survey. would you buy a condo in pattaya

[Card]

You seem to imply that the only reason for buying in these places is as an investment. I have bought a condo or house in Pattaya, Chiang Mai, Khao Yai and Nan, just as holiday homes to enjoy as my own places. The prospect of these places being a buyers market never entered my head, but only if these places were enjoyable for short stays. You should have added a third choice to cover this.

[fred110]

It depends if you can find a good deal in Pattaya. I am now buying a studio in an older building, the kinks are worked out. The room has never been touched, no tile, no electric meter, just the way I like them. The seller is paying the transfer tax. I have bought here before, remodeled, lived in it 3 years, sold for a profit. This is my fifth condo.

[LALes]

Changing demographics can really be a bitch. I bought in Jomtien 9 years ago before the Russians and

Chinese were even on the radar. Look at it now. Not to mention the awful traffic that has increased exponentially over the last decade. I would never buy now. And forget about realizing a profit. I'd be lucky to get 10% profit for 9 years. 10% a year? HA!

[Suradit69]

Really depends on many factors.

I bought my condo many years ago when I was still working in the UAE. For nearly ten years I used it for 3 or 4 months a year while on holiday and for an additional almost 9 years (& counting )it's been my retirement home. I didn't buy it as a financial investment since I fully expect to die here rather than ever planning to sell it.

On the other hand, the amount saved on hotels and rent over those years must be pretty substantial and when I die my Thai heir will be able to sell it, even in a weak market, for a decent amount.

Looking at some of the units on offer in my building, the asking prices exceed what my unit initially cost. Obviously what people ask for a unit and what they eventually get aren't necessarily the same, but from casual observation, the building seems to be fully occupied, especially during the high season. I see the same people here year after year, so I'm fairly confident those who are here every winter own their units for holiday use and even during the low season the building is well populated.

Aside from the financial considerations, which in my case have already shown a good return for money, I like the location, the building is well maintained & secure, and it's occupied by considerate people, both Thai and foreign, and I like living in a place with my own furnishings and everything I could need or want is at hand.

If you're unsure about your long term plans or have reached the point in life where you won't realistically be around that much longer or are thinking in terms of selling later at a profit, you'd probably be better off renting.

Buying could easily be a disaster both financially and in finding yourself trapped in an unpleasant living space. If you're new to Thailand or this is the first time living away from your home country, probably best to be cautious and rent for a year or two to get a better understanding of yourself and your new environment before making the plunge. If I were arriving here now, at my age, I'd be reluctant to buy, but having made the purchase when I did I think I was very lucky ... although I'd like to attribute it to great planning on my part, it was largely good luck.

Edited March 21, 2016 by Suradit69

[akentryan]

I made an offer on one recently. Three million baht for 118 square meters fully furnished. That works out to 25.42 per sm. Missed out as I was the second caller. Anything in that price range and size I'm interested. I live in a house on the dark side and do not plan to move

[landslide]

My wife is terrified of heights, so unless the condo was on the first couple of floors, she could not handle it. For me, I wouldn't mind, but I would want a high floor with a good view and sizable balcony. I love my wife, so a condo is no go for us.

[Ulic]

The right condo at the right price of course. Of course those are pretty big conditions. If you are buying to live in you will be saving rent and you will have a perfect tenant. As for buying and renting out places. As far as I am concerned that is a hard way to make an easy living. That said people who have been in the business for a while here have their finger on the pulse and know the true value of a piece of real estate. One thing is for sure at this time I would not buy off plan. Pattaya is way over built and with no rule of law in Thailand and no escrow accounts I see many developers taking the money and running. Just my opinion.

[hawker9000]

My Condo management wants to see records $$ of ANY Rentals to friends OR tenants when I do not use to show government tax people....time to sell.

By what right do they ask for this?

I guess someone saw it on www.airBnB.com and got jealous ? maybe my own Condo Complex ownership ?

all over the world they are cracking down on home owners and condo owners renting out

their place a few days weeks at a time without a hotel/lodging license ....

As they should.

