Helping with Isaan house loan for Gf?..Possible?

[Paul Laycock]

You've had too much sun - run for your life

[bamukloy]

Who did the 2.5M number come from?

How many square meters of house is that meant to build?

Have any house plans been made yet?

What else is included in the 2.5M other than the actual building costs?

All of it was only ever at talk stage, so no details.

But i have decided i am better off having nothing to do with it.

Thanks maejo for the info regarding loans, thats really all im after as now im in the know i can use this info.

If she wants to build a house, up to her, ill be long gone when repayments are due

[IMHO]

Who did the 2.5M number come from?

How many square meters of house is that meant to build?

Have any house plans been made yet?

What else is included in the 2.5M other than the actual building costs?

All of it was only ever at talk stage, so no details.

But i have decided i am better off having nothing to do with it.

Thanks maejo for the info regarding loans, thats really all im after as now im in the know i can use this info.

If she wants to build a house, up to her, ill be long gone when repayments are due

I am relieved to hear your case of temporary insanity has been cured

[winstonc]

Humm, a movie line comes to mind........Run, Forrest! RUNNNN!!!

my guess is forrest is guna run straight into her arms and forget the sound advice offered by the esteemed members on here...trolling perhaps....

[IMHO]

Humm, a movie line comes to mind........Run, Forrest! RUNNNN!!!

my guess is forrest is guna run straight into her arms and forget the sound advice offered by the esteemed members on here...trolling perhaps....

Read upwards mate

OP's now limp and lucid.

[shaggy851]

Sounds like an expensive gift. The figure quoted may be to extort you a bit. My girlfriend eventually wants a house on land she bought herself. She says only maybe 300 000 for a small house. I say if we get married the family and her can buy a house with the money up to them, as its only going to be 300k dowry or I'm not interested. To me its a family affair as the house is going to be owned by them, not by me. I personally don't mind living out there and would rent a place nearby for 3k a month. You're not really associated with the loan it would be all on them if you bailed. But me thinks they are just quoting a large figure so that the payments you make will be much greater than the actual cost of house. They may already have a loan for the land and trying to rope you in for both payments. Otherwise if the house Is modest and loan 2.5m you may come home to see a few gold chains swinging from necks and a new dmax in the driveway

[MaeJoMTB]

Sounds like an expensive gift. The figure quoted may be to extort you a bit. My girlfriend eventually wants a house on land she bought herself. She says only maybe 300 000 for a small house. I say if we get married the family and her can buy a house with the money up to them, as its only going to be 300k dowry or I'm not interested. To me its a family affair as the house is going to be owned by them, not by me. I personally don't mind living out there and would rent a place nearby for 3k a month. You're not really associated with the loan it would be all on them if you bailed. But me thinks they are just quoting a large figure so that the payments you make will be much greater than the actual cost of house. They may already have a loan for the land and trying to rope you in for both payments. Otherwise if the house Is modest and loan 2.5m you may come home to see a few gold chains swinging from necks and a new dmax in the driveway

555

Escaped the house scam, but fell for the dowry scam!

[NickJ]

What does your Gf's Thai- Husband think about you staying in there house once its built?

[shaggy851]

Sounds like an expensive gift. The figure quoted may be to extort you a bit. My girlfriend eventually wants a house on land she bought herself. She says only maybe 300 000 for a small house. I say if we get married the family and her can buy a house with the money up to them, as its only going to be 300k dowry or I'm not interested. To me its a family affair as the house is going to be owned by them, not by me. I personally don't mind living out there and would rent a place nearby for 3k a month. You're not really associated with the loan it would be all on them if you bailed. But me thinks they are just quoting a large figure so that the payments you make will be much greater than the actual cost of house. They may already have a loan for the land and trying to rope you in for both payments. Otherwise if the house Is modest and loan 2.5m you may come home to see a few gold chains swinging from necks and a new dmax in the driveway

555

Escaped the house scam, but fell for the dowry scam!

