Condo buying questions

[Neeeko]

First of all, sorry If this has already been asked. I'm looking to buy a condo at the start of next year so now am doing my research and have some questions on buying a condo if you're a foreigner.

- Will I need a Thai to own some of my condo also? or is there a way I can own 100%?

- Can I make a down-payment at the start, then pay some money every month?

- Is there a bank that helps with loaning money?

- Are mortgages possible? if so, is there anything I should know?

in case this helps, here some information about me:

- I've been working in Bangkok for 3 years for a Thai company

- I have a full work contract

- I have a visa and work-permit

- I have 2 Thai bank accounts (SCB & BKK Bank)

- I have Thai friends/work colleges who could help with having there name as a part owner if needed

Any help would be much appreciated, thanks!

[vivasamui]

I recommend that you read Rodney Waller's book "Buying Property in Thailand" It will have answers to all your questions, and others that you haven't thought of!

[roblam]

- I have Thai friends/work colleges who could help with having there name as a part owner if needed

I'm not a soothsayer but I can safely foresee imminent tragedy here.

[trogers]

Why do you need a Thai name to co-own a condo? It can be wholly owned by a foreigner, provided the foreign 49% of total area in the development is not exceeded as a result.

[KamnanT]

From my experience buying a condo in Bangkok:

- Will I need a Thai to own some of my condo also? or is there a way I can own 100%?

You can have clear title (100% ownership) of a condo - the only restriction is that no more than 49% of the total unit floor space in a building can be owned by non-Thais. In practical terms, this means that you will be buying from the so-called "foreigner quota" in each building or buying in a building where Thais own enough units to allow you in under the 49% cap. Some argue that "foreigner quota" units are more expensive - I haven't found that to be the case in practice but it may be true in buildings that are very desirable to foreigners.

- Can I make a down-payment at the start, then pay some money every month?

Yes, for an existing unit that will either be a mortgage (see below) or an arrangement with the seller to pay over time. The latter is rare and I would suggest has the potential for coming to grief as the circumstances of the parties change over time.

- Is there a bank that helps with loaning money?

- Are mortgages possible? if so, is there anything I should know?

Same question, really. It is difficult for temporary residents of Thailand to obtain mortgages, primarily because the law requires foreigners (other than permanent residents) to remit, in foreign currency, the entire purchase price of a condo from outside of Thailand. If a local bank lends you the money, then this requirement isn't satisfied. Permanent residents can use local funds to purchase condos and, accordingly, can get mortgages at most (but not all) Thai banks.

[anfh]

You can own a condo outright as long as 51% of the condo units in the building are owned by Thais. ( I would say DO NOT even consider a jiont ownership - not that you need to )

If buying a new condo you could probably set up an agreement to buy in installments.

Since you have two bank accounts, i suggest you talk to them about mortgages etc as the fact that you have a visa and work permit should help with this.

[Emster23]

Good idea to check on how much you get to pay for maintenance. These charges can be all over the map.

[WishWashMan]

Good to see your interest in buying in RE.

some concerns 1. Why Thailand...............lol.

2. Are you nuts putting work colleagues on title.............lol.

other than that gor for it.

[Paul944]

- Can I make a down-payment at the start, then pay some money every month?

This construction is normal if buying 'off plan'. Meaning you pay monthly while the condo's are build. However, it is normal that the building takes much more years as intented to complete and sometimes the building will never be finished.

If you do not have the full amount on a foreign account, ready to wire to a Thai account it will require a lot of convincing effort to get a mortgage. You will need to pay at least 20% from you savings.

Remember, buying a condo is the easy part. Selling it is the hard part. Making money renting out is only for the happy few knowing that business.

[williamgeorgeallen]

i have bought and sold a few places in thailand. i would not do it again. really it is best to be mobile, if you need to leave thailand it can be very difficul to sell. one property took 3 years to sell. i am waiting on 2 condos to be built. has been 4.5 years waiting so far. i would also not buy off plan again. good news is if you have to buy a condo you can do it in your own name. i would suggest buying something small and cheap as it should be easier to sell and if you have to sell it fast you wont loose so much. better idea would to be to buy something back in your home country if possible.

[skatewash]

I recommend that you read Rodney Waller's book "Buying Property in Thailand" It will have answers to all your questions, and others that you haven't thought of!

I second this recommendation. It's a very inexpensive way to get exposure to some of the issues surrounding real estate in Thailand from an independent party. The 1,140 Baht I spent for the book was well worth it to me. It doesn't matter to Rodney Waller if you buy or don't buy a condo (as long as you've bought his book, he's happy). The problem with getting advice from people in the real estate business is that they are in the real estate business, meaning that you have to take anything they say with a very large block of salt because they have interests and motivations that are unlikely to align perfectly with yours. At least get an inkling about the lay of the land by reading the book before you wade into the shark tank.

[RBOP]

Here's what SCB told me when I wanted to borrow money to buy my second condo (I would pay 80% and needed to borrow 20%) - SCB told me "Under BOT rules, banks cannot loan money to foreigner - sorry you are denied."

[bangkapi]

Just pay cash. It's easy as pie.

[12DrinkMore]

Just pay cash. It's easy as pie.

Pie in the sky for those without the cash.

[1FinickyOne]

Investigate well into who is managing the building... have seen all sorts of catastrophes from poor and disappearing management companies...

[Berty100]

- I have Thai friends/work colleges who could help with having there name as a part owner if needed

I'm not a soothsayer but I can safely foresee imminent tragedy here.

The tragedy being your unhelpful troll post.

[KittenKong]

Part of buying a farang-name unit is the requirement to import the funds from abroad and to produce documentary evidence of this to the Land Office in the form of an FET form.

Having never worked here (and having no desire whatsoever to do so) I dont know how that can square with earning the money here and having a mortgage. So this is something that would have to be looked into.

I can see agents and developers trying very hard to sell in company name in this sort of situation. Buying in company name seems as attractive to me as having my fingernails ripped out.

A bit of advice to the OP (who seems to be particularly wet behind the ears): trust no one. The Thai property market is absolutely riddled with scam-artists and liars of all types and skin colours.