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  1. #1
    Member Chang yai's Avatar
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    New Condo in Pattaya

    When I was in Pattaya last Month, I looked at a new development under construction. I have been talking to the developer and this is the deal on the table -
    *put down 100k to secure the condo.
    *20% to be paid within 30 days.
    *1% to be paid every month for 30 months during construction.
    *50% to be paid at completetion.

    Annual maint is 50b per meter.
    Sink money is 600b per meter.

    They won't do up the contracts until I pay 5%. I emailed a lawyer in patts and he replied "I charge 20,000 baht" so I don't think I can get anything out of him until I pay him, right?

    It suits me because of the time frame of 3 years, so I'm ready to take the plunge. I just thought I would post on here for any comments?

  2. #2
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    Which development?

    I have to ask as there seem to be a few on the go in the area now.

  3. #3
    or TizYou?
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    anybody buying off the plan in Pattaya has rocks for brains.

  4. #4
    Member Chang yai's Avatar
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    Does it matter which development ? It's the big one, ok. I welcome any posts regarding similar experiences...

  5. #5
    Member Chang yai's Avatar
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    ^^ hindsight will prove you wrong

  6. #6
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    Why buy off plan- if you are thinking of one of those scary places with pirate ships in the pool- the rooms are tiny-and I hope you can speak Russian?
    Look very carefully at the quality of fixtures- some of the kitchens are rubbish- no decent quality electrical equipment- a good hob costs 45000 are you going to get that- No! Also the furniture in those fully furnished deals- not good.
    Much better to hunt about, and find a condo that has been completed to a very high standard and someone needs to sell. Plenty about.

  7. #7
    Neo
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    Exactly Peter. Have a green

  8. #8
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    Thanks - first time anyone has been pleasant on this forum- why I rather gave up with it.

  9. #9
    Neo
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    Don't give up, that's just the kind of common sense advice this forum is built on

  10. #10
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    Why take a chance, when there are so many condos for sale ... and likely to be a lot more ... considering the state of international finances at present. Safer to go for a sure thing. Many Thai Condo projects go bust. Just look around Pattaya/Jomtien/Ban Chang/Reyong. I see many uncompleted condo/strata projects every time I drive out to a golf course. Read the fine print and maybe have another Law Firm independently translate the Thai Document. There are all kinds of rules regarding Non Thai Ownership. You really need to check it all out. Personally, I would not take this kind of chance.

  11. #11
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    Quote Originally Posted by Chang yai
    *put down 100k to secure the condo. *20% to be paid within 30 days. *1% to be paid every month for 30 months during construction. *50% to be paid at completetion.
    so 100K to secure it

    20% to pay
    30 x 1%= 30%
    50% on completion
    Total 100%

    that is 100% paid but what about the 100K you paid upfront, is that returnable?

    I think what people have said makes sense; unless you think this condo is the only one for you, buy a completed one. At least you can see the quality of finish etc

    I would get one about 3/4 years old and see how it has been maintained. The lower price would also allow you to remodel it to your likingg
    I have reported your post

  12. #12
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    Quote Originally Posted by Chang yai
    I emailed a lawyer in patts and he replied "I charge 20,000 baht" so I don't think I can get anything out of him until I pay him, right?
    try another lawyer, that is ludicrous

  13. #13
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    Quote Originally Posted by Chang yai
    Does it matter which development ? It's the big one, ok.
    Quote Originally Posted by Chang yai
    hindsight will prove you wrong
    I hope so for your sake; you seem rather naive when it comes to buying condos in Thailand

  14. #14
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    Quote Originally Posted by peterb17 View Post
    Thanks - first time anyone has been pleasant on this forum- why I rather gave up with it.

    load of bollox

    see Peter, a joke, don't worry

  15. #15
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    Dont buy off plan.

    You dont know if the project will ever be completed.

    You dont know if the spec. will be changed.

    You dont know who your neighbours will be.

    You dont know how good or bad the management company will be.

    You dont know how good or bad the residents committee will be.

    Buy a unit in a finished and up and running block, preferably after renting in the block for a month or so to see how you like it.

    Avoid property agents and lawyers like the plague.

  16. #16
    Member Chang yai's Avatar
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  17. #17
    Member Chang yai's Avatar
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    Andy, yes of course I'm naive when buying a condo in Thailand. I've bought and sold properties a lot in australia and it's always about location. This development has a great location. And it's very pricey. Very upmarket. Unfurnished. Good idea about checking the appliances though, I will check that out. I went the display. I think I will go back in march to see how construction is going and finalize it then if I'm still keen, which I am.

  18. #18
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    I agree Chang, about location

    but Thailand is not Aussie, here you have very little protection from the company doing what they want

    make sure the company has a good reputation anyway, check out any previous developments

  19. #19
    Member Chang yai's Avatar
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    Pros,
    * extended payment plan, not a lump sum down.
    * ability to on sell after 20% paid.
    * very high possibility of short term leasing.
    * Bali hai pier redevelopment in next couple of years.


    Cons,
    * unknown neighbors.
    * chance of company not completing project.
    * putting away capital for 3 years with no return.
    * possibility of changing the rules.
    Last edited by Chang yai; 06-01-2013 at 11:06 AM.

  20. #20
    Thailand Expat terry57's Avatar
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    Quote Originally Posted by Chang yai View Post

    Andy, yes of course I'm naive when buying a condo in Thailand.

    Mate if your naive concerning anything in Thailand steer well clear of it, as a farang they will eat you alive.

    Be a smart farang and listen to DrAndy's advice, a very experienced developer with a wealth of experience in the real estate game.

    Up to you but please don't start up a crying thread when you loose out on the deal, there a dime a dozen.
    Stroller is a Yerman faggot.

  21. #21
    Member Chang yai's Avatar
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    Ok, so Andy, you have some experience in developments in Thailand? What do you make of the tulip group?

    Terry, not everyone's an idiot mate. Just because someone's asking about something, does that make them a fool? I think people who dive into something without discussion are the ones dicing with doom. It's always a balance of risk verses reward. Hove got to put something on the line to succeed IMO.

  22. #22
    Thailand Expat terry57's Avatar
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    Mate, I agree and wish you all the luck in the world, Its just that so many farangs have been foked over doing condo builds in Thailand its not funny.

    The members are just trying to inform you of the possibility of such.

    Cheers and best with it.

  23. #23
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    One positive about buying off plan is the amount of scope you have for changing the build to suit you. I had no idea just how much you could have changed to suit yourself. I suppose it is somewhat less in a condo but at least you can change bathroom/kitchen fittings/doors, and maybe even install double glazing etc as it is built. Saves time and money ripping out what you do not want after.
    It is a bit of a gamble as to neighbours and management. Best to buy with a company that has a long history.

  24. #24
    Member Chang yai's Avatar
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    Thanks Terry, yes I know all the stories too, I just wanted some constructive comments. I see idiots, there everywhere, they do know the're idiots. That's the main reason some people excel in real estate and others fail. I'm not likely to hand over fistfuls of cash to some scouser.

  25. #25
    Member Chang yai's Avatar
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    That's another good idea as well Xanax. I bet I need to get any changes sorted before I finalize the deal. Here in Australia the developers make a fortune from clients making changes during construction. Admin fee of $500 to change the colour of paint and tiles for example.

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