SkyRider
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On 10/17/2020 at 1:51 PM, crazykopite said:
And it’s my understanding that those who own there homes now must have 3 million baht in a Thai bank this was announced last week as soon as I heard this I started withdrawing my savings Thailand is on a cliff edge and I am not going to risk losing my money if and when they put locks on the cash machines and limit what you can withdraw don’t say it can’t happen it happened in the U.K. a few years back never say never .
"those who own there homes now must have 3 million baht in a Thai bank this was announced last week"
I haven't heard anything about this. Could somebody please elaborate on this?
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I'm about to put a 30,000 baht deposit down on a condo, to hold it for a month, before paying the final purchase price.
I've heard the money needs to come from outside Thailand, which I would use transferwise from my bank in my country to Thailand.
But for the 30,000 baht deposit, is it ok if I withdraw that from my Citibank ATM, (account in my country), get the receipt, and pay cash? Would that be enough to prove that it came from outside the country, so that if I sell the condo someday, I will not have a problem getting the 30,000 back, and not have any legal issues of ownership?
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On 4/20/2020 at 9:30 PM, jadee said:
I'm currently living in a condo that I bought in 2010 - so I'm not an investor or landlord, I just bought to live in, and I'd strongly advise anyone against buying a condo - this Nation article is probably a paid-for 'advertorial' written by a property agent.
If anyone's tempted by the prices now, just wait a few months - even then it won't be a good idea.What are the reasons that you advise against buying?
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9 minutes ago, Peterw42 said:
Not sure why you would be so worried about termites. Condos are made out of concrete, not sure that there is any great termite problem with them eating concrete buildings.
I lived with a girl in a condo, in the 800,000 to 1,000,000 price range, termites were eating the wooden part of the floor under the bathroom door, they were disgusting. Two of the condos I was considering renting / buying recently, turned out to have termites. I've heard three stories now, of entire ceilings falling down because of termites, at least one of them being in a condo.
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On 12/29/2019 at 6:15 AM, Peterw42 said:
When I bought a condo a couple of years ago $40k AU converted to 1,2m baht, I think I spent around 44k, I didn't buy a 800k condo, current rentals, then and now, are around 8k a month. with current exchange rates the figure would probably be around $50k AU for the equivalent condo..
Plenty of new build condos around for 1m-1..5m, 35-40 sqm.
I understand the concept of buying a condo and not paying rent again, although there is maintenance costs (lower then the cost of rent). I figure it would take 12 to 20 years to get the buying cost back compared to renting, depending on how much I paid for the condo. I am not a citizen in this country, no guarantee I can stay here. And it seems that any condo can eventually get termites, they are very difficult to get rid of, and some management doesn't even try. Maybe I'm making a mistake buy continuing to rent and not getting any investment back for my money, but buying just seems to risky for me.
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Thank you for all your comments. Most of the comments to my post has made me decide that buying probably has too many risks.
So now I'm thinking of continuing to rent. My landlord is thinking about selling the condo I rent, so I have to find a new room. I wish I could find one that is not furnished, I'd rather not pay more money in rent for someone else's furniture.
I'm a little bit concerned about landlords not wanting to rent to foreigners, because of the complications it causes for them with immigration. I've already had a woman tell me that she will not rent her condo to foreigners.
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52 minutes ago, xylophone said:
I thought I would come back on the thread because of something you said in a previous post, and that was that you were looking at condos priced at between 800,000 to 1 million baht.
Now I don't know what sort of condo you would be looking at, but where I am you would be lucky to get an old POS (piece of ....) for that price, and it would be highly likely that you would have to spend money on it.
For example the plastic water pipes set in the walls have a habit of cracking, this is because they usually are set solid in cement/concrete and no movement is possible, so if the building moves ever so slightly, then the pipes crack, and trying to find a leak in a pipe set in a concrete wall is hard work indeed. The plastic pipes can also have a habit of cracking, simply because they are old, and not only that I've seen joints in walls that have been put together with no glue, so after a while they leak.......
So many things to go wrong with an old building, and although some of the newer buildings are even worse, some of the older ones really do suffer from the perils of "old age".
Food for thought perhaps.
1.5 million max budget. I was hoping I might be able to find a gem under or at 1 million, but that does not seem possible.
I didn't know this about the pipes.
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1 hour ago, xylophone said:
Termites are quite a common problem in Thailand, as they are in some other countries, and I've seen a house here just about eaten out of anything made of wood, so be careful.