Imagine you buy a condo for your own enjoyment and have different people use the pool and facilities every. It's not a hotel. Owners usually take good care of their property (although in Thailand that is somewhat questionable).

So ownership does not confer any right to lease the property?

I have a house in the states in a fairly nice neighborhood, but an absentee owner a few houses down used to rent out his house, and it frequently seemed to be to some college kids who could afford the place by pooling their rent money. There were frequent noisy parties late at night; the police got called from time-to-time; and another neighbor who kind of acted as the property caretaker had the unpleasant duty of cleaning out the place and arranging for repairs whenever one group moved out to get ready for the next. The immediate neighbors were worried about rats... More often than not the place was left a wreck: inside & out. But you know, It just goes with the territory, literally. Arbitrary rules trying to dictate to owners what they can & can't do with their lawful property can cause more problems than they solve. And if the estimated rental returns are removed from the picture for prospective buyers, you may well hurt your own property value, especially in a town which happens to be a tourist destination. And what happens when one day suddenly you want to let a good friend or perhaps a family member rent the place from you, but the rules say No? It's a case of being careful what you wish for.

Last but not least. Why wouldn't a tenant who actually acts responsibly and takes reasonable care of the place he's living in be less preferable than an owner who lives like a pig and has no consideration for his neighbors? I don't really see how excluding rental activity guarantees much of anything.

Edited March 21, 2016 by hawker9000

[brewsterbudgen]

I already own a condo in Bangkok, and will most likely buy a 2nd one in Pattaya, primarily for the family, later in the year.

[chicowoodduck]

Never buy anything in Lieland because I did not leave my brain at the airport...?

[natway09]

No correct questions in this poll for the fence sitters

[JSixpack]

Never buy anything in Lieland because I did not leave my brain at the airport...?

Bottom line: Never buy property in Thailand. Condos are rarely a good investment and plenty of rentals available everywhere.

Better yet, remember the TV forum poster Primal Laws Of Survival In Thailand:

1. Never invest in anything you aren't ready to lose;

2. Never own more than you can carry with you;

3. Keep your suitcase packed at all times.

[bushwacker]

My concern is that in 15 years, the water level will be up to the 4th floor. That has got to hurt resale values.

[12DrinkMore]

I think not enough voting options so just ticked the nearest to my thoughts.

I lived in an apartment building once, never again. I have been to Pattaya once, never again.

Never been to HH...

Go to HH at the weekend.

Your record will remain unblemished. Visited once, never again.

[nev]

IMHO all condos are over priced, living here for what I could afford it would mean living in a shoe box.

I am happy living on our 3 rai.

[little mary sunshine]

Only if someone held a 38 to my head!

[Gary A]

I didn't buy my condo for an investment. I bought it because I liked the 60 square meter unit. My friends told me that I was crazy and that I was paying too much. I don't like high rise condos. Narrow dark hallways and fear of a fire totally put me off. My condo is in a five story building that is built in a rectangle with the center of the building open air with trees. The grounds are very well taken care of and security is great. My electric is billed directly from the electric company, No rip off add on charges. The monthly maintenance is 10 baht per square meter per month. Whether the condo has increased in value or decreased is of no concern. I don't live in it now but it is there whenever I want to use it. It's like a security blanket for me. I'll always have a roof over my head. I did rent it out to a friend of mine for about 5 or 6 years. Since he has moved upcountry, I no longer want to rent it out. I have had it painted and put down new floor tiles. It is in tip top condition and fully furnished with TV's in the separate bedroom and in the living room. I have a desk top computer in the bedroom also. It has two balconies and the one off the living room has a washing machine and clothes drying area. I can close the curtains and don't have to look at the washing machine. When I go down to Jomtien, all I need is a backpack with some clothes.

The question is, would I buy a condo today for an investment? The answer is no. Would I want to sell my condo? That answer is also no. I have no regrets. If I didn't already have a condo, I would be very interested in buying one. It's nice to have a change of scenery once in a while. I think it comes down to whether you can afford it or not. I'm not a rich man by any means but I can afford to live as I choose.

[bridge2bridge]

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.

