Is buying a condo in THAILAND a huge mistake?
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- เผยแพร่เมื่อ 21 ก.ย. 2024
- #Thailand #Pattaya #jomtien
I bought my condo in Thailand 2 years ago now and a few things have gone wrong. I have also heard some nightmare stories from some other condo owners here in the Pattaya and Jomtien area. I will share my info with you!
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M O R E A B O U T U S
My name is Brian but everyone calls me Greeny. I retired in January of 2020 after working 30 years in Law Enforcement. I wanted to retire young enough to be able to do some of the things I always dreamed about! I knew I wanted to travel extensively and retire somewhere warm and exotic I sampled a ton of places in the Caribbean, Panama, Colombia, Turkey but set my sights on Thailand. In 2020 I met Fai on a Tinder date and we hit it off immediately. We have been inseparable ever since!
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I am a renter and lived in condos in the Pattaya area of and on for 20 years. You are right in what you say but for me 1 bad neighbour can ruin the rest of your life. I prefer the freedom of just getting out at the end of the Month if this arises. I've had the water shut off on me without notice from the office (maintenance etc), phone line disconnected without any reason while still paying the fees, animals (cats and dogs) defecating in hallways and the owners don't clean up after them. At one stage the juristic people had issues with the cleaning company and nothing was getting cleaned for a while. Anyhow now I am in a serviced apartment now and it is much better and I can leave anytime I like. It can work for many people but for me I'll keep renting.
Sounds like a nightmare
100%! Be ready to get out at any moment!
Ouh là là ! 😮😮😮😮😮😮😮😮😮😮
I have a rule I follow - I never invest in a country where I don’t speak the language and don’t trust the law. When I go to Thailand, as much as I love the country I have never been tempted to buy there.
I love it so far. Values on the rise. Hopefully no more pandemics or worse
@@GreenyTravels Glad it's working out for you 👍🙏
Smart
good words to live by...thank you bro
Rent much better
100 percent this video convinced me never to buy a condo however for one reason. People problems. I forget about the misery living in close proximity to people can bring because I have lived the last 35 years in my own house. Watching this video had me remembering the times in my younger days in an apartment. Ugh... never. Never again. Thanks for the memory jolt.
People can be a pain if you get an ahold neighbor.
Totally agree , nothing worse than bad neighbours, not being able not to relax in your own home is the worst.
Pointless trying to reason with crap neighbours in condos ,just move on
True I'm convinced too bro not to buy a condo after watching this video. Good or bad neighbors can definitely effect your quality of life at your home. All my friends and business people also have told me to rent instead.
@@GreenyTravels Of course, sh!t can happen anywhere. The key is to find a location where sh!t is mitigated. We (American couple) purchased a condo in Downtown Singapore 12-13 years ago to live 3-4 Months out of the year. At the time, Friends told us we were crazy paying almost $200K for some "apartment" in a quasi "3rd world" country. There have been zero problems, literally none. I submit its due to the Singaporean culture.
They don't call Singapore "Disneyland with a dεaτh penalty" for nothing.
You're under the sink water leak is the perfect reason you should always shut off your main water before leaving your home for any length of time
True
That situation with Airbnbs or a neighbor and people partying and making noise at all hours of the night would make me not want to get stuck after buying a condo there. People go to Pattaya and Thailand to party so it very well could happen. Rent there is so cheap, 😊so the ability to just move somewhere else is a better alternative.
Yes. Totally agree. I didn’t even look in central Pattaya. It’s a different world out here
@@GreenyTravels If I were to buy a place it would be where you are or Jomtien.
See you soon Rick
@Greeny Travels HEY GREENY GIVE ME THE TEA ON WHAT YOU KNOW ABOUT THIS PLACE PLEASE I JUST SIGNED A 1 YEAR LEASE AT "THE RESIDENCE AT DREAMS" I'M LOOKING TO BUY THIS UNIT AT THE END OF THE YEAR...NOW WITH THIS INVASION OF RUSSIANS AND PURCHASES THAT THEY HAVE MADE IS IT POSSIBLE/LIKELY THE COSTS OF BUYING AND MONTHLY RENTALS COULD/WOULD BE AFFECTED? I'VE ALSO BEEN TOLD BY MANAGEMENT AT "DREAMS" AND I ASKED THIS QUESTION ABOUT INCREASES FOR EVERYTHING? AND SHE SAID ON THIS PROPERTY NOT LIKELY FOR A LONG TIME BECAUSE THE PEOPLE HERE ARE ALREADY PAYING 3 TO 4 TIMES MORE THAN THE PEOPLE IN THE AREA...WELL WHAT'S YOUR TAKE ON MY PREVIOUS QUESTION SIR? AND THANK YOU😊
I bought a condo three and a half years ago and already consider it a good purchase. My condo is 27 years old and has great water pressure, is quiet, close to Sky Train, close to Makro/Lotus/Big C/Villa and not far from Central Dept. Store. I paid $18,000 and another $10,000 to remodel and furnish it. I can sell it for a profit on quick notice if I choose. I chose East facing because the prevailing winds during the cool/dry season come from the East and the rain from the Monsoon comes from the West. I have zero complaints and wish I had bought my condo when I first fell in love with Thailand 23 years ago. Oh, the money I spent on hotels, apartments, and guest houses.
Oh. You will definitely make a profit on that.
@@GreenyTravels When I get too old to live alone, I will sell and move back to the States to a serviced apartment with assisted living facilities. Right now, I'm loving the heat, transportation, communication, banking, services, food, convenience, shopping, entertainment, and, of course, most of all, Thai people.
@@GreenyTravels 16:46 ok keep ❤w
Yea 😢😂oj j said Wow 🎉🎉we would a
F 😢t Ed SSS
If you have 3k in USD a month, I don't understand buying a primary residence when rent is sooo cheap which allows you to leave within 3 months if anything goes wrong at that property!!
