Guest Posted November 9, 2004 Report Share Posted November 9, 2004 I am just about to buy a house in Thailand,i have searched many sites,but i am still unclear as to what is best way to buy it. I have only friends in Thailand,no gf or wife,so i would like my kids to inherit my home,but fear that they can not? I am not sure what is best way to buy this home,do i start a Limited company and buy it,or do i get a friend to buy it and lease it for 30 years registered at the land office and can be renewed every 30 years for a max of 990 years? I do have long term trusted friends,so the friend is not as crazy as it probably sounds to many of you. The Limited company has a yearly audit 0.00bht result =costs of 10,500 bht,,,is this correct? Any help and advice appreciated. Link to comment Share on other sites More sharing options...
Guest Posted November 9, 2004 Report Share Posted November 9, 2004 my first advice would be: DON'T! why would you want to buy a house where you cannot legally own land, where you have no family? starting a company is a legal loophole, not intended to actually buy a house without having a functioning company. what are you going to do if that loophole one day gets filled, and you are asked to either make that a functioning company or sell. and that is my next point - thailand must be one of the worst sellers markets for second hand houses in the world. what are your kids gonna do when they have no real need for a house in thailand? waiting for years to be able to sell it? it is very difficult to sell a house here. first because of the oversupply of housing, secondly because of religious believes. due to the spirit believe thais do only very reluctantly buy a house someone lived before. the more or less only places where you have a chance to sell is places like pattaya or phuket with lots of foreign residents. and then the headache of buying a house. lots of housing projects are built with substandard material. they won't make 30 years. the ones built according to some standarts are unbelievably overpriced. the scams are multifold, and the legal protection is more than questionable, especially when a developer with influence can delay courtcases forever. buy a house here if you have family, if you have money to spend where you don't need any return. otherwise you are better off just renting. the rents are compared to the investment of buying excellent (here in bangkok it is often more than 30 years (!) of rent to reach the sale price. and, most important: thailand is neither a stable economy, nor has a stable political systhem. nobody knows what is happening 5 years down the line, not the best place to invest into something that you cannot get rid off. at least wait two more years, when the economy is predicted to crash, and see the market then, and the political situation, and the legal situation. Link to comment Share on other sites More sharing options...
check_bin_krap Posted November 9, 2004 Report Share Posted November 9, 2004 Are you staying long enough in Thailand every year to justify investing in a condo? As Fly wrote, house is not an option, you can not own land. My parents own a condo in BKK, unless their Thai friends helped them and did the footwork it would not have been possible without a heavy risk. Its a matter of checking up a lot of stuff, simply put they didn't know enough to do it on their own, situated outside of Thailand. Its not like buying a property in France, which they managed on their own. I am Norwegian. Link to comment Share on other sites More sharing options...
Guest Posted November 9, 2004 Report Share Posted November 9, 2004 one more thing i forgot to add: burgleries! very bad here, and increasing. unless you have the money to buy in one of the ultrasecure mu bans for the very rich with reliable (!) security, you *will* have a problem with that one day. i rent a house. i have three dogs (best prevention - just the noise of them will scare most thieves away), they are all out when we are out together. when we go somewhere overnight or longer we have some relative or friend move in to take care. normal security measures of living in a house here. Link to comment Share on other sites More sharing options...
CondomKing Posted November 9, 2004 Report Share Posted November 9, 2004 Fly - I'd say you covered all the bases. I agree with you about all the points you mentioned. Even with a Thai wife it is still a hassle to buy/own/build a house. We are currently building a house on land that my wife's family owns and we are very lucky to have a competant contractor who realizes that we want to use first class materials. Actually, not very much more expensive than the poor quality materials and workmanship usually found in Thailand. She is in the village right now and does all of the materials ordering in the closest town. What you mentioned about burglary is very true. In the village everyone knows each other but if you have something nice, like neatly stacked building materials (!), people will scale the wall at night for petty thievery. We already have a loud barking watch dog, but now we have also invested in a set of german shepards to discourage night shoppers! :: I could go on... We bought a second house close by for the family to live in while we reconstruct house #1. While we were not there Uncle Sai gave the previous home owner a couple of baht for the some support beams that were part of the house!!! Our contractor noticed that they were missing and after a little detective work my wife discovered them hidden behind her uncle's house, chasitised him loudly and made him carry them back. That Mrs. Condomking, she's a pip! Anyway, anyone interested in homeownership here, that's what you'll be facing. Link to comment Share on other sites More sharing options...
Guest Posted November 9, 2004 Report Share Posted November 9, 2004 I already own a condo,but i wish to move to a house on a new housing estate,which has a good reputation and a strong security presence. By the time the house is built,i will have retired full time to los. I want to live in this house for however long i have left to live,its what i want . I do not care if the money is lost in the long term,what price can you put on your happiness? If there is a way of leaving something to my kids then i will take that course,if not then its still going to be a lot cheaper buying this house, than renting one for hopefully the next twenty plus years. I do not want another condo,i have considered this,but it really is not what i want. In the event of my death my kids are going to do extremely well,and in the overall picture of things this house is negligible. So i shall be buying this house,and would apreciate advice if there is a way of leaving this to my kids. Link to comment Share on other sites More sharing options...
Guest Posted November 9, 2004 Report Share Posted November 9, 2004 >>>In the event of my death my kids are going to do extremely well,and in the overall picture of things this house is negligible.<<< well, in that case, i guess you can forget what i posted. i would then advice you to go to a reputable law firm here, and get their advice. by the way, any chance you wanna adopt another kid? Link to comment Share on other sites More sharing options...
check_bin_krap Posted November 9, 2004 Report Share Posted November 9, 2004 Are your kids Thai? Maybe you can put it in their name, if they have Thai citizenship? You can not own land there. If this is not doable, there is better ways to protect their inheritence, and less stressful ones when you pass on. Oh, I got it now - not so important if all lost from house. I agree with Fly. Its not anything I know anything about Link to comment Share on other sites More sharing options...
Guest Posted November 9, 2004 Report Share Posted November 9, 2004 Gunneruk ........ not that I am in your situation, but I can understand your sentiment. I suggest you contact one of the board sponsers ... Sunbelt Asia, and they will be able to set you up. I suspect that a company is the way to go and you can leave your shares to your kids. Anyway, they are the experts and can advise you properly. I have complete confidence in them. Best of luck, and don't forget to invite us to the house warming. Link to comment Share on other sites More sharing options...
Guest Posted November 9, 2004 Report Share Posted November 9, 2004 No i do not have any Thai children(not that i know of),i often wish i did,they are lovely kids. I am sorry i did not put enough information in my first post, i undestand the advice people gave against buying,i also appreciate the honesty. Link to comment Share on other sites More sharing options...
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