Would that be like winning the lottery? BKK condo purchase ...

[DUS]

I have only been living in TH for a little bit over a year or so as a tenant myself and as a newbie to Bangkok I have very close to 0 knowledge of the housing/condo market in BKK.

 

And despite having told the same thing to a friend of mine back in the UK she keeps asking me questions about her planned move to BKK at the end of the year and about where to buy a condo in town once she comes over. I keep telling her that a/ I don´t know and b/ that she should just rent for a few months (at least!), have a look around herself and THEN to make a decision on if and where to buy a condo. Mind you, she´s so excited about her planned move in December that she´d like to evaluate potential buying opportunities prior to coming here. Well, I told her that I can´t help her but, and this is now the reason why I am actually asking the forum here, some of the questions and expectations she raised actually made me wonder if what she´s looking for (in an ideal world) actually still exists in BKK. 

 

She knows the flat I am currently renting between Nana and Asoke, roughly 70 sqm, high floor, pool etc etc. And yes, she really likes the location and the flat since it is in a very quiet Soi, well-kept building, and the flat is very modern and rather stylish. BUT: She wants to buy a flat for a maximum of 3.5mn Baht that matches the following criteria:

 

- close to BTS/MRT

- min 50 sqm

- fully furnished

- freehold

- building no older than 10 years

 

I told her that I´m not aware of any condos that match her criteria but, as I said, I wonder that if I wanted to offer her some sort of advice / make a suggestion as to where in BKK she should start looking for such a property, where would YOU advice her to look for it? Any suggestions? Or is it sheer impossible nowadays to find such a condo at the price point she envisages? When I look at the condo I am renting myself we´d be talking about 6mn + for purchasing it so this is well above her budget. When she first approached me with that particular question  I went online and visited the various property websites. However, I think we can agree that we generally cannot trust the property websites and the photos they upload (if any). So, to ask even more directly: do you have a specific recommendation as to where she might look for a condo that matches all or most of her preferences as listed above? I´d be more than happy to pass that recommendation on to her. Thank you!

 

I genuinely hope that his pretty much straight-forward question does not result in an OT discussion about the general pro´s & con´s about buying vs renting etc. Fingers crossed! :-)

 

THANK YOU!

 

Edited August 30, 2017 by DUS

[trogers]

No. They didn't build any 1-bedroom of min. 50 sqm in Bangkok between 2007 to the present, while her budget of 3.5m may get her a 40 sqm near BTS Phrakanong.

 

 

[mstevens]

She is looking at buying a condo for less than 70,000 baht / square metre close to a BTS / MRT station?  I guess it's possible but that will put her a long way out.  Even buildings that are a long way out have units priced at closer to 100,000 baht / square metre.  I think she might be rather optimistic looking for a newish building with a unit of more than 50 square metres for under 3.5 million baht....but I wish her well and hope to be proven wrong!

[steven100]

She will not get something near new or even in that 50-70sqm for 3.5m.

Minimum start is around 4.6-6.5m and that is even out towards Prakanong.

 

[trogers]

23 minutes ago, steven100 said:

She will not get something near new or even in that 50-70sqm for 3.5m.

Minimum start is around 4.6-6.5m and that is even out towards Prakanong.

 

Eleven year-old 40 sqm at Sukhumvit Plus, Phrakanong going for 80+k/sqm.

 

Twenty year-old 60 sqm at Waterford Park Rama 4 going for 50+k/sqm.

 

They only pushed out shoebox size units of 25-35 sqm over the past decade because prices climbed from 80 to 120k/sqm.

 

And now you see them trying to sell 2-bedroom units of less than 60sqm. Trying to catch up with Hong Kong?

Edited August 31, 2017 by trogers

[inThailand]

Sound advice given by the OP, rent first while doing more research.

[dotpoom]

Between floods, wars, homelessness, joblessness etc.,     the ability to buy a condo anywhere would seem to many like winning the lottery.

[RichardColeman]

Make sure she buys a boat as well for the flooding years.

