14 Reasons Foreigners Should Think Twice Before Buying a Condo in Thailand

[@ChrisBird1]

In Hua Hin lately and at night all the Condos are in darkness ,empty rooms all over Thailand . Bad neighbours rooting bar girls all night , rude arrogant digital nomads filling the social areas/ pool , ongoing maintenance ,poor construction , hideous infrastructure , high Service charges ,over priced over developed in nearly all areas, potential market correction looming as Thailands property market has been booming for years now , there's much more, Paradise wont always be paradise. Great video realistic video .

[@terryb4547]

Thailand especially Pattaya is changing fast, it's not the cheap care free holiday resort of old. A lot of xpats now regret buying property in like Pattaya that they'll never resell ,too many new builds, also since COVID Pattaya as been taken over by the Indians, walking st is more like down town Bombay, I'm not racist but, the Thais are losing their country very quick 😢😢😢

[@jaybrox1652]

@@terryb4547 absolutly. Little India like in Singapore. It is risky to go upstairs without ending up on antibiotics...haha I stay clear.

[@karl-ford]

Finally, someone said it! Maintenance fees are the real bottleneck. Most real estate agents try to hide these costs for as long as possible. Make sure you insist on seeing them upfront, with clear details and exact numbers.

[@ThailandBound]

That’s a very important point! You’re absolutely right to push for the facts.

[@gordonduncan8892]

When going to see the condo you are thinking of buying, just ask the juristic office in the condo.

[@northernbohemianrealist]

Or you could live in a Florida condo where there has been little or no maintenance for years.

[@369dabbler]

Slipperest race on the planet

[@Bxconnect]

​@@northernbohemianrealistno comparison.

[@DavidBangk]

A Exelent vidio, I have lived in Bangkok for 18 years, Rented the same condo. Very cheap rent. No maintenance fees, Anything goes wrong, Repaired no charge. No rates, no insurance. Swimming pool, gym etc. All well maintained, Good security, Never had a problem in 18 years, A good friend who i met in Bangkok, Gave me good advise, If it flys, drives, floats, or Fks, Rent it and you cant go wrong.😂😂

[@davidramsy3048]

I bought a condo in Pattaya 19 years ago. I still live in it today. If l had rented l would have paid more then l paid for the condo so all.l have to pay is the maintenance of 8500 baht a year. Less then one monrhs rent. But if you are not planning on living in it for at least 10 years or more then rent. If you do buy only buy in your name only. And make sure you hire s good lawyer to make sure everything is proper. I wouldn't buy to rent out to many condos available. Make sure if you buy new you get maintenance costs and all fees up front and sinking fund witch can be crazy cost.

[@ThailandBound]

Good for you but as I said in the upload I was just making people aware of how complicated it could be. They're not built as good as they were 19 years ago plasterboard walls and very small units

[@davidramsy3048]

@ThailandBound yes l agree new condos much less cement and lighter buildings materials and huge maintenance costs . Likes said if you see not going to live in it for at minimum of ten years you sould rent.

[@spirittravels.]

Have you been living there all these 19 years? How much did it cost if you don't mind me asking?

[@davidramsy3048]

@spirittravels. the price is private. I also have a house in Pattaya so l have lived in condo on a off over 19 years the.last 6 years in condo as it is 350 meters from beach and house is 8 kl from beach

[@davidramsy3048]

@@spirittravels. price of condo is private. It is 350 meter from beach ⛱️

[@bambooworks3919]

I bought a 30 sq m condo 17 years ago in Jomtien for 965,000baht ($27k usd exchange rate at the time). In 2007 there were not many condo choices in the area like there is now. I would be lucky to get my money back if anyone would even buy it today, because there are so many newer choices. The pros- 1. My condo has good management and maintenance 2. Low maintenance fees compared to new condos (only $7,000baht per year) 3. Good location as close to the beach and markets 4. Gives me a home base to leave my belongings (surfboard, clothes, motorbike, etc) while travel around SE Asia 5. Saved on rent and hotel cost for last 18 years while in Thailand. I stayed in Thailand anywhere from 2 weeks to 3 months a years over the last 17 years. The cons- 1. Bad investments as could of made more if invested that money elsewhere 2. Although my condo is in an okay location I would now prefer to live in another area of Thailand Overall from my personal experience I would rent instead of buy to give you more flexibility in changing location and use those funds for a better investment.

[@jaybrox1652]

@@bambooworks3919 you can just through the key in the sea...you got your payback.

[@marksallai2289]

three reasons to rent 1 - if it goes wrong with Thai GF you can move somewhere else fast 2 - Noisy neighbours 3 - Changing locations for variety

[@ThailandBound]

Those are some good points!

[@MrMairu555]

I can't argue with any of that... in fact I've been saying exactly the same thing for over 20 years now! Buying in Thailand is bonkers! I've seen lovely places with a sea or beautiful country view for very reasonable money and within 6 months a huge condo had been built right in front of it. The rate of development and construction is insane, and as you say, renting is so cheap. The moment a nightclub/karaoke/condo appears immediately next to you, or some Thai moves in next door with a load of chickens and a cockerel that's crowing at 5AM every morning, you just pack up and move somewhere else!

[@paulsmith2552]

Totally agree. Much better to keep your options open Better own property in your own country where you understand the rules. My friend owned a condo in pattaya and all the maintenance money was stolen. 😂

[@Sukhumvit246]

I bought a condo in Bangkok a few years ago, I bought it off plan from a decent developer and it's an awesome building in the Asoke Area. I work a month on and a month off so it's an excellent for my time off work. I also didn't want the hassle of landlords and I can do whatever I want with the place. Im only 42 so fingers cross retire at 55 and Bangkok will be a great base for retirement.