Isn't that the norm? I've heard of a lot bigger payments by many foriegners. I've only ever suggested it. Maybe that's why I get away with being such a cheap charlie to date 555

[IMHO]

Sounds like an expensive gift. The figure quoted may be to extort you a bit. My girlfriend eventually wants a house on land she bought herself. She says only maybe 300 000 for a small house. I say if we get married the family and her can buy a house with the money up to them, as its only going to be 300k dowry or I'm not interested. To me its a family affair as the house is going to be owned by them, not by me. I personally don't mind living out there and would rent a place nearby for 3k a month. You're not really associated with the loan it would be all on them if you bailed. But me thinks they are just quoting a large figure so that the payments you make will be much greater than the actual cost of house. They may already have a loan for the land and trying to rope you in for both payments. Otherwise if the house Is modest and loan 2.5m you may come home to see a few gold chains swinging from necks and a new dmax in the driveway

555

Escaped the house scam, but fell for the dowry scam!

Isn't that the norm? I've heard of a lot bigger payments by many foriegners. I've only ever suggested it. Maybe that's why I get away with being such a cheap charlie to date 555

For a farm girl??!?!?

OK, 555, you're kidding. Phew.

[shaggy851]

Sounds like an expensive gift. The figure quoted may be to extort you a bit. My girlfriend eventually wants a house on land she bought herself. She says only maybe 300 000 for a small house. I say if we get married the family and her can buy a house with the money up to them, as its only going to be 300k dowry or I'm not interested. To me its a family affair as the house is going to be owned by them, not by me. I personally don't mind living out there and would rent a place nearby for 3k a month. You're not really associated with the loan it would be all on them if you bailed. But me thinks they are just quoting a large figure so that the payments you make will be much greater than the actual cost of house. They may already have a loan for the land and trying to rope you in for both payments. Otherwise if the house Is modest and loan 2.5m you may come home to see a few gold chains swinging from necks and a new dmax in the driveway

555

Escaped the house scam, but fell for the dowry scam!

Isn't that the norm? I've heard of a lot bigger payments by many foriegners. I've only ever suggested it. Maybe that's why I get away with being such a cheap charlie to date 555

Come to think of it I bought a gas stove for them too for 1200baht that might be a new one going around too they had a perfectly good clay pot thing.

[Robert24]

2 points:

1) don't get a loan. Interest will be very high. You say you can afford it, then pay for it.

2) as people mentioned, a modest, nice 2 bedroom house with kitchen, bathroom costs somewhere between 300k-400k. Not more than 400k.

[Ricky HKT]

I am ROTFL my ass off.about the construction costs.

My friend built two duplexes ON PHUKET a couple years ago for ~3M bht. Total of 360 sq meters, 4 lg BR, 4 nice bathrooms with separate shower, toilet, changing rooms, 4 kitchens, nice cabinets everywhere, wired for phone, cable tv (modern electrical services) nice 4 car carport w/lg storage room, well, nice water system, 4 septic systems, etc. etc. He rents them out to farang, and his guests rave about the place.

That works out to be about 8300 bht/sq meter ALL IN except furniture.

I have been told that Phuket is the 2nd most expensive (cost of living) place in Thailand. I don't know about Isaan now, but I seem to recall you could get a 3 BR/2BA house in Chiang Mai for about 400K (a number of years ago, granted). In other words... cheap.

I had an Isaan GF long ago, and I remember them trying to pull a land scam on me when I went to visit the village one time. They showed me a small parcel of land and wanted me to buy for them ... "only 400,000 bht!" I was thinking "<deleted>?!?" but said "I would think about it". Isaan GF worked me as long as she could, but found another farang (had a baby with him to really set the hook) after I started telling her to get her ass to work.

She probably did me a favor by finding the next mark... saved me a lot of coin.

Yes, "Run Forest, RUN!"

[coulson]

Thanks to both of you for the reply..

to answer questions:

This figure may sound excessive, but i am balancing between what i would like in a house,as a farang,as opposed to what Thais would accept as whats needed and whats not.

I dont want them lumped with a bill for stuff they think is exorbinant IF i do a runner, but i dont want to be scammed either.

The gf cant get a loan as she earns about 12500 a month working in Bkk, where we now reside and she has no savings.

The loan is to be arranged by the oldest sister. Both parents dead..

I recently came out of a situation where everything appeared financially 'rosy' on the outside, once you dig into details, its frightening. If you're seriously going to try and help with this loan, get stuck in and know all the financial particulars and understand the plan, it's your money.

In my opinion your intentions don't sound so promising anyway, making her get the loan for a house to your standards, if you do walk then nobody really wins. Why can't you rent until you figure out exactly what you want?

To me 'house' and 'gf' don't belong in the same sentence.

