steve01

Hi all,
i've been offered a villa in Jomtien at a fair price.

Would you buy now ?

Whats the rental market like ?

Whats the current situation like ?

Any input much appreciated

Many thanks

Quackers

It will be fine if you like Russians

bakedbean

May be worth talking to other expats there about the situation if/when HM King passes on, and if/when Crown Prince will be King. Not sure I would wish to discuss on open forum with the lese majeste laws in place. I'm a bit too close to the Thai border

steve01

thanks all,
i did a lot of research and decided i wouldn't

wwinit

It is a good decision about the second home in Jomtien. At the moment nothing is attractive here, except sea, sand, sun, sex (girls, lady boys & sex workers), 'somtam' (papaya salads) and mafias (Russians and gangsters dealing with drugs). You might like to think about it in five years' time when a high-speed train from BKK to Pattaya is put in place, Superman passes away and the property markets move on.

nonthaburi

just amended that for you !

Nakrob

bkk_mike

A house in Thailand can't really be owned by a foreigner, so unless you're married to a Thai you can't buy it legally anyway.

Also, if you're not there all the time, you're generally better off with a flat or a "condo" as they call them there. They can be owned outright as a foreigner (so long as it's less than 49% of the total building area that's foreign-owned), and it's less to worry about when you're not there as there's security and maintenance staff, etc.

bakedbean

You can own the house but not the land. We did just that. Mind you, glad to have got shot of it now

nonthaburi

usufruct is a good way to go.

http://www.siam-legal.com/realestate/Usufructs.php

bkk_mike

Usufructs only work if you are buying the property outright (i.e. there can be no mortgage on the house or loan taken out with the land as collateral), and since you can't own the land in your own name, that means the landowner has to agree.

nonthaburi

A lot of foreigners do buy outright though or build themselves.

brix13

I have found a directory of + 100 lawyers and accountants which may help you to set up a company to own this land for you

its been done every day in Thailand and 80% of all houses in Hua Hin, Phuket and samui or owned this way. Thailand cannot afford to attack this or the housing market and tourist income in these areas would collapse.
http://www.winvasia.com/business_category/accountants/
http://www.winvasia.com/business_category/lawyers/

bkk_mike

http://www.telegraph.co.uk/finance/p...-Thailand.html

I'm willing to bet you got your "everybody does this so even though it's not technically legal they won't crack down on it" spiel from the person that sold you the land.

Admittedly, crackdowns in Thailand often never come to pass beyond the initial spouting of an idea by a minister / civil servant, but I wouldn't rely on the company ownership method personally.

brix13

I guess the key is to make it legal. Make sure that your local 51% partner has enough status to represent this amount of assets. make sure that your local partneris not a lawyer who is in ten's this kind of companies. generate some business in that company. Do not buy huge amounts of land in a beach resort. Keep it low profile. As long as what you do is legal, you will be OK.