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On 6/13/2020 at 2:58 PM, blackcab said:

There is something rather nice about owning a property and not having to pay monthly service fees.

 

I agree about the monthly fees, yesterday i looked at a condo, it looked half run down, staff sitting about not doing much but the maintenance fee was pretty high at 2,000 baht a month, at least half must be spaffed up the wall.

 

A legalized con these common maintenance fees

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On 6/10/2020 at 5:24 PM, DrJack54 said:

So my question is buy now or hold off till later?

 

Hold off a bit more but watch the news and keep looking. Anyone that depends on tourism and/or international economics will be watching too, and if it looks like things are going to open back up the owners are going to hold too. 


Your best bet is to scour the internet looking for desperate foreigners trying to offload and leave. Ive bought 2 properties like that for a nice profit but thats all timing and patience. 

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1 hour ago, Airalee said:

I used an agent for my recent condo purchase and will be using him again in order to help my gf buy a condo too.  I can’t stress enough how important it is to have a good agent who can understand why you are offering what you are, but can also intelligently explain that to the seller.

 

My advice would be...

 

1.  Only use agents that are fluent in your language.  


2.  Find the condo you want (on your own) and are ready to make an offer on before contacting the agent.  Only use the agent to make the offer and write up the deal.  Don’t waste the agent’s time having them show you condo after condo after condo.  Be ready to close quickly.  

 

3.  Understand the market.  This means understanding the “value” of the condo based on realistic rental income (P/E ratio) and realistic opportunity costs.  For example....buying a unit at 450x rent is insane, but also thinking you will forever get 7% risk free return on your money is also wrong.  I have had many solid companies cut, or completely eliminate their dividends.  Capital gains on stocks can be quickly wiped out too and you can’t spend those anyways unless you are going to chip away at your portfolio.
 

4.  Relating to #3, understand when condos were initially sold during the real estate cycle and sometimes that means that certain projects, as much as one may like them, will be forever overpriced.

 

5.  If you’re buying as an investment (rental), only buy what you would live in yourself.  There are many units that truly aren’t worth living in for various reasons (location flaw, poor layout, blocked view,  etc.)

 

6.  ALWAYS be looking.  I’ve lived here for 8 years and only now bought.  I don’t feel like the money spent renting during that time was wasted.

 

7.  Only buy if you are committed to living in Thailand for the long term.
 

8.  Don’t be swayed by people here on Thaivisa that try to goad you into buying with emotionally charged statements such as “renting is throwing money away” or “you can’t afford to buy”.

How much did your purchasing agent cost you? if a buyer knows the market and value of properties I'm not sure what hiring an agent adds?

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3 minutes ago, scubascuba3 said:

How much did your purchasing agent cost you? if a buyer knows the market and value of properties I'm not sure what hiring an agent adds?

He didn’t cost me anything (well...they all cost someone something) as they were the listing agent for the condo I bought.  The agency is also the one of the rare ones that doesn’t do the “mark up” BS that you usually see but gets 4% from the seller.  The value added for me is that he understood me and didn’t treat me like a moron like most other agents I have encountered throughout life.  I also “incentivized” him.

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Posted (edited)

sometimes getting on the "right" side of an agent works. However, especially in Thailand, remember who/what they are working for; ie their sales com!

Edited by wordchild

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22 minutes ago, wordchild said:

sometimes getting on the "right" side of an agent works. However, especially in Thailand, remember who/what they are working for; ie their sales com!

Of course they are working for a commission.  But, after doing your own due diligence...who would you rather work with?...a straight shooting, educated “farang” agent who can field your questions intelligently, where you know that nothing is “lost in translation”...or a “pretty” Thai girl, who when asked direct questions, gives you that “deer in the headlights” look and has little more to say than “this condo is good price...you should buy...cannot discount”.

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