[Laza 45]

...2.5 M is not a modest house... 1M should do it... borrowing money... I tried... if you deposit an equivalent amount in cash as security they will loan at exorbitant rates... why would you do it???? alternative is to provide 'chinotes' (deeds for other properties) for collateral.... I have spent under 1 M... built a 2 story extension (100 sq M.. plus 50 sq M verandas). to our old small home .. not a palace but built to a good standard... 2 bedrooms.. 2 bathrooms & lounge .. downstairs cavity walls .. to keep it cool.. We went slowly.. paying out of my pension as we went along..

[ChrisY1]

Thanks to both of you for the reply..

to answer questions:

This figure may sound excessive, but i am balancing between what i would like in a house,as a farang,as opposed to what Thais would accept as whats needed and whats not.

I dont want them lumped with a bill for stuff they think is exorbinant IF i do a runner, but i dont want to be scammed either.

The gf cant get a loan as she earns about 12500 a month working in Bkk, where we now reside and she has no savings.

The loan is to be arranged by the oldest sister. Both parents dead..

She works in BKK and gets 12500/month...what does she do?...because not too bad a salarynot a lot...but quite normal.

How did you meet?

Others have mentioned 2.5mill. for Buriram is exhorbitant..it is....what extras do expats need....a couple of A/Cs....maybe hot water...insulation in the roof...carport....??

Move on is my advice.....the in-laws will drive you mad and try and screw you constantly!

[Stevemercer]

I'm retired and built a house in Isan for $2 million. It's single storey, 3 bedrooms, 3 bathrooms and 200 square metres, plus 90 square metre covered verandah. Fully westernised inside and outside with granite floors and bench tops. For me it is a life style thing, because it is uncertain whether we would ever be able to sell the house for the price we paid, let alone a profit. That is because most Thais will say the house is lovely, but don't really want to live in a western style house and, secondly, most buyers simply aren't prepared to pay that much in a rural township location. On the plus side, a similar house would cost at least 5 to 10 times as much in Australia.

It's like building a one million dollar home in a down and out rural town in Australia. You just won't be able to find a seller with that sort of money out in the boondocks. No locals have the money and the chances are that people who can afford the price wont want to live out there.

Our one saving grace is that the land is quite large and well located and we got it very cheap. The land itself will probably end up being more valuable than the house.

You can over-capitalise building your dream home in Australia or Thailand if you are looking at life style only. You'll get a lot more for your money in Thailand, but you won't get the appreciation you would expect in Australia.

As others have said, do not get a loan except from a recognised bank. Do not get involved with 'family' builders or other offers of help from friends and relatives. Do not pay for a building, land or other capital investment, unless you know and trust the family 100%. Even then, do not make any loans to family members. You can give them 'gifts' if you want, but I am yet to get back any money I have given to a Thai person as a loan. I think we have all learned these lessons the hard way.

[stereolab]

I'm retired and built a house in Isan for $2 million. It's single storey, 3 bedrooms, 3 bathrooms and 200 square metres, plus 90 square metre covered verandah. Fully westernised inside and outside with granite floors and bench tops. For me it is a life style thing, because it is uncertain whether we would ever be able to sell the house for the price we paid, let alone a profit. That is because most Thais will say the house is lovely, but don't really want to live in a western style house and, secondly, most buyers simply aren't prepared to pay that much in a rural township location. On the plus side, a similar house would cost at least 5 to 10 times as much in Australia.

It's like building a one million dollar home in a down and out rural town in Australia. You just won't be able to find a seller with that sort of money out in the boondocks. No locals have the money and the chances are that people who can afford the price wont want to live out there.

Our one saving grace is that the land is quite large and well located and we got it very cheap. The land itself will probably end up being more valuable than the house.

You can over-capitalise building your dream home in Australia or Thailand if you are looking at life style only. You'll get a lot more for your money in Thailand, but you won't get the appreciation you would expect in Australia.

As others have said, do not get a loan except from a recognised bank. Do not get involved with 'family' builders or other offers of help from friends and relatives. Do not pay for a building, land or other capital investment, unless you know and trust the family 100%. Even then, do not make any loans to family members. You can give them 'gifts' if you want, but I am yet to get back any money I have given to a Thai person as a loan. I think we have all learned these lessons the hard way.

