Can I buy a house?

[jobin]

I see a number of houses for sale in CM area. I'm on 'retirement visa' and have no wife or any other connection. But if i buy a free standing house who then owns the land? Must i create a corporation to buy the house? Are home loans available for me through local banks?

[elektrified]

1.You can't.

2. No

3. No

[onthedarkside]

Best think about a condo purchase. Better still - rent.

[Beetlejuice]

All the information you require is here:

http://www.phuket.net/property/property-guide/property-legal/

[jobin]

Fine. so who are buying all the houses i see for sale on TV CM Classifieds, which are directed towards expats, at least english readers?

And i did hear that i, along with others and perhaps Thais , could make a corporation and thus 'buy' a house. Is this true?

Thanks for the 'rent only' advice. I suppose a long term lease, maybe 10 years, on a nice rental house would be ok too.

[pinkpanther99]

A foreigner can own 100% property in Thailand - completely in their name.

They just can't own the land it sits on.

Buy the property, put it in your name, then setup a Usufruct, which if I'm not mistaken is a legally binding way of you leasing the land from the land owner long term. This is pretty much as close as foreigner can get to owning land I think.

But I'm no expert, I just read the Ask The Lawyer section on the site, loads of questions about Usufruct, which I didn't even know existed until I read it on here.

[Oscar2]

Fine. so who are buying all the houses i see for sale on TV CM Classifieds, which are directed towards expats, at least english readers?

And i did hear that i, along with others and perhaps Thais , could make a corporation and thus 'buy' a house. Is this true?

Thanks for the 'rent only' advice. I suppose a long term lease, maybe 10 years, on a nice rental house would be ok too.

it is illegal to form a Thai company for the sole purpose of buying property.

[mesquite]

Fine. so who are buying all the houses i see for sale on TV CM Classifieds, which are directed towards expats, at least english readers?

And i did hear that i, along with others and perhaps Thais , could make a corporation and thus 'buy' a house. Is this true?

Thanks for the 'rent only' advice. I suppose a long term lease, maybe 10 years, on a nice rental house would be ok too.

it is illegal to form a Thai company for the sole purpose of buying property.

And, regarding those ads directed towards expats, the house will be in the wife's name.

[slipperylobster]

Invest your money in something that has a better future value....perhaps gold.

3 million baht worth of gold (or other valuable commodity) might pay the rent.....eventually.

Why risk everything, and put a big layout up front, when you can rent instead, and invest your intended huge down payment.

[Chicken George]

Usafruc at the Ampur.. gives you rights over the land and house for your life time or 30yrs. Cost me 75baht to do. Also was very useful proving where I live to get a passport renewed. Things can as lwayd change but seems pretty safe to me doing it this way. The chanot thats the tittle deed hsd my name eritten on the back so the land with the house on cannot be sold without my permission. Upto to you as they say. But as a single person why buy? Renting is beter and keeo your investments back in your own country. I mean long term investments.

Sent from my GT-I9082 using Thaivisa Connect Thailand mobile app

[worgeordie]

How its done here,first get married,then the wife will nag and nag

you to buy her a house,because so and so bought his wife one,and

he must really love her, do you really love me ?,

Thats how you end up buying a house here,BUT no owning it,you

might be one of the lucky ones and it all works out fine for you,thats

good,if it ends up a train wreck,your out on your arse,unless you get

lawyer to draw up a lease before hand.

So far(25 years) i have been one of the lucky ones,so many others

have had to learn a nasty lesson.but thats life,

regards Worgeordie

[onthedarkside]

Troll post removed.

[roger1999]

I rented my first 10 years here. Very sorry I did that. Bought in 2008. I plan to be here at least 10 more years. By 2024, I will easily be able to sell and get my money back. And for all of those 16 years I will not have paid a dime in rent.

[uptheos]

Also was very useful proving where I live to get a passport renewed.

Isn't a usufruct in Thai, issued at the land office?

How would it help you get a foreign passport renewed?

[Chicken George]

Also was very useful proving where I live to get a passport renewed.

Isn't a usufruct in Thai, issued at the land office?

How would it help you get a foreign passport renewed?

