Western couple buying a house in thailand

[br0wnd0g23]

We are looking to buy a house in Thailand. Could you please advise which is the safest way to do this. Whether it is through the lease option, or the business option. Is this a risky venture or a viable option. Thanks

[hawkeye76]

Easy answer.

DONT!!!

If you want to buy somethying, get an apartment.

You can do the business option, but if you not have an active business, then you risk losing the house.

= Bad idea.

Even if you buy as "normal," by leasing, the land and buy the house in your name, its risking a wide range of problems.

= Bad idea.

In Thailand, you should only rent a house, or buy a condo.

The truth is Thailand is getting worse and worse every day, and i think most of us long time expats knows this (even if many refuses to accept the truth)..

Go to Malaysia through the 2home program..

Either way, dont do anything here..

[TuskegeeBen]

Re: Malaysia ~Talk about jumping out of the frying pan, then into the A.S.E.A.N. fire! I've been there, done that, and have the T-shirts to prove it.

The first 8-lines of your post were spot-on. However, granted, that Thailand is experiencing some very severe growing pains, that do not impact with the current Immigration Laws,

hence, creating an adverse affect on the lives of the (guest-status) expats, who reside within The Kingdom. Anything (politically) else beyond that, is simply none of my business.

That being said, Thailand remains the the best, most overall (manageable) "bang-for-the-buck", when compared with the "Malaysia, My2Home" scheme. Despite the proliferation of spoken English,

Malaysia is socially a very rigid, up-tight and depressing country, exemplary of oppressive Muslim dominated environments. Malaysia is a very poor Real Estate investment platform.

Please do not advise people to invest in a country, where its own indigenous citizens, are perpetually seeking avenues of escape. Malaysians are not a happy nation of people.

The Thai governmental structure, may well have its issues, but, at very least, Thailand is definitely not a nation-wide institution of absolute social insanity.

Edited November 14, 2015 by TuskegeeBen

[trogers]

Buying a house. What time period do you plan to hold ownership before selling it off...?

Who would be your potential buyer?

[Happy Grumpy]

Go for solid 30 yr land lease and get a 'knock-down' house built.

Nice solid wooden house.

Many of these companies can move the house and rebuild it on another plot for 1/3 of the price originally paid.

Should one wish or need.

PS There is no problem with a foreigner owning their own house in Thailand as long as it is a separate legal entity to the land it sits on. This is easier to do before it is built.

Good luck and be smart.

[simon43]

I agree with the 'knock-me-down' house idea.

On a much more modest scale than the previous poster's photos, here are a couple of traditional bamboo 'chalets' that I have on my resort land.

Each one cost 55,000 baht, delivered on a lorry to my land and then 'hand-carried' by 10 Burmese labourers to the final position on the concrete columns.

[Chuckles78]

I bought from a retired western couple. They purchased the house and leased the land. They never had any problems and I believe they are in their third home now very happy.

They did use a good law firm.

[br0wnd0g23]

Thanks. I will definitely be looking to get a good law firm and check and tick every box before parting with cash. And just for info. We moved from Hong Kong 2 years ago where we paid a fortune on rent. We now pay 40k for a nice house. Which over 2 years definitely adds up. That's why we are looking to buy. And regarding resale. Maybe after 5 to 8 years or so. Would not go near the 30 years if we took the lease option.

Yes I see people have had horror stories. But at the moment I am lining someone else's pocket with 500 a year. Appreciate your responses

Edited November 14, 2015 by br0wnd0g23

[br0wnd0g23]

Those knock me downs look v nice. But we are looking at a moo Bahn currently

[KittenKong]

We are looking to buy a house in Thailand. Could you please advise which is the safest way to do this.

I dont think there is one. Bear in mind that as a foreigner you have no right of abode here and you are not wanted, except in as much as you are spending money. Also the government specifically does not want foreigners owning houses, though condos are (just about) acceptable.

If ever the general dislike for foreigners exceeds the value of the money they bring in then they will become persona non gratae. Plenty of examples of this in the visa sub-forum.

Edited November 14, 2015 by KittenKong

[Pinot]

Never buy property in Thailand. It's really that simple. There is no reason to buy. The rental market is the only way to go. Everyone I know who has purchased, has sold or wants out. Purchasing is risky and there is no reason for it. You're investment won't grow and you'll probably lose money. Construction quality is terrible and everything deteriorates quickly in this climate. I love living in Phuket and renting for 15000 baht a month. It's cheaper everywhere else.

The best thing about renting is you get to move when there is an ugly situation next door to you. And this goes on all the time. Neighbor decides to put in a pig farm next door. Or any of a thousand other scenarios.

If you have money burning a hole in your pocket, rent in the area you want to buy and see what you think in six months.

[Chuckles78]

I have rented in a western community before where many had bought their house, they all seemed happy exceot for one family that couldnt sell their house as it was way over priced!

In my current residence most owners are also content westerners. I guess you never know what could happen in 10-15 years.

[br0wnd0g23]

Thanks for all inputs. Very mixed opinions. Will speak to a lawyer and see what my options are. Cheers

[shirtless]

If you want lose money go ahead , and buy, advice here is pretty simple , dont forget visa rules change all the time.