Quite simply, do not get involved with the process being put forward by your GF, I have found here that you are never, ever, told the whole truth, about any situation, for that reason I have retained my UK house, and live on my military pension and rental income, so that I am not ever ripped off. Luckily enough my wifes family have land and paid for houses and have never asked for anything. Money lent by my wife, to her friends, gone forever. I would only buy a house that was already built. In your position, I would simply rent somewhere local, I appreciate it is not your first choice, but the risks you are running here are immense.

[blackcab]

I'm retired and built a house in Isan for $2 million. It's single storey, 3 bedrooms, 3 bathrooms and 200 square metres, plus 90 square metre covered verandah. Fully westernised inside and outside with granite floors and bench tops. For me it is a life style thing, because it is uncertain whether we would ever be able to sell the house for the price we paid, let alone a profit. That is because most Thais will say the house is lovely, but don't really want to live in a western style house and, secondly, most buyers simply aren't prepared to pay that much in a rural township location. On the plus side, a similar house would cost at least 5 to 10 times as much in Australia.

It's like building a one million dollar home in a down and out rural town in Australia. You just won't be able to find a seller with that sort of money out in the boondocks. No locals have the money and the chances are that people who can afford the price wont want to live out there.

Our one saving grace is that the land is quite large and well located and we got it very cheap. The land itself will probably end up being more valuable than the house.

You can over-capitalise building your dream home in Australia or Thailand if you are looking at life style only. You'll get a lot more for your money in Thailand, but you won't get the appreciation you would expect in Australia.

As others have said, do not get a loan except from a recognised bank. Do not get involved with 'family' builders or other offers of help from friends and relatives. Do not pay for a building, land or other capital investment, unless you know and trust the family 100%. Even then, do not make any loans to family members. You can give them 'gifts' if you want, but I am yet to get back any money I have given to a Thai person as a loan. I think we have all learned these lessons the hard way.

Wow. That's a mind boggling sum of money for what you got.

[Laza 45]

I'm retired and built a house in Isan for $2 million. It's single storey, 3 bedrooms, 3 bathrooms and 200 square metres, plus 90 square metre covered verandah. Fully westernised inside and outside with granite floors and bench tops. For me it is a life style thing, because it is uncertain whether we would ever be able to sell the house for the price we paid, let alone a profit. That is because most Thais will say the house is lovely, but don't really want to live in a western style house and, secondly, most buyers simply aren't prepared to pay that much in a rural township location. On the plus side, a similar house would cost at least 5 to 10 times as much in Australia.

It's like building a one million dollar home in a down and out rural town in Australia. You just won't be able to find a seller with that sort of money out in the boondocks. No locals have the money and the chances are that people who can afford the price wont want to live out there.

Our one saving grace is that the land is quite large and well located and we got it very cheap. The land itself will probably end up being more valuable than the house.

You can over-capitalise building your dream home in Australia or Thailand if you are looking at life style only. You'll get a lot more for your money in Thailand, but you won't get the appreciation you would expect in Australia.

As others have said, do not get a loan except from a recognised bank. Do not get involved with 'family' builders or other offers of help from friends and relatives. Do not pay for a building, land or other capital investment, unless you know and trust the family 100%. Even then, do not make any loans to family members. You can give them 'gifts' if you want, but I am yet to get back any money I have given to a Thai person as a loan. I think we have all learned these lessons the hard way.

...Different strokes for different folks... we had a brother-in'law do most of the building and he has done a great job... when we were shot of $$ the family helped out and lent us money.. on several occasions.. either interest free of with a small interest.. no problems.. . the house is built the way I wanted it (mostly!)... the money has been paid back.. everybody is happy.. I am well aware of the problems that can come up.. but it is possible for things to work out well.. if you have a good family..

[Scouse123]

Hi

Quote from Never sure, I only want you to read the last paragraph, so that is all I copied from him:-

If you can afford to buy this gf a house and never think about the money again that would be a nice gift from you. If instead you are trying to preserve assets there really isn't a way once you get involved.

That above my friend is the best post on your thread regards advice.

I take on board another posters comments regards these people thinking they can just get you as a foreigner to pay for something ' at the drop of a hat ' what it takes 30 years of monthly payments in the West!!!

Nobody but nobody has the same respect for anything they get too easily as opposed to a lifetimes efforts in achieving mortgage free status.

If you want a bitter truth, you know very well the answer, at 12,500 baht a month, and you not in the equation....it is unaffordable!!