Rent would not be that cheap for my place. If I rented it out I’d charge over $1000 a month. Sure rent is cheap if you want to live in a little box. That’s not for me.
@@GreenyTravels a thousand a month for your condo 35 000 month ?
@@GreenyTravels but rent in Thailand generally is extremely cheap depending on location, you did well and thanks for your honesty and informative channel
I bought my condo here in Jomtien just over a year ago. While away they always have us turn off the water and sign off on a book managed by the building security.. My 1 bedroom place is ultra quiet, has small balconies so nobody sits outside... I'm north facing so doesn't get too hot.. maintenance fees only 14000/year.. I never had a tax bill - maybe under the threshold!? Very happy with the place so far - other than replacing the kitchen, painting, etc. when I bought the place (Juristic requested a deposit and inspection after work done to get a refund ) I have no issues... Sadly I don't spend enough time here is the only issue...
I hear many success stories like yours.
@@GreenyTravels Ironically just got my tax bill today - quick trip to city hall and 252 baht! Done in 5mins..
@@evansmusic2009WHY NOT JUST RENT THE FEW MONTHS A YEAR YOU ARE VACATIONING THERE ?
@@dropdroppie1653 I leave my stuff in my place and travel light. I like to have my own stuff but hate carrying so much, especially guitars, etc.. besides I wanted a home there for future plans..
@@evansmusic2009 this is exactly why i want a base in asia, im thinking the philippines!
Had a condo in Bangkok the previous tenant put a water filtration system under the sink I never thought much of it. One night I wake up to security pounding on my door the water line snapped and flooded the main room went under the door flooded the hallway and I happened to live across the elevator shaft on the 19th floor needless to say both elevators out of commission for weeks thank god the service elevator was not affected close to 3 million baht of damage and I wasn't responsible because I had not put the water filtration system in. The landlord ended up forking over a good bit of money. One of the main reasons I will always rent in Thailand.
Ohh what a nightmare. For the landlord
Nearly bought a condo in 2013, however, changed my mind and bought a house in the UK and used the rental income to rent a place in Bangkok - looking back it's a decision I'm very happy I made. Unless you really know what you're doing, and as others are saying, be mindful of investing into Thailand more than you're prepared to walk away from.
I think this is smart. Why buy in Thailand with all the risks involved when one can buy in their home country and rent. I wanna buy a house here in New Zealand rent and live in Thailand.
Good points.
good but expensive option for you, have income money homecountry, better than rent income at thailand and can live were want rent, but many not can buy many house/condo homecountry wery expensive and then live good FREE were want travell and live. many pension need only stay thailand live last 20-40 year better comfortable life in thiland retiree not need do anythink, but many want do retiree time lot many different hobby and small shit condo this not can do. own house and yard can do.
Safest option as long as they pay the rent. I did both spread my bets.
Depends how much money you have, and will need to support yourself in Thailand. Even small homes will now cost £150k+ in the UK, and there will be additional costs such as maintenance, and an agency to oversee the let. On the other hand you can buy a condo in Thailand for less than £25k - and open up the possibility of very low living costs.
Your issues are no different from what you would experience in other parts of the world. I live in Canada and my condo unit was flooded 3 times in one year! And the apartment building I was living at also had floodings due to the facade. This is not exclusively Thailand.
Yea. That’s true.
This means your condo's build quality in Canada is dogshite. Flooding may be normal to you but it's not acceptable.
yes true. I had a nightmare experience as a townhouse owner in Las Vegas. My neighbors water heater leaked out of his abandoned unit with 23 cats. It was like a scene from the X-files!
exactly. he is just a complainer blehh
What happens if lots of people flock to live and retire Thailand which causes the rent and the condo prices increase in the next 5 years when I retire?! 😮
I had similar issues as mentioned in the video, but my condo is in the Netherlands. These things happen in every country no matter how high developed the county might look like compared with other countries.
Definitely. That’s what I hear
I have owned a condo for many years in Siracha i have been fortunate to have minimal issues. I come to Thailand a few times a year and keep my things there so when I get there Im sleeping in my home not a hotel everytime. I think it was a good investment. Not for everyone but it worked for me. Watching from AMMAN JORDAN.
Thank Bill. I agree. Nice to have your own place!!
true, own have own and rent have someone other home. and what is important not waste lot money hotel,rent ,etc if invest own home can take all money back later if sell, not waste money anythinkg
Alternatively rent long term and keep your stuff there and move if any issues
Yes true it sounds like owning a condo can be wonderful as long as you have good neighbors and maintenance crew
Hey Greeny! Thanks for the perspective :) Rent and travel for me....just a studio, keeping my expenses low with no worries about the property...if it has issues i like the idea of just moving on to a new place and different scenery :) Nice pool, a washing machine, good parking and a view are really all I need :) Thanks again...take care. rb
That’s not a bad way to live!!
@@GreenyTravels For sure! Things are moving fast and I can see the end of the tunnel....lol Time to hit the gym....see ya :)
Lol. I started Thai diet # 3 yesterday
did you buy a place
Wow.... I'm living in Thailand for over 10 years now and have a house south of Hua Hin. It keeps me busy... repairing things, changing things, working the garden etc. Sometimes I'm thinking of living in a condo would let me enjoy life more and have everything done for me. But seeing your video.... well, that healed me for the moment. I had some issues in the house which I discovered about two months ago when a hole I digged for a small sitting pool, kept filling up with water. I thought my pond was leaking, but then I got the water bill which was triple of what I used to pay. So I went to check my waterpiping and turned out that I had leaks on three different places, losing huge amounts of water. (no neighbor below me who could complain like in a complex). It took me several days to fix all that...
But at least I could do it myself, the damage was on my piece of land and well, that's the nice thing about living in a small house. Also over the years I extended our house and I like to live here, whilst in a condo you live with what you have.
So all in all.... I really would think twice about living in a condo. It looks nice from the outside, but those hidden disadvantages are really annoying. By the way, my wife went to pay house tax yesterday: 17 Baht! I think she spent more on gasoline to get to the office!