[little mary sunshine]

I have lived in the same condo for the last 5 years.(first time in my life I

Have rented, always,owned in USA). My condo was for sale doe 2.2Mn

Baht, owner wanted me to buy...after careful consideration I invested

$75,000 at 5.3% (very safe). I still rent, my income pays my rent I have

No headaches. Owner has replaced: A/C, washer, hot water heater. I

Leave, no concern about plumbing or electric . Hope the owner never

Sells, He has had it on the market for 3 years, can't sell for the price he

Paid for it. Renting is great!!

[mercman24]

rent every time for me, as a single guy, i will be long gone before i have paid enough rent to quantify buying, also if you find you dont like a place after buying you are stuck with it until you sell, (reasons quoted before) if you rent and find there is a problem ie, neighbours, noise etc, you can move on, also when i croak it, there would be big problems for my daughter in the uk to control any forseeable sale , as when i lived in Spain that was bad enough.

[ozyjon]

If you have the money and you find the place you like then buy it.

Once you own the property do some research on the subject,,,

'' Renting v's Buying ''

the best place is Youtube,, the question should be re phrased,,,

would you buy a condo in pattaya today

The person opening my eyes to world events and the economy

is Max Keiser, its well worth listening to his reports.

[sawadee1947]

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.

[TechnikaIII]

The only thing I would buy in Pattaya, if I didn't already have one, is a bus ticket to somewhere else.

[joebrown]

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.

Virtually all the points you raised happened to me and others when we purchased 'off plan' in Jomtien. I have made a few mistakes during my time in LOS, but non as big as buying a condo. I consider myself very lucky to have sold at a small profit. Would never consider buying here again. I'm renting a house and now live a far more peaceful life, thank goodness.

[KC 71]

No way

[zaZa9]

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.

^ Says most of it but I'd like to add another point.

That is the country has very little in the way of town planning and seems incapable of enforcement of development regulations.

Thus you can live in a very well run and maintained condo block , and still lose when , sooner or later , somebody on the Soi decides to light fires regularly , or build a shanty town on his block , or park trucks on the narrow entrance Soi , or starts a recycling plant at the front gate ...

As a farang you have buckleys chance of changing that , because even a Thai can do little.

Sure you can wait from prices to rise , and they eventually will , but until then you may well be stuck in a most unpleasant lifestyle...

[Rimmer]

A speculative troll post has been removed

[bangkapi]

Buying a condo for personal use when you have excess savings and income is different than buying with an intention of making profit or income from it.

[theguyfromanotherforum]

As they should.

Imagine you buy a condo for your own enjoyment and have different people use the pool and facilities every. It's not a hotel. Owners usually take good care of their property (although in Thailand that is somewhat questionable).

So ownership does not confer any right to lease the property?

I have a house in the states in a fairly nice neighborhood, but an absentee owner a few houses down used to rent out his house, and it frequently seemed to be to some college kids who could afford the place by pooling their rent money. There were frequent noisy parties late at night; the police got called from time-to-time; and another neighbor who kind of acted as the property caretaker had the unpleasant duty of cleaning out the place and arranging for repairs whenever one group moved out to get ready for the next. The immediate neighbors were worried about rats... More often than not the place was left a wreck: inside & out. But you know, It just goes with the territory, literally. Arbitrary rules trying to dictate to owners what they can & can't do with their lawful property can cause more problems than they solve. And if the estimated rental returns are removed from the picture for prospective buyers, you may well hurt your own property value, especially in a town which happens to be a tourist destination. And what happens when one day suddenly you want to let a good friend or perhaps a family member rent the place from you, but the rules say No? It's a case of being careful what you wish for.

Last but not least. Why wouldn't a tenant who actually acts responsibly and takes reasonable care of the place he's living in be less preferable than an owner who lives like a pig and has no consideration for his neighbors? I don't really see how excluding rental activity guarantees much of anything.

What are you on about?

A house is a house.

Condo building and common elements do not belong to you. Period.

[ExpatOilWorker]

I saw a condo project advertising buy 1 get 1 free condo and even buy 5 get 6 FREE condos. Who on earth needs 11 condos?

Desperate times for the developers.