Unlocking the Secrets of Buying a Condo in Thailand: Our Foreign Freehold Experience.
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- เผยแพร่เมื่อ 3 ก.พ. 2023
- Join us on our exciting journey of buying a condo in the heart of Phuket, Thailand using the foreign freehold method! We'll take you through every step, from discovering the perfect property to hiring a Thai attorney, making an offer, sending money, and ultimately closing the sale. Plus, we're giving you a sneak peek at our condo's major renovation, so you can see how we're transforming this space into our dream home. Make sure to hit that like button and subscribe to our channel so you don't miss any of our upcoming videos where we'll be sharing our tips on hiring a contractor and doing renovations in Thailand.
Eric with Pulse Realty (eric@pulserealestate.net) is a reliable and trustworthy agent who provided us with exceptional service. I highly recommend him to anyone in search of an excellent real estate agent.
The complete condo renovation here -- • Phuket condo renovatio...
New Khaki Shorts intro by Nessa Tam. Check out her work at www.nessatam.com.
Background picture on new intro by Brad Knight Hu from Unsplash.
Here's our video with a tour of the property when we viewed it and how we made our offer. th-cam.com/video/BZo9dgiqmcs/w-d-xo.html
Concise, informative and to the point!
Thanks so much!
Very informative..Very! Thank you so much! Blessings on your journey.
Thank you. We’ve been in our condo over a year now and very happy with it.
How cool is that Brian! Yeah I would have only been willing to do all that with a lawyer too. If it doesn't work out, there's always a batch waiting for you to fill back here in good old Georgia. Hahaha. Congratulations 👏 👏 👏!
Thank you!
Great video, great step by step information. We're glad your purchase completed and are looking forward to seeing the renovations.
Things are progressing nicely, we like that out contractor send us pictures daily so we can see how the work is going.
Awesome! Having been a RE Broker previously, I love seeing the differences. Thank you for sharing!!
Sara was a little freaked out not knowing the process. Not near as many safeguards in place for buyers. It’s definitely buyer beware.
Congrats on the condo guys !!! Definitely looking forward to your up coming videos on the condo . Can’t wait to see what you do with it . 😁
Thank you. Renovations are almost complete, getting ready to move in by April 1.
@@KhakiShorts That’s great . Me and my wife hope to retire in Thailand, but we still have 2 boys in school . So we are a few years from making it happen .
Congratulations and thanks for sharing your experience. I look forward to seeing the renovations and how you settle in.
We’ve been to see the work a few times and they’re making good progress.
@@KhakiShorts nice - I’d love to relocate to Thailand while my place here is being renovated!
@@Stan-at-KangarooIslandTV Wait until high season is over, the island is kind of crazy right now. Also, you can get better rates on long term leases during low season.
Great info!
Thanks so much. We did a lot of research before deciding to buy. Purchasing a condo or home here is not for everyone.
Cool, now we need the hammock picture. :)
It's on the list! 😄
Congratulations 🎊 Gongxi, Gonghey.
Cool video 👍. Do you have the contact of your recommended lawyer in Phuket? Thanks
Send me an e-mail and I’ll be glad to give you his contact info. My email is in the About section of our channel.
Thanks.
You’re welcome. Thanks for watching!
Hello. Thanks for the info you provided in your video. Very informative. We are looking at a property in Phuket. Can you kindly recommend the lawyer you worked with if he/she is a reliable one ? Thanks again.
Shoot me an email (found in our about section) and I’ll be happy to provide his name and contact info.
I just found your email. Had to log-in from my desktop and then I could see it. I shall send you an email now.
How did you wire in the money from abroad? Was it USD to an USD account of your Thai bank and the converted to Baht (with the very bad internal exchange rate Thai bank offers)?
We use a large US bank that deals internationally as well. They wired US dollars to our Thai bank where it was converted to Thai Baht. The exchange rate was not top dollar but it was reasonable. We haven’t had to move money back to the US yet, that’s where it gets more complicated.
Great vid. How much is the management fee? Some say one is buying into a debt coz the locals seems to not want to spend money to repair the building. What do u think?
It’s about 10,000 baht a month but it’s factored by square footage and we have one of the largest units. Most units here are owned by foreigners (or Thai companies owned by foreigners) so we all keep on the management company to keep up repairs. The management fee would be less but we are paying into a sinking fund to make some major repairs as this building is 15 years old. We crunched the numbers and went in thinking that even if we sold this property for half what we paid for it in 10 years we would pay less than rent on a similar property. We got a decent deal on ours and values are holding steady and even creeping up right now.
@@KhakiShorts wow, thanks for sharing in detail!
Congratulations,
Thanks! We’re excited and ready to get our renovations done.
How specific someone needs to be on the description of what the funds are for in bank transfer. Could you just specify the city, or building only. I do not want to fly back and force for transfer only.
We put in n the notes the exact address of the property we were buying. Our lawyer gave us notes about how specific to be.
Hi what lawyer did u use I am looking to buy in Thailand
Hi I have just emailed you thanks
Will you please share what Law firm you used ?
Shoot me an email at KhakiShortsYT@Gmail.com and I’ll be happy to give you his contact info.