Good comment. I did 30 years house housework. Not doing it here.
Hey Grenny, Those flexible hoses here in Australia are an issue. The insurance industry have stated that they must be changed every 10 years. There is a variety of the flexible hoses that use an internal shut off, so if the hose bursts the water is shut off pretty much instantly.
I would suggest that if going away have a manual shut off installed on each outlet and turn them off. Turn it on again when returning to your property.
I bought some expensive German ones. Wish I could turn water off but so wine comes in to give the cat water
@@GreenyTravels The shut off type are available in Australia
I think I mentioned this in another thread, I replaced a few pipes, and a relay on my pump for the house, and 30 lightbulbs. On 3 corners of the house, the fittings for the garden hoses which are quick release were literally falling apart. When I went to unscrew 2 of the 3 they crumbled in my hand. I replaced them with brass fittings. I talked to several property managers and realestate people and the build quality in Thailand is absolutely low. WE toured several gated communities in defferen cities and first, Thai housing design is goofy. A lot of them have this idea that Kitchens should be in a closet. Out driveway which looked cool was sinking. They definately didn't compact the ground correctly before pouring it. We were gonna rent it out but we are selling.
No reason to own a place if you aren't living there. We can always buy later....lol We actually might buy some land and build in Huahin.
Condo maintenance in Thailand is riddled with corruption. My condo maintenance is 10 baht per square meter per month. After all these years it is still 10 baht per square meter. The swimming pool and grounds are pristine. It is a gates complex and security is great. Electricity is metered by the electric company so there is no rip off add on. One time I had a water leak in the ceilings in one of my rooms. No one lived in the condo above mine. The problem was repaired and the condo insurance covered the cost of repairs. That insurance is included in the 10 baht per meter cost. I actually sold the condo this week and received double what I had paid for it. I sold it because my wife and I live in her two bedroom upcountry home. At age 79, I can no longer stand the trip back and forth to Jomtien. It has been sitting empty for the past several years.
If you are buying a condo you must carefully do a complete background check to see if charges are in line and there are no surprises. My condo ownership was great and I had no bad experiences for the many years I owned it.
Glad to hear it was a pleasant experience
Those flexible water hoses are always a bomb waiting to go off. They are strictly for the convenience of tradesmen. Get a proper plumber to replace them with solid copper tubing.
That would be nice
no way... put the flex tubes in properly and they last forever.. copper piping is thin now.. and will rust..
Great insight on owning a condo in Thailand, thank you! To be honest the problems are no different than what I've heard of from condo owners here in the US just seems like its a lot cheaper. Good luck!
Thank you
I owned a condo a few years ago in Phuket. It was well located, close to the beach and had nice sea views. The biggest problem however was the people who living there. They were basically retired people who did not do anything of their lives for the past 20 - 30 years apart from checking out other people's lives and finding reasons to complaint. As soon as I arrived in the building from my trips someone would certainly approach me to tell me who did what and what they were planning to do against him or her. My close door neighbors were the very best on that complaining not only about what was happening in our own complex but also on the buildings nearby. The guys were so inconvenient that my Thai GF at that time simply refused to stay there any longer and I had to find a place to rent. The neighbors had plenty of court cases against themselves some of them genuine and some certainly not. The Juristic Person also had a sign outside the office door stating that if you are not happy with something in the condominium you should look for your rights through the legal system. Totally crappy people top to botton. I managed to sell it for almost the same price I bought it and I heard that the new owner is not staying there as well and is renting somewhere else. From my view Thailand attracts only the pariah of other countries, therefore do not expect to find anything different as your neighbors.
Oyy. You were living in the old folks home. Mine not to that level. YET
I bet you didn't warn the new owner about these pronlems. If not then you deserve to have problems. Karma will get you.
If you give your Thai "girlfriend" enough money then she will be happy to stay anywhere.
@@MaroonedInDub😅😅😅😅
whinging poms?
@@malcomconfac3907 I lived in Australia for a year and the only ones whinging were the Australians whinging about whinging poms.
The most I would do is a 6 to 12 month lease. I will never buy a property in a condominium no way. I usually get sick of a place after several months and I’m ready to move. I own my house here in Michigan but I have good neighbors so far for 33 years.
I want to be footloose and fancy free for the last quarter of my life. My trade has a great pension fund and life should be no problem in Southeast Asia. I don’t even think I’ll draw Social Security until I’m about 70.
But you never know, especially the way the market has been.
I’ll get enough Social Security to live in if all else fails .
I’ll never sell my home so if the shit hits the fan I can always evict whoever is renting from me in Michigan and move back home . Or live off the rent money because the home is paid for I would actually like to buy a duplex before I retire and get a couple of good tenants. For another line of income.
The main reason I want to stay footloose and fancy free because I can’t stand inconsiderate people like the situation you were talking with the smoking of the people upstairs I wouldn’t tolerate it !
I would walk away from six months of rent, maybe even a years worth of rent for that reason . Otherwise someone might slip and fall off the balcony. Just kidding.
That’s all makes a lot of sense. Except the waiting until 70 to collect your social security. That’s a video I need to do soon.
I bought two condo units in the same building in Bangkok in 2002/3. I sold one in 2016 for double the price I paid. Also rented one condo out, so the result is that my remaining condo did not cost me anything. There have of course been maintenance costs along the way, but that has been a lot cheaper than paying rent.
That’s what I like to hear!!
smart way to invest.
Sure and pigs fly buddy
Is that rent being paid to a company?
@@jz3689 Not only the above, but the baht/USD exchange rate was around 48 when I bought and 33 when I sold, so I won out there too! 👍.