Not only that they are extremely difficult to get rid of and although spraying may help, it often does not stop the little buggers from getting in elsewhere, or getting in again.
And a friend who has a top floor apartment here, has also had a termite problem, and he is at the top of a large block of apartments, so they are resilient and will travel anywhere for a feast of cellulose (wood)!!
Just before I sign off, a few years ago I got a call from a friend who was renting a house nearby and he was worried because the whole ceiling in his bedroom (second floor) had collapsed on him due to the fact that the paper on the back of the gib-board had been eaten away by termites, so the whole thing fell in on him whilst he was in bed, and he was worried about the electrical fitting hanging down just above his head!!!
That's enough of a worry to scare me off from buying, just in itself.
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2 minutes ago, scubascuba3 said:
how did you spot them?
There was an exterminator there that told my girlfriend this, and she saw a line of spots that appeared to her to be a termite line. I didn't notice it, and she neglected to tell me this until later. She said she didn't realize how termites can damage a building.
If there are termites in the building, but have not reached a unit that you are looking into - would a building inspector even know that the building has termites?
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I have now seen two buildings in the 800,000 to 1,000,000 range that had termites.
Are termites in low cost condos common in Thailand?
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10 hours ago, Lacessit said:
If the OP is young, buying a condo for the long haul would make some sense. Better to rent in your 70's, liquidity is more important then.
Last thing I would do is buy a condo in Bangkok. If Thailand is a bathtub, Bangkok is the plughole. 1 metre above sea level.
I'm 56. Great point about the flooding.
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4 hours ago, xylophone said:
Well I've bought and sold two properties here, sold a condo for a friend, and I'm now renting.
Add to that the fact that two other friends have had major problems with buildings going up next to (and I mean within centimetres) of their property and it has cost them a great deal of money and many years to fight the developers to try and get some compensation – – as of now one has, and one hasn't.
Like other posters have said I was getting a fairly good rate of return in my home country for any funds invested, so easy to do the sums with regards to buying versus renting.
Other considerations I had when I eventually sold up and moved into a rental apartment, were the fact that I am only a guest here, and if they decide to change their minds, then I will be out of the door with no compensation paid for any property I own.
Following on from that, as can be seen around the country, there are many properties for sale, ranging from very small condos up to large villas, and the market is stagnant and has been for some time, so trying to sell a property if one wants to move/leave the country is tantamount to winning the lottery.
And trying to get something done about an unruly neighbour here is very difficult indeed, and furthermore if they are Thai, then that makes the job even harder.
Had I known what I know now, when I bought my first property, then I certainly would not have purchased.
Now I am free to go wherever I want, whenever I want, with the minimum of fuss and no worries – – and that is of paramount importance to me at my time of life.
Yes, as I posted before, not being a citizen of this country concerns me. So does unruly neighbors, and if I want to leave, I might not be able to sell it.
You're renting an apartment Xylophone, not a condo? Isn't the electricity much more expensive in an apartment?
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2 hours ago, scubascuba3 said:
Also you may not like the place after a period of time. Rent for a few years to get a better feel for locations and any changes in visas, insurance etc.
Also depends on age, if 70 I wouldn't bother buying
I have to think long and hard about this, it's a huge decision, full of risks, and not being a citizen of this country certainly concerns me.
I was thinking about finding a building I like that has condos for both rent and sale. Rent in that building for a year (or more), see what I think of it, and if I like it, maybe buy a unit in that building.
My budget is no more then 1.5 million baht. (I've been here for 7 years, and have spent about 500,000 in rent. That's one third of 1.5 million that could have been invested in a condo).
I saw a condo today that seemed clean and cute, with a nice small swimming pool, asking 800,000.
But then I found out that some of the units have termites.
My girlfriend was told that the management is only spraying in the rooms where the people let them in. That seems like a huge problem to me.
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6 minutes ago, ezzra said:
If you're planning to buy now is the perfect time as the market is saturated with properties for sale in all areas and all sizes and prices, if you're in Thailand for the long haul than yes buy a condo, not a good idea as investment or renting, i'n stuck for couple of units for sale in Sukhumvit Rd for months now with not even one caller...
I plan it to be for the long haul. Although it does concern me that I am not a citizen in this country, and who knows what will happen regarding being able to stay long term.
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3 minutes ago, Peterw42 said:
How can you be getting a zero return on investment when you haven't made an investment.
Whether or not to buy a Condo would very much depend on personal circumstances, not sure that there is any blanket advice that may/may not cover your circumstances.
