pattaya and Jomtien.

By any ways if you'd really plan to buy a condo, I would visit the many condominium complexes and look at their blackboards myself. It will save you agent costs and by doing so you have a chance of comparing the rental prices to the sales prices of the said location.

Good luck !

Hi. Thanks for the advice. My scenario does come in at just under 5 years, I'm sure there are plenty of the scenarios that you are describing but then I know of others where mine is also applicable.

Thanks again.

[Jim walker]

Hi I bought a 2 bedroom condo in Pattaya half way between Pattaya and Jomtien a few years ago and it’s in my name foreign ownership I have a house book etc. bought of plan and had to wait ages for it and never got properly moved in when I was attacked and mugged one night up town lost my sight in one eye and now my Thai wife will not go back to pattaya bad karma for her Pattaya, I purchased it with Alan Bolton Property Consultants and now selling it through them also have my Tor Tor 3 etc. so this allows me to sell and transfer the money back home if I want and I also used an English speaking lawyer Tony Justice to do all my legal and Thai paperwork for the property deeds and such like. Best to keep transactions all legal and above board in Thailand then no one can come looking for you with their hand out for money, in a few years’ time. Good luck with the purchase spoiled for choice now with condos in Pattaya.

[pitchag]

I think the same as you I bought 3 studios 45 sq mt each in Banchang on the beach and converted them into one condo, basicly Pattaya is just too crazy for me and the traffic in season is horrendous.

I found a place that suited me and renovated to my taste and will be happy to stay here for many years to come so not really bothered about capital gain or selling in the future, I also like the fact that it is in my name only so no relationship break up will see me homeless. It is quick and easy to buy a condo I did it in a couple of days, just make sure it's the right one for you.

I did worry at first about did I do the right thing, but now very happy with my decision, I lived in Jontiem for a year renting now that condo has a huge workers camp and dozens of huge trucks parked right in front of it across the soi, so glad I moved out to the peace of Banchang

I had to show the land office that the funds did come from overseas with a letter from my bank

Good luck with your endeavour

The above post is another reason not to live in Pattaya

Edited January 18, 2014 by pitchag

[Sceptict11]

Buying a Condo in Pattaya in my foreign name.!

How many names does the OP have ?

Just asking !

[falkan]

what ever condo you buy, just make sure it sold out otherwise it will have less money for maintenance,security etc etc and rent a months first then if you like it buy it!

[Delight]

The current market is-in the main- for sub 40 M2 condos.

It seems to me that no body is buying 150 M2 up pre -owned condos. . If you wish to live in such a condo then you could secure a good deal purchasing a super condo in a good building for around 40,000 Baht /M2

.In truth most owners will not sell at that price -and as a consequence will simply not sell. Some ,however, will.

The bargains are in the pre -owned good quality units You will have to spend some time finding them.

Most important of all is to check the quality of the management of any likely purchase.

The hassle associated with bad management seems to me the prime reason for renting and not buying. Posts on this blog bear this out I think

[pdwarf1]

I have a 101 SQM condo for sale in Jomtien in View Talay. Send me your email address and I will respond with full details.

[KittenKong]

Another reason is that rent wise, I will see myself spending the same amount in monthly rent in 5 years as I would if I was to purchase a property now. Sounds like a cost effective scenario .....

Your figures dont add up. Either the rent you are paying is vastly over the top, or the seller is distressed or in some way desperate to get rid of the property. Or maybe you are comparing two completely different properties?

Obviously there are many variables but a rule of thumb for long-term rental prices would be somewhere around 4-7% of the sale price. For short-term rentals the percentage increases somewhat, but so do costs and the occupancy rate is unlikely to be 100% over the year.

If one could really achieve a 20% rental return on condos here then everyone and his dog would be buying them, and no one would be selling. In fact of course there are thousands of used condos for sale here, and not many buyers, though in some buildings there is much more demand than in others.

You should give an indication of the approximate size and type of condo you are thinking of, and the building, and the approximate sum you are thinking of spending and how much you currently pay in rent.

Condo supply here seems to be increasing wildly, with many people buying speculatively in the hope of reselling before the things are actually built, or buying with the intention of renting them out. To me this seems unlikely to happen and I expect selling prices to fall as a result. I also expect rental prices to plummet due to oversupply, especially in the less convenient locations.

I do have a Thai bank account with sufficient funds to make a cash purchase.

You will also need a certificate from your bank proving that the funds came from overseas, assuming that you are buying in your own name and that you dont work here.