[steven100]

31 minutes ago, dotpoom said:

Between floods, wars, homelessness, joblessness etc.,     the ability to buy a condo anywhere would seem to many like winning the lottery.

unfortunately you are spot on. In Australia it is virtually impossible for a young couple just starting out to buy a condo or house, unless you can live in the bush where there are no jobs. The deposit alone in town is around $40-$60k ... who the heck can afford that.

[RBOP]

Try searches in http://www.colliers.com/en-gb/thailand or just contact them and she can tell them her preferences. Another option is to search in http://www.ddproperty.com/en

There are some fair deals in the North of Bangkok and Nonthaburi close to BTS Changwattana Rd and Muangthongthani area. The older buildings ~20 years with renovated units (resells) are where the good deals are.  If she buys a new unit in a new building it'll take at least 5 years to make money on reselling it. Now's a good time to buy because the market is relatively slow.

[Tracyb]

Plus 38 Condo on Sukhumvit Soi 38, (BTS Thong Lor) has some 1 bedroom, 50 Sq. M. units for sale at approx. 4.7million baht.  I think that building is about 12 yrs old.  9 stories. Quiet neighborhood.

[12DrinkMore]

She's heading for a large collision with reality and needs to completely reset her excitement and expectations. Rushing into an emotionally charged impulse purchase of a property before even living in a new city/country for a year or two is going to be a huge mistake. 

 

On the other hand there are more than a few who have made that mistake and are reluctantly keen to sell. Throw in some low ball offers offering 30 to 40% less than the asking price. Sooner or later someone will accept.

[trogers]

40 minutes ago, 12DrinkMore said:

She's heading for a large collision with reality and needs to completely reset her excitement and expectations. Rushing into an emotionally charged impulse purchase of a property before even living in a new city/country for a year or two is going to be a huge mistake. 

 

On the other hand there are more than a few who have made that mistake and are reluctantly keen to sell. Throw in some low ball offers offering 30 to 40% less than the asking price. Sooner or later someone will accept.

I came here in 1983. Bought my first condo and home in 1995. And bought 5 more condos for investment in 2007-8.

 

Needs decades to understand the market conditions.

[mike324]

Lets start with, there is nothing centrally located around anywhere from Chitlom to Ekamai that fits her budget and requirement.

 

Alternatives are if she is willing to compromise:

 

For her budget, and doesn't mind 20 year old condo(Sukhumvit Suite, Sukhumvit Soi 13), this would be the cheapest condo with the best location if she wants to be centrally located, 3-5 minute walk to Nana BTS station. But rooms are very tired and will need some simple touch up.

 

If she insists on a less than 10 year old condo but within budget, she would have to go down to Phra Khanong station, and size of rooms would be around 30-35sqm. That would be the closest, like others have recommended.

 

If she can push her budget up to 5-6 million, then there are more choices.

 

You should also warn her to not think of it as a good investment even though prices may seem attractive compare to back home. It would be hard to sell / rent out and if she decides to move, she will need to continue to pay monthly common fees. If she fails to pay it, she won't be able to sell her apartment as juristic won't clear her condo for the sale. 

 

Edited August 31, 2017 by mike324

[trogers]

2 hours ago, mike324 said:

Lets start with, there is nothing centrally located around anywhere from Chitlom to Ekamai that fits her budget and requirement.

 

Alternatives are if she is willing to compromise:

 

For her budget, and doesn't mind 20 year old condo(Sukhumvit Suite, Sukhumvit Soi 13), this would be the cheapest condo with the best location if she wants to be centrally located, 3-5 minute walk to Nana BTS station. But rooms are very tired and will need some simple touch up.

 

If she insists on a less than 10 year old condo but within budget, she would have to go down to Phra Khanong station, and size of rooms would be around 30-35sqm. That would be the closest, like others have recommended.

 

If she can push her budget up to 5-6 million, then there are more choices.

 

You should also warn her to not think of it as a good investment even though prices may seem attractive compare to back home. It would be hard to sell / rent out and if she decides to move, she will need to continue to pay monthly common fees. If she fails to pay it, she won't be able to sell her apartment as juristic won't clear her condo for the sale. 

