konying Posted May 5, 2015 Share Posted May 5, 2015 Ok a genuine question and hopefully some genuine answers. Would you buy if mortgage was available to you like back home? 20-30 year terms with minimum 10% deposit and standard variable rate Absolutely not. I would never take more than a 10 yr mortgage, nor deposit less than 25%. Why? 10 year and why 25%? Link to comment Share on other sites More sharing options...
chrisandsu Posted May 7, 2015 Share Posted May 7, 2015 (edited) 10 years would shorten the interest paid on the loan . I can't see why putting 25% down on the place would be a good idea ? If you can't own the thing you may as well get a mortgage ,if it's possible ?? ... If you're missus plays up just saddle her with the debt ? Edited May 7, 2015 by chrisandsu Link to comment Share on other sites More sharing options...
Naam Posted May 7, 2015 Share Posted May 7, 2015 10 years would shorten the interest paid on the loan . I can't see why putting 25% down on the place would be a good idea ? If you can't own the thing you may as well get a mortgage ,if it's possible ?? ... If you're missus plays up just saddle her with the debt ? a bad idea is to think you can get a mortgage in Thailand (and most other countries) with less than 25% down. keep on dreaming! Link to comment Share on other sites More sharing options...
coulson Posted May 7, 2015 Share Posted May 7, 2015 I see a lot of general warnings about the risks associated with buying property in Thailand, any first hand accounts/ examples of why it's so risky or unstable? Link to comment Share on other sites More sharing options...
balo Posted May 7, 2015 Share Posted May 7, 2015 I see a lot of general warnings about the risks associated with buying property in Thailand, any first hand accounts/ examples of why it's so risky or unstable? Did you read the thread? I posted my own experience if you bother to look for it . Link to comment Share on other sites More sharing options...
coulson Posted May 8, 2015 Share Posted May 8, 2015 I see a lot of general warnings about the risks associated with buying property in Thailand, any first hand accounts/ examples of why it's so risky or unstable? Did you read the thread? I posted my own experience if you bother to look for it . Yes I did, thanks. I read again just to be sure but no I didn't miss anything. Your experience could be suffered anywhere in asia, it's even a warning in the ten commandments. However, I'm interested in the legal problems or risks associated with living in thailand as opposed to anywhere else where you don't have voting rights. Link to comment Share on other sites More sharing options...
ripley Posted May 9, 2015 Share Posted May 9, 2015 A poorly run condo or other community deveopment can cost you money and sleepless nights. Before buying any place, I think this is the safest course: -Read Thai Condominium Law -Read the Regulations of the building you're considering -Make sure that the Accounts are posted in a public area monthly - " " that Annual General Meetings are held regularly, with at least 2 weeks warning as to date and agenda - " " that a there is a proper Committee and Juristic Person Manager -Talk to present Owners and hear their opinions of the place -Check the Land Office for any issues the bldg. may have had or is having Best advice I've heard thus far is "Don't be in a hurry to purchase". Your safest bet is to rent a unit in the bldg. you're interested in for at least a year. It's the best way to see thru the glitter to what is really underneath. Link to comment Share on other sites More sharing options...
chrisandsu Posted May 9, 2015 Share Posted May 9, 2015 10 years would shorten the interest paid on the loan . I can't see why putting 25% down on the place would be a good idea ? If you can't own the thing you may as well get a mortgage ,if it's possible ?? ... If you're missus plays up just saddle her with the debt ?a bad idea is to think you can get a mortgage in Thailand (and most other countries) with less than 25% down. keep on dreaming! It may be a bad idea but it's done throughout the world ! Zero down is everywhere I'm afraid ! In a country that has rules designed for foreigners not to own housing/land and you are sceptical about your teeraks feelings for you , the sensible man would get a mortgage that she couldn't afford ! It's a win win , you get pride of ownership without a large layout and if the relationship goes south you keep the house . Link to comment Share on other sites More sharing options...
