Buying a House

Post by **gprit2** » September 30, 2012, 6:11 pm

I shall be looking to buy a house around Udon Thani early next year. I won't be able to spend all the year there but my Thai fiancee will, whilst we apply for UK Visa, whic can probably take quite a long time. Looking at round 2m baht cash (unless I can borrow an extra 0.5m), and have read some advice on where not to look.
My question is....As a 'foreigner' I understand I cannot buy a house in my name. At the moment I do not want the house to be bought solely in my fiancee's name...what other options do I have? Any other advice welcome.
thanks

Post by **papaguido** » September 30, 2012, 6:32 pm

Probably not the answer you're looking for...but if you're working on getting a visa for your fiancee then why not just hold off buying a house until the outcome of the visa.

Post by **Henrie** » September 30, 2012, 7:14 pm

Do not buy. Only buy things you can carry in your suitcase. I mean it really.

Post by **thrilled** » September 30, 2012, 7:40 pm

Supposely ya can have A business then the house can be in your name but i'm thinking only up to 49%.
You would have to talk to a business arttorney on it.
The post before me i agree 100%.You would be better off renting for awhile before you take the purchasing step.
It never hurts to dip your toe in the water before ya jump in.

KB_Texas · Post by **KB_Texas** » September 30, 2012, 8:30 pm

Henrie wrote:Do not buy. Only buy things you can carry in your suitcase. I mean it really.

RENT! Rents are cheaper here than in the west for very nice houses. Then if something goes bump in your relationship, you are not out of a house. If everything works out, you have the knowledge you've gained and can look for something you both will be happy with.

RENT! RENT! RENT!

KB

Post by **Bonanza** » September 30, 2012, 9:33 pm

Rent, Rent ,Rent - and if your girlfriend insists on Buy,Buy Buy then Run,Run,Run, Bye,Bye Bye.

Post by **threestags** » October 1, 2012, 7:21 am

Have a look on http://www.thailaws.com/
There are also plenty of other websites offering information. Do plenty of research before you commit.
Cheers

Post by **mak** » October 1, 2012, 10:50 am

Try Preben at www.udonrealestate.com. He has houses and condos for rent and sale.

Post by **fatbob** » October 1, 2012, 11:03 am

gprit2 wrote: I shall be looking to buy a house around Udon Thani early next year. I won't be able to spend all the year there but my Thai fiancee will, whilst we apply for UK Visa, whic can probably take quite a long time. Looking at round 2m baht cash (unless I can borrow an extra 0.5m), and have read some advice on where not to look.
My question is....As a 'foreigner' I understand I cannot buy a house in my name. At the moment I do not want the house to be bought solely in my fiancee's name...what other options do I have? Any other advice welcome.
thanks

How long have you been together? How long have you lived together 24/7?

If your answer is about three to four years for the second question then buy a house together and don't hesitate, if your starting out together go slowly and rent, house prices in Udon are not going to increase radically in the next few years. If you met a lady in the UK and after a short period of time would you buy her a house?

As a foreigner you cannot own the land but can own the house, you must form a company, the company owns the land, you are the 49% shareholder director, another two Thai's are directors of the company with 26% each, they do not know each other, you are in control, you own the house legally, the business of the company is renting the land to the house owner, you. As a company you now have a monthly audit fee and pay company taxes.

My wife and son own our house, its in there names, before my son was born it was in her name, I built on family land, keeps the outlay down, we have been together for nine years, some reward for her putting up with me! Should we break up it will be me who walks out the door with my bag, that's life I don't have a problem with that but all is good!

Post by TJ » October 1, 2012, 12:26 pm

The general response is always rent with which I agree.

I'll give two other reasons. With the flexibility in renting, as opposed to buying, you can afford a superior home and better location, and with the potential of global financial disaster staring you, and the rest of us, in the face you might be better off investing in gold rather than a house in Thailand.

Post by **KHONDAHM** » October 2, 2012, 12:38 am

gprit2 wrote:...At the moment I do not want the house to be bought solely in my fiancee's name...

Speaks volumes.

RENT.

Ditto Coxo.
Ditto TJ.
Ditto Bonanza.

Post by **jai yen yen** » October 2, 2012, 4:42 am

Henrie wrote:Do not buy. Only buy things you can carry in your suitcase. I mean it really.

That should be a small suitcase.

Post by **jai yen yen** » October 2, 2012, 4:51 am

Something else to think about. If you bring money into Thailand and want to send it back if you sell your house the banks can refuse to send it back. This happened to me, I had all the proper documents but my bank at the last minute refused to send it back for me. It was about 8 million baht and I was not pleased at all. I did find a way around the problem but at a lot of trouble and expense for me. Always better to rent, at least until you have lived in Thailand for 4 or 5 years and have a better idea about what is going on.

