Buying Cheap Condo In Bangkok (~300,000 Baht)

[youngkiwi]

I am toying with the idea of purchasing a cheap condo in Bangkok. I have identified a Thai building, approximately 10 years old in On Nut which has a number of studio units (27sqm) going for around 300,000 baht. Most of the residents are Thai and in general the units need a complete interior refurbishment including new floor, paint, bathroom, aircon, etc. Allowing around 100,000 baht to complete this, it does seem to make good sense to purchase one at this price, especially considering the low capital cost.

I would be very interested to hear if anyone else has purchased any cheap condos under 500,000 baht and their experiences with this process.

Is there any issue regarding obtaining a TOR TOR 3 form when transferring the funds into Thailand from abroad, especially considering that the purchase price of the unit would be under $20,000 USD in the first place? Does one even need a TOR TOR 3 in this case?

Comments most appreciated.

Edited June 2, 2006 by youngkiwi

[Sulaphat]

I am toying with the idea of purchasing a cheap condo in Bangkok. I have identified a Thai building, approximately 10 years old in On Nut which has a number of studio units (27sqm) going for around 300,000 baht. Most of the residents are Thai and in general the units need a complete interior refurbishment including new floor, paint, bathroom, aircon, etc. Allowing around 100,000 baht to complete this, it does seem to make good sense to purchase one at this price, especially considering the low capital cost.

I would be very interested to hear if anyone else has purchased any cheap condos around 500,000 baht and their experiences with this process.

Is there any issue regarding obtaining a TOR TOR 3 form when transferring the funds into Thailand from abroad, especially considering that the purchase price of the unit would be under $20,000 USD in the first place? Does one even need a TOR TOR 3 in this case?

Comments most appreciated.

The process of buying an inexpensive condo is the same as an expensive one.

You will need to show the Tor Tor 3 at the Land Department when you transfer the title deed if you want to hold the condo in your name. Exceptions being if you are a permanent resident or Thai national.

Another option would be to form a company to hold the title, but why bother when the cost is so low to begin with?

[youngkiwi]

Thanks for your reply, but how is it possible to obtain a Tor Tor 3 for say a condo purchase costing 300,000 baht? I heard that the minimum to obtain a Tor Tor 3 is now 20,000 USD, significantly more than the cost of the condo unit.

Edited June 2, 2006 by youngkiwi

[Thaiquila]

I think this is under the minumum amount, but that document is only needed if you want to transfer money OUT of Thailand. Such a condo isn't likely to ever be worth all that much money, so what would be the problem of selling it later and just keeping the money in Thailand?

Of course, the real issue is whether the transfer can be made in your name by the land office, or not. Might be worth talking to a Thai real estate lawyer. Of course, I doubt you want to form a company to buy it, given the news these days.

[backflip]

youngkiwi,

You should really do your own homework. The requirements for the document you need, not a Tot Tor 3, has been posted a dozen times. There are minimum currency requirements and, if it's more than the cost of the condo, there is no law that all documented money brought in needs to be spend on a condo. You can use the excess money to buy a multitude of things: food, alcohol, companionship...or a couple clues.

[monochaser]

You will need that tor tor 3 and the only way to get that is to transfer 20K USD into /thailand

[monochaser]

on a side note of buying condos in Thailand; realize that putting a deposit down means losing that deposit should you decide to back out. This happened to me; I put a 60K deposit on a new condo from a "legit" developer. I decided a few days later that I did not wish to go thru with purchase. They told me they keep deposit. Nice crooks or what? This is the normal practice in LOS (Land of Scams). In the USA, they would be prosecuted. Never give money to a Thai that you may wish to get back. never do this ever, never ever. I will never buy anything here that I don't absolutely need. I will never even put money in a Thai bank. Everything stays in USA except for ATM withdraws to cover necessary expenses, and I mean necessary. I have learned about spending money here and learned a powerful lesson. I will take heed going forward. No cash to Thais, I repeat, no cash to Thais

[Thaiquila]

on a side note of buying condos in Thailand; realize that putting a deposit down means losing that deposit should you decide to back out. This happened to me; I put a 60K deposit on a new condo from a "legit" developer. I decided a few days later that I did not wish to go thru with purchase. They told me they keep deposit. Nice crooks or what? This is the normal practice in LOS (Land of Scams). In the USA, they would be prosecuted. Never give money to a Thai that you may wish to get back. never do this ever, never ever. I will never buy anything here that I don't absolutely need. I will never even put money in a Thai bank. Everything stays in USA except for ATM withdraws to cover necessary expenses, and I mean necessary. I have learned about spending money here and learned a powerful lesson. I will take heed going forward. No cash to Thais, I repeat, no cash to Thais

It is normal for people to lose holding deposits for real estate in the US, but it is strictly by contract.

