But isn't this why we live here?
We love the country and all around us.
We find it better than farangland and are able to cope with all the other natural problems that we hate but still are able to handle?
Good post H2ODunc.
It really is "up to you" and believe me; it's more than a saying, it's the truth.
Is it safe to buy "off Plan"
Off Plan
The problem with buying off plan in Thailand is that you are essentially paying most of the money in advance compared to the rest of Europe , where typically you may only pay 10 - 20% deposit and the balance on completion
As a result you have much more security in Europe and if the project is delayed you are not overly burdened financially
Also local developers in Europe are more rigorously regulated and legal contracts will usually have penalty clauses inserted so that if a development is severely delayed the purchaser will be compensated finanacially as would the developer be if the final payment was late
In Thailand most of the developers seek a 20% deposit and stage payments during the build and will not offer penalty clauses to the customer , although they will insert these against them for late payment
Unfortunately this leads to land speculating by the developer
For instance once a developer has secured say a dozen units he will use this profit to buy more land and advertise a new project and so on
As a result he may have three or four or more projects on the go at once as the stage payments for the build will only generate a small profit if any
The bottom line is that the buyers may have to wait a couple of years or more before they can fully enjoyed the advertised secured gated development that was was first promised which can prove extremely stressful and an extra financial burden
It's a bit like pyramid selling
The main problem for the customer is that most of the developers staff are pure salesman and things such as final completion date and snagging lists are somewhat insignificant to them
Another thing to watch out for is paying the developer money into an overseas bank account
Surely this is asking for trouble , if you need to make a claim against
him will he have any assets left in Thailand , possibly not
All I can say is buyer be ware
If you want to buy an investment property Eastern Europe is a much safer bet and a lot closer to home for most
Can you really afford to be popping on the plane every few months to chase these people up in Thailand
I really think you need to be living locally to check on the progress
Not many developers can be trusted especially is they don't have a successful track record in the country
Just don't believe all the advertisng , brightly coloured brochures and websites or stunning recommendations on forums
Guess what developers and their staff can use the internet !
As for the old chestnut "Well this is Thailand , very sorry " Please don't fall for that one
An awful lot of developers are farangs so don't be affraid to confront them if you have any problems
May all your days be full of sunshine and free of stress
As a result you have much more security in Europe and if the project is delayed you are not overly burdened financially
Also local developers in Europe are more rigorously regulated and legal contracts will usually have penalty clauses inserted so that if a development is severely delayed the purchaser will be compensated finanacially as would the developer be if the final payment was late
In Thailand most of the developers seek a 20% deposit and stage payments during the build and will not offer penalty clauses to the customer , although they will insert these against them for late payment
Unfortunately this leads to land speculating by the developer
For instance once a developer has secured say a dozen units he will use this profit to buy more land and advertise a new project and so on
As a result he may have three or four or more projects on the go at once as the stage payments for the build will only generate a small profit if any
The bottom line is that the buyers may have to wait a couple of years or more before they can fully enjoyed the advertised secured gated development that was was first promised which can prove extremely stressful and an extra financial burden
It's a bit like pyramid selling
The main problem for the customer is that most of the developers staff are pure salesman and things such as final completion date and snagging lists are somewhat insignificant to them
Another thing to watch out for is paying the developer money into an overseas bank account
Surely this is asking for trouble , if you need to make a claim against
him will he have any assets left in Thailand , possibly not
All I can say is buyer be ware
If you want to buy an investment property Eastern Europe is a much safer bet and a lot closer to home for most
Can you really afford to be popping on the plane every few months to chase these people up in Thailand
I really think you need to be living locally to check on the progress
Not many developers can be trusted especially is they don't have a successful track record in the country
Just don't believe all the advertisng , brightly coloured brochures and websites or stunning recommendations on forums
Guess what developers and their staff can use the internet !
As for the old chestnut "Well this is Thailand , very sorry " Please don't fall for that one
An awful lot of developers are farangs so don't be affraid to confront them if you have any problems
May all your days be full of sunshine and free of stress
Re: Off Plan
The profits are potentially great but so are the risks. I would not regard Eastern Europe as any safer a bet than Thailand - it's just nearer. Having also travelled around Eastern Europe I would say that in many ways parts of it remain less developed than Thailand and are infinitely scarier! Too much new money in too short a time = danger.turnip wrote:If you want to buy an investment property Eastern Europe is a much safer bet and a lot closer to home for most
What Turnip says above is true, but there are exceptions. I am in the process of one now where the developer (full Thai) has been building houses and actually most of the development before any sales. We would not have bought there if we arrived late and they had already started construction on the lots we wanted which wouldn't allow us to customize the place.
