survey. would you buy a condo in pattaya

[Thunderbirds20]

Too many Russians and Chinese buying now. You have no control over who will be your neighbors, .. loud obnoxious, smokers, ... I have had to move 4 times in 7 years because of bad neighbors. When you buy you are possessed by your possession. It is not so easy to move for whatever reason, bad neighbors, a desire to live elsewhere, ..... you have to sell before you can move and you are subject to the times of a volatile market. Rent, ..... and you can pick and go, no problem

[rijit]

Personally. I wouldn't set foot in pattaya, let alone buy a condo there. Far far to many ignorant red neck <deleted> and i dont mean the Thais.

Sent from my GT-I9000 using Thaivisa Connect Thailand mobile app

[Gary A]

A condo in the foreigner 49 percent is the only real estate that you can legally own. I consider rent as money wasted. I can decorate my condo any way I want. I also refuse to allow a bent lawyer to come up with a bogus company to allow me to control land or a house. A condo is a safe and legal investment.

well, I got a condo. Sold it. Reason: When I bought it I was in the building with a lot of Westeners (60%). Later the Russians came together with Chinese. Doors were left open so that I came across with many famous dishes in those countries. The smell was terrible. The noise was growing, every night part-time.

So your description is the state now (maybe), but next year might be different. I prefer to have at least 30m distance to the next neighbor.

That's why you choose carefully. I don't like narrow hallways so I bought where the area outside every unit is open to the air. Any odors are able to dissipate quickly. There has never been any noise problems, maybe because of the open area in the center of the building.

[JSixpack]

A condo in the foreigner 49 percent is the only real estate that you can legally own. I consider rent as money wasted. I can decorate my condo any way I want. I also refuse to allow a bent lawyer to come up with a bogus company to allow me to control land or a house. A condo is a safe and legal investment.

And what about if you decide to move and sell it.

My friend took three years to sell a NICE condo in Pattaya.

And only after he continued to drop the price.

Common fallacy on the forum: Just In Case Fallacy

[JSixpack]

. . . but until then you may well be stuck in a most unpleasant lifestyle...

But by then you may have gotten used to being "stuck" in that "most unpleasant lifestyle," learned to control the lil' woman, and started lovin' it. I do, and hope it continues till my carcass burns in one o' them Thai ovens!

[Gary A]

Personally. I wouldn't set foot in pattaya, let alone buy a condo there. Far far to many ignorant red neck <deleted> and i dont mean the Thais.

Sent from my GT-I9000 using Thaivisa Connect Thailand mobile app

I think I'd rather live among the rednecks and avoid the uppity up hiso wannabes.

[rijit]

Yeah coarse you would,,

Sent from my GT-I9000 using Thaivisa Connect Thailand mobile app

[davidst01]

For as long as Ive known, the Pattaya condo market is full of desperate westerners trying to sell a condo. Why would anyone buy an asset that is very likely hard to sell. Let alone all the problems with dodgy neighbours and management. How often do we read about condo owners complaining of problems etc. How often do I read 'its better to rent'....

[Fairynuff]

Yes pattaya, Need to find a bargain,

a two for one deal would be good

No Hua hin No way,

Not enough ladies and to many Scandinavian types, boring 100% !!!!!!!!!!

Exactly why I would never buy in pattaya

[JSixpack]

For as long as Ive known, the Pattaya condo market is full of desperate westerners trying to sell a condo.

No.

Why would anyone buy an asset that is very likely hard to sell.

'Cause they can & want to? But you've fallen into the Compex Question Fallacy so common here. Guess this will just have to remain one o' them life's mysteries. Meanwhile, I've been enjoying my condo for just years & years. Cheers!

Let alone all the problems with dodgy neighbours and management.

Wherever you go, you encounter oh, all sorts of little problems to deal with. Man up.

How often do we read about condo owners complaining of problems etc. How often do I read 'its better to rent'....

1. Rarely, consider the vast number owners. 2. Often--from renters. Someday I'll have to get around to graphing the Pattaya Condo Glut Indicator^© (PCGI), tracking the erratic outbursts of bewilderment, foreboding, sour grapes, and scaremongering by room renters with regard to Pattaya's condos.