coulson Posted May 9, 2015 Share Posted May 9, 2015 A poorly run condo or other community deveopment can cost you money and sleepless nights. Before buying any place, I think this is the safest course: -Read Thai Condominium Law -Read the Regulations of the building you're considering -Make sure that the Accounts are posted in a public area monthly - " " that Annual General Meetings are held regularly, with at least 2 weeks warning as to date and agenda - " " that a there is a proper Committee and Juristic Person Manager -Talk to present Owners and hear their opinions of the place -Check the Land Office for any issues the bldg. may have had or is having Best advice I've heard thus far is "Don't be in a hurry to purchase". Your safest bet is to rent a unit in the bldg. you're interested in for at least a year. It's the best way to see thru the glitter to what is really underneath. Very sound advice, thank you. Been lurking in the building for 6 months and have a seller keen to close. At 1.5 million for 70 sqm I'm finding it difficult handing over another months rent for a shitty room. Only issue I'm really bothered by is dealing with the thai mentality as the seller constantly brings his personal problems into the transaction and finds more reasons to ask for money, deposits or paying his share of the closing tax. Lawyer in the equation now to shut him up and that seems to have worked just fine. The paperwork is all in order, land registry given the go ahead and the building is in good shape managed by a reasonable company with transparent books. Annual meeting last month fairly dull. Still waiting on the legal horror stories & am not convinced it is a risk to buy in thailand on account of political unstability - If I had bought a place in my home country I could be fisted with increasing stealth taxes on anything from asset value, water, waste management and whatever else the *elected* government decided to lump on when it suits them. Link to comment Share on other sites More sharing options...
Naam Posted May 9, 2015 Share Posted May 9, 2015 10 years would shorten the interest paid on the loan . I can't see why putting 25% down on the place would be a good idea ? If you can't own the thing you may as well get a mortgage ,if it's possible ?? ... If you're missus plays up just saddle her with the debt ?a bad idea is to think you can get a mortgage in Thailand (and most other countries) with less than 25% down. keep on dreaming! It may be a bad idea but it's done throughout the world ! Zero down is everywhere I'm afraid ! In a country that has rules designed for foreigners not to own housing/land and you are sceptical about your teeraks feelings for you , the sensible man would get a mortgage that she couldn't afford ! It's a win win , you get pride of ownership without a large layout and if the relationship goes south you keep the house . i repeat that "zero down is everywhere" exists only in your imagination. Link to comment Share on other sites More sharing options...
JB300 Posted May 10, 2015 Share Posted May 10, 2015 (edited) 10 years would shorten the interest paid on the loan . I can't see why putting 25% down on the place would be a good idea ? If you can't own the thing you may as well get a mortgage ,if it's possible ?? ... If you're missus plays up just saddle her with the debt [emoji6]a bad idea is to think you can get a mortgage in Thailand (and most other countries) with less than 25% down. keep on dreaming! It may be a bad idea but it's done throughout the world ! Zero down is everywhere I'm afraid ! In a country that has rules designed for foreigners not to own housing/land and you are sceptical about your teeraks feelings for you , the sensible man would get a mortgage that she couldn't afford ! It's a win win , you get pride of ownership without a large layout and if the relationship goes south you keep the house .1 If it's a "House" it would need to be in a Company or Thai Citizen name, good luck getting a mortgage in either case, if you do find one that's "Zero Down" can you please give me 6 numbers for next weeks lottery.2 You wouldn't get to "Keep The House" unless you carried on paying the mortgage... Same Same no matter what darling terrak does. 3 If it's a Condo, no chance of getting "Zero Down" (minimum 10-15%) but again, dark-ling terrak doesn't come into play... Unless you buy it in joint names, then the bank will still come after you for the cash... Edited May 10, 2015 by JB300 Link to comment Share on other sites More sharing options...
chrisandsu Posted May 10, 2015 Share Posted May 10, 2015 Ok in your imaginations where do you see anyone putting down 25% on a mortgage ? Most people would only do so to avoid mortgage insurance . Where as most of us see an investment being payed down by inflation ? Of course you can say that's <deleted> but that's how most of the world works that does not live in your bubble ! Renting and buying is practically the same thing when paying a mortgage you never truly own that house be it in thailand of whatever farang land you call home . Link to comment Share on other sites More sharing options...
trogers Posted May 10, 2015 Share Posted May 10, 2015 Ok in your imaginations where do you see anyone putting down 25% on a mortgage ? Most people would only do so to avoid mortgage insurance . Where as most of us see an investment being payed down by inflation ? Of course you can say that's <deleted> but that's how most of the world works that does not live in your bubble ! Renting and buying is practically the same thing when paying a mortgage you never truly own that house be it in thailand of whatever farang land you call home . I paid full for an old condo and then mortgage it at half the price paid. Link to comment Share on other sites More sharing options...