10% down and 50K Baht per month on the lots we selected and house we are having built. Almost standard to one of the five designs offered but modified in size with no hassle or arguments. Have been dealing only with the company engineer since the start and his spreadsheets as to build phase timing has been spot on so far, only about 4 days out at present.
This is not in HH but in Rayong, a place with few farang buyers. That in iteslf may tell a story. I'm sure HH has the same to offer if you research things carefully. Pete
10% down and 50K Baht per month on the lots we selected and house we are having built. Almost standard to one of the five designs offered but modified in size with no hassle or arguments. Have been dealing only with the company engineer since the start and his spreadsheets as to build phase timing has been spot on so far, only about 4 days out at present.
This is not in HH but in Rayong, a place with few farang buyers. That in iteslf may tell a story. I'm sure HH has the same to offer if you research things carefully. Pete
Governments are instituted among Men, deriving their just powers from the consent of the governed. Source
Your New House - Off Plan
Good luck with your new house
Glad to hear things are going well
PS. 7th Place you had better lie down or you'll get a nose bleed
You'll be dreaming of Silverware next , oh ! you have been for the last 38 years
Sorry about that but I couldn't resist
All the best , keep dreaming
Glad to hear things are going well
PS. 7th Place you had better lie down or you'll get a nose bleed
You'll be dreaming of Silverware next , oh ! you have been for the last 38 years
Sorry about that but I couldn't resist
All the best , keep dreaming
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redzonerocker
- Rock Star
- Posts: 4777
- Joined: Mon Apr 02, 2007 3:55 pm
- Location: England
property
it's not all bad news then!!
glad to see your new place is being built to schedule pete
4 days is nothing in a construction timescale.
have to agree with jaime on the eastern europe idea, having travelled quite a lot there too. it is very cheap but i think the investment would have to be long term.
i have to agree when he says the risks are just as high there too, it is generally less developed than thailand & i would add, the corruption level there is probably as high too, if not higher.
glad to see your new place is being built to schedule pete
4 days is nothing in a construction timescale.have to agree with jaime on the eastern europe idea, having travelled quite a lot there too. it is very cheap but i think the investment would have to be long term.
i have to agree when he says the risks are just as high there too, it is generally less developed than thailand & i would add, the corruption level there is probably as high too, if not higher.
Remember, no one can make you feel inferior without your consent.
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huahinsimon
- Professional
- Posts: 392
- Joined: Sun Aug 05, 2007 11:43 am
off plan
turnip wrote: An awful lot of developers are farangs so don't be affraid to confront them if you have any problems.
Mr Turnip: how do you suggest "confronting them?"
Mr Turnip: how do you suggest "confronting them?"
When spending money buying a house anywhere, it pays to check the developer. From reading ads in the Bangkok Post it seems that there is are quite a few variations between developers as to the quantum and timing of deposits. If you have development with a high payment schedule, this will often, but not always means that the developer has a limited working capital and is using purchasers’ money to fund the development. Better to go with a developer who only requires a deposit in the 10% to 20% range. The prices might be a bit higher as the developer will have to factor in his cost of capital, but the corresponding risk factor for the purchaser will be a lot less.
Off Plan
Huahin Simon
You seem to be having problems with develop
Find out who the top farang is and then keep pestering him
Bombard him with emails and supply him with evidence
I'm sure that you property must have some form of guarantee for the first 12 months at least
Just don't go away
If you live on a development then find out if any of the developer's farang staff live there as well and then pester them
You could always turn up at their sales office and make a fuss
If you have a valid claim I'm sure he will cave in eventually , however it may take time
I think gaijin suggested a contact in a previous post - try him as well
The more valid bad publicity the developer receives the better your case
You can always seek free legal advice through your household insurance if you are covered
Contact national watchdogs , you never know someone may uncover previous criminal records
If you live on a development organise a residents association
Remember time is money to a developer and he doesn't like paperwork
Keeping going
All the best
You seem to be having problems with develop
Find out who the top farang is and then keep pestering him
Bombard him with emails and supply him with evidence
I'm sure that you property must have some form of guarantee for the first 12 months at least
Just don't go away
If you live on a development then find out if any of the developer's farang staff live there as well and then pester them
You could always turn up at their sales office and make a fuss
If you have a valid claim I'm sure he will cave in eventually , however it may take time
I think gaijin suggested a contact in a previous post - try him as well
The more valid bad publicity the developer receives the better your case
You can always seek free legal advice through your household insurance if you are covered
Contact national watchdogs , you never know someone may uncover previous criminal records
If you live on a development organise a residents association
Remember time is money to a developer and he doesn't like paperwork
Keeping going
All the best
Re: Off Plan
At least in Thailand unscrupulous types will fcuk you while offering a smile. In eastern Europe they will be grim and dour as they fcuk you.Jaime wrote:The profits are potentially great but so are the risks. I would not regard Eastern Europe as any safer a bet than Thailand - it's just nearer. Having also travelled around Eastern Europe I would say that in many ways parts of it remain less developed than Thailand and are infinitely scarier! Too much new money in too short a time = danger.turnip wrote:If you want to buy an investment property Eastern Europe is a much safer bet and a lot closer to home for most
Like it Johnny!!
