Author Topic: Selling a House (discussion)  (Read 2605 times)

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Offline Not A Buffalo

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Selling a House (discussion)
« on: January 15, 2016, 01:18:13 PM »
Roger, Hi
 
Would you pen a few words about why it is not easy to sell a house in Thailand?   I would sure be interested to hear anything you can divulge...  Thanx kindly in advance. - N.A.B

Offline Roger

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Re: Selling a House (discussion)
« Reply #1 on: January 15, 2016, 04:24:21 PM »
Hello Buffy.
Just my opinion but I would offer the following thoughts.
Land is extremely plentiful and often cheap and in family ownership so a Thai who wants to have a home finds it easy to build one. Also IMO Thais tend not to move around as often as we do certainly in the UK.
A Thai who wants to spend upwards of B3 million could build a very nice house indeed rather than buy one ex-falang.
That said I know that 'Usabai' type developments have many many Thais living there.
We don't seem to have the same 'Estate Agency' culture in Thailand so it is hard to market the property.
I've been trying to sell my house circa B6 million just outside the city, 4 bed/bath, 2 rai on a large private resort, for 2 years now.
Century 21 have had my house for 3 months and I have also advertised it with 'Rightmove' overseas on the internet, thousands of hits but NO enquiries.
So in short my advice to anyone would be buy not rent, at least for the first 10 years but I know that it's nice to be in your own property.
Would welcome your thoughts and ideas.
ATB

Offline Not A Buffalo

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Re: Selling a House (discussion)
« Reply #2 on: January 15, 2016, 06:08:27 PM »
Hi Roger,

Appreciate you sharing your expereince...   I'm at the other end of the scale.... just bought ( @ U-Sabai ) after taking a slow 7 x year introduction to Thailand.
 
I hear about houses selling withhin U-Sabai villages, but have no knowledge yet of how easy it is to sell within the Korat Thai housing market....
   
Rgds N.A.B

Offline Baby Farts

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Re: Selling a House (discussion)
« Reply #3 on: January 15, 2016, 06:17:46 PM »
It also depends where the land and house are located.  Land is actually scarce in the city but cheaper out of town as Roger stated. In fact, prices are ridiculous in town. Some folks are asking 20,000+ for ONE talangwa (spelling?)

Another factor is that many Thais cannot afford a home.  Roger has a beautiful home and I'm certain every baht he's asking for it. 

*Roger, I think with a home like yours the prospect buyers would be a foreigner or middle-upper class Thai.  Your house is gorgeous!

Offline Aussie

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Re: Selling a House (discussion)
« Reply #4 on: January 16, 2016, 07:34:20 AM »
Thailand's largest Real Estate agent is DDproperty.com, they are very good.
There are many factors relating to the sale of houses, in particular, Farang style houses.  The first factor is that many of these houses are built in rural villages, where the wife comes from. If there is a breakup one has to find a buyer with a Thai wife who feels comfortable living in a strange village.  The closer to the centre of town the easier it is to sell ones property. Secondly, most Farang houses are built superior to Thai construction therefore at more cost.  The higher cost factor precludes many Thais from buying.
Before you criticise someone, you should walk a mile in their shoes. That way, when you criticise them, you’re a mile away and have their shoes

Offline Roger

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Re: Selling a House (discussion)
« Reply #5 on: January 16, 2016, 08:22:53 AM »
Aussie. I put my property with DD over 2 years ago and they have only just contacted me to update and they have not generated any leads in those years.
They may be very good dealing with Hua Hin estates etc. but otherwise I don't rate them highly.
I agree very much with your comments - important points.
BF. Thanks for the kind words. Yes land is much more expensive in the City but it is quite expensive on the quiet Korat Resort too. I agree that it is likely to be a falang that buys mine it if that ever happens !
Anyone interested can see the house on rightmoveoverseas.com - mine IS the only house for sale in Korat among the 1400 odd featured.
GLA


Offline Roger

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Re: Selling a House (discussion)
« Reply #6 on: January 17, 2016, 07:08:11 AM »
Buffy, I think your Usabai property should be a lot easier to sell than for example, my own place, (that is if you should ever wish to move).
At the other end of the scale, a friend was telling me of a 3bed / 3bath house, 5 years old, no chanot, on temporal land, for sale at just B300,000, (Not Korat).
It's a minefield that's for sure.

