sidsanuk Posted March 12, 2004 Report Share Posted March 12, 2004 I currently live in Oz with my Thai wife. I run an Oz based company, but also have an office in BKK. My better half has come up with a plan, whereby (if I can get the BKK office gowing a bit) we could spend 4-5 months of the Oz winter in BKK each year looking after business there. Sounds good to me. I have the hard bit of course, making sure we have the 'readies' to undertake such a venture. But it is possible in a year or so, if all goes well. As I have no idea of property prices or what areas are nice to live in, I would welcome some advice. I can then keep my eyes open for specific areas/opportunities. I guess the criteria would be. (To buy not rent) Probably a house, with a bit of garden and a pool, or at least an appartment that has a nice pool, garden areas etc. A bit of 'outside space'. We live in a small appartment in Oz, so it would be a nice change. Size? Three bedrooms, with about 200m + of space overall. Good security. Nice area with reasonable access to CBD, as I'll stay there when on business, and maybe use it for 'transitting staff' working in BKK. So 30-40 mins from CBD (Silom area) either by cab or skytrain would be about the maximum. Less the better. Does not have to be in a 'farang' enclave if such a thing exists :-) Also, what are the 'other costs' asociated with owning property in BKK. Outgoings etc. Are there any? Any advice appreciated. Sid Link to comment Share on other sites More sharing options...
SoiledCowboy Posted March 12, 2004 Report Share Posted March 12, 2004 Hi sidsanuk - you will soon come to realise that the Thai(Bangkok) property market is a whole lot different to the market in Australia! :: But it can be negotiated quite successfully by following-up and always implementing the good advice people will give - like always using an experienced and trusted property lawyer for your property transactions etc at all levels. The broad advice many say is to rent and not buy, however that may or may not apply to your personal situation, only that if you do purchase, then there are even more things to consider. Your capital gains might be non-existent though and there is never a guarantee that you can sell quickly if you later find out things that you are not happy with. Here's a url to get you started with, if you want more, can happily forward them onto you. Bangkok Property and one more... Bangkok Condos Link to comment Share on other sites More sharing options...
khwaimaisabai Posted March 12, 2004 Report Share Posted March 12, 2004 SoiledCowboy said: The broad advice many say is to rent and not buy,.. Hi sc, That would be my advice. I have considered buying a condo a few times but always end up with the same conclusion. I see two big risks with buying. Firstly, standards of construction and secondly (for condos) the quality of the management company. I would always be suspicious about whether or not the building had been built to good standards, or whether it was going to start falling apart after a few years. With the management company, it may look good now but things can change and after a few years you find the lifts not working half the time, swimming pool out of action, etc. etc. Another risk is resale, even if the above problems don't arise. Just my two cents worth. Khwai Link to comment Share on other sites More sharing options...
Nervous_Dog Posted March 12, 2004 Report Share Posted March 12, 2004 I'd go with renting until you decide if you LIKE doing what your wife suggests. I live here, have my own company, and find that living and visiting, as you most likely know are two different things. The property market in Aus has grown dramatically lately, but even so, you can get a ok rental return. Here there is very poor return on property purchased, so the only long term income is going to be if prices keep going up. I can't answer that, So, why not come over, rent a Condo for 6 months, see if you want that. Then rent a house, see if you prefer that! Location is very different here. I am very happy in Aree, beside Aree BTS, wouldnt think of living elsewhere in Bangkok now. That wasn't my first choose a few years ago. By renting also you can just get up and leave, if things don't work out for you (and to me Malaysia is looking very good right now, as is Laos) you can move easily. Try before you buy I guess is what I am saying, as you say yourself, yourself "I have no idea of prices or areas to live in" Only you can decde what you are both happy with. JB Link to comment Share on other sites More sharing options...
Guest Posted March 12, 2004 Report Share Posted March 12, 2004 It is still a fact that you cannot buy a house in Thailand, isn't it? Well, you can own the house, but not the land under it. Only your Thai wife could own it (the land anyway). Is this still true, or are there ways around it? Maybe a non-Thai company can own land there, so you could purchase a house under your company's name? Again.... HT Link to comment Share on other sites More sharing options...
khwaimaisabai Posted March 12, 2004 Report Share Posted March 12, 2004 Hi ht, Afaik there is a way round the restrictions by forming a company. I don't know any details. Khwai Link to comment Share on other sites More sharing options...
Guest Posted March 12, 2004 Report Share Posted March 12, 2004 Hi khwaimaisabai, Yea...I was surprised. Everybody here is talking like house ownership there is even possible, and is just like buying a house in Hawaii. :: I, too, heard that a non-Thai company could own land, and that it would be feasable to do it that way. I will be interested to hear the real scoop. HT Link to comment Share on other sites More sharing options...
SoiledCowboy Posted March 12, 2004 Report Share Posted March 12, 2004 Hi highthaied - you are 100% correct in saying that farangs can't own LOS land - but the way around that is a Company formation is established and the Company(Thai of course) can legally own the land and the land rights - you can still be only a 49% shareholder of that company by law, and you have Power of Attorney over the remaining Directors, they're stymied from doing bugger all! It sounds a bit strange, but it works and that is the way it is done for property purchase involving land ie homes, but for condo ownership a farang can just buy the thing outright and have it registered in their own name. :: Link to comment Share on other sites More sharing options...
Nervous_Dog Posted March 12, 2004 Report Share Posted March 12, 2004 Here is a interesting fact, it is easier, but still difficult for a Aussie to own a house and land here (see below for the how too) than is for a Thai to own in Australia. A Thai can't even form a company to own land in Aust. They can't even buy a condo unless it is "off the plan"! We can easily buy a condo here! They can't! It is done, but is still illegal, if cought they get to selll the house, money goes to them and a fine. So there ya go! I only know this because I tried to sell my Aussie Flat to a Thai here who wanted to buy it. JB Link to comment Share on other sites More sharing options...
SoiledCowboy Posted March 12, 2004 Report Share Posted March 12, 2004 I suspect JB that the Thai gentleman might have been trying to purchase your flat when he had absolutely no residency status to allow him to do so - if he knew about the Foreign Investment exemptions for buying a new development, and it seems he did, then he would have almost certainly have known too, that just like LOS, a foreigner just can't walk in a conveniently lay off millions of dollars offshore without barriers - think that it's called money-laundering! Link to comment Share on other sites More sharing options...
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