It can be safe to buy off plan and it can not be, you can't be sure.
If you're concerned about it do the following:
1) Only buy off-plan where the developer has already completed a project and look at the other houses to see the quality matches the show house. Then at least you know they have a track record and the cash to do the new project.
2) Don't buy on a project where they have only built a show house and are waiting for sales to start the next house, probably means they are not confident enough or don't have the cash to start more house.
Any proper project should build a show house and start at least 2 more houses at the same time IMO.
3) Check the individual land plots have been 'cut', that takes two months, well before a show house would be built, there's no reason not to have the first lot of land title's done and dusted. If they're not available - too risky.
4) Go live in Bulgaria where the women have hairier arm pits than the men and 1970's porn star moustaches that Borat would be proud of (no offence TTM).
Burger
It can be safe to buy off plan and it can not be, you can't be sure.
If you're concerned about it do the following:
1) Only buy off-plan where the developer has already completed a project and look at the other houses to see the quality matches the show house. Then at least you know they have a track record and the cash to do the new project.
2) Don't buy on a project where they have only built a show house and are waiting for sales to start the next house, probably means they are not confident enough or don't have the cash to start more house.
Any proper project should build a show house and start at least 2 more houses at the same time IMO.
3) Check the individual land plots have been 'cut', that takes two months, well before a show house would be built, there's no reason not to have the first lot of land title's done and dusted. If they're not available - too risky.
4) Go live in Bulgaria where the women have hairier arm pits than the men and 1970's porn star moustaches that Borat would be proud of (no offence TTM).
Burger
OFF PLAN
Good points , so apart from the 70s porn comments you seem to agree with most of what I say
I didn't really want the thread to go off on a tangent with Eastern Europe but I was merely drawing on my own experiences ( ps. I wouldn't go for their seaside resorts anyway , nice to see you still have a sense of humour)
What I think encourages these land speculators if that Joe Public is completely blinded by the Place in the Sun Concept , so a lot of old farangs are too easily ripped off
They must be rubbing their hands together whenever someone comes through their door
Just give give us your money and your home in paradise will be built in 6 months
The finishing touches may just take a couple of years longer if your lucky
I didn't really want the thread to go off on a tangent with Eastern Europe but I was merely drawing on my own experiences ( ps. I wouldn't go for their seaside resorts anyway , nice to see you still have a sense of humour)
What I think encourages these land speculators if that Joe Public is completely blinded by the Place in the Sun Concept , so a lot of old farangs are too easily ripped off
They must be rubbing their hands together whenever someone comes through their door
Just give give us your money and your home in paradise will be built in 6 months
The finishing touches may just take a couple of years longer if your lucky
Re: Off Plan
I'm sure that is a great consolation to those who get screwed!johnnyk wrote:At least in Thailand unscrupulous types will fcuk you while offering a smile. In eastern Europe they will be grim and dour as they fcuk you.Jaime wrote:The profits are potentially great but so are the risks. I would not regard Eastern Europe as any safer a bet than Thailand - it's just nearer. Having also travelled around Eastern Europe I would say that in many ways parts of it remain less developed than Thailand and are infinitely scarier! Too much new money in too short a time = danger.turnip wrote:If you want to buy an investment property Eastern Europe is a much safer bet and a lot closer to home for most
OffPlan -Perils
I know some people are more gullable than others
But the purpose of this thread is to point out the traps that developers set and how to avoid them
Otherwise the place will turn into another Costa del Crime
The jokes are on another thread (some of which aren't bad by the way)
But the purpose of this thread is to point out the traps that developers set and how to avoid them
Otherwise the place will turn into another Costa del Crime
The jokes are on another thread (some of which aren't bad by the way)