I bought a remodeled Condo in Phoenix - USA. 2000. As we moved, the washer did not flud my apartment but flud downstairs as the pipes were clogged, HOA did not want to be responsible and the neighbor downstairs ended up selling 2 years later because of this issue. After I rented the air got replaced 6k and kept condensing, and the seller stopped answering my calls. Also, the bathroom started to lick again and I had to remodel the bathroom which cost me 10k and the insurance does not want to pay. The washing machine (new one ) is having issues again ( I have renters ) another 500 to fix ( not solved yet. )... It has been a nightmare .
Omg. Sounds terrible
Good heads up with the info as usual here!!
Yep always a few risks wen buying your condo there …juristic office n condo fees etc…make sure it’s in foreign name for a start!! But if you’ve lived at a place where u feel comfortable and like it for your base in retirement then why not??
I did n got corner condo in Jomtien while ago that’s rented out long term so it’s covering the condo fees n any maintenance etc…as looking long term base from where to travel around to other places n neighbouring countries. 😉😎
Appreciate it!!
yes there's luck involved
I have a condo in Bangkok, monthly rentals for units like mine are going for 54,000/month. I had a valve from my hot water heater blew out and warped the cabinet that it was housed, the juristic office took care of it with the installers and everything was repaired at not cost to me. Been here going on 4 years, no problems so far and I really enjoy my unit. I also have a place in the country so to me its the best of both worlds.
Awesome. Nice to not be throwing that money away in rent.
I still don't believe it's best to buy a condo in Thailand. No one has illustrated their appreciation-resale value. Until that number is out, the math is a little fuzzy.
Different for every unit. When bought etc. no one answer. Some seeker desperate and sold for less during covid. That why I bought then.
You have to do your due diligence, location, proximity to public transportation (in Bangkok BTS or MRT), proximity to major highways (so you don’t need to drive too much in traffic, again Bangkok), comps in the area, amenities, fees other than purchase price and proximity to malls or other facilities. Research the builder/developer of the condo unit. These are things that one should do regardless of where in the world you are. Although I never intended to look at my condo as a investment, units in my condo are going for more than I paid and it can provide my wife with a income stream once I’m gone. It is different for everyone so I would never discourage anyone from purchasing a condo, if they indeed have done their due diligence, and if they want to rent that is fine also as they may have to rent from someone like myself.
Glad it's working out for you. I'm still afraid of making the commitment.
I spend before I think 😂
Be afraid
Own a condi 😢in Bangkok and a house in Pattaya. Condos are good if you want to live there. In my case condo is used maybe 15 nights a year. Trying to rent them out is not easy. Agree on good juristic - they dont allow airbnbs. All the condos in Pattaya central are a pain, owned by chinese and russians and used exclusively for short term rentals.
Yep. Big issue if you buy one there for any other purpose than to rent
Water leak issues in condos happen everywhere in the world. Not unique to Thailand at all.
True
Almost every time I have been in an apartment, noise has driven me out. And these were really nice units in Boston and Toronto. I live in a house on a quiet dead end street and plan to keep it that way.
House is nice. Can not own in Thailand though. I found a nice solid condo. Not too much noise at all
Honestly I own 2 here and I'd tell everyone to just rent if they can't buy in cash without worrying and aren't going to live in it full time, they can be hard to resell because they're always building new ones, just rent for a few years until you know you're going to stay and happy with the area, one of mine is used for storage because it kept getting damaged renting it out, the other is for holidays and I live somewhere else in the country
Definitely don’t want to borrow money to buy a place here
there has been very good advice about just visiting the country and not investing anything. Renting is the wise option. Do not have any obligations. Keep your freedom. Be able to walk away. you have no power in a foreign country. that water damage you have will grow mold, a dangerous thing.
Love the place. Prices going up. Luckily not tied down can still travel other places
If you want to buy buy into an older building, why? you see the quality and maintenance in action. Also buy into a building low rise and around 35 units.
Agree. Exactly why I bought my place. About 12 years old when I bought. Low rise well constructed and well kept up.
That one of the reason I watch your videos, you bring useful info. Thanks. Keep it up Greeny. Happy travels and stay safe. God bless you guys👍🏿.
Thanks Antonio
I have a house in Bangkok but my wife bought 2 condos just opposite Central Ladprao for 5+5 million THB. I use swimming pool, gym, meeting rooms and parking for BTS or MRT ride to the city. Not sure if it is worth investment but I am happy having them 😀. Everyone is different depending on your situation.
Time will tell. At least you are getting some enjoyment from them.
Oh dear
so true luck and good fortune different for everyone 😐
I just want to thank you for creating this very informative video insight into buying a condo in Thailand. You gave a lot of examples from people you know for someone like me having a hard time deciding whether it’s worth buying a condo in Thailand or not. 😅
Tough decision
Yes I have written lots of pros n cons lists to help with my condo buying decision. It's so tempting to purchase a Hua Hin or Cha Am condo close to the beach for under $50k. The one pro for me to buy is I want to stay in one place when I retire and not move around when I'm old. Your video brought up 2 main problems with how a unpleasant neighbor can ruin with quality of life and the inevitable water leak problem. I know because those two things happened when i owned a townhouse in Las Vegas!
Yes its a hard to turn down low condo prices in Thailand. My rent vs. own ratio math shows it will take an average of 13 years of paying rent to equal the purchase price of a Thai condo. That doesn't include the unexpected repair cost and other unforeseen expenses.
Wise words at the end G. As we all know so many people come to Thailand and completely lose their heads, and their money.
Never put more into Thailand than you can afford to lose and walk away from
That’s for sure
good advice bro
@@keanul.5216 Thanks mate!
I like the idea of being free to move whenever you want. In many areas of SE Asia they've overbuilt condos beyond demand, so renting is very cheap. But everyone is different so its up to you.
Your thinking is not flawed.
I'm not sure about Pattaya, but they have overbuilt here in BKK. Many of the enormous condo developments sit with like half occupancy. I know buildings that are still trying to sell brand new units 3-5 years after they finished construction.
I can identify with some of those issues, which I've experienced since I bought a condo-not in Thailand, but in Puerto Rico. I bought my condo first as a vacation home and then as my primary residence when I retire. I ended up quitting my job a few years earlier than planned and moved into my condo.
