Buying Condo Off Plan

[TallGuyJohninBKK]

Another factor that no one here has mentioned are the predictions that BKK will have a growing seawater incurrence and ground subsidence problem due to global warming, etc in future years.

Admittedly, if the science on that turns out to be correct, the real impact is years out into the future. But as time passes and if the current issue worsens, that could begin to impact property development and values for BKK.

There was a World Bank study recently that predicted major portions of BKK could be underwater by 2030, which is only 16 years away. I don't know whether to believe that or not. But I do know one thing: I wouldn't put much faith in the Thai government to do anything meaningful/effectiveto stop it.

[KittenKong]

There was a World Bank study recently that predicted major portions of BKK could be underwater by 2030, which is only 16 years away. I don't know whether to believe that or not. But I do know one thing: I wouldn't put much faith in the Thai government to do anything meaningful/effectiveto stop it.

A bloke called Canute tried to stop the waves about a thousand years ago. It didnt work then and I dont think there has been much more success since. Large parts of the UK are waking up to this simple fact also.

The only answer to oncoming water is to be somewhere else.

Personally it beats my why anyone would live in Bangkok from choice. It also beats me why anyone would ever buy anything in any area that is even remotely prone to flooding, but still people do.

[alyx]

There was a World Bank study recently that predicted major portions of BKK could be underwater by 2030, which is only 16 years away. I don't know whether to believe that or not. But I do know one thing: I wouldn't put much faith in the Thai government to do anything meaningful/effectiveto stop it.

A bloke called Canute tried to stop the waves about a thousand years ago. It didnt work then and I dont think there has been much more success since. Large parts of the UK are waking up to this simple fact also.

The only answer to oncoming water is to be somewhere else.

Personally it beats my why anyone would live in Bangkok from choice. It also beats me why anyone would ever buy anything in any area that is even remotely prone to flooding, but still people do.

Actually I have wondered exactly the same about people settling in areas prone to earthquake

Well, we like a place, try to stick to it

If it isn't earthquake, it is flood , if not it is war and the list is not exhaustive. What was safe yesterday isn't anymore

Choice is ours

[TallGuyJohninBKK]

I'd say a single earthquake every decade or two is a bit different matter from having the area where you live permanently underwater.

I used to live in an earthquake prone area, and lived thru a couple big ones. But most of the time, especially if structures are built to resist earthquakes, most people come out OK and life goes on pretty much normally.

But having your home is an area that's permanently flooded -- if that comes to pass for areas of BKK -- would be quite a different matter.

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I'm not a fan of buying any home off plan anywhere. I like to see and examine what I'm paying for -- before the sale. Not just some photoshopped photos and fancy brochures, or design schematics.

But that's doubly true here in Thailand, where building standards, code enforcement and construction quality are all pretty suspect. Not to mention, the lack of legal escrow mechanisms, a disfunctional civil judicial system, and more broadly a lot of shady transactions and builders/projects.

Edited February 8, 2014 by TallGuyJohninBKK

[KittenKong]

I'd say a single earthquake every decade or two is a bit different matter from having the area where you live permanently underwater.

I used to live in an earthquake prone area, and lived thru a couple big ones. But most of the time, especially if structures are built to resist earthquakes, most people come out OK and life goes on pretty much normally.

But having your home is an area that's permanently flooded -- if that comes to pass for areas of BKK -- would be quite a different matter.

Having experienced several earthquakes of varying intensities in the RP, I'm inclined to agree.

[isawasnake]

"Do you think you're throwing money away shopping at the supermarket rather than buying farmland to grow your own rice?

Roof over your head is just like food, and rent is such a tiny expense here."

I think that is missing the point. If it was as easy to buy land and grow your own food on the cheap, presumably with a job and no spare time..., as it is to buy a condo, then yes. I think the analogy just falls on its face for impractical reasons though.

I think this all comes down to your lifestyle and where you think you will be. But I personally don't think there is any doubt, if you are going to be somewhere long enough, buying will be favored in the long haul (on average).

I am just not sure where the logic is coming in where the renters are paying the owners' mortgages, and somehow the renters will be ahead in the end.

If you want to rent, fine, but don't fool yourself into thinking it is the best possible financial decision. I think that is just pure hogwash (to quote some old actor) and rationalizations.