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London Boy

Bought a condo with girlfriend, but how do I protect my deposit?

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11 hours ago, chrisandsu said:

I agree with this . Put her in a position so she can’t afford to kick you out . Do not pay it off early . Which in principle means you will be paying interest mainly (normally the first 10 years of the loan) which would effectively mean you have been renting again ... 

Thats not bad advice, but the point everyone is missing is buying your own place means having a home not just a place to live. Buying your own sofas, bed, TV etc. Most Thai Landlords dont spend too much on their rentals.

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4 minutes ago, London Boy said:

Thats not bad advice, but the point everyone is missing is buying your own place means having a home not just a place to live. Buying your own sofas, bed, TV etc. Most Thai Landlords dont spend too much on their rentals.

Plenty of unfurnished houses for rent.

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1 hour ago, London Boy said:

Thats not bad advice, but the point everyone is missing is buying your own place means having a home not just a place to live. Buying your own sofas, bed, TV etc. Most Thai Landlords dont spend too much on their rentals.

 

A few things to consider before plonking 1,3mil down the toilet.

 

1. Buying real estate in a major city is always a good idea and the prices over time always go up, however, due to extremely high Thai baht is it really worth it for a foreigner? My wife bought a condo before I met her. She lost about 200,000 baht on it (but she was renting it and the tenant basically paid for the loan). However, if she converted to say Canadian dollar she still made out like a bandit.  Ask your Thai girlfriend to watch the 6pm news (TNN16) with you and translate. It will tell you a lot about Thai economy and where it is headed. I am sure the currency devaluation is coming. Big time.

 

2. The condo fees look very high for Thailand. 3000 a month you have to wonder how many Thais will be paying this. In my new 2 year old shoebox condo (The Base) The maintenance fees are 1/4 of that and I keep seeing notices about water electric cut because people are not paying. The older the building gets the higher the maintenance fees will be in the future.... or there simply won't be any maintenance which will push the prices down. Generally if you want to make money on a condo you should get in very early and sell it before the building hits a 10 year mark. Rich Chinese HK, Japanese who buy condos in Thailand don't buy into older buildings. They are used to live in small spaces, so even if they return they won't be buying old properties.

 

3. Watched the same news yesterday (TNN) about a new condo project giving a free 5 year loan (live free for 5 years as they called it) or free Honda Civic. Should tell you a lot about the current market situation.

 

4. Thailand is not your country. You may be politely asked to leave at any time. Or if you get really sick, you may want to go to your home country for treatment. How long will it take to sell "your" condo?

 

 

 

 

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1 hour ago, Pravda said:

 

A few things to consider before plonking 1,3mil down the toilet.

 

1. Buying real estate in a major city is always a good idea and the prices over time always go up, however, due to extremely high Thai baht is it really worth it for a foreigner? My wife bought a condo before I met her. She lost about 200,000 baht on it (but she was renting it and the tenant basically paid for the loan). However, if she converted to say Canadian dollar she still made out like a bandit.  Ask your Thai girlfriend to watch the 6pm news (TNN16) with you and translate. It will tell you a lot about Thai economy and where it is headed. I am sure the currency devaluation is coming. Big time.

 

2. The condo fees look very high for Thailand. 3000 a month you have to wonder how many Thais will be paying this. In my new 2 year old shoebox condo (The Base) The maintenance fees are 1/4 of that and I keep seeing notices about water electric cut because people are not paying. The older the building gets the higher the maintenance fees will be in the future.... or there simply won't be any maintenance which will push the prices down. Generally if you want to make money on a condo you should get in very early and sell it before the building hits a 10 year mark. Rich Chinese HK, Japanese who buy condos in Thailand don't buy into older buildings. They are used to live in small spaces, so even if they return they won't be buying old properties.

 

3. Watched the same news yesterday (TNN) about a new condo project giving a free 5 year loan (live free for 5 years as they called it) or free Honda Civic. Should tell you a lot about the current market situation.

 

4. Thailand is not your country. You may be politely asked to leave at any time. Or if you get really sick, you may want to go to your home country for treatment. How long will it take to sell "your" condo?

 

 

 

 

If there is a devaluation of the Bhatt, I would see that as a good thing. I could bring over the remaining 3 million and pay of the loan and then have my name on the title. That’s the other reason for buying with a mortgage initially, to monitor how the exchange rate goes 

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Another thing to consider is, could your GF pay you back even if she wanted to? And how many years would it take to pay you back.  If she wanted to keep the place, could she cover the mortgage by herself? If the only way of ever paying you back was to sell the property, then that is the crux of the problem.

 

Condos can take years to sell, the bank wont let it be sold under value. By the time it gets sold you might have been out of the picture for a year or two. What would be her incentive then to hand over 1.3 million to someone she hasn't seen or had a relationship with in years.

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On 6/4/2020 at 7:01 AM, samran said:

Buy it outright yourself. You’ve got equity in the Uk. Get a small loan against that and purchase outright. 

so he buys it outright himself,still had to go in her name,you,'re not allowed to own land as a farang in the los.

  • Haha 1

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13 hours ago, London Boy said:

Thats not bad advice, but the point everyone is missing is buying your own place means having a home not just a place to live. Buying your own sofas, bed, TV etc.

But you're the one missing the point as none of it will ever be yours.  You maintain that you no longer need to rent with this investment but your investment isn't secure (hence, the OP which seems to have tailed off into outright defence), and your investment will go up in smoke - much like rent - once you outlive your usefulness to your current girlfriend.   

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9 hours ago, torturedsole said:

and your investment will go up in smoke - much like rent - once you outlive your usefulness to your current girlfriend.   

Why will I outlive my usefulness to her? Is it too much to hope that the relationship will be a suscess and buying a property together is the first step in a  joint successful life. Maybe having a larger living space that we have made into our own home will help that. If you look for negativity you'll only ever receive negative results.

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2 minutes ago, London Boy said:

Why will I outlive my usefulness to her? Is it too much to hope that the relationship will be a suscess and buying a property together is the first step in a  joint successful life. Maybe having a larger living space that we have made into our own home will help that. If you look for negativity you'll only ever receive negative results.

You must have serious reservations otherwise you wouldn't have started the thread. Of the posts I've read 90% said don't do it, let us know how it all panned out in 3 years

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On 6/4/2020 at 7:58 PM, London Boy said:

Thats not bad advice, but the point everyone is missing is buying your own place means having a home not just a place to live. Buying your own sofas, bed, TV etc. Most Thai Landlords dont spend too much on their rentals.

Tell the landlord to clear the unit out so you can put your own furniture in it . What is the reason you have to pay such a large down payment on the property ? 

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 Is it too late to buy the condo via a company?  A company that you control via voting rights-rights that you control.

If that were to happen then no doubt she would require some financial protection.

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17 hours ago, kingdong said:

so he buys it outright himself,still had to go in her name,you,'re not allowed to own land as a farang in the los.

Ah yet another misleading post by your good self. 
 

It’s a condo. It can be totally owned by a non-Thai unless the building already has 49% of the other condos owned by foreigners. 

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