[Spaniel]

I'm in the "I bought a condo in Pattaya" group. Back in 2002 when View Talay 2A was still being built I purchased a 41 sqmt unit for B714,000. By making a couple of advance payments, and getting a discount, I think my final price for the unit was around B 650,000. This was the basic "shell". I had a contractor do all the renovations for around B 300,000 and the furniture added another B50,000. So for a bit over B 1,000,000 we have a nice condo on a very high floor with a great view of Jomtien beach. A nice sweetner is that I transfered the money over at B 42.40 to the dollar and it is registered in my name. We live in Bangkok and my wife and I use the place a couple of times a month. I would say I got a pretty good deal but unfortunately sometimes you wont know if it's a good deal until years later. So would I advise someone to buy a condo in Pattaya? If you can get the proverbial good deal then go for it. By the way my place isn't for sale.

Edited March 21, 2016 by Spaniel

[Paul944]

A condo is fine for a few weeks vacation but i like to live in a house. I have no intention to become a landlord in Pattaya or anywhere else in Thailand.

[cat handler]

-snip-

I do have friends who say they would never buy, but the truth is, they can't afford to buy, so they rent, but I'm sure ThaiVisa members are different, they all have loads of money and choose to rent.

Oh, ain't that just the sweetest thing I've ever read...

"Some of us" don't need to buy in Thailand. "Some of us" own our homes in our home countries and travel at will. "Some of us" are actually allowed to own our own land and a home with a large garage and automatic garage door opener. "Some of us" have Western style houses with central heat and air conditioning and real kitchens and bathrooms.

"Some of us" wouldn't own a POS condo in Thailand if it was free.

Cheers.

And some of us have to own that land in our wife's name, better be nice to her and do exactly what she tells us or some of us are out on our ass.

[Gary A]

For as long as Ive known, the Pattaya condo market is full of desperate westerners trying to sell a condo. Why would anyone buy an asset that is very likely hard to sell. Let alone all the problems with dodgy neighbours and management. How often do we read about condo owners complaining of problems etc. How often do I read 'its better to rent'....

For as long as I've known, farangs were buying condos, doing a little superficial work and flipping them usually for a good profit. People know the dangers of buying off plan. The farangs prefer to buy finished units in their own name. They want to put the key in the door and the door opens. They want to flip the light switch and the lights come on. They want to be able to flush the toilet. Usually those who are desperate have over priced their unit and it won't sell. Then there are those who paid way too much for what they bought and are unlikely to get their money back. Those who bought their unit to live in are generally happy. They have a pristine swimming pool that they don't have to clean or maintain, you don't have to paint the outside or fix the roof. They usually have a restaurant and a small convenience store in the complex. Many have tennis courts and exercise machines. The grounds are kept in good condition and you don't have to mow the lawn. Good security should not be overlooked. I lived in a rental house in a gated community for about three years and my house was broken into twice.

[Jedsada3]

too many farangs there...

[i claudius]

It's a house for us ,a condo is just to small,I would have to pay 20 mill to get the amount of space we have, it was ok when I was young and single,,but those days have long gone

[Broken Record]

For as long as Ive known, the Pattaya condo market is full of desperate westerners trying to sell a condo. Why would anyone buy an asset that is very likely hard to sell. Let alone all the problems with dodgy neighbours and management. How often do we read about condo owners complaining of problems etc. How often do I read 'its better to rent'....

For as long as I've known, farangs were buying condos, doing a little superficial work and flipping them usually for a good profit. People know the dangers of buying off plan. The farangs prefer to buy finished units in their own name. They want to put the key in the door and the door opens. They want to flip the light switch and the lights come on. They want to be able to flush the toilet. Usually those who are desperate have over priced their unit and it won't sell. Then there are those who paid way too much for what they bought and are unlikely to get their money back. Those who bought their unit to live in are generally happy. They have a pristine swimming pool that they don't have to clean or maintain, you don't have to paint the outside or fix the roof. They usually have a restaurant and a small convenience store in the complex. Many have tennis courts and exercise machines. The grounds are kept in good condition and you don't have to mow the lawn. Good security should not be overlooked. I lived in a rental house in a gated community for about three years and my house was broken into twice.

Like you Gary I have a house and a condo, best of both worlds as far as i'm concerned, there's a guy next door to me who is in the rental group, he's been renting the same unit for 12 years, ok he only pays 10,000 which is low rent for Wong Amat, but over a 12 year period he has paid 1,440,000 in rent, I bought mine from a ' want a quick sale ' seller at 1,700,000 6 years ago, I can't see any downsides at all, and I rented for years before that vowing I'd never buy a condo, the money I paid in rent could have easily bought me another condo.

If you live in Thailand, buying is a good option, if you have the money of course.