[@ThailandBound]

Very cool!

[@eleveneleven572]

If you are an older guy, and most are, just rent. Being tied to a property, when your circumstances, wants and needs may change, is a mistake.

[@DeeKay68]

@@eleveneleven572 circumstances like death where it doesn’t matter where your money goes at the end of the day? Can’t take it with you.

[@moblack5883]

@@DeeKay68 I think he means health, just moving when you like , etc.

[@sassasins031]

If you've ever got into a situation where a Thai girl is hanging around your home and being a pain in the arse then just tell her casually that you think you saw a ghost when you were in the kitchen or bathroom etc. She'll be packing her bags immediately.

[@Darryl_Smith]

Great tip - thanks. 👍

[@VidNibs]

The biggest issue with condos in Thailand is that they simply don’t age well. The materials used are often poor quality, and in general, things break down more frequently and are rarely fixed or properly maintained. It can be a real nightmare.

[@jf-be4zy]

Another problem is no maintenance being done. I rented a condo and the complex had 3 elevator banks but only one of them worked and sometimes only 1 of elevators worked. I asked my landlord and he said the Thais who own 51% would not vote to put in new elevators.

[@ThailandBound]

And if you had rented you could have just moved on

[@andinasenloch8360]

100% with you, I am here for over 25 years and seen a lot of misery with people buying properties. I always suggest, buy a property in your home country, find a good tenant and take the rental income to rent a place in Thailand. No issues when you sell, no limitation of funds transfer (look into late 90th), in case of dispute a solid legal system etc. And not to forget, assume you move into your own place and you experience that you have a "difficult" neighbour etc..... you are fu....d. With a rented place you just move out as you been smart and signed initial a 6month only with option to extend. Or, you learn 70% of the building is used by airbnb, great having party people all over the building and facilities (particularly mid Sukhumvit to On Nut area).... you rented... just move, been an owner too bad.

[@Oldfogey2014]

Thanks for the video….I was planning to buy a property in Thailand, but after watching several videos, including yours, I’ve decided against it. You’ve saved me a host of problems.

[@ThailandBound]

Glad it was helpful!

[@Chimchi1]

People only look at the immediate situation. New country, new lover, new lifestyle, everything is exotic and they want to live there forever. But they don't look beyond their exhilaration of today. Tomorrow, things may change. Political uncertainty, or your lovelife, health, currency rate, geopolitics, government takes a change. Then with your heavy investment you're stuck. You're most likely at retirement age and accept it, you're not going to live forever. Perhaps a few more years, then upon your demise, who inherits your property? What are the laws, are your rights protected, or you're about to be scammed out of your property and bank account balances? Different land. Don't expect the same kind of certainty as you have back in your first world country.

[@timrowley4274]

There are no "new" tax laws. You won't be paying any tax on your money coming into Thailand unless you are here in Thailand over 180 days in a year. Thailand is looking into worldwide tax whether you bring that money into Thailand or not, this is years away if it ever gets introduced. BTW some of your points were very good.

[@ThailandBound]

That may be so, but you can’t say how many years away until the tax laws change, nobody can now. It could kick in next year, or the year after or who knows…so the point is still relevant.

[@thylacine1004]

They wont tax the pension from my understanding.

[@vannkopp286]

Land is what thais value. Buildings are just a placeholder. Land prices are often astronomical compared to the price of building materials. They will never let foreigners own land, but letting us buy small concrete apartments in buildings of poor workmanship and quality that can be torn down and replaced by even larger buildings after 30-50 years because of concrete cancer or general lack of maintanence? Sure.

[@BrunoHeggli-zp3nl]

Its mostly worthless anyway and getting worse every year!So let them hold their worthless Land!

[@geoleo2597]

I’ve watched some “construction “ workers on site pouring piers for a cottage development. The workers were all from Myanmar and had no training from what I could tell. There was a cement mixing truck but the concrete coming out was still dry and lumpy. Then they didn’t use the funnel instead they put it into a vat and used buckets to scoop it out and pour into the piers. I looked at a few of the 100s of dried piers. I could see the layers where the concrete was lumpy dry rocks in between. Each 30sm cottage had 6 piers holding it up about 2m above ground. It was so weak looking that a few strong men could have probably pushed the piers down. Mind you the piers did have rebar but the unmixed concrete layers didn’t inspire confidence. I can’t believe an inspector would approve of such a build. A 4-year old condo I rented had tile floors buckling and were crunchy underfoot. The front door frame had gaps that you could see right through into my bed (it was a studio). They did a poor job with the finish plaster. Thai construction standards are so poor that I don’t think the building will last very long. The maintenance fees will surely go up. Then if owners sell or don’t pay the maintenance funds are depleted and maintenance gets neglected. It’ll be a downward spiral. Are you sure you want to buy a condo?!

[@Jay...777]

And the laws of ownership can change any time, so a good deal now can become a bum deal later.

[@johncarr1710]

If a neighbour from hell moves in next door and starts to blast the stereo at all hours your in trouble. The laws here are not in your favour. New builds walls are not noise insulated to western standards either.

[@richardkatze636]

I arrived here 18 years ago. Over the years I’ve purchased 17 condos never have I regretted it. If you don’t have dough so be it. You can still rent in Chiang Mai for 3,000 a month with a hot plate a squat toilet and a shared bathroom. Maintenance fees are not the bottleneck the bottleneck is your inability to have vision

[@jimcraiggeezer]

Agreed

[@ThailandBound]

It's all about perspective.

