Can I own an apartment?

[KittenKong]

To the OP:

I recommend that you dont even think about buying any property here until you completely understand the legality of the various ownership structures.

The developer of this apartment building probably spotted you as you stepped off the banana boat and has been rubbing his hands with glee ever since.

[nathan christian]

Ok Thanks, I have mentioned my concerns with the owner by email. I will discuss this with him in the morning. I will also be speaking with a property developer who sells expensive properties to foreingers as well as a lawyer to discuss the points mentioned.

Foreigners buy houses here for very large sums of money. Are all these people stupid? I don't think so, to be able to get into the position of being able to afford these properties in the first place requires some form of intelligence.

I realise things can happen. I can cross the road tomorrow and be ploughed down by some loon, it doesn't stop me from doing it. Calculated risk. I realise I'm just buying a 30 year lease which, for me, is less attractive than first thought.

Robert, you have many apartments. Are you also stupid for owing a company with 51% Thai ownership that holds your properties? I think not! What assurances do you have in place to stop this from happening?

Why do a lot of people advise on renting, rather than buying. Have they or lots of their friends lost properties, bars etc that have been signed up to their Thai wife's? I have also heard many stories but these people have put their trust and money into a bar girl they have fallen for.

Would you marry a girl who worked in a massage parlour back home? I very much doubt it, so why do it here?

[poweratradio]

WOW.! The OP asks a question of this form then half way through begins arguing with the people trying to give him some input. After coming off like he is a newbie here the OP announces he has lived in Thailand for 8 years and is a know it all about leases condo's etc etc.

The reason for his post is........................................................WHAT?

Edited June 29, 2014 by poweratradio

[nathan christian]

Poweratradio, Exactly where do I appear to be a "know it all" about condo's leases etc??? Arguing with the people trying to help me??? Have you read the posts? Most people on here offer helpful advice, others don't. Wonder which category you fall into?

I stated I lived in Thailand for 8 years a long time ago. 12 years ago to be precise. Things can, and often do change in that time.

If you don't have any constructive input then go annoy someone else with your pointless drivel.

[KittenKong]

Foreigners buy houses here for very large sums of money. Are all these people stupid? I don't think so, to be able to get into the position of being able to afford these properties in the first place requires some form of intelligence.

I know a couple of rich people who are complete idiots and got all their money by luck or inheritance. I also know some very smart rich people who could afford to buy a fancy beachfront house here and not even notice that they have paid for it. One or two of them have done so and they have very nice places, but they are the first to admit that their purchases are pretty sure to show a loss when they come to sell. But they dont care because they can easily afford the loss.

I've also seen lots of estate agents ads offering houses at huge discounts to the price they were (supposedly) bought for a number of years ago. Were those owners smart? You tell me.

Why do a lot of people advise on renting, rather than buying.

Because buying here is only really worthwhile if you are looking at the very long term or are buying at a huge discount to the average asking price. Both are possible but both are also unlikely in the case of the average farang.

Anyone like you who is only looking at a 4-year period should definitely be renting. If you were looking at 20 years and/or had a Thai family to think about, or if the place you wanted to buy was a real fire-sale bargain or completely unique in some other way then things might be different but from what you say this just doesn't seem to be the case.

Many people know just how easy it is to buy in Thailand and just how hard it can be to sell here.

[bushwacker]

< If I can get my initial outlay back I'm happy already. >

After 4 years .... GOOD LUCK WITH THAT!

[nathan christian]

Hi Kittenkong,

I understand what your saying. I will take this and others advice. I have postponed the signing of the contract as it is definitely a lease I would have been buying.

I asked why he hadn't registered these units as condo's. His reply was that only certain areas (zoning) are able to register as condo's. So the structure he set out was the best possible way he could do it.

For 4 years I know you are right, thanks very much for all the advice. I was a little pee'd of at first but the reality has sunk in and I feel more happy about this.

I will speak to a lawyer regarding the land/house possibility

[casualbiker]

NC. If you are a registered director you are / may be liable for any debts on the company. Similar happened to my father in law. He is now being held liable for other partners stealing money.

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