One of the first issues I had was water leaking through my bathroom ceiling and dripping onto me, including when using the toilet. I took pictures and reported the problem to the manager of the building, who took his time handling the issue with the owner of the unit upstairs. The owner of said hired eventually a plumber to fix the issue, and it turns out it was a leak from the shower area. The paint on my ceiling peeled in a few spots, and there was no talk about compensation; it was minimal, and I let it go because I plan in the future to remodel the bathroom.
I have issues with people who smoke both cigarettes and marijuana, the disgusting stench of which permeates my bedroom a couple times per week. The same disgusting smokers have thrown both lit cigarettes and matches onto my balcony and air conditioner, and that action is clearly a safety hazard. I complained to the management, which said they couldn't do anything, even as a courtesy. There are also people who use those diffusers that emit certain very strong scents and I've had to close my windows and put even towels in the cracks under my entry door.
There are othe4 issues, such as racist security guards, and the stafr allowing certain people to break rules (parking and barking dogs). My observations led to conclude that locals are given more lattitude than non-locals.
Overall, it's a very good building. The nuisances are not the biggest things in the world, but is their frequency that's annoying. However, in the future, I hope, if money permits to move into a less-crowded, more affluent building.
Sounds like a nightmare. Ahole people everywhere
Judging by your comment you are a white American citizen, then why complain of Puerto Rican security guards being racist to you when white people are extremely xenophobic, racist and hateful to Puerto Rican people in main land America.
Thanks for the informative video. Yeah, when I retire in Thailand, I don’t think I will be buying any condos. Dealing with a bunch of nightmares from water damage and repairs here in the states, don’t want to do this twice. I’d rather sell this place in a couple years and use the proceeds to retire in Thailand, checking out different parts of the country for 3 to 6 months at a time, and eventually making my decision where to settle.
I urge everyone to start out that way. Explore this place
@@GreenyTravels I will need at least 100 years to see everything I want to see! Such a magical country
why buy home in homecountry, same problems have alltime possiple water leak, need repair, need new roof etc. all same have if buy home country house or thailand house. not different.- same rent house have this need too repair, restore,etc. but rent come all to out of you wallet own house not go, this mean you buy house not waste money, you rent house you waste money ewery month.
Good advice Greeny. I agree, buy if you have the money to lose but never buy if you will then need to depend on that location as an investment. I personally do not believe in investing in overseas property. I do think that if you have the extra money and you love a place then buy it as long as you can afford to lose it only. I would never buy a condo next to a property that is for sale or would be in the future. The last thing I would ever want is another construction site being built to block my view.
I agree. Just think of all the great views at The Base when the same developer build The Edge right infront of it.
@@GreenyTravels It happens in South Florida ALL the time.
Yep. Anywhere
I e been investigating in overseas real estate for over 20 years via REITs listed on the London stock exchange and made great profit and dividend income, furthermore I can sell in a few seconds by clicking a mouse, leave it to the big players and take a small piece of the pie, no hassle and liquid investment
Yes. I know. I buy apartments I regret it. I have it for 12 years. I sell it at lost 60%.
That sucks. Did they not keep the building up?
My first condo in Tokyo was a 5 minute walk to a station on the Toei Shinjuku line and 15 minutes to Tokyo station Very easy to rent for over $1000 a month Neirbors quiet respectful. I would rather own and rent in Tokyo and spend $800 a month in Thailand on rent.
Not a bad plan
I would rather do nothing and get passive income from my shares, sell all or part anytime I want without hassle
Anything can happen at anytime and at any country. Random occurrences not specific to Thailand.
True
or maybe he bought a cheap condo?
As I said when you bought it, there are huge problems expats don't think about when buying a condo in Thailand.
#1 - Rent to Purchase ratio. Let's just say your condo could be rented for 20,000 THB a month of which 15,000 would go to the owner and 5,000 would go to HOA fees, repairs, maintenance, property taxes, property insurance, etc. In the USA, the national average rent to purchase ratio is 16.6. So if you take the 15,000 net rent x 12 month = 180,000 x 16.6 ratio = 3 million baht. So unless you bought the place for 3 million baht or less in this scenario, it's a bad investment.
#2 - Thailand's demographic problem. Thailand will peak in population this year. The population will fall from a high of 72 million to 44 million by 2100. It's irreversible. While this decline will start slowly at first, it will start to accelerate within a decade. When the decline starts, there will be excess housing everywhere. The country is going to lose 40% of its population in the next 77 years. And the Chinese who bought up a lot of condos in Pattaya are going to be dumping them as China's population is going to fall by 56% in the next 77 years.
Plus, if you have any problems with building maintenance, loud neighbors, crime, or any other issue...you can't just move to a new rental. You have to sell your place first which could be a lengthy and costly process. If you build a house like Foreigner Joe did, I'd see the logic. I don't see any financial logic in buying a condo in Thailand when they are so cheap to rent.
Great take. I see what you are saying. I paid 4 million. It would cost me 30-40k baht a month to rent a condo like mine. They are building a new icon siam mall near me Sales prices going up. If I’m here 10 years I hope to make an ok profit on the place and I’m not throwing away over $1000 a month.
I don't see how you can relate the 16.6 ratio to Greeny? For that matter I don't see it's relevance to Thai property or not for owner occupied properties? I remember when Greeny bought and I thought a few evil thoughts then but the reality seems not to have been too bad. His purpose is to buy the condo and not lose value, while getting as low an overhead as possible. I think he's done that! If he can walk away with a few baht in his pocket, he's provided himself a place to live period...forget rent to purchase ratios; U.S. National averages, and "who shot John!