 

Shoebox units of 25-35 sqm are like 100 owners fighting over that one buyer or renter. Huge oversupply.

[Sumarianson]

If she wants a good clean fairly new Condo with nice views to the south of Chopraya River with a high floor and a parking space. She will have to reduce the size to 35sq mtr or increase her budget. At the moment the GBP is in freefall but will make back ground as soon as the EU negotiations sre done with. 

I would suggest renting an unfurnished Condo at the start and see how it goes. Rents ate cheap and it will give her a foothold and knowledge of areas and buildings she may like. My Condo is on the 30th floor of a newish Condominium near BTS TalatPhlu and BTS Pho Nimit on the Silom line. Easy to get into town for dinner or a drink. 1 Bed with balcony 35 sq mtr pool, sauna, gym, library. Well maintained. Narai group. 3.5mb last may fully furnished to a good standard. Prices have increased by 10% since then and the £ has dropped by 30%. I would say wait a couple of years before buying.

[MyFriend You]

I now she is talking about Bangkok, but there are tons of Condo's in Chonburi, Pattaya/Jomtien area - hell, she can buy a nice small house with a pool for that amount down here.  I searched for three months in Bangkok before I decided to come down here.  I wish her luck

[Ulic]

12 hours ago, 12DrinkMore said:

She's heading for a large collision with reality and needs to completely reset her excitement and expectations. Rushing into an emotionally charged impulse purchase of a property before even living in a new city/country for a year or two is going to be a huge mistake. 

 

On the other hand there are more than a few who have made that mistake and are reluctantly keen to sell. Throw in some low ball offers offering 30 to 40% less than the asking price. Sooner or later someone will accept.

As they say, if you are not embarrassed by your offer you are offering too much. 

[driver52]

9 hours ago, Sumarianson said:

If she wants a good clean fairly new Condo with nice views to the south of Chopraya River with a high floor and a parking space. She will have to reduce the size to 35sq mtr or increase her budget. At the moment the GBP is in freefall but will make back ground as soon as the EU negotiations sre done with. 

I would suggest renting an unfurnished Condo at the start and see how it goes. Rents ate cheap and it will give her a foothold and knowledge of areas and buildings she may like. My Condo is on the 30th floor of a newish Condominium near BTS TalatPhlu and BTS Pho Nimit on the Silom line. Easy to get into town for dinner or a drink. 1 Bed with balcony 35 sq mtr pool, sauna, gym, library. Well maintained. Narai group. 3.5mb last may fully furnished to a good standard. Prices have increased by 10% since then and the £ has dropped by 30%. I would say wait a couple of years before buying.

How much does the condo cost?

PS not sure about your GBP prediction, if the ECB unwinds its QE next year, the € might get even stronger 

[MadMuhammad]

20 hours ago, steven100 said:

unfortunately you are spot on. In Australia it is virtually impossible for a young couple just starting out to buy a condo or house, unless you can live in the bush where there are no jobs. The deposit alone in town is around $40-$60k ... who the heck can afford that.

Me and my partner did. Planned ahead, worked our butts off (heap of overtime, taking on second jobs, no drinking or big nights out.)

We pulled together 20% deposit for a $650K new home 4.5km's from Melbourne CBD. It just takes sacrifice and commitment.

 

As for BKK, OP is 100% correct. Rent long term and do your due diligence when it comes to buying, especially in Thailand. 

On my relocation in 12 months I'll be taking just that approach, rent multiple locations to decide where I'd like to buy first. Once I've have chosen rent further in different parts of that area (avoid livestock, dog issues, noisy neighbours etc) and do some intense research on the available properties.

 

Do everything you can to explain the pitfalls and the difficulty in trying to attempt what she's trying to achieve. In an ideal world it'd be great to find an awesome pad at the right price and be able to start your new life form day one. Unfortunately, like you said, it'd be like winning the lottery. 