[TuskegeeBen]

I agree with the 'knock-me-down' house idea.

On a much more modest scale than the previous poster's photos, here are a couple of traditional bamboo 'chalets' that I have on my resort land.

100_0687.JPG

Each one cost 55,000 baht, delivered on a lorry to my land and then 'hand-carried' by 10 Burmese labourers to the final position on the concrete columns.

Quite nice

[TuskegeeBen]

I bought from a retired western couple. They purchased the house and leased the land. They never had any problems and I believe they are in their third home now very happy.

They did use a good law firm.

That being said, then a word to the wise should be sufficient.

[TuskegeeBen]

If you want lose money go ahead , and buy, advice here is pretty simple , dont forget visa rules change all the time.

The visa "rules" have been changing all the time, for the past 50-years.Yet, there remains a boatload of western expats whom have remained in The Kingdom for 30+ years.

They have bought homes, wives, children, even grandchildren, without having endured any significant Thai Immigration Law changes, that adversely affected their particular chosen lifestyles.

[a10ams]

Here's my tuppence worth. We bought from day one eight years ago and paid 6.2m for the house. The place next door rents for 40k a month. 8 x 12 x 40,000 = 3.84m. So our neighbours have paid almost two thirds of the value and nothing to show for it.

There will always be the insecure cheapskates who baulk at buying, struggling to buy their next beer, so best to ignore them.

As for moving to Malaysia ......... Inshallah. Stick with the Buddhists.

[whatproblem]

It's no just about ownership or leases you have to think of bad neighbours which are a real problem especially with no controls on noise and smells ,rent and can move ,my old neighbour used to go away for 2/3 days often and leave a barking dog alone ,they eventually solved that problem by getting 2 more dogs to bark all day and night,I had to move

[NoshowJones]

If you want lose money go ahead , and buy, advice here is pretty simple , dont forget visa rules change all the time.

Good post, I bought my house in my G/Fs (now wifes) name ten years ago and have never regretted it.

If I had not married my G/F five years ago, things could have been different with the visa rules changing.

You do have to take chances in life sometimes, and accept there are some things you will do which you will regret.

If I am honest, I did not say to myself at the time, that I should be careful in case the visa rules change.

After what I have seen now, if I had my time again, and came to live in Thailand, I would not buy, mainly because

of the visa changes, and the unpredictability and mentality of the people who run Thailand.

[williamgeorgeallen]

please please rent. so tired of foreigners loosing so much in Thailand. please please please. rents are so cheap. just get a proper long term lease and get it authorized by a lawyer. there is so much available you can dictate good terms. if things turn sour here you can just leave loosing a deposit not a whole house. I bought 2 houses here and it took me years to sell them. I thank the man upstairs that I broke even. if I had to cut and run I would have lost them.

[canda]

Hi br0wmdog23,

We have been residing here in Phuket for 10 years now, having relocated from our home country for business reasons & have fortunately, enjoyed great success.

We have several contemporary villa properties which we lease out on a long term basis & with due diligence by ourselves & our legal representatives have achieved an extremely comfortable & for filling lifestyle.

We encourage the naysayers here to discourage people from buying but to rent, the more the merrier as ours & other landlords customer bases stay constant, lets face it what the renter losses financially is the landlords gain.

What we have is what the tenant needs, we are happy to oblige by lending our properties to these folk.

To the poster, I wouldn't be too concerned with the legal aspects re 30 yr land leasing of villa ownership here,

if you want to be in a box with neighbours surrounding your every move consider a condo, lots do, another suggestion would be to steer clear of the moo bahn style of development unless you want ghetto style noisy neighbours, robberies, dog noise, etc etc...Consider your long term comfort & happiness above anything else !

CANDA.

[dotpoom]

I bought my first house here about 12 years ago when I met my future wife through the "company" way. I have since sold it and have a different one today using the same method. It was a simple as this....did I want to spend my married life in a box or in a home...I went for the home. I have had the greatest of pleasures over the past 12 years, designing and taking care of my garden, picking bananas off my trees, dotting the outside area with everything from ornamental animals (some lifesize) to a Gazebo, BBQ area and a workshop, I sit at the stream that runs alongside my house and daily count my blessings. The question was "what quality of life" was I looking for. I am only on this planet for a short time so I wanted it to be the nicest experience I could make it. And only 30 mins. from Pattaya. Thank God I never listened to the "don't go the company way" or I would have missed out on so much enjoyment. I have enough positivity to take life as it comes and deal with any problems that may arise ......when they arise.

Good luck with whatever decision you come to..... I believe the only obstacle between myself and my dreams is my own "negativity" and thank God I have long since relieved myself of that.

Edited November 15, 2015 by dotpoom

[landslide]

If you want lose money go ahead , and buy, advice here is pretty simple , dont forget visa rules change all the time.