[@guytolputt6140]

Declaring income and offsetting income tax on maintenance on 17 units must be quite challenging. We need an accountant just to manage my wife's business

[@Male666chauvinist]

Very good sir renting is the only way to go 🎉🎉🎉

[@slashsaussier]

Early this year i was on my way to Thailand with a stop in Qatar,i met two old Men from north europe, both retired, they was also going to Thailand, both of them was married to thai ladies, both of them did invest to build house in Thailand , in the name of their ex wifes ofc, and this trip they was going to meeet new futur wifes,both of them 😅, i just said goodluck

[@spencer2458]

I’d rather invest the money & use the dividends to pay rent…..diversification & flexibility

[@richardg8542]

100%!!!

[@jacksonj3082]

Having first come to BKK in late 80’s and a regular visitor since then and worked in BKK for 5 years in early 2000’s, I do agree it is better to rent than buy. But there are instances when buying a condo can be justified - 1) wish to have a permanent based and wish to accumulate better furniture like more comfortable bed, better kitchen appliances that better meet your needs than the cheap stuff provided by landlords, 2) have found a spacious condo that is well located (mine is only 50 meters from a MRT station, 3 bedroom 134 SQM), 3) maintenance fee is reasonable (I pay only THB 25 per SQM), and 4) reasonable price (I paid less than THB 40,000 per SQM when I purchased in early 2000). If I wish to move I would not take a loss.

[@RealSerie26]

You had me at reason #1, Peter. I don’t know of any other country on earth that has dual real estate pricing. It’s called interfering with free markets and price gouging. People buy 7m baht apartments to rent them out for 25,000 when it doesn’t make sense financially to rent them for less than 70,000/month and good luck getting that. But just like with the bar girl situation, idiots will still buy or get involved because “this time is different.” Thailand keeps building malls in an increasingly virtual era where you can find much better deals online (and avoid people) and new buildings even though the current occupancy rate is suuuper low. Something will eventually break. Great video!

[@genjimonogatari6156]

Absolutely the best information on the topic and it’s greatly appreciated!

[@ThailandBound]

Thanks! I'm glad you found it helpful.

[@ratnoinamaew7822]

Bottom line its too hard and most of all risky, I'd rather keep my property at home, rent it out and surplus funds invest in cash or stocks. Investing in Thailand is not favorable at all unless you have been there a long time and really know what you are doing. Rent is better also, imagine you bought a new condo and a 24/7 idiot Karaoke bar opens with noise all day and night!! Nothing you can do about it but if you rent, you can just move very easily.

[@ThailandBound]

You make some great points!

[@andersfant4997]

Your best argument is that one never know if or when they change the playing field.. 🇹🇭 has so much soft power that they can do pretty much what they want. Letting the currency run amok is another thing. Cheers🙂.

[@NR10je]

Thanks Peter, I really enjoy watching your videos from Thailand.

[@huggybear1]

Great video. I have aways thought point 9 is a major issue. I have seen loads of you tube videos on appartment blocks, they look wonderful when new, after a few years they look rundown. At last someone who tells the truth.

[@adityaraw7573]

Invest in High Yield Dividend paying stocks or ETFS in your respective countries and enjoy SE asia with no tension .Going forward we should be more concerned about tax planning also as tax rules are being changed pretty enthusiastically by governments these days .

[@dwpipe]

Quite a lot of good information in this video. I've noticed there are quite a few unoccupied units in the condo block where I live in Jomtien. Now I understand why ... I don't mind, though, as that keeps it quiet around here! 🙂 Personally, I'd prefer to buy a pool villa here in Thailand but as you point out, foreigners cannot own land. I think there are options to lease the land, and own the house/villa, but I think that's too complicated/risky. I think better for us expats to rent here.

[@ThailandBound]

You can lease the land and own the villa, but that comes with its own problems.

[@WW-to5rc]

Take your money, buy stocks, take the dividends and rent. It is a lot safer.

[@ccrider8483]

I have entertained the idea of purchasing a modest condo because I visit Thailand at least 2 times a year and it can be difficult to rent an apartment during high season. I have never bought because of many of the reasons you outlined so well. I would just add that the people selling real estate in Thailand are not well regulated and can be very unscrupulous, buyer be warned.

[@ThailandBound]

You’re right, there are a lot of shady developers out there.

[@michaelbond4239]

It true, a fool brings a Thai woman back to his homeland and brings his money to Thailand. The perfect storm, what could possibly go wrong?

[@jacksonj3082]