She should NOT even be contemplating a loan. I think you actually know this anyway, the truth be known.

[ozyjon]

These words come to my mind,,,,

'' The road is long
With many a winding turns
That leads us to who knows where
Who knows where ''

Close your eyes and listen,,,

https://youtu.be/iPDl9yKSnDE

************************************************

You seem to be experienced in the Thai way

so your post makes no sense, reading it

seems to insult my intelligence, like many

other posts here, just do what you want

and remember you have raised the bar

quite high for the next poor fellow who will

come after you, so will your next post read

like this ''is 2 million baht a fair price to pay

sinsot to my new farmer wife with 2 kids and

a brother that won't leave us alone''

'' Indeed the road is long
with many a winding turns my friend ''

[sappersrest]

Hope it all works out well for you, there are a lot of villages that have their own banking co-operatives,so that part may be legit, do not listen to all the doomsayers.If you were to invest and that sort of money would not affect you to greatly if you bailed out go for it enjoy life.

When my wife and I moved from The UK and "bought" a house we did it with a view that we would not be too damaged financially if it all went wrong.

Best wishes to you and your girlfriend.

[IMHO]

I'm retired and built a house in Isan for $2 million.

I hope you meant to say 2M Baht. Even then....

[coulson]

...Different strokes for different folks... we had a brother-in'law do most of the building and he has done a great job... when we were shot of $$ the family helped out and lent us money.. on several occasions.. either interest free of with a small interest.. no problems.. . the house is built the way I wanted it (mostly!)... the money has been paid back.. everybody is happy.. I am well aware of the problems that can come up.. but it is possible for things to work out well.. if you have a good family..

Just a question, what is the requirement in Thailand to acquire a building permit, do you have to submit a design first?

[NickJ]

Yes...you have to get permission and plans have to be approved. ......Everything involves the Orbutor and PooYai Ban.....

[Laza 45]

...Different strokes for different folks... we had a brother-in'law do most of the building and he has done a great job... when we were shot of $$ the family helped out and lent us money.. on several occasions.. either interest free of with a small interest.. no problems.. . the house is built the way I wanted it (mostly!)... the money has been paid back.. everybody is happy.. I am well aware of the problems that can come up.. but it is possible for things to work out well.. if you have a good family..

Just a question, what is the requirement in Thailand to acquire a building permit, do you have to submit a design first?

Well.. there was a small house on our property that we added on to.. the family said it was considered 'renovations'... we had no approvals... I drew the plans... and there wasn't a single inspection for anything! I've done some building before and my workers had lots of experience so I'm happy with the job... but but it is pretty bizarre that you can do what I did!

[Guitar God]

Buriram must be a lot cheaper than Ubon. I looked at dozens of new and existing homes here and a small, new single story home and 100 talang wa of land (barely enough space for the house and a carport) is 3 mil. 1.5 to. 2 mil if she already owns the land.

I'd say put down as little as possible, have her get at least a 15 year mortgage, show the bank you can pay the mortgage payment, the bank will NOT put you on the mortgage or any other papers and if things are still going well after 3 years you could pay off the mortgage without penalty if you wanted.

I also recommend sticking with the "100km from relatives and in-laws" rule should you two decide to build another house.

[MaeJoMTB]

...Different strokes for different folks... we had a brother-in'law do most of the building and he has done a great job... when we were shot of $$ the family helped out and lent us money.. on several occasions.. either interest free of with a small interest.. no problems.. . the house is built the way I wanted it (mostly!)... the money has been paid back.. everybody is happy.. I am well aware of the problems that can come up.. but it is possible for things to work out well.. if you have a good family..

Just a question, what is the requirement in Thailand to acquire a building permit, do you have to submit a design first?

Well.. there was a small house on our property that we added on to.. the family said it was considered 'renovations'... we had no approvals... I drew the plans... and there wasn't a single inspection for anything! I've done some building before and my workers had lots of experience so I'm happy with the job... but but it is pretty bizarre that you can do what I did!

And they can come in with a bulldozer, at any time, and knock it right down.

No permission, they don't even need a court order.

[overherebc]

2.5 mil is normal up there. Guy I know paid that and got a concrete slab with (8) 4inch pillars 3 metres high with another concrete slab on top. The money ran out at that

point.

We are all still waiting for the housewarming, maybe next year.?

I hope you're joking and that really the average foreigner isn't that stupid

Sorry to say I am not joking.