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Bassosa

Buying/renting a house instead of building one

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Many mixed opinions on here...  there definitely no 'one fits all' answer. 

 

I owned a place (or rather my Wife did) for about 5 years, it took us over 2 years to sell it, couldn't even get it rented out, but as soon as it was rented out, it was sold with Tennant within a month. 

 

Having been burnt trying to sell our place I decided not to buy again. But, I have since spent over 3,120,000 Baht on rent over the last 4 years which I consider quite wasteful and thus, have just bought another place (or rather my Wife has!), but this time its a place where other houses in the complex have rented out very quickly, thus, if plans changed and we needed to move I 'hope' we could rent it out fairly easily. 

 

A lot of consideration needs to go into whether or not you want a home or just want somewhere to stay. 

 

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IMO you only live once, go for it!! You know what you want out of life, what rocks your boat, one size does not fit all. For me owning is the way to go , since my early thirties I have always owned at least one home.

 For me I like building fish ponds , waterfalls, gardening and walkways. I could not do that in someone else's house. Others like to hung out with friends , travel, explore the world, they don't want to be tied to a house and a place.

Renting certainly gives you the freedom to move whenever.

   First to address the buy instead of build. If you have rented and lived there for a while and then decided to buy it, as someone in this thread did, good! by then you know the neighborhood, but more important know the house. In Thailand with dodgy builders, and no , or little regulation, codes and inspections, How do you know what they did in the building process?

 Second when you build yourself , not only you control the quality, you also customise the build to fit your requirements and likes.

  As I said renting has its advantages, especially in Thailand, but when you rent you are living in someone else's house, with also the disadvantages associated with that. 
 

 

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1 hour ago, Rdrokit said:

Yes, you can customize the house to suit your needs. Where can I rent a house that has a man cave that has a bar and a golf simulator.

 

 

The Golf Club at Scottsdale.jpg

I had one of those, after I broke my third TV I had to give it up.:sad:

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24 minutes ago, sirineou said:

I had one of those, after I broke my third TV I had to give it up.:sad:

I use foam balls to drive and real ones to putt. I will probably get a projector and hit into a white canvas screen with real golf balls in time. High definition projectors are really expensive. 

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Rent vs owning has been done to death.

What about buying vs building? Seems everyone seems obligated to build a house....why? Partner pressure?

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Mostly, Thai don't like second hand... for a few reasons... generally houses depreciate in this climate plus fear of ghosts... 

 

From what i have seen, most people want to sell for more than the price to build new. It doesn't make much sense as you get their dream home not yours... 

 

neither is easy to sell.

 

just my 2 cents.

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2 hours ago, emptypockets said:

Rent vs owning has been done to death.

What about buying vs building? Seems everyone seems obligated to build a house....why? Partner pressure?

Yeah exactly, that was the object of the question, to find out why everyone's building. What's behind it? It's almost a cliche

Edited by Bassosa

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I think most build because of sheer ignorance of the real estate market here.  Most foreigners build before they realize that they can't really own anything and believe they can pass this property on their heirs in their home country-not true. The only one that can inherit the property is the "Thai" significant other or members of his or her family.  Also most foreigners do not understand that there are no restrictions on what can and cannot happen to the property surrounding theirs.  They eventually fall victim to bad neighbors, a factory, a club, a large hotel/condo or an auto garage. There is no limit to what you'll be living next to in the coming weeks/days/months/years.  Additionally many areas look horrible after about 5 years due to lack of maintenance. Last but not least, most are pressured into building to please others.  Unless you've got money to burn, just rent. 

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4 minutes ago, mosan said:

I think most build because of sheer ignorance of the real estate market here.  Most foreigners build before they realize that they can't really own anything and believe they can pass this property on their heirs in their home country-not true. The only one that can inherit the property is the "Thai" significant other or members of his or her family.  Also most foreigners do not understand that there are no restrictions on what can and cannot happen to the property surrounding theirs.  They eventually fall victim to bad neighbors, a factory, a club, a large hotel/condo or an auto garage. There is no limit to what you'll be living next to in the coming weeks/days/months/years.  Additionally many areas look horrible after about 5 years due to lack of maintenance. Last but not least, most are pressured into building to please others.  Unless you've got money to burn, just rent. 

You nailed it, well said. Just throwing money away.

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On 9/9/2019 at 10:31 PM, Bassosa said:

 

Is it a taboo or do you lose face if you buy/rent?

 

We bought 2 new builds in Bangkok when we lived there. Broke even

( just ) on the first and made 650,000 profit on the second. Owned both for 4.25 years.

We were previously paying 9000 baht a month for a 1 bedroom, 1 living room apt at Rachayothin.

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21 minutes ago, Ron jeremy said:

You nailed it, well said. Just throwing money away.

Yea, like renting isn't throwing money away. I have a friend in Pattaya who rents for 20,000 baht/month for the last 10 years. He's flushed over 2 million baht down the drain.

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2 minutes ago, Rdrokit said:

Yea, like renting isn't throwing money away. I have a friend in Pattaya who rents for 20,000 baht/month for the last 10 years. He's flushed over 2 million baht down the drain.

He should've built a house in Isaan, like everyone else.

 

Maybe its not too late

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20 hours ago, emptypockets said:

Rent vs owning has been done to death.

What about buying vs building? Seems everyone seems obligated to build a house....why? Partner pressure?

If we consider than most of the house are build in the thai girlfriend\wife\partner original area (Aka a small village in Issan) it could be a form of pressure indeed

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