Peter - excellent vlog and topic, it certainly shows in the number of comments & views after your posting - you listed all good points to consider (well done). For me, I own my condo and I am happy with my purchase. I had previously worked & lived in Singapore, Jakarta, Bangkok, and other cities in SE Asia starting in the 90’s and was provided free condo accommodations in each location, also I was in the property industry for local property companies building condos, so I had an idea of the in’s & out’s of property investing. I knew I wanted to retire in Thailand so I purchased a completed high-rise condo unit in the early 2000’s - a larger 3-bedroom 2-bathroom penthouse unit at 134 SQM for less than THB 40,000 per SQM. The location is not “down the Soi” but rather it fronts the main road. I had used my unit as a vacation home and now live in the unit full time as a retiree. I do not intend to sell but rather will live in the unit until my dying days and will give the unit to my Thai wife. If I had rented my unit, I would have paid more then the purchase cost. Since buying my unit - 1) a new MTR station was built 50 meters from my unit, 2) newer condos have been build nearby at much higher price (at least THB 150,000 per SQM), and 3) a new shopping mall is being built next door. My maintenance cost has increased only 2 times and now is about THB 25 per SQM. And I had a law firm review the sale / purchase documents. The unit has 3 large windows / sliding glass doors that stretch floor-to-ceiling and wall-to-wall. Moreover, the rooms have traditional 90-degree corners that provides nil unusable space, as opposed to newer units with angular corners that do no enable easy furnishing. Though I am not in the trading game of selling & buying property, if I needed to sell and move to another location (in Thailand or outside), I am quite sure I would make a profit. Nowadays, units are getting smaller and smaller with newer properties having maintenance cost 3-4-5 times higher. I am not in the city center, but major schools & universities, shopping malls, and BTS / MRT stations are nearby with some within walking distance. Amenities are a “double edge sword” - the more elaborate the higher the maintenance fee will be charged. I often see YT’ers showing new properties with 5-star amenities but tiny units - sure it looks impressive to friends back home “look where I live”, but after a few months living in a tiny unit with no storage space or room to grow, it gets depressing. Moreover, the maintenance fee will be much higher to the owner. The points you raised are definitely SPOT ON for an “investor” who might be in the trading game. In my case, my unit is my home. And I lived in my complex as a renter for a short period, then decided to buy a unit as a long-term situation. I think I'm one of the lucky condo buyers.

[@kaichan6795]

Yeah thinking much the same buying property in Thailand is never about the financial reason. Also I am thinking about buying but already I know I need to keep it for many many years. For friends staying, girlfriend(s), mistress, myself, man shed, own office studio type space, any other reason except for making money. You might make a little bit from rent/appreciation, but it's not really a good investment, more a life style choice if you have cash to spare.

[@ThailandBound]

It's all about what you want out of it

[@paulrogers5691]

I have had 2 condos in Bangkok bought from off plan and sold them both after 6 or 7 years of ownership and both buyers were Thai,. Also, the new prices were the same for Thais also, I checked before buying. So, I got lucky then?

[@ThailandBound]

As I said in the upload I'm not telling anybody not to buy a property I'm just advising of things to look out for but they might not be aware of

[@paulrogers5691]

@@ThailandBound Yes I know you were, Wasn't having a pop. I am sure in some tourist areas there are many pitfalls. Maybe easier if you buy in the suburbs where there aren't as many scams.

[@michaelbond4239]

There are always exceptions to the norm; that does not make the exceptions, the norm. That is very obvious.

[@paulrogers5691]

@@michaelbond4239 and in your expert opinion the norm is?

[@mkaizen1756]

Thanks to these real state policy in THAILAND, foreigners and locals can pay a low rental cost, cause if THAI Government let speculators from OUTSIDE buy CONDOS easily the prices will be higher and inflation will come up together. รัฐบาลไทยจงเจริญ!!

[@theoracle6881]

@@mkaizen1756 Good point!

[@robertkoch5598]

Peter a truly interesting and comprehensive guide.Thank you as always.

[@ThailandBound]

My pleasure!

[@worf59]

Thai people's mentality is different to ours in Europe. I live in a gate community with my wife (she is owning the house). There are at least 3 houses in our direct neighbourhood which are empty for some years already. In Europe no one would do that. I personally would never buy, only rent.

[@kevinm-fr4wl]

A very well thought out video...subbed :)

[@ThailandBound]

Awesome, thank you!

[@joeandersen9038]

# 15. You get tired of the place, noisy or bad neighbours etc. You can move on quickly, with minor losses, when you rent.

[@mrbHanoi]

@@joeandersen9038 oversupply so rents will stay low. Need a 50% correction

[@tmoney6217]

Great video Peter as an American i was always taught to buy, but everything you said makes sense for Thailand . Best of all i know i can trust what you are telling me because of your experiences and honesty thanks again.

[@ThailandBound]

I’m glad you found it helpful.

[@UrbanCopUK]

Good video. I think that people just need to make an informed decision. Cons include: 1. Rent is reasonably cheap (at the moment) 2. Less flexibility to move elsewhere 3. Difficult to sell and may not make a profit, may sell for less than you paid Pros: 1. If bought outright you rent proof yourself for the future (rent increases every few years so you’ll be paying gradually more for rent over time. Also, if your currency depreciates against the baht over time, your rent will in effect cost you more of your income each month, add long term inflation and rent may not be as cheap in 10 years time compared to your income, as it seems now. 2. You can sell it (difficult) and get a lump sum back in the end (may not be the full amount you paid but you won’t have been paying rent for 10 years or more) 3. Some older well maintained established condo blocks provide quite a bit of space at fairly cheap purchase prices. 4. Can purchase with a rental agreement for 12 months to 3 years to recoup some of your purchase cost before moving in to it yourself 5. You have an asset that can be passed on, placed in trust to offspring etc Opinion: Purchasing may be worth while if you have the cash lump sum upfront and are sure you want to stay where you are long term (more than 10 years) and still have a reasonable monthly income or savings you can live on. Like life, it’s all a gamble… just don’t gamble more than you can afford to lose.

[@chrisstone4648]

Good points. Just thinking about it though, Thailand has historically been an unpredictable country politically. Its all sweetness and light right now for tourists and ex-pats but what if there’s a major revolution or coup, could they kick foreigners out? I realise that doesnt seem likely today but who knows 5 years from now.

