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  1. #1
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    sledge's Avatar
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    Advise on buying a property in Thailand

    We are looking at buying a house in Thailand with the intention of moving back to Thailand in about 5 or 6 years. My wife is Thai and I understand about what foreigners can and can't own. It will be bought in her name which I'm not worried about. We are looking into borrowing from a Thai bank. My wife has been in touch with a company in Thailand that will submit our documents to the bank and is charging 15,000THB for this initial process. If the loan is approved he will then charge us 3% of loan amount.

    I'm wondering if anyone knows if this sounds a fair deal or are able to offer some advise here.

    Also I have found a property developer "Home Solutions" that are based in Rayong. They have properties and are advertising guaranteed rental of property for 6 years after purchase. This sounds a good deal.

    Does anyone know of these deals and if there are any pitfalls.

    Cheers.

  2. #2
    Isle of discombobulation Joe 90's Avatar
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    As a member since 2007 I would have thought you would have been clued up on the subject.

    Never the less...

    Rent for a year before you buy in your specific area.

    No one will guarantee you tenants!

    Put your money in bitcoin, it's what all the sensible investors do on here.
    Shalom

  3. #3
    Thailand Expat
    Bonecollector's Avatar
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    I would use a reputable development company if that is what you want. If you are looking for a home loan in Thailand, I would assume any bank would want to see some sort of income or collateral within Thailand. Without 1 of these two, it is very doubtful a major bank and development company will give you a mortgage. I have never heard of home solutions and I would be extremely careful within this sector, there are so many scams and projects that never got finished. If you go to a developer then they will have partnered with certain Thai banks who will give you the loan. The banks and gov are usually quite happy to hand out mortages right now as it is keeping the economy afloat. We got a 20year mortgage just recently with a 0.5% interest rate first year, 1% rate second year and 1.5% third year. Fourth year forward is national rate/ tracker minus, sorry cant remember the minus percent. This is a normal and safe way to buy a house in Thailand with a mortgage. Anything else could be risky even if you are putting up all the cash which then is very risky.

    Check out developers like Land & House, Pruksa, Sansiri, AP, Ananda, SC Asset, Supalai and LPN. May have missed a couple.

    Go to their websites and see if they are building anything in the area you want to live. Tell them your financial situation, they will then go to the bank and the bank will give them the thumbs up or not. We didn't even need a down payment but we put 20% down anyways.

  4. #4
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    As a member since 2020 you sound like one of those typical arse holes who has been and done everything and knows everything. Not interested in your opinion that I'm sure means nothing to alot of people.

  5. #5
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    Cheers mate some good info here.

  6. #6
    Thailand Expat
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    Problem with these 'guaranteed income' schemes, the developer inflates the price to cover the promised return. Annual rent is typically 5% of the property value, which tells me that the offer you mention could be overpriced by 30%. These types of schemes are again typically for resort condos. You don't mention whether your proposed purchase would be for permanent or semi permanent occupation. This should influence where you buy, as you may not wish to live in holiday central. As others advise, initially renting in your proposed location is strongly recommended.

    There is a glut of property on the market here at the moment, with some fire sales taking place. The last thing you should be thinking of is a long distance commitment. Second hand property is also cheaper than new/buying off plan, and you have the benefit is seeing exactly what you're getting and its surrounding environment. An advantage of a new property is that the developer may already have client access to mortgage funds, probably from the same bank that is financing his project.

    Lastly, yes in your wife's name, but you need to ensure up to date wills, stating that you will be the beneficiary in the event of her death. Should that happen, you would have one year to sell the property. Another option is for you to lease the property from your wife for 30 years (which is what we did when our company sold the house to my wife, and it was immediately leased to me for 30 years.

  7. #7
    Thailand Expat David48atTD's Avatar
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    ^ Nailed it PAG

  8. #8
    On a walkabout Loy Toy's Avatar
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    ^^ Yep sums it up for me as well.

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