Finding a place in the sun

Ask here about the pleasures and pitfalls of buying, selling or renting property and real estate in Hua Hin. Building, design and construction topics welcome. Commercial or promotional posts for real estate companies or private properties are forbidden.
Wanderlust
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Post by Wanderlust »

big jimmy,
You may have hit the nail on the head in that post, as regards what some are perceiving the phrase 'money to burn' means as I used it. I only meant it as having surplus cash that if lost would not cause undue concern to the individual; I definitely did not mean that an investment in property here is money thrown away, but I did mean that the risk of losing it is considerably greater than I would be comfortable with. I also did not mean, and have never said, that it is a bad investment as regards potential returns; the returns would have been, and still are, spectacular for some people, and it just depends, in my opinion, on whether you are prepared to take the risk, whether that is braving the legal loopholes of shell companies, putting something in a Thai spouses name or taking the lease option, all the while hoping that neither the law nor the political and economic stability of the country comes crashing down around your ears. If you have 'money to burn' then these issues are a minor concern; if you do not then they should be a major factor in your decision.

Just a final point on the phrase 'money to burn'; the dictionary definition (which I based my comment on) is:
"More than enough money for what is required or expected, as in After they paid off the creditors, they still had money to burn. This hyperbolic expression implies one has so much that one can afford to burn it. [Late 1800s] This sense of the verb burn is occasionally used in other phrases, such as time to burn ("more than enough time"), but not very often."
I do not think that buying property in Hua Hin is a bad investment, just that it is a risky one.
Have I made myself clear now? :twisted:
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redzonerocker
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Post by redzonerocker »

loud & clear wl!
the risk in buying property is there in any country & obviously more so when in foreign lands.
i dont think you were quite slating the original poster & i think the remarks were taken a little out of context. each to his own regarding the risks involved. if i do end up buying in thailand, it will only be after i am completely satisfied the whole package is right for me & the reasons for doing so too.
rent or buy? the most important aspect is that you feel at home wherever you live.
Remember, no one can make you feel inferior without your consent.
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Post by gooze »

I think Wanderlust has justified his posistion and oppinions very well he has made a case and presented it in such a way I beleive a jury would find him innocent of any wrong doing.

I work in the property buissines and have no problem with his "money to burn" comment.

Just one question to Wanderlust, Were you a politician or an insurance salesman in your previous life? :cheers: :cheers:
JW
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Post by JW »

WL,

Interpretation is the thing and my point was that most would see at as i did. Story ended no one is right or wrong!

I am interested to know of anyone has lost a home (not one put in a Thai name!) through either a long term lease or a company.

Also thew point about this 6 month rule was brought up by Lomuart a while ago - is this really true?
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Post by gooze »

JW I posted this exact question on another forum a few months ago. I asked for personal experiences only. All I got was a load of lonnies ranting and raving nonsense about someone they had heard about in a bar at sometime.

Apart from one guy who had a Ltd Co who was neither a director of it and only a 10% share holder, The directors were his "wife" and her family. Unfortunatly this poor sole lost his house. In fairness to him on his own admission he did say that he hadnt been to the LOS for three years prior to the sale of the house and had no contact with his "wife" for 8 months prior to the sale of his house.

You and I both know the truth about Ltd Co, lets see if anyone has a genuine first hand experience. My guess is that no-one has.

To all you disbelivers out there JW has laid down the gauntlet take up the truth challenge or forever hold your peice (may want to ask WL for translation of hold your peice)
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buksida
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Post by buksida »

I don't think the issues are ones of belief or disbelief, I don't know anyone that has "lost" a house either and that was not what WL was getting at with his response.

Its more a case of do your research, by using this board and other means, and go into your investment with eyes wide open. Watch the news and follow the visa situation - its hardly an ideal situation having spent a good wedge of your savings on a beautiful property when the government start restricting the time you can spend in it.