[@Sukitb1987]

As a Thai condo owner, been there, done that. Poor yields for owner. It is a renter's market. Rent only.

[@cjfrey123]

Sure, it's cheap to rent now in Thailand. It used to be cheap to rent in places like New York and San Francisco. Buying gives you protection against long term rent increases if nothing else. Add to the mix exchange rate risk: what happens if or when the pound, dollar, Euro, depreciates significantly against the Thai Baht? Look what's happened to the Japanese Yen over the past 15 years. It's not so far fetched. If you're retiring now you may be living in Thailand for the next 15-25 years or more. Do you really want to expose yourself to these long term risks on a fixed income? You bring up some very good points to consider and every buyer should do their due diligence. And we can infer some advice in buying, such as buy a used condo, if possible one where someone died in it so you can get it dirt cheap! (Just be sure to invite a monk over to do the blessing - lol).

[@ThailandBound]

It’s all about weighing the risks and benefits.

[@VidNibs]

The two-tier pricing system is outrageous. To enter Khao Yai National Park, locals pay 40 THB, while foreigners are charged 400 THB-ten times the price. It’s beyond unfair; ‘ripoff’ doesn’t even begin to cover it.

[@ThailandBound]

I agree, it's definitely a big issue.

[@ulrichkristensen4087]

@@VidNibs 400 Bath, imagine that wauw 🙄

[@JavierLopez-jm7nd]

You looking very slim and healthier Peter 👍👏 I think your home cooking meals are doing great on yourself. Very interesting and informative Topic. Cheers Mate 👍🙏👏

[@ThailandBound]

Thanks! I'm feeling good these days.

[@lynettefinnigan9540]

When you think on it, We (all other countries) should be doing the same thing!! In Australia, our house prices go up and up, most Australians cant afford it, and the land and houses are all being bought by overseas investors. Not only that, our government has sold off our Gas, Electricity, Water, etc...to foreign investors and our bills have skyrocketed....

[@Steven-t9s]

Same in England too.

[@bahramazarafza9117]

hi Peter i did buy a condo in jomtien beach 15 years ago and so far i got back 30 percent of my money by not paying rent after deducting managements fees , one thing i have been told i had to bring money as currency not Thai bath and keep the exchange paper in order to be able to return money back to your country after selling your condo. cheers

[@evansmusic2009]

I bought a 60m2 condo near the beach in Jomtien for just over 1.5mil baht...maintenance is around 1200/month...other similar size properties in the building are listed at 2.3mil+ - maintenance is generally good... I still live in Aus and stay/work from there 3+ times a year for 1-2 months at a time... I figured for the price I could sell for the same or more, but I have a place set up as my own home and office with all my own stuff and only need a small backpack for travel inbetween... If wanting to biy property new, or fix up and flip its a bad idea, but an older place to make your own and use as storage, its cheap enough if you do the research..

[@ThailandBound]

As I said in the upload I'm not advising people not to buy I'm simply letting people be aware of the rules

[@davidgoodliff4486]

I read on another You Tube channel how a guy made buying work. He pointed out that renting is "dead money" which it is, so he put down something like £10,000 deposit (400,000 baht approx) then just paid what he would have in rent (about 25,000 baht a month) with a view to having paid the whole thing in 6 or 7 years. All he could really lose was that first £10,000 because he'd never see the rent money again anyway. The maintenance charges are a caution and as you say it paralyses your choices of moving.

[@369dabbler]

Excellent

[@ThailandBound]

In the west I would agree with that but not in Thailand

[@paulshay4854]

Treatment of expatriates remind me of South Africa during apartheid But they demand equal treatment when they are residents of western countries

[@Nigel-ef2ft]

@@paulshay4854 I actually admire the Thais for putting Thai people first, even though it can be annoying. However, they do shoot themselves in the foot by having all these racist property laws. It means property prices stay low, and have no real value to anyone who is not Thai.

[@Joseph-wu6kd]

its worse in Bali. Australians are building everywhere. Property is expensive in Australia- the developers use this as a base price. Buyers go into multi unit complexes at ver high prices, but less than Australia. They regard it a cheap. No money is paid into the mainteance funds- who administers it anyway? 5 years later the common areas are falling apart from neglect.

[@Lindsaybkk]

Australian living in Bangkok 20 years bought here PhayaThai 2004 ฿2.2m (auction) repossession 200k was unpaid rates. Current rates ฿3300 / month. Just completed renovation (industrial style) all ceiling out and built-ins removed. 1 condo in building same size currently selling 6.5m looks same as day I moved in 2004. Look for older buildings, mine 1992.

[@ThailandBound]

As I pointed out in the upload, modern buildings are not as well built as the older buildings.

[@Lindsaybkk]

@ThailandBound yes I'm lucky in that respect. Management yesterday (only 1 lady btw who's been manager beginning of my ownership) detailed documentation of increase in rates ฿1200/month for the next 60 months to pay for upgrades. 2nd upgrade in building since living here. Security gates, lifts maintenance/ upgrade, painting, car park etc. Older buildings do need work but I wake up with alot of concrete around me and on the plus side sound proofing is excellent plus I have a marble floor that didn't need replacing and will last a long time.

[@RobinMcguigan]

Renting is easier, I do it in China. Flexible to change location and elevate your experience. We owned in China, didn't make any profit in a saturated market but wasn't a negative experience. Good luck 🤞

[@ThailandBound]

Thanks for sharing!

[@Gmac6691]

all very true good points you’ve made .Renting is better for Farangs for all the reasons outlined here.

