Buying a house in Bangkok

[RostyV]

OK, I'm not sure if this was asked before or not, if it has, if someone could refer me to that post, I would appreciate it.

Now, I'm looking into buying a house in Bangkok. I know all the reasons to buy a condo, but that's not what I want. And also I have a St. Bernard that I'm sure will create problems with the condo association. So, that said, does anyone have information about how I can finance my purchase. I have a company that's owned 51% by Thai nationals and I'm the only signer, so owning the title inthe company name is possible. My question is about financing as I don't want to go in all cash. So, if anyone has any information that would help me, please let me know.

Rosty

[711_Dimsum]

Well, Im no expert.

But unless your a Thai national, I dont beleive you can own any land.It could be put in your Thai wife's name, but it would never be yours.Condos are going to be a close as you can get to having something of your own.

But others will fill you in much better then I.I know there are some loopholes, but I beleive you have to have pretty deep pockets.

[English_George]

Your Thai partners of your company should be able to help you buying a house. The system is the same, you cannot own more than 49% of the land, but you would know that as you are already a business man in Thailand. I would like to have my own business in Thailand and a St. Bernard dog too. I need to find some trustworthy bargirls to completely rinse me of my future earnings and security.

with all due respect

[711_Dimsum]

So Im correct? u still cant own a house..only a condo...chai mai?

[RostyV]

For all the information (except for the search of a bargirl) lol I've had the company for over a year now, so they can investigate all they want, it was not created for the purpose of buying land, but rather to run my business. Now does anyone have any experience with financing the land purchase?

R.

[Yen]

Ive been a shareholderr in my hubby's main company for a long time now, but he also has other companies who own "thai" shares in the company so actually he has a lot more than 51%. also he has voting shares and mine are non voting, so what i do dosent matter. Bassically the company ownes all our land (21 Rai) and both our houses. Everything he has done is 100% legal because he does not use Nominee shareholders, however he effectivly has total control.

So I still have to be nice to him.

[RostyV]

Maybe then my girlfriend would have to be nice to me too. Oh wait, she has her own condo, so maybe not. :shock:

Did your husband finance any of these purchases, or did he buy everything cash?

R.

[BKK4000]

RV - you need to be careful. Under the new announcements from the Department of Lands and the Ministry of Commerce, any company in which the shareholding of the company exceeds 40% the company will be investigated to ensure that no "nominee" structure is being used.

The issue of financing depends largely on how long the company has been operating,it capitalisation and profits and the amount you wish to borrow. Contrary to the advice given here, as a Thai company you should be able to get financing from most banks in Thailand. HSBC certainly does. However, the amount would be the issue and most financing of this nature is done over a fairly short period - 5 to 10 years (as opposed to a mortgage, which can be for as long as 30 years). Also, the amount of your down-payment would be important.

At the moment, however, you have the major problem that you appear to have no Thai directors and a heavy foreign shareholding. This problem would be compoundd further if you have a preference share structure.

[pdiddy]

I would be very careful with whatever decision you make.

I have heard form many people that it can be impossible to sell a house that was owned by a farang- partly because Thais don't like second hand houses, and partly because god knows why.

Do you think that a RICHHHH foreigner will get a good deal on a house? Do you think you understand the local real estate market? Is your house 'guaranteed' to appreciate in value as it would in the west?

Good luck, man.

[pdiddy]

I would be very careful with whatever decision you make.

I have heard form many people that it can be impossible to sell a house that was owned by a farang- partly because Thais don't like second hand houses, and partly because god knows why.

Do you think that a RICHHHH foreigner will get a good deal on a house? Do you think you understand the local real estate market? Is your house 'guaranteed' to appreciate in value as it would in the west?

Good luck, man.

[RostyV]

For all the informative comments. I have to consider a few things before proceeding with the transaction. But the present owner is willing to carry financing, so it looks like I can get the place. About resale? Well, I dont expect the value to decrease, nor do I expect it to increase as it does in the west, so its ok. In order to buy a new house, people have to move outside BKK, otherwise 2nd hand is the only option.

R.