I made 10,000 dollars once that way! Legally. Yippee!

[LoveDaBlues]

on a side note of buying condos in Thailand; realize that putting a deposit down means losing that deposit should you decide to back out. This happened to me; I put a 60K deposit on a new condo from a "legit" developer. I decided a few days later that I did not wish to go thru with purchase. They told me they keep deposit. Nice crooks or what? This is the normal practice in LOS (Land of Scams). In the USA, they would be prosecuted. Never give money to a Thai that you may wish to get back. never do this ever, never ever. I will never buy anything here that I don't absolutely need. I will never even put money in a Thai bank. Everything stays in USA except for ATM withdraws to cover necessary expenses, and I mean necessary. I have learned about spending money here and learned a powerful lesson. I will take heed going forward. No cash to Thais, I repeat, no cash to Thais

I've sold multiple properties in the states. I always make the buyer put up escrow money; this is standard practice not just mine. This weeds out the tire-kickers and keeps the owner from wasting his time with these types. Grow up if you want to play with adults.

[simcity]

my question, youngkiwi want to buy a cheap condo !

Building blocks do have a certain ratio % for condo who can be purchases by farang .

can someone clarified if every building have this ratio ?

Perhaps the cheap condo building do not have a facility for farang to buy ?

[samran]

No cash to Thais, I repeat, no cash to Thais

Nice to know I and my family are thieves by association.

Good one you moron.

[ilyushin]

I bought a 32 sq m studio condo for Baht 260,000 as advertised on the brochure. Pre-purchase ( 77 mths) to delivery ( 1999) , contract was 33mths transfer) paid from savings ,salary , legal visa , work permit, tax number, etc... I didn't have to show the money came from abroad. Land Department signed off. Luck I guess or just extended stay in Thailand with tax receipts and investments (not company) and sound employment with Thai famly.

Never lived there and don't go as wife manages. Location Changwattana Soi Thai Panit not too bad location.

[panbagnat]

on a side note of buying condos in Thailand; realize that putting a deposit down means losing that deposit should you decide to back out. This happened to me; I put a 60K deposit on a new condo from a "legit" developer. I decided a few days later that I did not wish to go thru with purchase. They told me they keep deposit. Nice crooks or what? This is the normal practice in LOS (Land of Scams). In the USA, they would be prosecuted. Never give money to a Thai that you may wish to get back. never do this ever, never ever. I will never buy anything here that I don't absolutely need. I will never even put money in a Thai bank. Everything stays in USA except for ATM withdraws to cover necessary expenses, and I mean necessary. I have learned about spending money here and learned a powerful lesson. I will take heed going forward. No cash to Thais, I repeat, no cash to Thais

You pay a deposit for booking your futur apartment and you don't understand why they don't give you back the money when you change your mind ?????

It's absolutely normal, you can not play with the people who work.

Next you have to think before to says "yes"

[samran]

on a side note of buying condos in Thailand; realize that putting a deposit down means losing that deposit should you decide to back out. This happened to me; I put a 60K deposit on a new condo from a "legit" developer. I decided a few days later that I did not wish to go thru with purchase. They told me they keep deposit. Nice crooks or what? This is the normal practice in LOS (Land of Scams). In the USA, they would be prosecuted. Never give money to a Thai that you may wish to get back. never do this ever, never ever. I will never buy anything here that I don't absolutely need. I will never even put money in a Thai bank. Everything stays in USA except for ATM withdraws to cover necessary expenses, and I mean necessary. I have learned about spending money here and learned a powerful lesson. I will take heed going forward. No cash to Thais, I repeat, no cash to Thais

You pay a deposit for booking your futur apartment and you don't understand why they don't give you back the money when you change your mind ?????

It's absolutely normal, you can not play with the people who work.

Next you have to think before to says "yes"

Exactly. The rules of the game were quite clear. Some people are just too stupid. As CV has said very eloquently elsewhere:

...... there's that element of expats and visitors who are here just because they are not able to obtain either love or sex at home, and come here to buy or rent a reasonable facsimilie of it, and then when their shortcut around learning social skills fails they blame the whole country for their lack of success in life. Most people are too polite to say it but lets face it, there are alot of losers in Thailand hiding from the fact that they couldn't make it at home. When they fail here, either financially, or in a relationship, they blame Thailand for everything.

Fortunately there's many here who have seen it as an opportunity, or a second chance and have made the best of it, and appreciate what they've achieved. If you know these people, they're likely the ones who take personal responsibility for their situations, and you will rarely see them blaming other people or countries for their problems.

I'm sick of seeing people with screwed up lives blaming Thailand, or Thai women for all their troubles.

Never more truer words spoken!!