I understand this argument, but at the same time, if you are paying rent every month, say $B30,000 a month, you have spent $B1.8 million over 5 years, with no return whatsoever. My case may be different, but from my perspective, my Thai wife is younger than me, and will most likely outlive me. I am comfortable with owning a house because I will know she always has a roof over her head in her name. She can sell it if she wants. That is her choice. If by some chance our marriage fails, and I do nto see that happening, the amount spent on the house is nothing in the scheme of life, and I could walk away and move on.

[smotherb]

If you want lose money go ahead , and buy, advice here is pretty simple , dont forget visa rules change all the time.

The visa "rules" have been changing all the time, for the past 50-years.Yet, there remains a boatload of western expats whom have remained in The Kingdom for 30+ years.

They have bought homes, wives, children, even grandchildren, without having endured any significant Thai Immigration Law changes, that adversely affected their particular chosen lifestyles.

Ah, therein lies the key--having a Thai family who can own the property. This is a Western couple.

The problem is threefold: too many cuckolded farangs loose their investments, too many inequitable legal issues if you are farang, and ever-increasing numbers of hoops to jump through to maintain farang immigration status. All of these adversely affect your chances of peaceful existence and amenable resale.

[reptile91602]

Please do not buy anything if you haven't spent at least ayear here getting to know what Thailand is about and if you don't speak Thai you will never know what this place is about. Rent, Rent, Rent

[1FinickyOne]

I think you have to weigh the cost of the capital too - even if you are buying for cash. Most of the moo bahns I have visited, have sort of an empty unoccupied feeling to them - nobody at the clubhouse, nobody at the pool - you would have to ask if there are people actually living there, in more than 20% of available housing.

I think these types of housing are difficult to sell or rent. I would spend some time driving around and see how many are lived in. Since they keep building these moo bahns - your resale asking price will have to be automatically well below the newest moo bahn… Thai people generally do not like to buy second hand.

There is a very good chance that after 5-8 years, you will have a near dead asset. It is not a chance i would want to take but seems to be the fate of most - maybe somewhat depends where in Thailand and if there is room for new construction to soak up demand. Houses here also are depreciating assets as things genuinely deteriorate in the climate. The land appreciates.

I would say most likely a bad idea and possibly a horrible circumstance where you have awful neighbors or some unanticipated circumstance that makes life not enjoyable and then impossible to sell.

That said - if you take your time and look around, I do know of people who have ended up renting places that were spectacular bargains. That happens sometimes when an owner is smart enough to figure out that it is better to get something than nothing. Check bulletin boards - ask around.

The only real profits that I have seen in housing here have come when there is a period of inflation and building materials soar. but then, during these periods, cash will be earning a higher rate too.

good luck - don't leap quickly.

[br0wnd0g23]

Thanks all. Again a bit more background. We lived in hong kong for a year and a half. Paying a fortune for a box. Again with noisy neighbour's. No manners etc. We have lived here for 2 years. So far spending about 1 million on rent. 40k per month. Our returns on that are absolutely nothing. My job is in Asia so I don't need to move anywhere And my daughter is settled in school. So guardian visa we have. We have rented for a long time and feel we can never do anything with the property and am quite frankly sick.of that and lining others pockets. So if we buy and decide to sell in 7 years or so. And we have to reduce the price. It seems a lot more lucrative than losing 3.5 million in rent costs over 7 years. Like I said the question is now. 30 year lease or business route. I know they are clamping down on this business route idea. So the lease seems more appealing to me. But again I will be looking into it and speaking with the relative parties. Cheers again.

[TheKnave]

Go for solid 30 yr land lease and get a 'knock-down' house built.

Nice solid wooden house.

Many of these companies can move the house and rebuild it on another plot for 1/3 of the price originally paid.

Should one wish or need.

PS There is no problem with a foreigner owning their own house in Thailand as long as it is a separate legal entity to the land it sits on. This is easier to do before it is built.

Good luck and be smart.

And what legal method of remaining a resident do you suggest?

Thailand's junta is doing everything they can to discourage long-term stay. A foreign couple has only two options: retirement extensions, or Thai Elite visa x2 = 1 million baht (5 years only).

Given the government's recent actions, do you really think investing in a house is sound?

I worry that immigration options will shrink precipitously, and the couple will only be able to visit their home 90 days (or less) at a time.

Invest in Thailand? Insane.

[trogers]

Thanks all. Again a bit more background. We lived in hong kong for a year and a half. Paying a fortune for a box. Again with noisy neighbour's. No manners etc. We have lived here for 2 years. So far spending about 1 million on rent. 40k per month. Our returns on that are absolutely nothing. My job is in Asia so I don't need to move anywhere And my daughter is settled in school. So guardian visa we have. We have rented for a long time and feel we can never do anything with the property and am quite frankly sick.of that and lining others pockets. So if we buy and decide to sell in 7 years or so. And we have to reduce the price. It seems a lot more lucrative than losing 3.5 million in rent costs over 7 years. Like I said the question is now. 30 year lease or business route. I know they are clamping down on this business route idea. So the lease seems more appealing to me. But again I will be looking into it and speaking with the relative parties. Cheers again.

I understand your desire to buy, but not your desire for a house instead of a condo under foreign ownership.

Edited November 15, 2015 by trogers