Owning a condo in Koh Samui

I believe it will be difficult to buy if you are a Foreigner  because they are not allowed to buy in Thailand, but this might change soon, because Thailand has finally realised that if it allowed Expats to invest in Homes, it would help stablize the country. If you do decide to do this, we would be happy to rent from you for those 5 years, if it is in a Safe & Quiet Area, away from the Tourist crowd. We are Americans from California, that have retired here, we own a condo in a middle class neighborhood,  10 miles from downtown Bangkok (Nonthburi), and we have been looking for a 2nd home to get away from the city noise. My wife is Thai but she lived in the US for 40 years, all her family lives in Thailand. Good Luck to you. Patrick   pchansmorn4@gmail.com

djfawcett wrote:

Hi everyone!
My husband and I are considering purchasing a condo on koh samui.  To start with it would be a rental with the intent of moving there in the next 5 years.  I'm looking for anyone's personal experience with owning and renting.  Thank you!

You can certainly buy a condo as a foreigner subject to Thais owning 51% of the units in the block. Whether it's a wise move is another matter entirely.

If I understand your post correctly you want to buy now then rent out for 5 years before coming here?

If it were me I would want to know who would manage the property in my absence and what management charges would apply?

Finally i would pose this question. What if you change your mind in 5 years? Selling condos off plan is one thing, selling them second hand is another.

Personally I would think long and hard about your intended purchase.

Renting is quite easy, contract duration usually is 6 or 12 months for condos, you can find shorter contract but price will be higher.

Buying condominium for foreigner is also easy, there is quota in the building 49% can be owned by foreigner, the money need to be sent from abroad to your bank account in Thai, check the financial situation of the building, sometimes many people do not pay the common fees, check also the title deed, there is also a copy in land registry office to avoid  scam, all will be registered inside owner, previous owner, bank loans, etc...

Now buying condo off plan to be delivered in the next 2 or 3 years or more with high rental yield like 10% can be very risky as you pay in advance and if they are bankrupt you loose all your money, and in many cases it is an inflated price and use as resort or hotel to get return, and sometimes can not be used for personal stay..and also as selling price is inflated, the resell will be difficult, the monthly charges will be very high also

Price in Thailand increase quickly, and mostly in tourist areas, don't wait too long as you can check price now on internet and check every year same condominium building to see how is the increase.

Good luck in your searches

djfawcett wrote:

Hi everyone!
My husband and I are considering purchasing a condo on koh samui.  To start with it would be a rental with the intent of moving there in the next 5 years.  I'm looking for anyone's personal experience with owning and renting.  Thank you!

You can certainly buy a condo as a foreigner subject to Thais owning 51% of the units in the block. Whether it's a wise move is another matter entirely.

If I understand your post correctly you want to buy now then rent out for 5 years before coming here?

If it were me I would want to know who would manage the property in my absence and what management charges would apply?

Finally I would pose this question. What if you change your mind in 5 years? Selling condos off plan is one thing, selling them second hand is another.

Personally I would think long and hard about your intended purchase.

Thank you for your responses. OF course we need to do a lot of research before buying anything. We are planning a 3 week trip early 2016 with the intention of investigating our different options and hopefully speaking with others who have done the same. If anyone has contact for a reputable realtor or lawyer I'd love to get it! Thanks!