@@GreenyTravels I hope it appreciates well and the building is maintained. I'm not criticizing your decision. I'm simply analyzing the financial implications of the rent vs buy decision many others have to make as well. What I would do is put 4 million baht in dividend stocks or REITs. That monthly income on an 8% dividend stock like STWD, ARCC, Blackstone REIT, etc would be 26,700 THB. I would use that income to pay for the rent. Then you have flexibility to move whenever for whatever reason and the money you used to buy the place is earning income that pays for your rent.
Lol. Yes. You nailed it Ed!!
@@ShadyD365 just Google Population decline graph and you will find sites
Thanks for sharing. Great video 👍🤩
Appreciate the view!!
Greeny you did the right thing buying your condo. The max well guy is off his rocker. I bought two condos in the Philippines in eighteen months they’ve gone up $40,000 dollars each plus I receive $1,200.00 rental
Mine in the rose too. Thank Billy!
So has everyone's stock market holdings since 2020 and the dividends can be substantially more than that with zero hassle and significant add on costs (taxes, furniture, insurance, etc etc) well done
Living in tropical country the most annoying is the raining season. Be for you buy any house or condo. Make sure, that it got couple years in them. Check every corner.
Yep. Exactly what I did.
Don't buy a condo in Ko Samui bkz it rains like a mofo there! I had 4 nice beach days in 2 wk vacation there.
Yes I’ve rode in a cab thru the thick smoke smog between BKK- Huahin in February. Now I only visit Thailand in November. I’m thinking of making Huahin or Cha Am my home base during retirement in five years. Looks like I’ll stay in Ko Samui or Phuket during the burning season. The smoke it’s so unhealthy I’m surprised the government doesn’t try to control the farmers from doing that old way of clearing crops that affects so many other people
It’s illegal. Still little done about it
Just don't see an advantage in buying, I'd just rent. Too many variables that can go wrong when you own- bad neighbors, unexpected costs, etc.
Condo risky buy anywhere. At least I don’t have to cut grass anymore
Great video. Again, very informative. Some of these things people don't think about before buying. I look forward to seeing the upcoming related videos.
Will do!!
yes good different prospective in this video 😃
Greeny when buying plumbing hoses, connectors or valves always buy the best quality. Here in the Philippines they sell Chinese made and they disintegrate . Trust me on this.
I house an expensive US made brand this time. No Chinese crap
Thank you so much for doing this video, and all the other condo buying videos! I’m in the early stage process of buying my first condo and your vids, along with the equally important comments have truly helped! I owe you a coffee! :)
I appreciate it!!
The biggest problem I worry about is who built the building and the quality of the concrete it was built with. Earth quake prone ? Buying a condo is a risk no matter where you buy one but then walking down an alley has its risks.
Things to take into account. Haven’t heard about many earthquakes here but I guess it could happen anywhere
Due diligence on the developer is essential
The maintenance charge may be high but one of the main reasons why property can actually devalue is that there is not enough maintenance... I would say don't buy unless you have a timeframe of less than 5-10 years. Mine was 15+, bought, sold, no problems.
100 % agree. I don’t mind paying. They keep the place looking great
Greeny I like your videos. Everything you have mentioned can happen to any condo owner anywhere. Owning a condo or property in,Thailand can be tricky by you really do not own it as a foreigner. If you have a Thai girlfriend can it under her name. Hopefully she does not take you. Or leave you. She owns it. I know foreigners can own under some kind of shared corporation. But the corporation still owns 51 percent of the Property.
Appreciate it. I own the condo. Freehold deed in my name. Foreigners can own 51% of the available living space in a condo project. You statement is correct as far as land, house etc.
Good information Greeny, sounds like you made a good move on your condo. I was listening with my iPods when the explosion happened, I was not expecting it. You got me good!
Lol. Sorry. I decide when editing maybe the TH-cam gods don’t like the work w6r
called a supply line 😉 Like you say water is one of the condo ownership main probs. We had crap water from toilet upstairs leaking on our bathroom ceiling. You may have noted that Thai toilets are not bolted to a flange. Instead it just sits on the floor & dumps into a elongated hole. Well sometimes it gets around the sides & that leads right into your attic section above your bathroom. Anyway good luck & be careful when you deal with water leaks near your tankless water heater it is 220V & not always grounded correctly 🤔
Yea. That’s an issue here
5400 a month for maintenance. Some cheap condos are 3,500 a month to rent with no issues. Do not buy.
Oyy. 3500?? I think we want to live our lives very differently
yes have first year i waste lot money rent room but lot cheapen and better live own house, less than 3500/month. need pay only water and elektric, same than rent room cost about, little bit cheapen, better buy own house if stay retiree or long time/year. if stay only 1-3 month better rent only.
People are just dumb if they rent forever. You said it nicely..."you get to live 10 years for free and you got your money back." Are renters for 10 years going to get their money back? Ask yourselves that if you're a renter.
Exactly.
But have to consider what returns that money may have made if invested elsewhere
@@EricB1 You can invest in other investments and still own your house. Smart people do it that way. There is no conflict between the 2. Once the house is fully paid, "rent" stops and you have even more money to invest. With rent, you get throw money away each month at an increasing rate (rental hike). With house, you hedge against inflation as you locked in.
Oh wow, the taxes are insanely cheap haha! Do you think you would rent a condo again? Or, would you rent a home or a villa style property like in Jomtien Park Villas if you had to do it over again?
Sounds like the same problems I have had with condos in Canada.
It’s any and everywhere. Doesn’t matter the country
@@GreenyTravels yup
The pipe that broke break generally because people turn their taps off too quickly. Turn your taps off slowly.
Bottom line, not everyone is in the same financial situation and relationship as you or otherwise. Glad you shared some pros and cons with your life in Thailand. Water leakage is the biggest nightmare to deal with. Nice to see Fai Fai on your screen saver, 👩❤👨
Lol. Figured someone would notice that
@@GreenyTravels Greeny❤Fai Fai forever
😂
The smoke smell coming from outside would be easy to fix. Keep doors/windows closed and block up vents. Then when that's done you can make your own horrible smell which causes them to have to go inside. If they complain then you can make a deal with them about their smell and interference.