[PattayaPhom]

Price/rent ratio would never be 5 years, 9 is minimum and many looking at 15 years and over. However the advantage is, the place is yours in 5 years you can resell hopefully with a profit be it marginal even. Location and established condo is what you should be looking for. Nothing under 42 sqm.

[Suradit69]

I bought my condo 10 years before I retired and used it 2 to 3 months a year for holidays and then have lived in it full-time for the last 7 years. For me it's been a convenience and well worth the initial expense. Assuming I potter on for another 5 to 10 years it will have been an even better decision. Whenever I do go to the LOS-eternal-branch, it will be a nice remembrance for my Thai heir. Even if it doesn't realize a fantastic price at that point, it'll still be better than a jab in the eye with a sharp stick or a rented apartment with rent due at the end of the month as an inheritance.

If you have a reasonably long expected time-frame for using it for holidays and retirement and if you choose a location and building that you enjoy, it could be a good decision to buy.

If you already have one foot in the grave and/or choose a building from hell and/or end up in a location that soon becomes boring/inconvenient for your lifestyle, then maybe not so much. If you think of it as an investment that will eventually return a nice price when you decide to move on, probably not a good plan.

I'm quite happy with my choice. Many others would probably feel the same. On the other hand, as you might expect on Thai Visa, the nattering nabobs of negativism will start foaming at the mouth. Assuming you're an adult who has managed his life fairly well up to this point, weigh both the pros and cons and decide for yourself. Like most undertakings there are at risks and rewards. Good luck.

Edited January 19, 2014 by Suradit69

[vtjforyou]

I have a 101 SQM condo for sale in Jomtien in View Talay. Send me your email address and I will respond with full details.

How much ?

[crazygreg44]

I have a condo for sale in Jomtien. Two rooms, a 73 sqm studio on the 8 th floor. PM me for details and pictures.

[aussiejon1604]

Thanks for some informative posts. For those becoming experts on figures, I can actually achieve my goal in 5 years believe it or not.

If some future posts could describe the actual purchasing process and any known pitfalls, it would be much appreciated.

[aussiejon1604]

Buying a Condo in Pattaya in my foreign name.!

How many names does the OP have ?

Just asking !

10. I'm not sure which one I will use yet. Thanks for a non-descriptive and uninformative post. It's always good to know that the low % of useless banter is still being accepted as constructive on TVF.

Just saying.

[Bunter]

Great to see another living his dream.

Some of us have circumstances that mean we are just visitors to Thailand.

We have now been basing in Jomtien more often as you can get good access to everything while avoiding the mad rush and the other complexities of Pattaya - in the main town area or Patong in sometimes going to Phuket.

Phuket still gets a drop-in when we need dental work however as the dentist there gives 5 year warranty on crowns and other work as well.

This year we will rent again in View Talay 2A for two months - close to the main road so baht bus at your door for Pattaya and good facilities/shops in house and a great pool that enjoys good shade periods during, a swim in the pool and a good feed in house always appeals to us.

Up the road a little the baht bus also runs to Tesco and the beach, markets and other bars are within easy walking distance.

If you haven’t looked there it is worth a look.

Edited January 19, 2014 by Bunter

[Jomtien2649]

I own a condo in foreign name in View Taley 2 in Jomtien 101 sqm it is a great view and location. Let me know if your interested

[Bunter]

I own a condo in foreign name in View Taley 2 in Jomtien 101 sqm it is a great view and location. Let me know if your interested

Which block are you in View Talay 2 and which way does it face?

I prefer A block as its closer to the road and the pool gets much better shade?

.

[cronus]

Rent is usually 1/200 of selling price... eg 10 Mio Condo renting out for 50'000 a month... That makes it 200 months or nearly 17 years until you paid the same amount as rent... believe it or not!

[belg]

crappy loud noise neighbours and your life is a hell and try to sell that... in case of rent ... you get out and find a new place

[phantomfiddler]

Firstly, having enough money in your thai bank account is not enough ! You have to have a letter from the bank saying that you brought the money into the country to buy a condo. Secondly, you have to check with the chosen condo that the farang quota has not been filled so that you can have it put in your own name. Thirdly, I strongly advise that you use the services of a good lawyer (they do exist, and not expensive) but after all this really the first thing you need to do is figure out where you want to be and then make enquiries within such building. Good luck and be careful, as there are a lot of schiesters out there at the moment. ps Also check out the monthly service charges, as in some condos these are unusually high, even robbery

[little mary sunshine]

I was always a home owner/condo owner in the States. It was a great investment and indeed I

made a lot of money when I sold it.