[@senianns9522]

Rent everything here in Thailand. You can 'walk away' far easier when the time comes!

[@ThailandBound]

It's the best decision for most foreigners.

[@petertosh4748]

Rent...if things go south, just move out...

[@markmk44]

Spot on ….also Be aware that the new condos are badly built - a Japanese friend said that no Japanese will ever buy the new Thai condos because the local Developers construction is compromised in several foundational areas… This will also explain that condos are defective n become dilapidated very fast… Worse unless you have middle class Thai who actually stay in the condo, the maintenance will be very bad because the Thai investors do not want or refuse to contribute to maintenance fees.

[@davids736]

Great advice. I've spent many years in Thailand. If you're super rich and can afford to just drop a few million without worrying about it, go for it. Otherwise, just rent. Peter's last point was the one for me. You can just up and leave and have a change of scenery so easily. The last condo I rented, from viewing it to moving in took 2 hours!! No credit checks, no bullshit like that, just pay your deposit and month in advance and you're in!! 👍😊

[@Scotty2hotty-xc6gi]

Same as a Thai lady why buy one when you can rent one much less maintenance cost😂😂😂😂😂😂

[@zenisfun]

Very true. Many people think too highly of Thailand in term of the politeness of the people when they only go for a holiday of around 10 days. I have friends who have worked in Thailand for more than 10 years and they can tell u otherwise. Even my Thai colleagues( very close ones) said that don’t just see the surface.

[@nickelroof6727]

I spend 3 months in Hu Hin every year and rent all the time 1 month at a time. I wouldn't dream of purchasing in Thailand. Even if I had a Thai wife, I still wouldn't as everything's in her name and if she decided, she could tell you to leave and you don't have a let to stand on.

[@Jimbo-in-Thailand]

👍👍 I've been living here for 20 years and this is excellent advice! Thailand is lovely in so many ways ...but... it is definitely a double edged sword. Probably the only thing worse than buying a condo here is buying/building a house in your gf/wife's name, since we can't own property in our own name. Of all the many many expats I've known for 2 decades who did that, I can only count a few who didn't lose their life savings/investments on such folly. Sad, but it is what it is. I have indeed considered buying a condo in the past, but never bit the bullet.

[@ThailandBound]

You make some good points! It's not always easy.

[@BarryAnderson]

YES @Jimbo-in-Thailand we expats must be careful and I will not say to much for my own experience but I lost my shirt with a condo purchase and even won my case in a Thai Court for financial damages to me . Well guess what . The Thai Law is a joke and so week and all the court can do is send the criminals to jail only . Your money is lost for ever so the Thai Law is 9 10ths of the LAW is possession so hold on to it and I am talking about your money . Married a few years after this terrible experience to a Thai National wonderful family and woman from E-SAN and yes I invested again but differently and I am so Happy that I did . We are married now for 30 plus years together .

[@williamstanwick3167]

Just to top this Up. Had three properties in Pattaya,2/apartments 1 House,lost money,also spent too much money doing alterations,and all the agrow that goes with it,seriously. Wish I'd have rented,in hindsight now.🙄

[@USARAY1947]

While newer condo developments usually offer a wealth of communal amenities (pools gyms, recreation rooms, etc.) more than older developments, the individual living units in the newer developments are usually much smaller in square metres than in older developments. A studio can be as small as 25sq,mts. and one bedroom 37sq.mts. One has to decide which is more important; many, varied communal facilities or an older, larger personal living space of similar price. A major consideration when purchasing and older condo is whether the building's maintenance has been done. Thais generally lean towards repair rather than money-saving preventive maintenance.

[@rayjames9835]

Absolutely correct mate! 🙏🦘

[@ThailandBound]

Cheers 👍

[@Dougbell223]

Don't simply retire from something; have something to retire to. Start saving, keep saving, and stick to investment.

[@oceanearth2243]

My condos are doing just fine; 5-6% yields year in year out. They don’t appreciate much but just buy in a proven building and the place should rent out just fine

[@alblack9869]

You are not getting any capital growth! Might as well buy in the UK and live on the rent income in Thailand! Does not make any sense to buy in Thailand at all!

[@philm7213]

That's dreadful as investments go.

[@Richierichtravels]

Personally if you’re going to live In Thailand for more than 10 years it would make sense to buy a condo, what you end up paying in rent for 10 years would have paid for the condo. Condos are relatively cheap to buy in Thailand

[@ThailandBound]

The problem is not everybody can predict how long they will stay here due to illness Etc

[@smcyfs9477]

@Richierichtravels That's if you want to stay in one area for 10 years, and goodluck trying to sell it after ten years. I know a falang bought for 5 million, sold for 3 million, and another bought for 2.8 , 3 years offered 1.8. So doing the sums, you're better off renting.

[@thomasclementz8149]

Buying anything you can't really own is a scam, final point!

[@thomasclementz8149]

I'm French and live in Brazil. As a foreigner, I can own land and properties anywhere I want in Latin America. Only maschists buy anything in ASEAN!

[@michaelbond4239]

@@Richierichtravels foolishness, why anchor yourself to 3rd world accomodation. Invest your money in the west where it’s secure.

[@Gary_and_Linda]

Sounds like great advice. 🙏

[@ThailandBound]

I'm glad you found it helpful!

[@markholland6657]

shouldn't personally buy property in any country you don't have full residential rights and/or citizenship... just opening yourself up for headache!!!

[@paulnova7536]

Peter i bought a condo 15 years ago in North pattaya. Still as happy here all these years later. I paid roughly £60k ... Its not all doom n gloom.

