Do you rent, own or are buying a house in HH?

buksida

Starting this poll in response to the opinions voiced here:

http://www.huahinafterdark.com/forum/viewtopic.php?t=1619

This is for people who live in Hua Hin or are moving here,. The options are rented house/room/accommodation, purchased through a Thai company, purchased through a Thai wife/partner, currently in the process (found a place and finalising the deal), or just looking for somewhere.

Feel free to add comments below!
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dan · Amateur Joined: 01 Jul 2004 Posts: 44 Location: baan kwai

so where do condos fit in the above choices?

buksida · Posted: Thu Jun 16, 2005 10:44 am Post subject:

I did include the word "home" on the poll so if you consider your condo a home then they're included too!
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Randy Cornhole · Posted: Thu Jun 16, 2005 11:47 am Post subject:

Hmmm lets see -
Pay stupid money for a ticky tacky box on a tiny bit of land that you can't legally own or rent?
Duh only the stupid need ask!!!
Rental for me, and keep your money in your own countries bank account, if you must have an account here only have money in it that you can afford to loose. thumbs up

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Rider · Posted: Thu Jun 16, 2005 11:15 pm Post subject:

Well said randy dude!

People need to get cautious on this whole house buying thing and just rent if they have doubts! All it takes is a fall-out with the missus, a thai big-wig or the countless other pitfalls and you won't have a leg to stand on. Just visit the Thai visa Forum for plenty of victims of this house buying minefield.

Still all the falangs with big dreams, cash and rose-tinted glasses just keep on coming... Guys you are not invunerable to the thai system which is staunchly xenophobic.
The whole reason housing is set for thai ownership only is to discourages the millionaire money falangs from buying up vast tracts of land and housing and permenantely keeping the houses beyond the price range of the thais! The Company name option is a ticking time bomb and the toxin man and his merry men have their finger on the button.
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buksida · Posted: Fri Jun 17, 2005 2:04 am Post subject:

Rider, I think you're pretty close with that summary there.

Another thing I notice is how protective people get over their purchases here. I see this big divide on the board with those that have already launched themselves into the property market here and are sticking to their guns (and new houses) on one side.

On the other there are the more cynical possibly but wary contingent that would maybe like to enter the property dance but are holding back until the parachute is securely fastened, the green light is on and the bay doors are open.
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caller · Ace Joined: 04 Jun 2005 Posts: 1719 Location: Londonistan

Seems like the same old th, read has started again?

But as I am one of those tempted it's worth listening to the doubters.

What I can't find out, is just how many farangs (falangs?) now own houses around Hua Hin? Is it in the 100's or has it reached higher?

If this is the case and seemingly more so with other, earlier popular Thai sites, is it really feasible for the Thai Govt. to make the whole lot go belly up, especially if they tackle the Ltd. Co. route? Won't forcing Farang's out by this method have such a detrimental effect on the economy that it would be treated as a non-starter?

Response tirade awaited!!! Confused

roundeyes · Amateur Joined: 06 Jun 2005 Posts: 42 Location: hua hin

Well but another tick against fully NOT OWNED house in Hua hin by me. Shoot em up

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mack · Rookie Joined: 24 Oct 2004 Posts: 18 Location: Hua Hin

without getting into the argument of the + & - of buying houses in Thailand

bought a house in HH about 3 years ago for 5,000,000 and got offered 7,000,000 a few weeks back so its been alright from my point of veiw

JW · Ace Joined: 11 Sep 2005 Posts: 1399 Location: hua hin

Just read on a website -

A popular misconception which causes foreigners unneccessary concern is that such companies are owned by foreigners and could be exposed to imagined special (future) legislation by an imagined (future) extreme nationalist government with the intention of robbing foreigners of their real estate investments in Thailand. The fact is, however, that Limited Companies are owned by the shareholders, not their directors, the foreigners. As such, Limited Companies are Thai juristic entities subject to Thai commercial law, and any changes to legislation must apply to all Limited Companies, not only those whose directors happen to be foreigners. Thai law, both commercial and personal, is not so very different from legislation in most other countries, and it applies to all juristic entities in Thailand, foreign or Thai.

JimmyGreaves · Guru Joined: 17 Oct 2005 Posts: 589

Is this poll closed as I just get the results or am I blind?

Need to add 1 to company route. 49% Foreign.

tuktukmike · Guru Joined: 18 Apr 2005 Posts: 525

Seems quite a good reply posted by JW.

However, if a thai official calls at your house and asked you for the telephone number of the directors in your company set up to buy your house could you provide this info.

It is a minefield out here and possably due to the actions of a small minority it could just become worse.

Mike.

buksida · Posted: Fri Mar 10, 2006 4:06 pm Post subject:

Good points from both TTM and JW, I think what they are trying to do is make these ghost companies operational regardless of who owns them. This will then make it harder to buy houses with a company unless you're prepared to file taxes, do the accounts and run the company as a trading entity.

Also heard a rumour that the WTO is putting pressure on Thailand to relax its xenophobic laws about foreign property ownership.
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PJG · Specialist Joined: 06 Jan 2006 Posts: 167

The big problem with the company ownership route is that the Co. is not actually trading. Therefor it could be deemed that the Co. has been formed purely to circumnavigate the Law against Foreign ownership. This obvoiusly does not give much security of tenure.

If you want to go this route suggest you make hay while the market is still rising. Word of warning after the 1998 the crisis the property market in Thailand crashed and only really started rising a couple of years ago.

The obvious advice is only invest what you can afford to lose.

Burger · Ace Joined: 19 Apr 2004 Posts: 1113 Location: Hua Hin

I think Buksida hit the nail on the head regarding companies being 'operational'. They want their pound of flesh regarding tax.
I've spoken to different solicitors regarding this and as long as you file the tax returns when due, and pay the appropriate amount of tax you will be ok.

Burger