Looking For Info

[Mr Red]

Next spring, the plan is for my wife to return to LOS for a couple months to visit her closest sister during the school break (sister is a teacher). While she is there, we have decided she will look hard for a house to purchase that will serve us in the next very few years during long stays there, and will be in place when I retire and we move there for longer periods.

I would appreciate some advice/comments regarding some questions/comments I have surrounding this purchase:

1. She will be purchasing it outright and she is a Thai citizen (ID card and PP). She is also an American citizen, but we feel it is better not to mention that during this transaction.

2. I understand that typically the buyer is responsible for the 2% tax on purchase ... is there any other closing costs or anything that amount to much?

3. What about homeowner's insurance? Can folks give me an impression as to what the typical cost for insurance is?

4. She will have to arrange for the utilities and cable/satellite connections ... is there anything we should watch for?

5. Money transfer ... what is the best way you have found to transfer a sizable amount of money from the US to Thailand with the least amount of complications?

6. I am OK with her having 100% ownership and me not being on the deed (we have been married 36 years), and something tells me that might simplify things a great deal. If a farang is involved, seems the price and complications increase?

I would appreciate any feedback and help, and thank you in advance.

Mr Red

[Mobi]

Hi Mr Red,

I'm by no means an expert, but here's a few thoughts.

As long as your wife has a Thai ID and her name is on a Tabian Bahn, you'll have no problems. My previous wife held dual citizenship, and bought property here - no probs.

The market is in a high state of flux. There must be some incredible deals to be done - as very few up market properties are changing hands - even more so since the new visa rules were announced.. Make sure your wife really shops around. We did the same back during the last financial crash, and got a 4 bed house at a fraction of its original value. The guy (a Thai) was so desperate to sell that he included all the furniture, paid the land transfer tax etc. Regardless of the "asking price" your wife should make a really low offer and see what happens. Your wife should get a lawyer, and obviously needs to do all the checks to ensure the land titles are free and clear of encumbrances. Again - she might even persuade the seller to pay her legal costs, but a decent Thai lawyer shouldn't cost too much anyway.

Don't use a lawyer recommended by a real estate agent - in fact avoid real estate agents except, to get a general idea of what may be available in a particular area. 'Use' them - don't let them 'use' you. Try to the deal directly with owners. Being a Thai, it is much eassier, as she can read the Thai signs etc advertising property for sale. Word of mouth (amongst Thais) is also good.

My home is insured by AIG (placed by a broker in thailand) for 10 million Baht re-building cost, plus contents cover, public liability etc etc. Annual cost around 14K Baht. There are cheaper insurers but I'll stick with AIG.

The utility connections will all be stories of their own - depending on location. All shoud be checked out thoroughly if not already on site. Don't take the seller's word for anything. Some take a while to connect. The biggest problem will be telephones if the lines are not there. You should check this out early and place the necessary orders - and don't believe a word anyone says on connection dates. Land lines are essential for internet connection, otherwise you have to rely on the Bloody Ipstar Satellite.

A simple wire transfer from your account in the USA to a Thai bank account should be fine. The banks here have SWIFT codes, and should be no problem. You may have to fill out a form stating the purpose of the money, before they release it to your account, but that is good as you have the paper work if anyone queries it later.

As you say, after 36 years of marriage , you have litttle to wory about. However if you want to go the Ufustruct route, guaranteeing you life time tenure, it is relatively inexpensive, and the lawyer can do it at the same time as the land transfer is done.

Hope the above is of some help, and good luck. It's a good time for a Thai to buy.

[sinam]

[ It's a good time for a Thai to buy.

I don't see a lot of deals out there. We certainly aren't in another financial crisis so where are the deals? I have some friends who have asked me about quality housing developments that have good services but i haven't noticed too many deals lately. Anyone know of some deals out there in this regard?

I initially paid basic insurance on only the house (no theft or belongings) and it was about 14,000 for 5 years at a value of 6 million. I haven't put too much in the house yet but will probably upgrade the insurance in due course.

As for the transfer fee I had to pay half which I think is a standard practice so you would want to bargain for at least that.

Another thing I would add is that I paid a one-time moobaan fee of 50,000 supposedly for life but I've heard from other friends in other new moobaans that they were charged for at least the the first couple of years ahead of time. I think this is a result of some home owners in the past not paying the monthly fee.

Si Nam

[Thaibel]

[ It's a good time for a Thai to buy.

I don't see a lot of deals out there. We certainly aren't in another financial crisis so where are the deals? I have some friends who have asked me about quality housing developments that have good services but i haven't noticed too many deals lately. Anyone know of some deals out there in this regard?

Si Nam

Sure, if you are talking about QUALITY and seriously interested i give you european high standards in Los, no problem, you just need to know where to find.

[homehunter]

[ It's a good time for a Thai to buy.

I don't see a lot of deals out there. We certainly aren't in another financial crisis so where are the deals? I have some friends who have asked me about quality housing developments that have good services but i haven't noticed too many deals lately. Anyone know of some deals out there in this regard?

I initially paid basic insurance on only the house (no theft or belongings) and it was about 14,000 for 5 years at a value of 6 million. I haven't put too much in the house yet but will probably upgrade the insurance in due course.

As for the transfer fee I had to pay half which I think is a standard practice so you would want to bargain for at least that.

Another thing I would add is that I paid a one-time moobaan fee of 50,000 supposedly for life but I've heard from other friends in other new moobaans that they were charged for at least the the first couple of years ahead of time. I think this is a result of some home owners in the past not paying the monthly fee.

Si Nam

Si Nam

There are deals to be made everywhere. We are building in the Phoenix Golf & Country Club just outside Pattaya and have luxurious homes starting from 8 million baht up to over 40 million baht. The project will have the best infrastructure with private wells, underground electrics, security plus CCTV, etc..... We have early investor plans with up to 25% discount available for show homes and no these prices are current market values or below, not inflated first and then later discounted!

www.homehuntersasia.com

[1Rai.com]

[ It's a good time for a Thai to buy.

I don't see a lot of deals out there. We certainly aren't in another financial crisis so where are the deals? I have some friends who have asked me about quality housing developments that have good services but i haven't noticed too many deals lately. Anyone know of some deals out there in this regard?

Si Nam

Sure, if you are talking about QUALITY and seriously interested i give you european high standards in Los, no problem, you just need to know where to find.

Yes, it is true that there are deals to be found all over Thailand.

www.1rai.com offers property listings from a variety of agents (and some private sellers) in a variety of locations; we have the best property listings (for Koh Samui in particular) in print or on the Web, but also feature properties in Hua Hin, Pattaya, Chiang Mai, Phuket and other more remote areas. And we are continually contacting agencies all over the country to add more.

I also must add that there seems to be a lot of negative comments about the real estate agents. I am not an agent, but I can see what is positive about what they do. People use them because they trust them... they trust them because they are a commercial entity specializing in making the home-buying experience legal, official and less troublesome. Private Thai landowners cannot be expected to know property law... it's the same as in Western countries. How many of you have bought a house in the West through a private seller's ad?