OnMyWay2 Posted May 13, 2015 Share Posted May 13, 2015 Rent because of the ridiculous number of Condos available to rent. Instead of dealing with BS, It's nice to be able to just pack your bags and leave. Link to comment Share on other sites More sharing options...
Naam Posted May 13, 2015 Share Posted May 13, 2015 Rent because of the ridiculous number of Condos available to rent. Instead of dealing with BS, It's nice to be able to just pack your bags and leave. an undeniable advantage enjoyed, not always, but mostly by poor people Link to comment Share on other sites More sharing options...
Anthony5 Posted May 13, 2015 Share Posted May 13, 2015 Rent because of the ridiculous number of Condos available to rent. Instead of dealing with BS, It's nice to be able to just pack your bags and leave. an undeniable advantage enjoyed, not always, but mostly by poor people For sure not enjoyed by people who are forced to stay because they can't recover their huge investments. Link to comment Share on other sites More sharing options...
Anthony5 Posted May 13, 2015 Share Posted May 13, 2015 10 years would shorten the interest paid on the loan . I can't see why putting 25% down on the place would be a good idea ? If you can't own the thing you may as well get a mortgage ,if it's possible ?? ... If you're missus plays up just saddle her with the debt ? a bad idea is to think you can get a mortgage in Thailand (and most other countries) with less than 25% down. keep on dreaming! You must have missed the condo advertisements on Soi wat boon that offered 110% financing. Link to comment Share on other sites More sharing options...
Naam Posted May 13, 2015 Share Posted May 13, 2015 10 years would shorten the interest paid on the loan . I can't see why putting 25% down on the place would be a good idea ? If you can't own the thing you may as well get a mortgage ,if it's possible ?? ... If you're missus plays up just saddle her with the debt ? a bad idea is to think you can get a mortgage in Thailand (and most other countries) with less than 25% down. keep on dreaming! You must have missed the condo advertisements on Soi wat boon that offered 110% financing. these offers are for suckers only as the financing is done by the developers with handcuffs and foot chains as chanotes in the names of the buyers are not issued as the property remains pledged as collateral to banks in the name of the developers. a done thing in Thailand since pre-crisis 1997. Link to comment Share on other sites More sharing options...
Naam Posted May 13, 2015 Share Posted May 13, 2015 Rent because of the ridiculous number of Condos available to rent. Instead of dealing with BS, It's nice to be able to just pack your bags and leave. an undeniable advantage enjoyed, not always, but mostly by poor people For sure not enjoyed by people who are forced to stay because they can't recover their huge investments. if the purchase of real estate causes that kind of restriction it is clearly better to rent. Link to comment Share on other sites More sharing options...
Anthony5 Posted May 13, 2015 Share Posted May 13, 2015 10 years would shorten the interest paid on the loan . I can't see why putting 25% down on the place would be a good idea ? If you can't own the thing you may as well get a mortgage ,if it's possible ?? ... If you're missus plays up just saddle her with the debt ? a bad idea is to think you can get a mortgage in Thailand (and most other countries) with less than 25% down. keep on dreaming! You must have missed the condo advertisements on Soi wat boon that offered 110% financing. these offers are for suckers only as the financing is done by the developers with handcuffs and foot chains as chanotes in the names of the buyers are not issued as the property remains pledged as collateral to banks in the name of the developers. a done thing in Thailand since pre-crisis 1997. Nothing different from a mortgage then, where the chanote also stays in the bank as collateral until the loan is paid off. Link to comment Share on other sites More sharing options...
Bung Posted May 13, 2015 Share Posted May 13, 2015 Its not always buying your gf a house. I put my place into my sons name when he was 11. No one can touch it until hes 21 then he can kick me out. If he does that he loses out on a much bigger inheritance than the house is worth. I would then rent and spend the lot before i die. That actually sounds a lot more fun! Link to comment Share on other sites More sharing options...