Post by **douglas** » October 2, 2012, 8:54 am

Hi,
Disagree with those that say rent.
I bought a new 3 bed 2 bathroom house in 2007 just under 1MB. If i would of rented this new house, just inside the ring road, i would have been paying 10,000B a month, which if the rent did no go up, i should be so lucky, i would of paid the cost of the house in only 8 years of renting. I got the house valued not so long ago, was thinking of moving down to Korat, and was quoted 2MB. When i bought my house, which is in my name, land in wifes name with a a 30 year lease to me. Got all this done with a qualified person. Also i was lucky when i bought the house, the exchange rate for the GBP was 71B. About 14,000GBP. Now with the exchange rate at 51 the house is worth over 40,000GBP, if my maths is correct.
Also you can do what you want to the house. The only slight problem i had with buying, was getting my money from home. If you have the funds in a British bank you can use your Debit card to withdraw a max. of 200,000B every 24 hours. I did this over 5 days. If you want to get the money in one transfer you have to state, to your bank, what you want the money for, nosey buggers, and it would have taken four working days. I would never keep money in LOS. Better interest rate at home.
I must admit i had known my G/F for three years before i retired to LOS. We got married 3 years ago. And are still happy. Best thing i ever did.
A friend of mine went one better and bought two houses. He rented one out and has that house paid for. he sold the house earlier this year, at double what he paid for it, so he really got his own house for nothing. Wish i would have thought of that.
But as most people say RENT and keep a landlord rich.

Post by **kjellsnell** » October 2, 2012, 8:55 am

jai yen yen wrote:Something else to think about. If you bring money into Thailand and want to send it back if you sell your house the banks can refuse to send it back. This happened to me, I had all the proper documents but my bank at the last minute refused to send it back for me. It was about 8 million baht and I was not pleased at all. I did find a way around the problem but at a lot of trouble and expense for me. Always better to rent, at least until you have lived in Thailand for 4 or 5 years and have a better idea about what is going on.

You have a bad bank - by the law they can not refuse you...its your money! Try yellow bank instead!

Post by **fatbob** » October 2, 2012, 9:31 am

I love it when people say there house is worth X amount because the bank says so, only so they can lend you more money, a house is only worth what someone will pay, the amount of new villa's coming on to the market all the time keeps the second hand market dead, five or six years ago I was thinking of buying a second hand house in Udon and not building, many of the houses I looked at are still for sale, in good estates and reasonable houses.

Don't rush, give the relationship a chance to bloom first before locking yourself in.

Post by **jai yen yen** » October 2, 2012, 10:37 am

kjellsnell wrote:
jai yen yen wrote:Something else to think about. If you bring money into Thailand and want to send it back if you sell your house the banks can refuse to send it back. This happened to me, I had all the proper documents but my bank at the last minute refused to send it back for me. It was about 8 million baht and I was not pleased at all. I did find a way around the problem but at a lot of trouble and expense for me. Always better to rent, at least until you have lived in Thailand for 4 or 5 years and have a better idea about what is going on.
You have a bad bank - by the law they can not refuse you...its your money! Try yellow bank instead!

If you mean the Ayudyha bank that was my bank who refused. It may be the law but I am telling you the truth. They would not send the money back to Canada. I had all documents required but they would not. It may be the law but do you really think a Farang is going to win in a Thai court and how much would it cost to do that.

Post by **plumbers** » October 2, 2012, 11:25 am

How many times did i hear in the Uk my house is now worth ex amount , i cannot go wrong !i am so pleased
with my self !, now i am hearing the same thing in Thailand !, cash is individual ,that pile of bricks is worth what some one
is prepared to pay. not a problem if you can afford to loose your hard earned money .
Yes i agree rent and if things go wrong you can just walk away , i love Thailand but i am aware my visa tells me i am a alien.

Post by **Aardvark** » October 2, 2012, 4:06 pm

plumbers wrote:How many times did i hear in the Uk my house is now worth ex amount , i cannot go wrong !i am so pleased
with my self !, now i am hearing the same thing in Thailand !, cash is individual ,that pile of bricks is worth what some one
is prepared to pay. not a problem if you can afford to loose your hard earned money .
Yes i agree rent and if things go wrong you can just walk away , i love Thailand but i am aware my visa tells me i am a alien.

And that my friend is the point many here are trying to make. So many guys come here and think they have met the perfect woman and immediately run out and by land and house to make their Teerak happy, just to get ripped off a little later. For God sake, if you don't have a History don't invest your hard earned, easy [-o<

Post by **KHONDAHM** » October 2, 2012, 7:49 pm

jai yen yen wrote:If you mean the Ayudyha bank that was my bank who refused. It may be the law but I am telling you the truth. They would not send the money back to Canada. I had all documents required but they would not.

Would this have been during the time a few years back when the BOT (?) put those ridiculous restrictions on monies coming into and leaving the country? I think it was ended around 2008 (?). Someone correct me.