Krisb
Crazy Mango
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Post by Krisb on May 4, 2015 6:51:12 GMT 7
So how does it all work?
You pay a deposit, then is the rest borrowed from a bank, or is the developer lending the rest?
Is it a sound way to buy, or is it a buyer beware?
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me
Crazy Mango Extraordinaire
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Post by me on May 4, 2015 8:32:51 GMT 7
One problem is whether the thing ever gets built or just keeps getting delayed. If you have done this you have lost money.
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siampolee
Detective
Alive alive O
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Post by siampolee on May 4, 2015 9:46:15 GMT 7
No Escrow account tread carefully.  |
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Post by Soutpeel on May 4, 2015 11:10:04 GMT 7
As SP has said if your looking at "off plan" property purchase be very careful in Thailand too many developers buggering off with people's deposits and nothing ever gets built or completed
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The Arrow
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Post by The Arrow on May 4, 2015 20:50:06 GMT 7
Is this the same as buying off plan? Before the thing has even been built.
If so, forget it, especially in Thailand.
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songhua
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Post by songhua on May 4, 2015 21:00:14 GMT 7
I don't think 'option to buy' is an off-the-plan sale. There are many established properties and even land listed in Thailand as 'option to buy'. From what I can make out, it simply means downpayment (as it says in the description of the property in this link: www.ddproperty.com/en/property/2-bedroom-townhouse-in-min-buri-bangkok-1970834That site alone lists thousands of such properties (it's a search option in the first drop down box). Maybe it's a take over mortgage kind of deal? |
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The Arrow
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Post by The Arrow on May 4, 2015 21:01:45 GMT 7
I'd seriously advise against "buying" property in that country unless you have kids there and can buy in their name.
All the houses and farms and residential land I've "bought" have all been for the kids.
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Morakot
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Post by Morakot on May 4, 2015 21:04:10 GMT 7
Not to rule out "off plan" buying, but you need to be clear that's not an investment but mere speculation.
In other words, only do this if you have the money spare where an almost total loss wouldn't really matter and you somehow think you know the sector. If not, don't.
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Morakot
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Post by Morakot on May 4, 2015 21:16:31 GMT 7
I don't think 'option to buy' is an off-the-plan sale. There are many established properties and even land listed in Thailand as 'option to buy'. From what I can make out, it simply means downpayment (as it says in the description of the property in this link: www.ddproperty.com/en/property/2-bedroom-townhouse-in-min-buri-bangkok-1970834That site alone lists thousands of such properties (it's a search option in the first drop down box). Maybe it's a take over mortgage kind of deal? Ahh... I'm not sure but it could possibly mean, you can rent it or a while with the option to buy and initial rent payments then towards to the sales sum. |
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songhua
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Post by songhua on May 4, 2015 21:31:40 GMT 7
I don't think 'option to buy' is an off-the-plan sale. There are many established properties and even land listed in Thailand as 'option to buy'. From what I can make out, it simply means downpayment (as it says in the description of the property in this link: www.ddproperty.com/en/property/2-bedroom-townhouse-in-min-buri-bangkok-1970834That site alone lists thousands of such properties (it's a search option in the first drop down box). Maybe it's a take over mortgage kind of deal? Ahh... I'm not sure but it could possibly mean, you can rent it or a while with the option to buy and initial rent payments then towards to the sales sum. You could be right there. Rent to buy. I've never really understood it - some state the amount listed is a downpayment and others don't but I've not seen instalments mentioned. |
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Morakot
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Post by Morakot on May 4, 2015 22:01:02 GMT 7
^^^ Yep it's not clear to me either...
But either way, it's an option and presumably one could buy right away without entering into a lease.
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Krisb
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Post by Krisb on May 5, 2015 8:59:10 GMT 7
I'd seriously advise against "buying" property in that country unless you have kids there and can buy in their name. All the houses and farms and residential land I've "bought" have all been for the kids. How old do the kids have to be to own property in Thailand? |
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Krisb
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Post by Krisb on May 5, 2015 9:05:12 GMT 7
^^^ Yep it's not clear to me either... But either way, it's an option and presumably one could buy right away without entering into a lease. Yep that's the way I see it also. You pay a deposit, then some type of contract is signed where you probably deposit your initial 10 or 20% into maybe a developers account, then monthly amounts same as a mortgage from a bank. So what you have in essence is a 1 stop shop. A builder who is also the real estate agent who is also the lender. These aren't properties off the plan I'm talking about, they are a finished product ready to move into. You would assume there is a safe legal document drawn up, I mean what happens if the builder/lender goes bust? I suppose that's what insurance is for. |
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Krisb
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Post by Krisb on May 5, 2015 9:12:39 GMT 7
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me
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Post by me on May 5, 2015 9:21:44 GMT 7
I think you will find that is the full total price.
Not all places are the Multi million that the farang ghettos get.
It is probably also listed for rent at a monthly rental. THey mean it is available to buy at that price if you want to.
I looked at a nice little townhouse for 400000baht in Chiangrai but it was not a tourist one. Many townhowses though only have a lease on the land which legally can only be 30 years. Some have had the chanote divided into individual channotes.
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