Sounds like sound advice to me - don't jump in unless you know how deep it is ... common sense!
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson
Wanderlust
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Post by Wanderlust »

Fair points JW and gooze. I have heard plenty of stories and witnessed first hand the problems of buying property in a Tha spouses name, but as far as those buying through companies or leasing I have not. However, I don't think it very likely that we will get anyone coming on here if they have had a problem in those areas because they very likely would have lost interest in Thailand after such an experience, should anyone have been unfortunate enough to have that happen. I also think that the company and lease routes are still relatively new, so maybe we should be asking the same question in 10 to 20 years time? Of course by then the Thai government may have changed everything, hopefully having realised some of the mistakes that have been made with rules and regulations, and particularly the blanket rule on farangs not being allowed to own land, and the limited lease situation.

I think the issue is potential risk versus potential gain rather than any actual nasty experiences at the moment. Because prices have risen so much in the last few years in Hua Hin, the potential financial gain (if they cash in) for those who bought a while ago is huge, but for those buying now this is probably not going to be the same, while the potential risks have increased because of the political and economic situation in Thailand. However anyone who buys now or in the future will definitely have the gain of 'a place in the sun', and for many that will be enough to swing the decision, particularly if they take a long term view.
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Post by lomuamart »

JW wrote:WL,

Interpretation is the thing and my point was that most would see at as i did. Story ended no one is right or wrong!

I am interested to know of anyone has lost a home (not one put in a Thai name!) through either a long term lease or a company.

Also thew point about this 6 month rule was brought up by Lomuart a while ago - is this really true?
What point was that, JW?
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STEVE G
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Post by STEVE G »

One of the biggest problems I have seen from purchasers of property on local developments is poor quality construction on those run by unscrupulous developers.
The primary reason for this seems to be the large disparity between the amount paid for the house construction and that which is past on to the sub-contractor who actually builds it.
In some cases the sub-contractor is simply incapable of building to the required specification with what he is being paid, and cannot afford to pay for skilled workers.
Obviously the developer has to make a profit, but some bad developers put almost no input into managing the construction and leave it in the hands of the sub-contractor who will cut corners to build to his budget, (which could be only half of the price paid) or to maximize his personal profit.
I would like to emphasize that I am talking about the bad developments here and not the many good ones and basically my point is that a lot of research is required by anyone unfamiliar with the local property market.
JW
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Post by JW »

Lomu,

You mentioned before about the council being able to evict you from the property after 6 months of it being empty - sure it was you that mentioned it.

Way off topic now - slapped wrist for me!
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Post by lomuamart »

Remember that (and it is a bit off topic).
It wasn't me who started the thread, but I certainly contributed to it as I have vested interests in property back home. I just couldn't believe it, but it's true. In fact, it was referred to in a news article I saw in the British press a couple of days ago. The article was about the HIPS scheme which is under attack (Home Information Packs for those who are selling their property).
The law is that if your property has been vacant for more than 6 months, the Local Authority has the right to take it off you and rent it out to council tenants.
I think it's mainly designed to get vacant/derelict property back into the rental market again, but nevertheless a leaseholder or freeholder can technically fall foul of this law as well.
Frightening. Again, it's absolutely true.
Rob W
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Post by Rob W »

JW
to remain off topic yes it is true along with many other changes That are being or trying to bring in.
Many relating to the tax advantages of expatriate status in the UK whilst having a property in the UK.
I have been on the end of a very exhaustive inquiry into my tax status in the UK which culminated in me buying a property in HH.
I will tell you about it in the Bar one day when Im back in HH.
Rob
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Post by Mack111 »

is that just for people who but ex councile houses?
lomuamart
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Post by lomuamart »

Mack111 wrote:is that just for people who but ex councile houses?
No. Anyone.
I think it a good idea, if people want to continue the discussion, we start another thread, otherwise this one will lose direction.
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Post by Mack111 »

yeah good idea, sorry about jumping of topic
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