if i bought a condo which has a 30 year lease when that 30 years is up how much would i have to pay on renewing it and what happens if the thai govermenet refuse to renew (as i am foriegn)
2006-09-14 01:30:46 · 3 answers · asked by squirtlesdad 1 in Travel ➔ Asia Pacific ➔ Thailand
You can buy a condo directly in your name. You cannot own the land. If you buy a house, they are now trying to sell the house and not the land with leases. There maybe problems with this way. The government is loosening the restrictions on foreigners owning more units in a condo but, tightening the rules about foreigners owning land. There should be a automatic renewal clause in the contract if not make sure there is. Find a reputable real estate agent such a CB Ellis in Bangkok or if you can any referrals. There are several Ex-pat organizations. Just be careful. Or just rent and find a building you want to live in first. There are many rentals and you get to test drive the building. Plus you learn who takes care of a building and who does not.
2006-09-14 03:38:49 · answer #1 · answered by gbdelta1954 6 · 1⤊ 0⤋
Well, my guess is that like any other lease, when your lease is up, thats it.. If you negotiate now, before you buy, you have all the power - the money is in your pocket - - if you re-negotiate, every year you lose some of that power and put yourself in a worse position.. unless you really love the place, and it is worth it to you that after 30 yrs it may not be yours, forget it..
Actually, I always recommend to people to rent for at least a year.. in some places the interest earned on the $$ if properly invested is far higher than the cost of a rental and you might be better off that way.. also, the charms of a place, esp some place like Pattaya can fade - it might out and out work your last nerve that baht bus drivers refuse to give you your rightful change or the traffic is annoying, noisy, dirty, polluted etc.. It is not easy to predict how you might feel abt a place after you are there for a while - - so, give it some thought, remember you have many many many choices and maybe no real "need" to buy into something that might become a problem.. best of luck..
2006-09-14 22:01:46 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Legally, I would think that it reverts back to it's original owner and that you would have to re-negotiate.
2006-09-14 08:38:25 · answer #3 · answered by Polo 7 · 0⤊ 0⤋
Don't ask us. Ask the owner of the property.
2006-09-14 08:31:32 · answer #4 · answered by Trollhair 6 · 0⤊ 0⤋