[smotherb]

While, being English, I have been socialised to consider owning a property an all round better deal than renting, I do not consider this to be true here in Thailand. Why?

1. My understanding is that property does not increase in value in the same way it does in Europe where one is likely to realise at least 10% growth p.annum. Resale can be difficult as Thai people prefer new builds than 'second-hand' properties (fools)

2. Several friend have vouched for the very poor standard of Thai workmanship (poor training) and I have witnessed it for myself in apartments I have rented. Juristic people or those tradesmen they hire cannot fix relatively minor problems in plumbing, electrical work and general building. I am more adept myself as a handyman than many of the professionals employed here.

3. The governing bodies-chairs of condo groups are rife with corruption and often Thai owners refuse to pay common fees because of it or use it as an excuse not to pay. The upkeep of the building itself is not undertaken in a timely fashion and water damage due to leaks etc are common. Imagine trying to re-sell your apartment in a building like that!

4. Military and increasingly draconian governance that on a whim could confiscate anything you own and deport you. We have more freedoms here than the west but crucially fewer rights.

5. Corruption. It's very easy for the police and lawyers to cheat a foreigner out of their assets.

Renting is the way, it's a buyer's market and often owners who ask unrealistic rents can be negotiated down by large margins. As long as they keep building it will remain that way.

Point No. 1: What you said about europe ( and applies most western countries )You cant have property values expanding up to 10 times inflation forever. I know many would be wary of anyone trying to predict bursting of housing bubbles....but what trouble Europe especially has been in lately is in part becuase of the boom in housing prices. More people are paying more rent, then they are spending less on local business. More complicated than that, but local governements are just shooting themsleves in the foot by not allowing zoning for SE asia style high rises.

I wont dare try predict housing prices in the west in the next 5 years, but within 20 years....well its just a trend, a trend thats gone on for decades, but doesnt mean it will automatically be that way forever. Id be very wary of property in developed countries in 20 years or so.

As for the rest of that post, yeah, I've done my homework, looked at everything....There is just no reason to buy in Thailand, too much government BS, always sub standard work by the tradies, and the rent to property value ratios are just pathetic....just way too much risk

While both of you have some good points; allow me to explain my reasons for not buying in Thailand.

I too think owning is a better investment than renting; consequently, I own where I the laws and earning potential are more agreeable to me. There, and not here; the mortgages are considerably less than the rents; so I can rent here on the money I make there and still enjoy increased equity and lawful security for the long-term.

I see a steady decline in the freedoms and niceties of Thailand. This is certainly an opinion, but it is my opinion. Thailand's legislation, adjudication, and enforcement of laws are not conducive to my sensibilities. I would not like to be stuck here, as many of you appear to be, and want to leave. In fact, I would not be here now, if my grandson were not here. When he leaves, most assuredly, so will I.

[newnative]

If you are just here short-term or don't know what you are doing, rent. If you are here long-term and like to own the place you live in so you can make changes and have your own things, buying can have some advantages.

[theguyfromanotherforum]

For as long as Ive known, the Pattaya condo market is full of desperate westerners trying to sell a condo. Why would anyone buy an asset that is very likely hard to sell. Let alone all the problems with dodgy neighbours and management. How often do we read about condo owners complaining of problems etc. How often do I read 'its better to rent'....

For as long as I've known, farangs were buying condos, doing a little superficial work and flipping them usually for a good profit. People know the dangers of buying off plan. The farangs prefer to buy finished units in their own name. They want to put the key in the door and the door opens. They want to flip the light switch and the lights come on. They want to be able to flush the toilet. Usually those who are desperate have over priced their unit and it won't sell. Then there are those who paid way too much for what they bought and are unlikely to get their money back. Those who bought their unit to live in are generally happy. They have a pristine swimming pool that they don't have to clean or maintain, you don't have to paint the outside or fix the roof. They usually have a restaurant and a small convenience store in the complex. Many have tennis courts and exercise machines. The grounds are kept in good condition and you don't have to mow the lawn. Good security should not be overlooked. I lived in a rental house in a gated community for about three years and my house was broken into twice.

Like you Gary I have a house and a condo, best of both worlds as far as i'm concerned, there's a guy next door to me who is in the rental group, he's been renting the same unit for 12 years, ok he only pays 10,000 which is low rent for Wong Amat, but over a 12 year period he has paid 1,440,000 in rent, I bought mine from a ' want a quick sale ' seller at 1,700,000 6 years ago, I can't see any downsides at all, and I rented for years before that vowing I'd never buy a condo, the money I paid in rent could have easily bought me another condo.

