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Buying versus renting property in Bangsaphan

Posted: 05 Apr 2011 08:08
by buksida
As suggested I've started a topic on buying versus renting in the area, some will want to buy, some will only rent and others will opt for a guesthouse or bungalow. Personal situation is a big factor - what would you choose and why?

Buying Pros
Very good investment opportunity - developing area
One of the last places in Thailand you can get near the beach without breaking the bank
No rent to pay

Buying Cons
Farangs cant legally own property
Large initial outlay
Security - need to live there year round

Renting Pros
Rent in Bangsaphan is very cheap
You can walk away from it

Renting Cons
Its money down the drain that could be invested
Modifications and home improvements are minimised
Owners word is final - they could kick you out if someone wants to buy it

Re: Buying versus renting property in Bangsaphan

Posted: 05 Apr 2011 13:01
by Mike Parker
Considering living anywhere in Thailand. I think its wise to rent first, before you buy. Neighbours behaviour is a major issue.You move in and next thing dogs barking all night as happened to us in Chiang Mai.Nothings guranteed,I know, you may move in and in a few weeks a new neighbour happens to move in next door to be a pain in the rear end. Also BS is so short on infrastructure, hospitals, shopping etc that many people of the older generation may consider it a problem. Renting first also gives you time to weigh up the real estate market rather than jump in and buy the first thing you see because you consider it a good deal. Whatever way you go,Bukside is right, BS is one of the few places that is not yet developed and may long may it continue.

Re: Buying versus renting property in Bangsaphan

Posted: 05 Apr 2011 17:54
by bajm
Buy!
We bought our house in Ban Krut 8 years ago and in the mean time the value has doubled.
The development in Bang Saphan is a few years behind Ban Krut.
Once a few resorts are build, which attract people from Bangkok, the area will get more popular and real estate prices will go up.

Re: Buying versus renting property in Bangsaphan

Posted: 06 Apr 2011 03:44
by bsb
I think it is a decision everyone will vary on, Bajm doubled his money in 8 years, if he decided to sell and if some one would pay that price. That being said was it a good investment? doubled in8 years that is about 9% a year in appreciation. Last year the Thai SET was up over 40%. I think the big difference is are you buying a home or a house as there is a huge difference. A house is a place to live ,a home is a place to raise a family. Mike has a very valid point also, what is the neighborhood really like? A nice peaceful home in the daytime can be a hellhole in the evening if your young neighbors are partying and racing motorbikes up and down the soi all night. The people that I know who got in a hurry to build or buy are usually sorry they did without more thought put into it. But then everyone is a genius when the game is over.

Re: Buying versus renting property in Bangsaphan

Posted: 27 May 2011 18:02
by Jerrilinn
Hi,
We bought our house in Ban Krut 5 years ago, and in the mean time the value has doubled.The development in Bang Saphan is a few years behind Ban Krut. Once a few resorts are build the area will get more popular and real estate prices will go up.

Re: Buying versus renting property in Bangsaphan

Posted: 27 May 2011 20:06
by buksida
Welcome to the board, you can quite easily double your money in BS in 5 years if you buy and build in the right place!

Re: Buying versus renting property in Bangsaphan

Posted: 28 May 2011 09:45
by mrMARIA
welcome jerri. your thoughts echo the thoughts of bajm......word for word

Re: Buying versus renting property in Bangsaphan

Posted: 29 May 2011 04:01
by bsb
I think you giuys are smoking thai stick. I do not know of one person in BS or BK who has doubled their money in real estate in such a short period . I know alot of people who THINK their house has doubled in value,but untill someone else pays that for it , your doubling of value is in your mind or maybe making a financial statement look good with your increased value. There are many homes for sale in BS that are below the owners cost of 3-4 years ago and not selling after being on the market for at least that long. Then there are others so far overpriced,that I think the owners go to bed praying for an idiot. Remeber if you give me 1 million baht and I pay you monthly interest of 20% you are not making any interest at all untill you get your principle back.

Re: Buying versus renting property in Bangsaphan

Posted: 29 May 2011 11:13
by buksida
So buying a rai of land for 400k and selling it for 800k in 5 years time is not doubling your money then?

Can I have some of your Thai stick?

Re: Buying versus renting property in Bangsaphan

Posted: 29 May 2011 17:10
by heikevie
Foreigners can buy land in Thailand?

Re: Buying versus renting property in Bangsaphan

Posted: 29 May 2011 19:49
by bsb
land alone is a whole different ballgame than land with a house on,

I thought you guys had all the thai stick

Re: Buying versus renting property in Bangsaphan

Posted: 29 May 2011 20:32
by buksida
Fairplay, doubling money on houses is a little harder - especially when you're stoned!

heike, correct foreigners cannot own land on paper legally, but there are ways around this to give you a bit of security.

Re: Buying versus renting property in Bangsaphan

Posted: 01 Jun 2011 08:44
by Mr Wu
Renting has to be the way to go since it costs peanuts in Bangsapan anyway.

Buying is just too risky, you can't own it anyway and a new government could simply change the rules to prevent Thai spouse ownership also - they are very anti-foreigner.

Re: Buying versus renting property in Bangsaphan

Posted: 03 Jun 2011 17:31
by Mike Parker
We own a house ,well my wife does, I have a 30 yr lease to live there in case something happens to her and some vultures move in,I can in that instance also sell it as per the wills we have organised.When I fall off the perch I will know at least know she has somewhere to live and an asset to sell.

Re: Buying versus renting property in Bangsaphan

Posted: 03 Jun 2011 20:30
by bsb
Mike once again you show your intelligence,having a 30 year lease is not only good in case of death but also in case of divorce. I know so many farang that think their love is forever and never bother to get a lease on a home they have sunk their life savings into. Many of them even get made if you suggest it to them....but they learn the hard way.