Blackfox Posted May 13, 2015 Share Posted May 13, 2015 Its not always buying your gf a house. I put my place into my sons name when he was 11. No one can touch it until hes 21 then he can kick me out. If he does that he loses out on a much bigger inheritance than the house is worth. I would then rent and spend the lot before i die. That actually sounds a lot more fun! Good move Bung. If you have children and an investment here, then it's a sound decision to put it in your child's name. Perhaps 25 years may be better as opposed to 21. Just a little more mature. It's what many Lawyers recommend in my western country of origin. As I've previously posted, I won't buy. Actually, I won't spend one dollar here. My wife runs a business, I assist, and we spend THB, not dollars. The dollars will be spent abroad or passed to children if we have. Link to comment Share on other sites More sharing options...
Bung Posted May 13, 2015 Share Posted May 13, 2015 The law states its his when he turns 21. I would never give him that kind of temptation at 21. In fact he wont get his hands on his inheritance until he is 35. Just the income it generates. Link to comment Share on other sites More sharing options...
Anthony5 Posted May 13, 2015 Share Posted May 13, 2015 The law states its his when he turns 21. I would never give him that kind of temptation at 21. In fact he wont get his hands on his inheritance until he is 35. Just the income it generates. I thought inheritance was when somebody passes away. What's wrong with him getting a job and working for a living? Link to comment Share on other sites More sharing options...
WitawatWatawit Posted May 13, 2015 Share Posted May 13, 2015 I selected carefully (well, within reason), and put the house in daughter's name. She was 20 at the time, so all legit and above board and no hassles about inheritance. Paid in full, no mortgage. Nothing to worry about when I get drop kicked through the goal posts of life. Equivalent house to mine would rent for 12k, so that so far I have saved half a mill in rent. With no rent or mortgage to pay, I can live very sweetly on 20k a month (no booze). My reco - select well and buy. Link to comment Share on other sites More sharing options...
Naam Posted May 13, 2015 Share Posted May 13, 2015 You must have missed the condo advertisements on Soi wat boon that offered 110% financing.these offers are for suckers only as the financing is done by the developers with handcuffs and foot chains as chanotes in the names of the buyers are not issued as the property remains pledged as collateral to banks in the name of the developers. a done thing in Thailand since pre-crisis 1997. Nothing different from a mortgage then, where the chanote also stays in the bank as collateral until the loan is paid off. big difference! mortgage with the bank = chanote is issued in the buyer's name. developer financing = if the developer goes belly-up the buyer has not a single Satang credited even after years of paying and has to line up for developer's residual value... if any. Link to comment Share on other sites More sharing options...
chrisandsu Posted May 14, 2015 Share Posted May 14, 2015 Banks never go belly up do they ? I'm sure if the developer started to wobble the first thing they would do is sell the loan of a good paying low risk mortgage . These developers will sell homes to anyone with a hole in their a@@ to think they would demand 25% down is nieve at best . Link to comment Share on other sites More sharing options...
Naam Posted May 14, 2015 Share Posted May 14, 2015 Banks never go belly up do they ? I'm sure if the developer started to wobble the first thing they would do is sell the loan of a good paying low risk mortgage . These developers will sell homes to anyone with a hole in their a@@ to think they would demand 25% down is nieve at best . you seem to be slightly confused as far as banks, bank loans to developers and mortgages of developers to buyers are concerned. but if it makes you happy, so be it Link to comment Share on other sites More sharing options...
chrisandsu Posted May 15, 2015 Share Posted May 15, 2015 Wasn't it you who said the developer offers the financing ? Is the developer getting the funds from the sinsot of his favourite daughter or would it be coming from the bank ? Same places yes ? Link to comment Share on other sites More sharing options...
OnMyWay2 Posted May 15, 2015 Share Posted May 15, 2015 Rent because of the ridiculous number of Condos available to rent. Instead of dealing with BS, It's nice to be able to just pack your bags and leave. an undeniable advantage enjoyed, not always, but mostly by poor people Well If you're rich enough to buy a new condo every time your old one has a problem then more power to you. us poor people just pack our bags and move to the newer building. Link to comment Share on other sites More sharing options...
.png.3b3332cc2256ad0edbc2fe9404feeef0.png)
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now