I'm English we have to prove where we live to get a renewal done at our Embassy. I had a translation done. Simple.

Sent from my GT-I9082 using Thaivisa Connect Thailand mobile app

[uptheos]

Also was very useful proving where I live to get a passport renewed.

Isn't a usufruct in Thai, issued at the land office?

How would it help you get a foreign passport renewed?

I'm English we have to prove where we live to get a renewal done at our Embassy. I had a translation done. Simple.

Sent from my GT-I9082 using Thaivisa Connect Thailand mobile app

So if you had a translation done I presume you then had to get the translation certified at the British Consul in Chiang Mai first?

[Chicken George]

Also was very useful proving where I live to get a passport renewed.

Isn't a usufruct in Thai, issued at the land office?

How would it help you get a foreign passport renewed?

I'm English we have to prove where we live to get a renewal done at our Embassy. I had a translation done. Simple.

Sent from my GT-I9082 using Thaivisa Connect Thailand mobile app

So if you had a translation done I presume you then had to get the translation certified at the British Consul in Chiang Mai first?

No.. They ask for proof of address. I did the translation and it was accepted. Chiang Mai have nothing to do with renewal of passports now. Its just a useful thing to have a userfruc in more than one way.

Sent from my GT-I9082 using Thaivisa Connect Thailand mobile app

[ajnamoon]

Hi there

no foreigner can buy and own a house in Thailand as it sits on land which foreigners cannot own why n ot buy a condo theres plenty for sale in Chiang Mai or

better still as others said invest ur cash in gold and rent, many properties for rent houses,and caondos from 7 to 10 baht furnished

think always beter to hold on to ready cash

[cardinalblue]

I continue to buy farmland in my daughters name..with the dev explosion in CM land prices are increasing drastically to the point of instability...

But I will hold onto the land for 15 more years until such time the sale will cover her college costs and beyond...

Should get 5 to 10 times what I am paying now. In the meantime I get revenue from seasonal rice sales and other crops...

CB

[heybruce]

Best think about a condo purchase. Better still - rent.

The best advice given. Why tie up your money in a house you may never be able to sell because its on land you can't own, in a neighborhood that may change in ways you don't like, in a country where enforcement of laws applying to foreigner's have been known to change in unfavorable ways?

[AnotherOneAmerican]

Best think about a condo purchase. Better still - rent.

The best advice given. Why tie up your money in a house you may never be able to sell because its on land you can't own, in a neighborhood that may change in ways you don't like, in a country where enforcement of laws applying to foreigner's have been known to change in unfavorable ways?

Not to mention the Junta may not allow you to live in Thailand.

Why buy in a country you have no right to live in?

[opalred]

i built a house on wife land we have lived here now 4yrs and intend to finish days here after that who cares

but work it out for yrs paid rent 12000bht *12 by maybe live here 20yrs if wife donnt kill before

but with house can have pets and garden

[Happyman108]

Buy a condo and rent it out, use the rental return to rent the house you like

[WinnieTheKhwai]

Fine. so who are buying all the houses i see for sale on TV CM Classifieds, which are directed towards expats, at least english readers?

Farang WAGs. Although they tend to be WAY over priced in the TV classifieds. So not really sure who buys those.

[Thighlander]

Best think about a condo purchase. Better still - rent.

Every housing market that I have ever become familiar with, always has a chorus of "rent, rent, rent." The chorus was still going strong in Las Vegas and Phoenix after prices dropped 75%. Most of the renters still didn't buy. So not only did they miss out on 100% appreciation from the lows; they are still paying rent that is at historical highs. The guy next door to me rented for 10 years, same place, loved his cheap rent and figured he could stay forever. Landlord approaches him and tells him he has to move, because she want tos sell. He buys it from her, and never moves. Just maybe he would have been a lot better off financially, if he had just bought 10 years ago, before prices went consistently up?