Offline thaiga

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Re: Selling a House or buying (discussion)
« Reply #7 on: January 17, 2016, 07:14:36 PM »
Some advice and judgement for those that are thinking of buying and Where to live in Thailand? from Thailand Retirement

Where to live in Thailand?
Anyone who goes to a psychiatrist should have his head examined.

Offline Baby Farts

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Re: Selling a House (discussion)
« Reply #8 on: January 17, 2016, 07:27:30 PM »
Where to live isn't the issue.  The real issue is can you support yourself and your spouse's entire family.  Many people come here thinking it's easy and cheap to live here.  Veterans who have lived here a long time know that isn't true.  Some things are cheap, but unless you have a huge nest egg, rich parents, a solid retirement, etc., then Thailand will eat you and your money up very quickly.

Offline thaiga

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Re: Selling a House (discussion)
« Reply #9 on: January 17, 2016, 11:56:01 PM »
Where to live is the issue (as in living right on top of the family) :-[

IMO if anyone can't afford to support themself then they shouldn't be here let alone married. I find it is cheap to live here a lot cheaper than the uk. As for supporting the spouses family. We had all that crap twelve years ago, what ever i give wasn't enough. that's why we have our second home. I wasn't going to play the 40 degrees game forever.

You don't need a huge nest egg, but need to be careful. We've more or less lived very well off our dog beer, since i've been here.

Whoops now i've pressed the wrong button!  ;) 
Anyone who goes to a psychiatrist should have his head examined.

Offline Baby Farts

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Re: Selling a House (discussion)
« Reply #10 on: January 18, 2016, 07:50:51 AM »
True, Thaiga.  That is a good point.  Many people have said to get as far away from the parents as possible, especially the mother.  Someone once told me the bes Thai to marry is one who is an orphan.

Offline Roger

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Re: Selling a House (discussion)
« Reply #11 on: January 18, 2016, 08:51:41 AM »
Thaiga/BF. Most of us have the funds to look after ourselves and our 'own' OK but as BF says the pressure is often on to look after the wider not just the immediate family. There lies the rub !
Another important rule to follow IMO, in the early days lay down the boundaries of what you will do - say look after the wife and any of her children of course, but maybe no more. Living in the 'family' village makes that both more difficult and important. Boundaries needed ! And the boundaries need to be established in those early days when 'one' might not be thinking straight. . . .
Along with renting a property to start with, getting a usufruct etc. these are essential points to help with achieving a smooth existence in Thailand. AIMVHO

Offline thaiga

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Re: Selling a House (discussion)
« Reply #12 on: January 18, 2016, 12:17:07 PM »
Yes B/F - Marry an orphan girl  - There *is* something in that!

Yes roger - it really is important to get it right from the start  - good post applauded

There's a piece here written by stickmanweekly. A bit off track but .....

The 10 Biggest Mistakes Western Guys Make With Thai Women

Perhaps I ought to add that two of the guys I know who have genuinely happy and successful relationships as best I can see married orphans.  There *is* something in that!

There's no reason why you can't have a fabulous relationship with a Thai woman.  Take the time to choose the right one, take the time to get to know her and don't accept anything that you would not be prepared to accept in the West.  A Thai woman can make a fabulous life partner but if you choose badly, she can end up a real nightmare
Anyone who goes to a psychiatrist should have his head examined.

Offline thaiga

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Re: Selling a House (discussion)
« Reply #13 on: January 18, 2016, 05:30:07 PM »
The story of a thai teakhouse

Here's an old clip from way back from Jack Swelters,  In Thailand a Man Needs Three Things, and one is a home, this guys voice is so easy to listen to. Once again a bit off track. But .....

In Thailand a Man Needs Three Things
Anyone who goes to a psychiatrist should have his head examined.

Offline Baby Farts

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Re: Selling a House (discussion)
« Reply #14 on: January 18, 2016, 06:46:10 PM »
Awesome video, Thaiga!  I loved every minute of it!