@@KhakiShortsthank you. I just emailed you
@@marinct3176 I’m in Estonia right now, once I get back to my laptop in Helsinki tomorrow I’ll get back with you. Thanks for watching!
Hi, which legal firm did u use? Any recommendations for legal firm in bkk?
I can’t help you with a firm in Bangkok but I can give you our local Phuket lawyer if you email us using the address on our about page. Pretty sure he only handles local stuff though.
I see, I will scout for a good agency in bkk then. Congrats on your successful purchase. Video is very helpful
@@jamestjl83 You’re welcome, thanks for watching.
@@jamestjl83did you find one? I’m wondering their fee
Hello I am thinking about buying a hotel in Thailand Pattaya any tips or help please
Are you Thai? If not then I would say don’t do it. Too many hotels still shuttered and lots of competition. Chines tourists are not coming back in the numbers they thought they would. Unless you have deep pockets you’ll have a tough go of it here. P.S- Don’t but a bar either.
Re the House Registration Blue Book - does your name show in it or not? What is the purpose of the Blue Book ?
My name does not show in the blue house book (only to register Thai owners) but it does appear on the chanote which is a large legal paper sized document that is issued when the property is built and passed from owner to owner.
@@KhakiShorts my name also does not show in the Blue Book but my name definitely shows in the Chanote as the buyer and owner on the condo unit - I was told by the Land Department that my name had to show in the Blue Book to avoid the annual property tax. Do you believe this ?
@@user-wx3lo3eo5h I don’t know about that, I thought everyone had to pay property tax. We just paid ours (made a video about it) and it was only 1500 baht, super cheap.
@@KhakiShorts I was told, and I think you would know better, that if you own just 1 property you are not subject to annual property tax. If you own more than 1 property, the property tax applies to you. Indeed, the current property tax is low, maybe to get the government representatives to agree to the law, but after maybe 10 years, the property tax could increase by 10 time - to THB 15,000 in your case as an example. Anyway, just wonder if you know if the property tax does not apply if you only own 1 property - thank you.
I think you overpaid for this property but if you intend to stay long term you can prolly sell off 30-40% off your purchase price when time comes to sell
We crunched the numbers. We intend to hold on to it for 10+ years, even if we sell it for 50% of the purchase price we would come out cheaper than renting. Sara has a 87 yo mother who lives with us and just having a solid place that we don’t have to worry about the rent going up on (or having to move) is worth it to us. Rent continues to go up here in Phuket so we like the stability. For others it is definitely not worth buying.
4.4 mil seems very high for 15 year old condo in that condition with such low quality fixtures
Smaller units in this complex that haven’t been updated are selling for 6 million plus. Agents and our contractor (who renovates in this complex a lot) thinks we got a great deal. This is Phuket, prices are higher.
@@KhakiShorts Asking price and selling are a different story. You got the foreigner price, plain and simple. No appreciation, no resale, there is no such thing as a great deal buying condos that old anywhere in Thailand. PS when people want your money, they will tell you exactly what you want to hear. Do you honestly think when money is going in their pockets that you will get the truth? You paid double for a 15 year old condo than I did for a brand new custom built western 4/3/3 home on 26 rai. Chances of yours ever selling will be zero. Too many new units empty on the market
Yeah, in the U.S we allow foreigners come in and buy almost everything especially real estate. Many wealthy Chinese come in and invest in real estate here and I really wonder if there is a limit at all. Do they allow buyers to finance or we have to pay the whole price in cash?
I’ve seen debates on FB expat groups about whether it is possible to get a mortgage or not. A lot of investors try to get around the system in place by creating Thai companies with a Thai citizen to buy land and homes. We decided to only buy if the property fell under the foreign freehold quote so the purchase would be completely above board.
@@KhakiShorts
Above board? I am assuming you mean it has to be purchased in cash.
@@Stalker87792 No, starting a Thai company to purchase property is done here but frowned upon. Government officials have cracked down on lawyers who set those up for a living. It skirts being legal.
The price is going up probably because too many expats bragging and laughing about the inexpensiveness on you tube videos everyday. They also brag about food. So greedy Thai property owners are aware of it and know they can still have market if they jack up the price of rental places🤕🤔
It’s just like anywhere else in the world, it is all about supply and demand. Rental prices kept going up in Phuket because of the huge influx of Russians needing places to stay. That influx is slowing down and some are going home so more places are empty so rental prices are coming down.
@@KhakiShorts
Hope, I am planning to move to Thailand in 2025
@@Stalker87792 Have an area in mind? Phuket is probably the most expensive followed by Bangkok. Most people just rent instead of buying, it’s less trouble. Cheap rent can be found, just depends on your level of comfort and amenities. We’ve seen houses (with no pool or gym) rent for 15,000 baht ($450 US) a month here in Phuket.
@@KhakiShorts
I am just curious. I would never want buy a property in Thailand. I do not want to tie myself down to anything. I will rent and move around while in Thailand. I will be living off around $3K/month and I don't really care about the pool or the gym. Thank you for sharing good info though.
@@Stalker87792 When we first arrived we rented a 2 bedroom condo (with pool and gym) for 20,000 baht a month. We just used driving apps to get around. Plus groceries, eating out, entertainment and health insurance we lived on a little over $2k. We actually have two videos on our channel with breakdowns of how much we spent on everything.