If you live in Thailand, buying is a good option, if you have the money of course.

And it's even better to own in your own country.... If you have the money, of course.

[theguyfromanotherforum]

In Canada no one can take my condo away.... Unless I don't pay maintenance or taxes.

In Thailand, some connected low life can. It doesn't happen often, but it does happen.

The above and the fact that there are no construction standards or any sort of enforceable rules and regulations.

So, I will stick with owning in Canada where absolutely no one can take something that's rightfully mine.

[mickyboy]

While, being English, I have been socialised to consider owning a property an all round better deal than renting, I do not consider this to be true here in Thailand. Why?

1. My understanding is that property does not increase in value in the same way it does in Europe where one is likely to realise at least 10% growth p.annum. Resale can be difficult as Thai people prefer new builds than 'second-hand' properties (fools)

2. Several friend have vouched for the very poor standard of Thai workmanship (poor training) and I have witnessed it for myself in apartments I have rented. Juristic people or those tradesmen they hire cannot fix relatively minor problems in plumbing, electrical work and general building. I am more adept myself as a handyman than many of the professionals employed here.

3. The governing bodies-chairs of condo groups are rife with corruption and often Thai owners refuse to pay common fees because of it or use it as an excuse not to pay. The upkeep of the building itself is not undertaken in a timely fashion and water damage due to leaks etc are common. Imagine trying to re-sell your apartment in a building like that!

4. Military and increasingly draconian governance that on a whim could confiscate anything you own and deport you. We have more freedoms here than the west but crucially fewer rights.

5. Corruption. It's very easy for the police and lawyers to cheat a foreigner out of their assets.

Renting is the way, it's a buyer's market and often owners who ask unrealistic rents can be negotiated down by large margins. As long as they keep building it will remain that way.

demand will allways outstrip the amount properties being built as more people flood into the top 20 western countries property in london up to unrealistic prices they said they go down in the slump and low employment they just keep rising give you idea my house cost £270.000 3 years ago valued about a monnth ago £545.000 how stupid is that and no i wont be leaveing the uk for thailand rented out at £1700 a month

Point No. 1: What you said about europe ( and applies most western countries )You cant have property values expanding up to 10 times inflation forever. I know many would be wary of anyone trying to predict bursting of housing bubbles....but what trouble Europe especially has been in lately is in part becuase of the boom in housing prices. More people are paying more rent, then they are spending less on local business. More complicated than that, but local governements are just shooting themsleves in the foot by not allowing zoning for SE asia style high rises.

I wont dare try predict housing prices in the west in the next 5 years, but within 20 years....well its just a trend, a trend thats gone on for decades, but doesnt mean it will automatically be that way forever. Id be very wary of property in developed countries in 20 years or so.

As for the rest of that post, yeah, I've done my homework, looked at everything....There is just no reason to buy in Thailand, too much government BS, always sub standard work by the tradies, and the rent to property value ratios are just pathetic....just way too much risk

[nickmanchester2]

No I would not, I am only 42 so visas difficult for the next 8 years.

Also, my next door neighbour at my condo used to make cottage cheese in the kitchen, he also did not have aircon and liked the draft coming down the hall so kept the door open. I could hear him smashing a fork against a bowl all day long when he was making the cheese... it was driving me mad, luckily he has sublet the (he is renting it as well) condo to some other Russians now who don't make cottage cheese, but do occasionally argue (only twice a week).

the cheese is really good by the way, only 170b for half a kilo, I have got some in my fridge now... might have a bit of it actually.

[USNret]

Someone once posted on this forum what I consider to be very wise advice -- if you have money to buy, then buy a property in your home country, rent it out, and use the rental income to rent a place in Thailand. That way, your investment is secure, you are building equity in a stable, first-world nation (depending on where you're from), and with no ties in Thailand you can pack up and move when a pig farm or karaoke bar opens up next to your little home.

[Jessi]

Someone once posted on this forum what I consider to be very wise advice -- if you have money to buy, then buy a property in your home country, rent it out, and use the rental income to rent a place in Thailand. That way, your investment is secure, you are building equity in a stable, first-world nation (depending on where you're from), and with no ties in Thailand you can pack up and move when a pig farm or karaoke bar opens up next to your little home.

I have been saying that since 1990.

The Government can change the law at any time.

As foreigners we have no rights here.