[Enoon]

 

"I´d be more than happy to pass that recommendation on to her."

 

How about passing on the procedure for joining Thaivisa so that she can get the answers from the horses mouths, instead of secondhand from someone who, by their own admission, knows as good as nothing about the subject?

 

Silly me!:

"I genuinely hope that his pretty much straight-forward question does not result in an OT discussion about the general pro´s & con´s about buying vs renting etc. Fingers crossed! :-)"

 

I "genuinely hope", as you do, that using the narrative of your female "friend" will filter out all that stuff.

 

Good luck with your search.

 

 

 

 

[Khun Jean]

A 30sqm tiny condo in Bangkok or a 2 bedroom house with a swimming pool in HuaHin.

She might not know about that. Maybe drive around some places before making a decision.

And renting at least 6 months in the area where you think of buying is an absolute must!

If there is one advice that is hugely important it is that!

It gives her time to evaluate the area, and she will be at the right spot to visit places for sale.

 

Maybe even get back to basics and make sure a visa/extension of stay is not a problem.

 

Edited September 1, 2017 by Khun Jean

[KittenKong]

On 01/09/2017 at 7:02 AM, Enoon said:

How about passing on the procedure for joining Thaivisa so that she can get the answers from the horses mouths,

 

Well, she would certainly get answers. Which end of the horse they come from would be debatable.

[KittenKong]

I think that anyone who buys a condo in Thailand without living in the building (and ideally the unit in question) for at least a year is a fool.

 

And I would only buy something here if I intended to own it for at least 10 years. Less than that and purchase/selling costs and the general difficulty of selling would make it not worthwhile.

[mstevens]

25 minutes ago, KittenKong said:

I think that anyone who buys a condo in Thailand without living in the building (and ideally the unit in question) for at least a year is a fool.

 

And I would only buy something here if I intended to own it for at least 10 years. Less than that and purchase/selling costs and the general difficulty of selling would make it not worthwhile.

This is really excellent advice and gels with my experiences in Thailand entirely.

[greenchair]

I hope she is really your good friend. 

My thai friend recently had an overseas friend with an exact story like yours. Eventually "the friend " asked him if she could send the money and could he make the purchase before she came. And she would give him a percentage. 

On the day she supposedly sent the money  (sent pictures and customs documents and everything ) the fake customs called him to please pay 26000 baht for taxes. My friend paid. 

Then he was asked for 58000 baht for some other thing. 

So that's why he asked for my help. It was all a big scam and he had been talking to this "woman " for about a year. 

She had 3.5 million to spend also. They met on FB. 

[greenchair]

Come to think of it. 

It's for sure the same scam. 

Nobody with a tight budget buys property in a foreign country without living there first. 

Scam is  coming ???lock up your wallet. ☺??

[trogers]

1 hour ago, greenchair said:

I hope she is really your good friend. 

My thai friend recently had an overseas friend with an exact story like yours. Eventually "the friend " asked him if she could send the money and could he make the purchase before she came. And she would give him a percentage. 

On the day she supposedly sent the money  (sent pictures and customs documents and everything ) the fake customs called him to please pay 26000 baht for taxes. My friend paid. 

Then he was asked for 58000 baht for some other thing. 

So that's why he asked for my help. It was all a big scam and he had been talking to this "woman " for about a year. 

She had 3.5 million to spend also. They met on FB. 

They met on FB. She might actually be a huge Nigerian he...

[greenchair]

5 minutes ago, trogers said:

They met on FB. She might actually be a huge Nigerian he...

Lol. Most probably. you'd be surprised how many horny males fall for a womans face on fb that is actually a man. 

[Robert24]

I think that anyone who buys a condo in Thailand without living in the building (and ideally the unit in question) for at least a year is a fool.
 
And I would only buy something here if I intended to own it for at least 10 years. Less than that and purchase/selling costs and the general difficulty of selling would make it not worthwhile.

Agree with this. If you plan to stay here longer and you have done plenty of research, owning a condo is the right approach. But worthwile renting first to look at all options.