Keep your money in the US, earn 1% and you are a guaranteed loser....Real estate has produced more millionaires than any other endeavor. The stock market is better in the long run, but it's not for the faint hearted, and you can't live in it. I'm not saying put all your marbles in Thai Real Estate, but if you plan on being here at least three years...buying a unit to live in is not a bad idea. Speculating and being a property manager are quite different, but for some that has worked out well. Of all the tales of horror posted on TV over the years, how many went like this: "I bought a condo in Thailand and lost my shirt"? I don't recall seeing one. OTOH, there have been countless "I bought property in someone elses name, and now stand two lose several million THB."

[AnotherOneAmerican]

Best think about a condo purchase. Better still - rent.

Every housing market that I have ever become familiar with, always has a chorus of "rent, rent, rent." The chorus was still going strong in Las Vegas and Phoenix after prices dropped 75%. Most of the renters still didn't buy. So not only did they miss out on 100% appreciation from the lows; they are still paying rent that is at historical highs. The guy next door to me rented for 10 years, same place, loved his cheap rent and figured he could stay forever. Landlord approaches him and tells him he has to move, because she want tos sell. He buys it from her, and never moves. Just maybe he would have been a lot better off financially, if he had just bought 10 years ago, before prices went consistently up?

Keep your money in the US, earn 1% and you are a guaranteed loser....Real estate has produced more millionaires than any other endeavor. The stock market is better in the long run, but it's not for the faint hearted, and you can't live in it. I'm not saying put all your marbles in Thai Real Estate, but if you plan on being here at least three years...buying a unit to live in is not a bad idea. Speculating and being a property manager are quite different, but for some that has worked out well. Of all the tales of horror posted on TV over the years, how many went like this: "I bought a condo in Thailand and lost my shirt"? I don't recall seeing one. OTOH, there have been countless "I bought property in someone elses name, and now stand two lose several million THB."

Vegas/Phoenix

If he lived alone, maybe.

If he lived with a wife/gf, no, she would have had it off him in the divorce.

The West

Great thing about renting in the west, your wife can't take it from you.

The world

Real estate millionaires, more lost it all than ever made millions.

(I actually made real-estate millionaire, then my wife had it off me)

Buying property, just another gamble, and dam_ned hard to hide, when you're in a bind.

How many of us lost a home we purchased with our own hard-earned money, to a woman who contributed no cash at all?

Me, for one!

Edited July 26, 2014 by AnotherOneAmerican

[Thighlander]

You give many more reasons to not get married, than to not buy real estate.

http://www.youtube.com/watch?v=XTphOseMS8U

[heybruce]

Best think about a condo purchase. Better still - rent.

Every housing market that I have ever become familiar with, always has a chorus of "rent, rent, rent." The chorus was still going strong in Las Vegas and Phoenix after prices dropped 75%. Most of the renters still didn't buy. So not only did they miss out on 100% appreciation from the lows; they are still paying rent that is at historical highs. The guy next door to me rented for 10 years, same place, loved his cheap rent and figured he could stay forever. Landlord approaches him and tells him he has to move, because she want tos sell. He buys it from her, and never moves. Just maybe he would have been a lot better off financially, if he had just bought 10 years ago, before prices went consistently up?

Keep your money in the US, earn 1% and you are a guaranteed loser....Real estate has produced more millionaires than any other endeavor. The stock market is better in the long run, but it's not for the faint hearted, and you can't live in it. I'm not saying put all your marbles in Thai Real Estate, but if you plan on being here at least three years...buying a unit to live in is not a bad idea. Speculating and being a property manager are quite different, but for some that has worked out well. Of all the tales of horror posted on TV over the years, how many went like this: "I bought a condo in Thailand and lost my shirt"? I don't recall seeing one. OTOH, there have been countless "I bought property in someone elses name, and now stand two lose several million THB."

The real estate investment risk-reward calculations in Thailand and the US are so different I won't even attempt to summarize them. I'll just say I'm looking for another house to buy in the US while I happily rent in Thailand.

Regarding: ."Real estate has produced more millionaires than any other endeavor."; I don't know of any westerners who became millionaires investing in real estate in Thailand. Do you?

Edited July 26, 2014 by heybruce

[chiang mai]

Whatever the background, trust me when I say that I have touched the filler with my own hand and seen the buckets of new paint waiting to be applied.

[theoldgit]

One post removed by request of the poster, and a number of quoted responses.