[puukao]

i just bought 11 condos...

and, yes, i am really stoopid

[SunLover2]

Multiple positive conditions would have to be in place:

The USD (my home currency) would need to be at a strong point against the Baht

It would have to be a very favorable purchase price (Value For Money)

It would have to be an amount of money I was ultimately comfortable with walking away from (risk averse)

In other words the planets would have to align. Otherwise rent.

SL

[Broken Record]

For as long as Ive known, the Pattaya condo market is full of desperate westerners trying to sell a condo. Why would anyone buy an asset that is very likely hard to sell. Let alone all the problems with dodgy neighbours and management. How often do we read about condo owners complaining of problems etc. How often do I read 'its better to rent'....

For as long as I've known, farangs were buying condos, doing a little superficial work and flipping them usually for a good profit. People know the dangers of buying off plan. The farangs prefer to buy finished units in their own name. They want to put the key in the door and the door opens. They want to flip the light switch and the lights come on. They want to be able to flush the toilet. Usually those who are desperate have over priced their unit and it won't sell. Then there are those who paid way too much for what they bought and are unlikely to get their money back. Those who bought their unit to live in are generally happy. They have a pristine swimming pool that they don't have to clean or maintain, you don't have to paint the outside or fix the roof. They usually have a restaurant and a small convenience store in the complex. Many have tennis courts and exercise machines. The grounds are kept in good condition and you don't have to mow the lawn. Good security should not be overlooked. I lived in a rental house in a gated community for about three years and my house was broken into twice.

Like you Gary I have a house and a condo, best of both worlds as far as i'm concerned, there's a guy next door to me who is in the rental group, he's been renting the same unit for 12 years, ok he only pays 10,000 which is low rent for Wong Amat, but over a 12 year period he has paid 1,440,000 in rent, I bought mine from a ' want a quick sale ' seller at 1,700,000 6 years ago, I can't see any downsides at all, and I rented for years before that vowing I'd never buy a condo, the money I paid in rent could have easily bought me another condo.

If you live in Thailand, buying is a good option, if you have the money of course.

And it's even better to own in your own country.... If you have the money, of course.

I don't live in another country, Iv'e spent a total of 3 months in the UK since 1990, but for sure, if you don't live in Thailand, it's different.

We are all in different financial situations for some it's a big purchase, for others it's nothing, you just do what's right for you, some live in Thailand full time, others just come here on holidays, our circumstances are all different, hence our purchasing power or reasons for purchase are as varied as the opinions you get on this forum. I regret my years of renting and wish I had bought earlier, of course, YMMV.

I was 35 when I came to live in Thailand, others don't come until they are 65, what's right for me wouldn't seem so right for someone else, I have no problems with the driving here, others just can't adapt to the driving, one shoe doesn't fit all, we're all different.

Edited March 22, 2016 by Broken Record

[Gary A]

Someone once posted on this forum what I consider to be very wise advice -- if you have money to buy, then buy a property in your home country, rent it out, and use the rental income to rent a place in Thailand. That way, your investment is secure, you are building equity in a stable, first-world nation (depending on where you're from), and with no ties in Thailand you can pack up and move when a pig farm or karaoke bar opens up next to your little home.

I signed my house over to my kids and told them that was their inheritance. I did keep my Florida condo and rented it out. I was in Thailand and thought everything was going fine. Then my renter quit paying the rent and to my horror, he had never paid any of the rather high maintenance fees. I sold it for what I could get just to get rid of the headaches. If you can find a good renter, it is OK but not all renters are good. My bad renter WAS a friend of mine. The only thing I now have in the US are my retirement fund and my bank account. Both will go to my kids after I am dead and gone. Everything I have here in Thailand will go to my Thai wife.

[HauptmannUK]

Buy a property in the West (if you can afford it), rent it out and use the income to rent in Thailand.

A couple of years ago I bought a two bedroom flat in the UK midlands for £100k (about 5M THB). I can rent that out for about £550/month (about 27k THB). 15k/month will cover the rent on a nice property in Thailand. In two years my flat has appreciated by about £20k (1M THB). A no-brainer IMHO.

I know one English guy bought in Pattaya five years ago and has had to return to the UK (stomach cancer). He needs to sell quickly and is not getting offers even at a price much lower than he originally purchased at. Another guy bought a beautiful villa in a rural location (in wife's name). Now after three years they are 'bored' and want to go back to the UK. Again, they are asking less than their original purchase price and there is no intetest.

I think a lot of buyers prefer new build, and there is an oversupply of property.