This is the first time in my life I have rented. I lived in CM when I first moved to Thailand, after a

year I relocated to Jomtien Beach....something you can't do if you own, with out a great deal of

hassle....Last year the frig died, the landlord, came and replaced it in two days, The year before,

the A/C died....It was replaced the same day........nice not to have a problem in the world. I am

greatful I have a good landlord, and He has a great tenant. For once, I don't care about upkeep,

maintenance fees, appliances, I pay the rent, 12500 B / month, beautiful 82sqm apt. and I don't

have a care in the world.....Finally...I'm in my 60's and don't care about resell or investmets, I

think it would be such a hassle when you die to think anyone from the States would want to get

involved in selling a condo in Thailand, Don't think they could even get title to it if you are dead.

They would probably just take a low offer and be done with it....I'll keep my funds in the bank and

enjoy the JOYS OF RENTING>>>>>>>>>only my opinion......

[joebrown]

IMPO the OP should NEVER even consider buying Off-Plan, if he's planning on making it his 'residence'. I made this mistake 3 years ago in Jomtien and the finished 'article' fell way short of the original sales promotion literature and plans. Also the Developer was late in completing the project, but refused to provide any compensation, saying 'go talk to your lawyer' when questioned. IMPO the OP would do well to remember to factor into his costings the Common Service Fees payable yearly in advance. The quality of services can fluctuate and do not always represent 'value for money'. IMPO the OP should be wary of forming and then airing his opinions with other co-owners about Common Services, noisy neighbours etc. Even if tempted by his 'community spirit' the OP .should NEVER volunteer to serve as a Management Committee member, as this is a sure route to criticism by small minded 'back seat gossip drivers' who always know better, but haven't got the b-lls to stand up and be accountable.

As for the south Jomtien area, it now resembles a mega construction site, and when it's not raining it's a dust bowl and when it is, its a mudbath. Those areas yet to be swallowed by even more over-development are now rubbish tips/land infill sites.

The glossy condo sales brochures/U.Tube videos always portray a beautiful, peaceful, friendly community in idyllic surroundings. This may be so for the lucky souls who have the financial means to buy into paradise, but for the rest of us it's 'CAVEAT EMPTOR'!!

[OnMyWay2]

I'm thinking of buynig a condo looking just at the numbers I think renting is a better deal. It may also be impossible to sell so the value is reall just in the enjoyment I would get from it.

[dotpoom]

You state "Another reason is that rent wise, I will see myself spending the same amount in monthly rent in 5 years as I would if I was to purchase a property now" . . .what makes you believe so ? You can rent a 32 sqm Condo for 14,000 BHT monthly for example in View Talay at Dongtan Beach , while buying the same condo will cost you around 1,800,000 BAHT. This means if you buy, the condo will pay off within nearly 11 years plus the costs for management fees. If condo prices were amortized within 5 years, a lot many more people would start buying property in Pattaya and Jomtien.

By any ways if you'd really plan to buy a condo, I would visit the many condominium complexes and look at their blackboards myself. It will save you agent costs and by doing so you have a chance of comparing the rental prices to the sales prices of the said location.

Good luck !

I don't understand what agent costs you are referring to....It's the person who is selling a condo through an agent that has to pay the commission (usually 5% now).....not the purchaser. What does the purchaser have to pay to the agent?

It may however be cheaper to buy direct from an owner as he may have allowed a reduction in the selling price due to the fact that he is saving money on a commission.

[Ulic]

I think the same as you I bought 3 studios 45 sq mt each in Banchang on the beach and converted them into one condo, basicly Pattaya is just too crazy for me and the traffic in season is horrendous.

I found a place that suited me and renovated to my taste and will be happy to stay here for many years to come so not really bothered about capital gain or selling in the future, I also like the fact that it is in my name only so no relationship break up will see me homeless. It is quick and easy to buy a condo I did it in a couple of days, just make sure it's the right one for you.

I did worry at first about did I do the right thing, but now very happy with my decision, I lived in Jontiem for a year renting now that condo has a huge workers camp and dozens of huge trucks parked right in front of it across the soi, so glad I moved out to the peace of Banchang

I had to show the land office that the funds did come from overseas with a letter from my bank

Good luck with your endeavour

The above post is another reason not to live in Pattaya

You must be talking about Park Lane. I am here now. The work camp was not here 6 months ago but 2 months ago sprang out

of know where. I am pretty easy going so it does not bother me much. With the number of places going up the work camp could be

here for some time. Buying of plan is not for the faint of heart from the stories I have read here. Many issues so researching a companies

past projects would be a must. Seems only appropriate for someone who does not want a condo now but in a few years. Whatever

the completion date is. double the time frame and go from there. Buying an existing unit as you are looking at seems much wiser.