What I meant is, I am not getting anything in return for the money I'm paying in rent.
I would just appreciate any advice at all, I want to thoroughly research whether to do this or not, research the risks, and what to look out for if buying.
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I've been thinking about buying a house or a condo in Bangkok or Sumat Prakan. I've given up on a house because a foreigner cannot own land, and I think the 30 year lease is too risky.
I also think buying a condo is risky, buy not as risky as a house. (I've been paying rent and it has been zero return on investment.)
Any advice on buying a condo would be appreciated. Thank you.
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3 hours ago, 55Jay said:
Moves far away from the OP.
What is your situation? Working? Retired/Monthly Pension? Investments producing income? How do you bring money from the US to Thailand now and at what frequency?
At any rate, probably best to open a new thread in Banking/Economy, you'll get more eyes on it.
Not working now. No pension, just a little bit of savings.
Not a lot of investments producing income at all.Money from the U.S, I withdraw from Citibank ATM (more often then I would like to.)I'll take your advice and open a new thread in Banking/Economy.Thank you. -
On 5/6/2017 at 6:35 AM, Oxx said:
A few points:
(1) Why keep the house boarded up? Sell it and invest the cash to generate additional income.
(2) With all your income in NZD you are highly exposed to the NZD/THB exchange rate. Better to move some of your wealth to Thailand and/or diversify currency exposure.
(3) It sounds like you have a lot of your wealth in cash. It won't even keep up with inflation, and that could be a big problem over the coming decades. Have some investments in equities to allow for potential capital growth as well as income.
Oxx, could you please give some suggestions on the best ways to move and keep wealth in Thailand?
I ask, because I'm concerned about this, all my money is in the U.S., and I'm worried about losing a lot of it to the exchange rate.
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You still need a letter from the bank stating you have the money in the bank.
But i just find it easy to leave the money tied up for a year.
If I don't have to make that 100 baht deposit, to coordinate with the same day that I go to immigration, then yes, a fixed account sounds easier.
Samut Prakan immigration accepts this, not having the 100 baht deposit on the same day, without a lot of questioning?
This is the first I've heard of this.
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SkyRider
I renewed my extension in December at Samut Prakan.
Agree with your list except :
Never bothered with putting 100 baht into my account i have one year fixed rate account with Bangkok Bank.
You see the front desk. They check all paperwork.
Go into the back room for a photo.
Then you hand all your paperwork to the guy who sits behind the front desk.
In and out in about 25 minutes.
http://www.samutprakanimmigration.go.th/list-of-documents-for-retirement-visa/
A one year fixed account, I should look into that. Having the bank write the letter that goes along with the deposit is a pain, every year. All the people at the bank today had never done this, they didn't know what to do, I was in that back forever, and I still didn't get what I need.
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Normally you only need one 4 X 6 cm photo for the TM7 form.
The rest seems to be correct but not sure if Samut Prakan has some of their own requirements.
Correct, 4 X 6.
And, documents from the owner of my building, confirming that I live here (along with my lease.) That's my proof of address.
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This is what I needed last year at Samut Prakan. Have there been any changes to this?
Passport (signed copies of each page)
- Departure Card TM (and signed copy of it
- Deposit 100 baht into bank the same day as going to immigration
- Thai Bank Book 800,000 baht (and signed copy of it)
- Letter from Thai Bank
- Copy of proof of address
- Three(1) 4×5 cm photos
- Completed application TM-7
- 1900 baht
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??? What ???
just did my retirement-visa-extension pre-bombing...
no problem
no TM 2
business as usual
in and out
less 1900... standard
Was this at Samut Prakarn?
My girlfriend checked again with a different officer, and they still said I need a TM2. Now they also told her that I need a TM30.
I am sure the G/F interpretation of what she was told is excellent..
Best you complete and submit both forms.
I had no idea how to fill out the TM2, but I came with the blank form, they ignored it.
I had the TM30 filled out, and they took it -- also, with the TM30, they asked for the owner of the buildings ID, and I had it, because the people that work in the building that I live in, knew that they require it.
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??? What ???
just did my retirement-visa-extension pre-bombing...
no problem
no TM 2
business as usual
in and out
less 1900... standard
Was this at Samut Prakarn?
My girlfriend checked again with a different officer, and they still said I need a TM2. Now they also told her that I need a TM30.
Homeowners insurance
in Insurance in Thailand
Posted
I got quotes from two companies: