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How can I finance a condo in Thailand as a foreigner with a US income?

Condo FinancingThai Real EstateForeign InvestmentVisa and ImmigrationDebt in ThailandCondo Purchase Process
May 8, 2021
4 years ago
Terary **********
ORIGINAL POSTER
So in my country (USA) we are all about spending beyond our means. We use credit cards for many things and financing for bigger things. Like if you have a job you can spend 50 times what you earn in a year.

I know Thai are less inclined to buy stuff on credit - and good for them.

I have a good job (remote employer in US), a reasonably good income, a little cash in the bank.

How does someone like myself finance a condo?
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TLDR : Answer Summary
A US citizen seeking to finance a condo in Thailand faces a unique financial landscape. While some believe Thais avoid debt, many locals actually rely on credit, making the financing landscape quite complex. To purchase a condo, potential options include securing a loan from a Thai bank, which may require a larger down payment and have higher interest rates for foreigners, or exploring owner financing arrangements. Many comment that renting for some time might be wise to better understand the market and lifestyle before committing to a purchase. It is essential to consult local laws and potentially seek legal advice to ensure any agreements are enforceable.
Gordon ********
I think that I read recently that over 50% of Thailand dept is personal credit
4 years ago
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Anthony *********
Sorry but your assumption of Thai's is wrong. The average Thai buys everything on credit and hold multiple accounts. They are all in debt....ask me how I know.
4 years ago
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Ադամ ********
It is not unwise to take a loan for education or for a primary residence. Don’t know if it is possible for foreigner from Thai bank without Thai co-signer or larger secured collateral.
4 years ago
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Terary **********
ORIGINAL POSTER
@Adam *******
 Thank you for you input. Sincerely. Most the response have been ... blah.. Which I expected. But there are a few (yourself included) that have something worth while to contribute.
4 years ago
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Ադամ ********
@Terary *********
 I say buy. I have seen 3x growth. Not saying mine would be east to sell. Quite the opposite, in fact many foreign owned condos end up abandoned. Just don't invest more than you can afford to lose.
4 years ago
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Ադամ ********
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Niclas ***********
Forgot to add please read this post and all comments over the years.
**************************************************************
4 years ago
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Stéfan ********
What a clown... household depth is out of control in Thailand and you live in a bubble... literally.
4 years ago
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James ************
I would think twice about buying condo here...in Pattaya or Jomtien. I paid 3MB in 2008 couldn't get 1.5 today or 20 years from today the building still 30% full and View Talay 7 10-20% and it's a popular good Outfit. Upkeep awesome pool.... they are overbuilding!!. 50+floors going up next door Night Market if you get one do Bangkok. just my 10 years full time resident Jomtien many friends who same situation. Been coming for 25 years when Jomtien had no sidewalks. No mean nasty commentary required just advise... everyone's got one...
4 years ago
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Terary **********
ORIGINAL POSTER
you're kinda 3.6 million up, aren't you? I mean you do got to live somewhere.
4 years ago
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Mick *********
I sold my condo in Jomtien for 6.5 million ,after 10 year broke even.The rent for 10years would have been 3.6 million.Go figure?
4 years ago
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Rogerio ******
@Mick ********
 Did you sell it to another foreigner or local buyer? asking since it seems Thais aren't too keen on buying used.
4 years ago
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Mick *********
@Rogerio *****
 sold in January2020 to a gentleman from Luxembourg,paid asking price.
4 years ago
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Mick *********
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Niclas ***********
@James ***********
 I think the importance as everywhere if the foreign interest is not constant buy where the domestic is. This will ensure that value appreciate at least.
4 years ago
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James ************
@Niclas **********
 BKK yes Pattaya not ever appreciated maybe the market will be like Hong Kong for my grandchildren but probably not me. it's ok 10 years free rent 200.000+k so that's nice. If someone really wants to buy THIS IS the time. Jomtien nice no malls etc....Life is good no compliants
4 years ago
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James ************
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Steve *******
What? Most Thais would buy EVERYTHING on credit given half the chance.
4 years ago
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Rob ******
I see quite the opposite in just about every Thai I know. From white collar upper/middle class to low wage earners they all have more debt than they can shoulder. Yet, they seem to get even more credit and spend every bit of it.
4 years ago
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Steve *******
@Rob *****
 Yep.They'd buy everything on credit if they could.
4 years ago
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Steve *******
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David **********
4 years ago
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David **********
Speak for yourself there are many many many many Americans that do not live like that
4 years ago
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Terary **********
ORIGINAL POSTER
You're still going on about this? Are you sure you're not bored? Really nothing better to do?
4 years ago
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David **********
The sad thing is , when I'm bored I helped some orphans or monks that are helping orphans. Sometimes I help feed the poor. One should examine their character and see if they are a worthwhile human being
4 years ago
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David **********
4 years ago
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David **********
It's usually obvious
4 years ago
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David **********
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Terary **********
ORIGINAL POSTER
Only do it when I am bored.. I assure you I have no tears from their hurt feelings.
4 years ago
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Ruth *******
@Terary *********
 you have STILL not made the least bit of headway toward proving the statement “we are all about spending beyond our means”. You have majorly oversimplified a Massive systemic issue within the United States. I am not going to spend my time and effort trying to explain the problem to you. As someone who does not live in massive debt, I clearly do understand the issue better than you. The problem is NOT people simply enjoying living above their means. Meanwhile, NONE of this matters to get your question answered; does it? So, create division for no reason?
4 years ago
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Terary **********
ORIGINAL POSTER
Yeah.. I was exaggerating..

As of November 2020, [USA] consumer debt is at $14.2 trillion, with Americans carrying an average personal debt of $92,727

Average American Income: $31,000...

On Average Americans are carrying debt 3 times their annual income. When you figure the cost of living and servicing the debt it can exceed ten times their ability to pay.

Thai's are carrying about $6,500 (that is a lot bigger than 90,000), with average income of $5419. Thais are carrying slightly less than 1 years wages.

Americans carrying 300% more debt than Thais

Thais are carrying 33% the debt of Americans.

Before you get on your soap box about how *you* don't ...

I made the point early -- Americans tend to be egocentric.

Because you're American I will explain it in terms you will more likely understand.

A) I wasn't talking about *you*

B ) My google works the same as yours - and yet you don't look this shit up and assume that I also didn't look it up (see my point about Americans being egocentric).

C) I am not a bigot -- I am American
4 years ago
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Michael **************
@Terary *********
 give them same shit back.

I’m American and very proud of it.
4 years ago
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Michael **************
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Ruth *******
@David *********
 I was thinking the same thing. He made big assumptions both about the U.S. and about Thailand based on limited experience, when he could have just asked the question without those assumptions.
4 years ago
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Brett ***********
@Ruth ******
 I think he was just trying to be funny
4 years ago
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David **********
@Brett **********
 he needs to read a book on how to be funny:)​
4 years ago
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Brett ***********
@David *********
 he was being ignorant and offensive to spark a reaction. you simply fell for the trap. whether it was funny or not is debatable but I don't think he was speaking from a genuine place
4 years ago
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Ruth *******
@Brett **********
 He was not funny and, yes, he was being shocking, as this group often is, for effect. I don’t know why people feel it’s necessary. It’s not a trap. It’s just immaturity. If he actually wants advice, that’s not the way to go about it. Clearly, by his follow-up responses, he isn’t really seeking help. He’s looking for people to reassure him in beliefs he already holds.
4 years ago
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Brett ***********
@Ruth ******
 yeah, this isn't really the place to be offensive and/or shocking I suppose. but when you see it it it's best to ignore it. don't feed the trolls as they say
4 years ago
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Brett ***********
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Terary **********
ORIGINAL POSTER
@David *********
 There are many many many Americans. There can be many Americans that do one thing or the other... While the majority does something different. Most Americans aren't racist... Most of America is pretty racist. All a matter of perspective. But you do make a valid point. Most and the majority of Americans are egocentric.
4 years ago
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David **********
The​ trouble​ with​ a​ guy​ using​ Google​ for​ his​ intelligence, is​ lack​ of​ WISDOM.​ Figure​s​ on​ USA​ person​al​ debit​ in​clude ALL​ credit​ card​ balances.​Even​ thous who​ pay​ their​ balances​ in​ full​ each​ month.​ Americans​ dont​ do​ shopping​ like​ Thais.​ Many​ put​ literally​ everything​ on​ the​ CC and​ pay​ the​ bill​ at​ the​ end​ of​ the​ month.​ These​ American​s​ are​ not​ in​ debit​(they​ get​ cash​ back)​ but​ contribute to​ the​ perseption that​ they​ are.​

As​ for the wisdom of buying a condo in Thailand, especially in Chiang Mai. Entire books could be written on the subject. Both​ pros and​ cons.​ Mostly​ cons.​But​ as​ they​ say, "up​ to​ you"
4 years ago
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Ruth *******
@Terary *********
 When speaking about yourself, no need to make everything a national issue.
4 years ago
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Ruth *******
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Steve *******
Once upon a time in Bangkok I followed a guy driving a brand new Mercedes S class to Klong Toey.

The End
4 years ago
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Jake *******
@Steve ******
 Which side of the tracks? Sukhumvit strip, hi-so side or the slums?
4 years ago
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Jake *******
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Li ***********
************************************************************************************
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35/household-debt-rises-42-to-12-year-high

household debt averaged 483,950 baht per household, up by 42.3% from 340,053 baht during the same period of 2019. The figure in November 2019 was up 7.4% from the corresponding period of 2018. In 2009, household debts averaged only 147,542 baht per household.
4 years ago
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Nick *******
DON'T, Just rent 😉
4 years ago
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Frank ******
Rent , studio can get for 8000
4 years ago
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Steven *****
Same way, bank, mortgage, 10-15% rate, 25%+ down. Enjoy the fees.
4 years ago
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Niclas ***********
Not even Thai pay these rates. Quit the bs
4 years ago
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Steven *****
@Niclas **********
 No but as a foreigner you will.
4 years ago
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Steven *****
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John ********
Thai are over spent
4 years ago
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Andrew ********
Don't. Rent for a few years and learn.
4 years ago
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Martin ********
You must be new around here.
4 years ago
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Oor ********
@Martin *******
 and if he is should you not be advising him rather than attempt to make fun of him just to gain a laugh or two .
4 years ago
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Oor ********
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Klaus ***********
First u should really spent some time in the country you want to move and settle in. Its different than what u know from your weeks or months of holidays- everybody should live in a country of his choice a year before finalising moving plans...many lost souls would be saved.
4 years ago
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Terary **********
ORIGINAL POSTER
@Klaus **********
 6+ years already
4 years ago
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Terary **********
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Reiner *********
Cash
4 years ago
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Sam **********
Majority of Thais are in debt. Not sure where you got your info from 😆
4 years ago
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Pierson **********
**********************************************************************
4 years ago
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Pierson **********
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Peter ***************
Thais buy a lot on credit

That’s how loansharks have a very good business there

Thais love to borrow money

I do pawn in the village where I live

You need money

Bring your gold
4 years ago
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Geoff ********
You will also find a number of sellers will be happy to provide owner finance. You pay an agreed deposit and make monthly payments for an agreed term. When payment is complete the property is transferred.
4 years ago
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Terary **********
ORIGINAL POSTER
Geoff Geoff ... But what kind of legal recourse. Not trying to be too sarcastic but its really not hard to find someone to take my money... I am concerned how can I be sure they'll hold up their end? Is their a legal arrangement I can get into?
4 years ago
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Terary **********
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Kev ****
If you have income from US, We can help you to finance up to 70%. of the loan amount. Please inbox if you're interested?
4 years ago
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Niclas ***********
What blanco loan limit you have abroad? I think you can find condo for 1-4 million THB. Just make sure freehold and check it out. Might be best to buy mature estate so you can see how it is kept. Sansiri is okay but some areas depending on owners / FM is not maintained well.
4 years ago
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Steve *******
@Niclas **********
 Can you buy freehold? I didnt think you could own land outright in Thailand
4 years ago
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Niclas ***********
@Steve ******
 condominium if less then 50% is farang unit owners is exempt. Meaning you can buy freehold. I do own a small one in Phuket that I got during last Thai real estate crash. So what I say is how I financed and how I chose. My wife area is just next to mine and is total crap compared. Same company just a lot of owners not paying the maintenance.
4 years ago
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Niclas ***********
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Maxim ***********
I don't know where your assumptions about Thai come from, but it's the polar opposite. Thai are pro debt, and not that often from the bank (if you know what I mean). They spend a lot more then what they earn.
4 years ago
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Aroldo **********
Totally endorsed. Financial literacy is very low here. But so it is in other countries as well.
4 years ago
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Kuan ******
@Maxim **********
 absolute true- Thai spend today without worry about tomorrow 🤣🤣

But the crap is that they prevent foreigners from taking credit ... lol
4 years ago
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Sammy *******
@Kuan *****
 not really, don't assume the worst without understanding the reality---most thai, if living in the in the US or UK, not citizens or permanent residents, would fund ut difficult, and likely impossible to get credit-- most expats here have no real assets to put up as collateral, nor family members here to co-sign. most Thais get into debt, unfortunately, by borrowing from "street financiers". You want to hunt one of them up to inquire about a loan, I guarantee you won't like the terms, nor the consequences if you dont make your payments.
4 years ago
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Sammy *******
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Henrik ****
@Maxim **********
, only problem with your theory is the fact that most Thai ppl cannot borrow money at bank :-)
4 years ago
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Julian ********
@Henrik ***
 that's where the loan sharks come in. It's not a theory but facts.
4 years ago
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Julian ********
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Barry **********
@Maxim **********
 exactly. I nearly spit my coffee out when I read the op's assumption. Most of the time they drive round in brand new Trucks on borrowed money and don't even own an house
4 years ago
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Sammy *******
@Barry *********
 so true, so many can only drive for a few months before the vehicle is repossessed, or the co-signer is on the hook for payments.
4 years ago
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Henrik ****
@Barry *********
, they can buy a car or motorbike on credit. Until it is fully paid, the creditor is the owner of the vehicle...
4 years ago
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Barry **********
@Henrik ***
 yes. I know how credit works
4 years ago
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Sammy *******
@Henrik ***
 and the blue or green book surrendered.
4 years ago
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Sammy *******
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Brian *******
@Barry *********
 Different culture. The truck costs more than the house and is a mobile sign that "I'm prosperous", even when I'm not.
4 years ago
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Brian *******
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Sammy *******
@Maxim **********
 exactly, I think I read a recent report about the majority of average Thais are pretty heavily I debt. funny, how uninformed so many are about a foreign country in which they want to live.
4 years ago
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Sammy *******
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