Find a location and building you like and check out the bulletin boards regularly. People post private sales all the time. Gives you a better

understanding of prices people are asking and what the most realistic price is. I see the price of units here at Park Lane vary from

1.45 to 1.9 million baht for the same unit on the same floor of the same building. One price may be a hard number one a flexible number.

I am not looking to buy here, these have been my observations when looking at on line prices vs. price posted on the board.

Lots to take into account when buying, neighbours, are they owners/log term renters or short time holiday merry makers, how close is

your unit to the building entrance/ scooter parking, the walls and windows of south facing units will be much hotter and more costly

to keep cool, privacy of first floor units vs ease of egress when the fire alarm goes off or power failures, back up generators for the

building to power elevators, humping up 8 floors when yo come home if the power is out is just no fun. If you could arrange a one month

rental in the unit before buying at the agreed price to get a real feel for the unit and any issues. Drive around and see what other projects

are being built in your units line of view. Lots of units to choose from, lots of good choices available, but lots of potential disasters as well.

Condos like sailboats are quite easy to by but can be very hard to sell. One more piece of advice that applies to buying a sailboat and a

condo as well, If you are not embarrassed by your offer, you are offering to much. Best of luck and I hope you post were you have decided

to buy and why when you eventually pull the trigger.

[aussiejon1604]

Firstly, having enough money in your thai bank account is not enough ! You have to have a letter from the bank saying that you brought the money into the country to buy a condo. Secondly, you have to check with the chosen condo that the farang quota has not been filled so that you can have it put in your own name. Thirdly, I strongly advise that you use the services of a good lawyer (they do exist, and not expensive) but after all this really the first thing you need to do is figure out where you want to be and then make enquiries within such building. Good luck and be careful, as there are a lot of schiesters out there at the moment. ps Also check out the monthly service charges, as in some condos these are unusually high, even robbery

Thanks heaps for this info. I didn't realise money had to be proven to have come from overseas during the purchase. The money I have here was initially from overseas. I had originally with my now ex-wife a massage shop and late model Honda car but was able to sell both of these assets which now gives me my current Thai bank balance. (Luckily for me, she got enough to be happy and I gladly accepted my losses.)

So as far as the money and statement from the bank itself for the purchase, I am gathering it would have to be a lump sum transfer equivalent to the purchase price? A bank history of previous international transfers would then be unacceptable and to messy?

I think that the money I have here would then be better transferred back to Australia after the purchase price is transferred here. This would allow me to take advantage of exchange rates at my own convenience.

As for your other listed pitfalls, thanks. I will definitely be diligent when investigating these.

[dotpoom]

Just 3 points with regards to the last few posts I have read...........

No.1....There is hardly any need to go checking in the building to see if the "quota" has been filled, you'll soon know when you ask the owner of the condo you might be interested in if it is in a foreign, Thai or company name.....then you will have your answer.

No.2....I have bought condos without having brought the purchase money in from outside Thailand. The money I had in my A/C here was simply changed into $$$ and then back into the correct Thai amount..... PS. Regarding the amount you bring in from outside if you choose to do it that way.....make sure the amount transferred in is the equivalent of the purchase price on the contract, not what you may have agreed in private.

No.3.....I think that advice saying that "If you are not embarrassed by your offer, you are offering to much" is probably the most despicable I have read. I have always believed in offering a "Fair" price for a "Fair" property.....one in which BOTH the buyer and seller are happy with and as a result I have always been a happy camper with my purchases. I have found that the people with the above attitude of "Screw the person for as much as you can" has never brought them much luck and in my observation, they are not always the happiest of people. Treat others as you would like to be treated yourself and you'll find that life can be a really enjoyable journey.

[Jomtien2649]

I own a condo in foreign name in View Taley 2 in Jomtien 101 sqm it is a great view and location. Let me know if your interested

Which block are you in View Talay 2 and which way does it face?

I prefer A block as its closer to the road and the pool gets much better shade?

.

I am in View Taley 2-A I have the ocean view and a very short walk to the road ( 1 minute ) you have to see my room to appreciate it the floor plan and décor are great and it has the best view from that building...