[@ThailandBound]

I never said it was all doom and gloom I was just making people aware of how things work in Thailand

[@paulnova7536]

@ThailandBound Chill out brother i was just adding a bit of content to your channel.

[@BrunoHeggli-zp3nl]

Its all gloom and doom!

[@palmtreesandpaychecks]

Paul, may i ask what are your annual holding costs (maintenance and condo dues) ? not including utilities of course. Im weighing up buying vs renting options.

[@paulnova7536]

@palmtreesandpaychecks Hello matey. Maintanance fees is 16.000 Baht a year. With that we have 24 hour security 2 x swimming pools one jacuzzi a gym and table tennis. Ample parking there is nothing to complain about. My electric and water bills per month combine 800 to 1000 baht. I purchased my condo at age 44 so its been a fantastic deal. I say to anyone thinking of buying here it all depends on your age. I hope that helps you mate anymore questions please ask.

[@khaluha9235]

The Thai government knows what it’s doing. The policies and the rapidity of new construction significantly reduces the risk of foreigners gentrifying Thailand.

[@steampunk888]

There is zero risk of gentrification in Thailand. Condo ownership by retired working class blokes is not gentrification.

[@9tarko]

great mind opener Peter . I was gonna buy a condo at 3 mil baht at Pattaya but decided to go for rent after this video thanks.

[@ThailandBound]

Good decision, rent is definitely the way to go.

[@Birdieinthesky100]

@@9tarko Just out of curiosity, do you know how much the property taxes, and maintenance fees are for the condo? With that information and the rental fees you are paying I could do an analysis on the investment and share that with everyone here

[@ThailandBound]

No because I'm never inquired about buying

[@michaelpasquale3467]

I bought a condo in Bangkok. it cost me 340,000 USD , I was lucky now worth about 700,000 owned it for 12 years about. I own a real estate company in Bangkok as well. I advise foreigners who want to buy a condo its a good idea for lifestyle BUT not as an investment. That is to say if you want live in Bangkok its a great idea. If you think you can buy and make money on sales later you wont, but most likely you wont lose money. What you say may be true in the countryside. Phuket or what ever, but all that talk about Thai culture does not apply to sophisticated city dwellers. The problem with many Thai "agents ' is they just want to sell you a condo for commission. Our agency is solid and up to US standards. We have been around for over 16 years. We are not free lance. Older units if you have the right one its so much larger than the ones they are putting up now. However a lot of you say is spot on. Yet you do not know the right contractors , can be a problem. Yet again I t seems most of what you say applies outside of Bangkok. About web sites, yes its impossible in Bangkok to keep track of all the properties and there is NO real estate board or license for agents. No property listing service. You have to find one company you can trust.

[@ThailandBound]

Thanks for sharing your experience! My video was really just to highlight that the rules and culture around property can be quite different in Thailand compared to other places. I wanted to give people a heads-up so they know what to expect. It’s true that Bangkok has its own dynamics, and things can be smoother if you have the right connections, like a trustworthy agency. But for those not familiar with the market or culture, it helps to understand the potential differences before diving in.

[@stormmcmadden9621]

💯 if you want a buy then be absolutely certain that you want to be there forever, otherwise you are making a huge mistake.

[@senianns9522]

I believe the build quality and standards were better years ago? Condo's I've seen recently have been 'thrown together' quite cheaply! They look good to the unwise.

[@ThailandBound]

Yes, the quality has changed, but it’s about the price you’re paying too.

[@annecy49]

Not just in Thailand, in Western countries as well, Canada for example.

[@tonyfromitaly2761]

Very useful video! Many of those things you mentioned I didn't considered.. Thanks a lot. Tony

[@ThailandBound]

Glad it was helpful!

[@daundertaker3980]

Well done Excellent video you have given me much to think about. Thank you. Personally l believe it’s much easier to rent, because you’re not stuck in the one place. You can always get into a newer better condo.

[@ThailandBound]

You're right, renting definitely gives you more flexibility.

[@douglasyong6939]

Its always nice to live in your own apartment, hence risk tolerance must be taken into consideration

[@kulturalvibezteam7859]

Amazing information. I have a condo that I’m renting in Rama 9, same I paid 20,000. I ran from the Thai person before I rent from a Chinese and it was much more expensive but I’ve been in Thailand for a few years and I do not like it anymore so it’s true you talking I’m thinking about Indonesia. Bali is really nice. People are amazing, keep up the good videos. Thank you.

[@ThailandBound]

Glad to hear you're getting out of the condo rental trap.

[@ChinoTrupalla]

smart people rent and invest in the financial market.

[@JR590]

One aspect you forgot is one of the positive side for eg: if you own a condo in Bangkok is that you can store some of your clothes which in Thailand could be summer light and some toileteries and when you travel, you just take a hand bag of 7-10 kg paying less on your fare! It applies also when you take domestic flights in Thailand spend 6 months there every year it is what i usually do

[@ThailandBound]

That's a hell of a lot of money to Fork out just to use for storage

[@thylacine1004]

@@ThailandBound lol

[@alblack9869]

...and you will save a few hundreds of dollars on luggage fees but spend at least $100,000 for a half-decent condo!

[@justinj2954]

@@ThailandBound a neighbour/ friend of mine in my building bought a condo as a base in Pattaya, visits twice a year and takes side trips around SE Asia when he is here. Uses his condo effectively as storage. Never rents it out.