Personally I recommend more investing in commercial properties in a good location in Thailand rather than a condo. From what I have seen, it can be quite difficult to sell a condo in Thailand compared to other places like Singapore. If I really wanted to invest in a condo, I would choose a different location than Thailand.
I agree, Thailand too dicey to own a condo. If cash then an easy 15% gain yearly on other avenues of investment.
Easy to gain 15% yearly? Is this guaranteed? I want in.
@@GreenyTravels i just seem lucky and great people with a combination of personal investments with larger groups of people you trust, as well as not over analyzing the market and watching in a style of Warren Buffet with a dash of Mohammed Ali , Dance like a butterfly sting like a bee 🙂
@@smileoften-ft3hq liar
Lol. I call BS
All the subjects mentioned regarding buying a condo in Thailand are not specific to Thailand. Can happen everywhere in the world.
True
I do not think there is much to lose if you use a good lawyer and buy in a foreigner name. A person can always have a local lawyer assist you to sell your condo if you are oversees. The newer condo´s have not really appreciated much over the past ten years in Pattaya, but that is not to say that property prices and rents will not increase in future years. For some people, they like the feeling of ownership and having a home for some longer duration. Also, having a place where rents will not increase and you can stay long term is a comfort. The negatives of ownership are well founded and should be considered. You gave us a lot to think about and thank you.
Well said!!
Each to his own but it's generally a bad Idea, keep out of Thai business and enjoy the country, I love real estate cie the stock market in London which pays me enough to live anywhere I want more or less, each to his own
After living in Thailand for 20 years on a Retirement Visa I was expelled in 2 two days - reason during Covid 19 banks did not exchange foreign currencies - new rules at all time foreigners got to have THB 400, thousand in a Thai Bank - ( cash did not count ) beside THB 800, 2 months before / 2 mounts after for my new Visa in Sep I had 3300, in Apr - my money arrived in Mai Immigration told me Mai is not April Banks not exchange not there Problem April new Rule having cash was not there Problem Airport closed not there Problem having a Condo not there Problem - BKK I meet the rudest Thais ! advise don’t buy a Condo!
So did you actually have to leave the country during the pandemic?
That’s crazy. Sorry that happened
@@CBEACH stupid leave, no need leave, i has live in thailand last 10 year retiree visa and not newer has any problems, covir not has any problem, bank not has problems newer, my retiree salary income to thai bank ewery month normal has covir or not. lot better life in thailand than europe have.
Abject racism and I had similar issues in business in 2012, outrageous
I don't get it. Had you rented a condo would not you have had the same problems? Or did you mean to say "don't move to thailand"?
We bought farmland in Central Thailand - started buying at 40k a rai and now it is going for 250k a rai... and in addition, the family is making a living farming the land...
Wow. Great investment.
I don't understand your water problems . There should be a stop valve outside your condo but next to it where you can turn the mains water supply off to your unit .I have experience of two Condos in Jomtien and they both had that valve .
Leaks from rain? Hose busting. Had nothing to do with the valve. I know where it is
I've owned a townhouse also my cousin. Trust me bro water leaks will definitely happen!
For me I just rent , all these condos look great when new after two/ three years the build quality starts to show, poor maintenance teams, extra maintenance costs due to poor build quality,buying and selling costs , exchange rates ect. I’m sure a few people have have timed the market and got in and out at the right time, I just think think there are many other places to put your money for a better return and less hassle
That’s why I bought an older one with a great maintenance record.
I never thought about the neighbors I’m inheriting when I moved into this 55+ community in Oriole 1 apartments in Margate, Florida. I paid $61,0000 in 2018 for this 1 1/2 third floor unit, overlooking Oriole GC and felt like I hit the lottery, that is until I met my neighbors. I’ll spare detail and just say one neighbor smokes weed at night so my place reeks every single morning. The other neighbor is a lonely old nosey Jewish woman from Brooklyn. Her favorite line is ‘I’m just a Jew from Brooklyn so what do I know”. Her name is Dee and I joke with friends about always having to 17:08 pay the ‘Dee toll.’ In order to access the stairs, you have to talk to Dee because she is always outside on the balcony and her unit is beside the stairs. The lesbian couple below me that Dee I guess is their spokesperson. Yesterday Dee said ‘you know they’re at their wits end with you’ (I’ll fall asleep on the couch with my phone and drops on the floor). I look at Dee when she says ‘welcome to condo living’. It’s always something, have privacy but pay for it in the form of a mortgage. Have no mortgage but pay for it in the form of below standard neighbors.
Dee sounds like a rest hoot.
I love the idea of owning a condo! I’ve owned my homes and stopped renting in the 80s. I’ve always done well when owning property. Having said that Ive never owned anything in a foreign country which is a totally different situation. Fortunately I can easily afford a condo and my wife and I love Thailand. I also love my sanity. It’s probably best for most of us who don’t plan on living in it to rent! Overall that’s probably the best choice. This also gives you the flexibility to see more places and enjoy different areas and at my age that what life is all about!
Me too. Also like owning.
Greeny,
Thank you for this very informative video 😊👍.
Glad you enjoyed it Rob!!
@@GreenyTravels I will be arriving in Chiang Mai at the very end of April, for a 3 month visit. I will traveling to Phatthalung as well.
I will meet up with you somewhere to get you your laptop
I had an old lady above me and one day water started raining from the ceiling in multiple places, I ran up stairs and she said she didn't know, called the condo association, eventually the water stopped and they came out. Turns out she left the water running in the kitchen and she was old and didn't realize it at first, when I went up there she hadn't realized it yet. Anyway this happened in the east coast of the US so this stuff can happen anywhere, and we did have one assessment that cost me $500 besides the monthly condo fees. If I lived in Bangkok I would worry about cockroaches and maybe even mice.