Offline thaiga

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Re: Selling a House or buying (discussion)
« Reply #15 on: January 18, 2016, 09:41:22 PM »
Glad you enjoyed it B/F - he's an interesting guy that's for sure - Some fine words below the video clip (2014) from Jack Swelters

                                                 Land for sale next to Jim Thompson Farm

Land for sale next to Jim Thompson Farm


Jack Swelters 1 year ago (edited)

Several correspondents have raised the question of losing control of ownership of property to the disadvantage of one's self or perhaps one's heirs. I will say that this is a serious issue for some foreigners who have lost their life savings and security as a result of overcommitment to a romantic relationship that becomes a campaign by the Thai partner to strip the naive foreigner of all that he has while maintaining a fraudulent pretense of affection.

Many such relationships begin with the kind of foolish and egotistical delusions that we men are susceptible to, leading often to painful and expensive disillusionment, whether in Thailand or anywhere else. It has long been the tradition in Thailand that women wage an untiring campaign to gain control of all the money in the family, claiming that men are incompetent in this regard.

This is a matter of culture and might be a very reasonable in the village where men often hand over the income to their wives and are then put on a strict allowance. Savvy foreign partners will draw a line at this kind of demand and never leave money loosely in joint accounts. This in my experience is true anywhere; when I was a kid in America in the 1940s women of my mother's generation used to joke about cheating on their husband's budgetary allocations and I can assure you that any woman from a Thai village is going to consider this completely normal.

In regard to property title, there are several ways to to protect the property financed by the foreign partner against a common danger, that is the wife, holding title, putting up the property as security on a loan for her benefit, usually secretly and often to cover gambling debts. Usufructs are one method to prevent this. In the case of the property shown in this video my wife and I set up a jointly owned and controlled company that holds title to the property and makes it impossible for either party to sell the property or use the title deed as collateral.

As for heirs, I realize that many westerners have deep beliefs about passing assets on to their children but others do not feel such an obligation or believe that much good comes of cash bequests. I am of the second view. On the other hand my wife has made, over the years, an extraordinary effort to reinvest the part of my retirement savings that I have been willing to put up in development  of a successful real estate business with the result that we have more assets now than fifteen years ago when we married. 

It seems fair that a certain portion representing my investment should be shared with my kids back in the US who have always had a mutually affectionate relationship with my wife. Ideally this would be by their all working together in some common enterprise perhaps in Thailand where returns are much better than in the US. A crucial factor in all this is that her family members, who are hardworking farmers and proud of it, have never made the slightest demand on her or me for money. On the contrary they have been willing to invest themselves in my wife's business in Bangkok.

In summary: choose the right woman and the right family.
Anyone who goes to a psychiatrist should have his head examined.

Offline Roger

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Re: Selling a House (discussion)
« Reply #16 on: January 19, 2016, 06:24:39 AM »
Yes Thaiga. Fine words indeed. Particularly paras 3 and 4 about culture and title to the land.
Mr Swelters is a very interesting Guy. Thanks.

Offline thaiga

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Re: Selling a House or buying (discussion)
« Reply #17 on: January 19, 2016, 06:42:19 PM »
Give some thought to the future

I'm sure some never give it a thought like myself, when they moved to thailand, as to one day they might have to sell the home they had built, for some reason or other.

There's one thing you must not forget if your buying or building a house, Does it have any resale potential. Without any resale potential, the less chance you,ll have to sell it, should the situation arise and you want out.

So if it's a multimillion baht property stuck in the middle of the back end of nowhere, I would imagine there would be lesser buyers in that market range for the area.

Then there's the tax on selling properties. Many people that have invested in property in Thailand are often unaware of the tax liabilities on selling the property.

If you have a cool 40 mill to spare, You can purchase up to 1 Rai of land in your very own name, says
globalpropertyguide

Foreigners can also invest at least THB40 million (US$1,142,857) in a Board of Investment approved project. They will then be allowed to purchase up to 1 Rai (1,600 square meters) of land.

Anyone who goes to a psychiatrist should have his head examined.

 



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