[@solitaire481]

But Peter, your paying 6500 pounds a year plus annual fee, thats one year so these costs are notne returnable, its gone. If you intend to stay in TL in a nice location it makes perfect sense to buy.

[@ThailandBound]

Okay understand but let me give you one of many scenarios, you meet a Thai girl you date her she comes to your apartment several times and you think you're in love with her it turns out she becomes a psycho who threatens to knife you when you're asleep if you look at another girl... in that scenario would you rather just pack your bags and leave and move or spend the next two to three years trying to sell your apartment having her banging your door every night and causing problems?

[@Dutchy695]

@@ThailandBound Soooo true and made me laugh!

[@Searat7]

Very good video…I have rented condos in Silom since 2004 and am glad I did not buy…especially during COVID when I was away for 2 years. One point though- while the tax on worldwide income is still up in the air, income brought into Thailand this year may be taxable unless it was already in cash accounts as of 12/31/23. This change was announced a year ago so buyers bringing in money from abroad need to look at their possible tax exposure closely before a large remittance to buy condo is sent to Thailand.

[@thebugacademy]

i absolutely agree renting is by far the best option, yes i agree it's a great thing to own your own property, but in truth if you want to sell it could take ages to actually sell it, i know a guy he went for the buy option, 10 years on he had a medical condithion that has kept him away from thailand, his apartment has been on sale for well over 8 years, and still not sold, this makes renting a no brainer, even i thought of buying still do now and then but research has proved to me it's not really worth it, i found he's not the only one stuck with an apartment with no takers,

[@scottprice4813]

Maintenance fees are usually trivial compared to western quality real estate . The problem is Thai condos are built with what is effectively slave labor from Burma. The maintenance fees often don’t get paid by Thai owners . Construction quality is poor under the shiny surface . Try and sell once you buy- good luck .

[@kimg9739]

I am reading about Thailand's losing popularity due to greed and inflation and also the new tax. Seems Laos Vietnam Cambodia columbia Cartagena and Georgia free 1 year visa are becoming more and more popular so be aware that buying here now may not be a good time especially in the affluent areas where greed and inflation have gone crazy property rental going up from 15k per month to 30 even 40k a month, drinks and food prices jumping up beyond reason and transport costs going crazy are some of the reasons so many people I know have now left Thailand and especially this new taxation that no one quite understands and amounts to extortion when you have to pay 35 percent on 2 million baht up is daylight robbery since 2 million baht is nothing in today's money and owning more than one property here means higher tax on the second property if I am correct in what I am reading on massive financial companies websites be wary where you buy here. Expats are fed up with the fake smiles and greed of some people and certain countries cleaning black money here and pushing up inflation as long as it's allowed will further destroy tourism here I believe. So sad so so sad😢

[@Steventravels485]

Some good points but I own 11 condos in Thailand and I make good money from the 9 I lease out bought my first in 2013

[@ThailandBound]

As I said in the upload I'm not telling people not to buy them I'm just letting people be aware that things are not always the same as they are in their own country

[@RealSerie26]

Yeah, some bar girls really are different. Does that mean everyone should marry one? There was no bubble when you started buying in 2013. I will be curious to know what the laws were back then, e.g. dual pricing. Lastly, define “good money.” How much did you pay and what do you rent them for? I own rental properties in the USA.

[@joyousroamer9167]

Great video Peter. Renting is the way to go and location is important.

[@ThailandBound]

You can rent long term for a good price in a prime location.

[@alexrichards24]

Thank you for sharing this information - I had absolutely no idea about any of these things with regards to real estate. Now that I know, I am absolutely not going to buy a property in Thailand. In addition, the prices of the things that I like to spend my money on has absolutely gone through the roof. The appeal of Thailand is disappearing.

[@RJ-yn3nu]

All very good and accurate points. I bought 20 years ago, and I still own it, but for those that are from australia, it's worth the about the same as 20 years ago. The points about Thais buying new, and the continued building of condos is a real issue depressing inflation.

[@ThailandBound]

You got lucky! You were in before the market changed dramatically.

[@clarencefields7625]

If you in a long lasting relationship and you got a good partner.If you are married you should consider buying property in thailand because if you die, your significant other will have something instead of having nothing

[@ThailandBound]

You could leave the money in a bank account and draw up a legal will then register it with the government if you should pass away your wife or whoever you want would get the funds in your account

[@jimmy999-z2j]

This is the best advice on the internet for sure - free too 😊

[@edubnorcal4671]

All great points. I especially agree with your last one, number 14. Rent is very cheap. Buying property really is not an investment in Thailand. I come from California where properties go up 10-30% a year. That simply does not happen in Thailand. Originally I was set on purchasing a condo, but after a lot of research decided renting was by far the best path forward. And as you mentioned the freedom it affords is a huge benefit. I will most likely move around the country and live in different areas with no anchors holding me to a specific location due to owning property.

[@ThailandBound]

I think you've made the right choice, renting makes life so much easier

[@John54]

Basically just rent...its usually cheaper than the maintenance fees etc...i have been in thailand recently and have owned a business there before covid...best just rent, i have heard too many stories of ppl losing heaps on resales after stressing for a year trying to off load a decent condo...😊

[@ThailandBound]

It's definitely a safer bet to rent.

[@pandemicoftheunvaccinated5367]

My understanding is has it;you don't own the condo-the govt has a 51% stake in the property.

[@ThailandBound]

I haven't heard of that before

[@pandemicoftheunvaccinated5367]

@ThailandBound Foreigners can only own up to 49% of a condominium building, while the remaining 51% must be owned by a Thai national.