In Thailand we get ants. 🐜
If you leave your condo for a few days it good to shut off your water
Agree 💯
RE the water leaks, a water leakage detector costs $20 or so, put one under each sink.
I haven heard of that. Will have to check into it. Thank you!!
@@GreenyTravels google "Smart Water-Leak Detector" basicly a bluetooth hub and a detector, it will alert your phone.
I always do my home-work choose a best location low-rise condo near to cbd, bts, cozy, quiet, with nice view 43sqm in central BKK owned by thai-51% foreigner-49% freehold, good investment love it and never buy a condo out of Capital BKK Kap.🙏
Similar to mine. But I gotta see the ocean
George can you please recommend a condo like that to rent in BKK? Thanks 🙏🙏
@@waytooready3898 It's my vacation sweet home condo and I am rich no need to rent out in BKK kap..🙏🙏🙏
It's only worth owning in one country imho. Our country is France and we own 8 properties, one of which is our primary residence.
If we go anywhere, we rent.
Works for you Andrew. Hopefully this will work out. Right now I love my place
@@GreenyTravels If you love it, that's all that counts 👍😀👍. +1
Most of thai properties are very low quality, so Greeny , do you have any home warranty company to cover these damages or any home inspect company did the inspection before your purchase? Thanks.
I don’t think they do home warranties here. There me be inspectors ?? That is something I’m going to look into. Although I wouldn’t know who to trust here to do that. I just checked out myself. I have a little experience from remodeling and rentals but a good idea to have someone look at the place
Nice Vlog Greeny - I bought my condo in BKK in the late 2000's, at that time I was told a BTS station was planned to be built in front of the complex. Well, the BTS station was indeed built and completed in 2019, also there is major construction occurring next door - a large 48 rai project that will include retail, condos, and office, and there is a very large plot of land across the road from my complex that also will be developed. While I do not plan to sell my condo soon, given the much lower price I originally paid compared to much higher prevailing prices of today, I am pretty confident I will make a good profit upon selling - 134 SqM 3-bedroom unit. I think I'm one of the lucky foreign buyers.
Nice. Always great to be near BTS
I own 2 condos in Hawaii;
You really can 100% count on getting flooded out from an upper unit, at some point. Better have legit insurance! And maintenance fees have been going up 8% a year for the last 4 years. No end in sight, but we have 6% appreciation year over year.
Wow. We haven’t been hit with the maintenance increases yet. Maybe because it’s high to begin with
A huge mistake? It all depends. If buying a condo means a significant investment for you, it would be smart to wait for a year or two. Wait until you have a better understanding of Thailand and your available options. For a lot of people, leasing makes the most sense.
True. Be here for a while first
How much is your HOA a month?
I said it at the beginning. I think 154
Buying a condo in the USA or in Thailand is a total crap shoot. It's literally like going to Vegas, putting $150k+ down and 'letting it ride' . The rights a condo owner has anywhere in the world is just about or close to zero, unless you're very lucky.
Sounds like my stock picks too
whether you rent or buy neighbours and complex management huge source of issues and drama. the body corporate or similar management costs and issues, flooding often in car parks etc or not built well to deal with codes or termites etc.
Many cars have been flooded out here. Would be very careful about that. I agree
I have a condo in florida by the beach. It is fully insured for hurricane damage as part of the association fee. My fee is 500 dollars which covers all of the exterior and insurance and in wall plumbing. We have tennis courts, pools, clubhouse, etc. Funds are set aside for the roof, balconies, glass doors, etc. I actually find your fee as probably extremely high considering it is thailand and associations there cover very little. Just my opinion.
I need a tennis court
I thought it was hard or expensive to insure your real estate in Florida because of the frequent hurricanes? That's the main reason I'm considering retiring in Thailand vs. Florida or Texas.
Great One
Thanks Tommy!!
The maintenance fee sounds a lot like home warranties here in America. Thanks for this solid video brother 🤙🏾
Appreciate it!!
Does your Condo not include door man / security?
Was his day off. Luckily Fai knew how to turn off that alarm. Of all people
@@GreenyTravels Good job out of her. Does she also have safe cracking skills hehehehe.
Ty for your honest review
You are welcome
What is your HOA fee $$ for trash and waste water?
All included in my maintenance fee
4:00 Look into getting some YoLink water alarms. They are these little plastic pucks with sensors on them and you place them wherever you want in your unit and you link it to your cell phone through your wi-fi. If the water hits one of those sensors it sends a signal to your phone to warn you. They are in my unit and the alarm has saved us a couple of times.
Wow. Thank you. I’m gonna look into that.
I Like strong HOA rule no cooking stink fish :-)
I like that too. And No Durian. We don’t have rules like that
I live in a 25 'unit' complex, which is not all the same building but is on the same common property. Everything has to be the same color, and you have to get permission from the owners corporation to change anything. Generally it is a pain in the backside. We have one neighbour who has done naughty things like pinching peoples mail and scratching cars etc., they have even been arrested by the police, but no one can get rid of them.
My current immediate neighbours are new arrivals from Syria, quite loud. They chat on the phone alot but seem to think they have to shout over the phone for people to hear them at the other end. It doesn't bother me too much but is annoying sometimes. Hope you continue to have hassle free living in your condo there. 🙃
Things like that can happen. Feel bad for ya.
He did not give one good reason to buy in Thailand.
I bought because I live here
My mother who bought a condo there in Pattaya lived there for over 10 years. The place she bought was in a boutique hotel so she didn't run into any real problems living there. It was a small condo but high quality and well built and she really enjoyed the time she lived there.
It’s a nice place to live!!
Those flex hoses are considered to only last 7 yrs. It’s cheap insurance to change them because if your away when they go - big problem
Definitely sound advice
Its like renting a place, you have to live with bad neighbors. I remembeted a guy who lived above me. It sounded like he was moving furniture around at night.
That’s the worst
true that bro. neighbors will definitely create a good or bad living environment any where in the world
Seriously looking for a condo there. Your video is a great help.
Glad to help