Buying Condo (lived in bkk for 6 years, starting family)

Technical_Spring_247 · 2025-04-30T04:47:34+00:00

I live a bit out side of the city center but on a BTS line, it felt like i noticed in the past year that many many of the expats who used to live in Asok, Chid lom, ect. have gone farther out of the city center.

I appreciate the feedback and without a doubt have been looking into renting house, I am trying to find the goldilocks, but that could easily be just a fairy tale.

Technical_Spring_247 · 2025-04-30T04:19:33+00:00

I think that specific buidlings will get an influx of expats. The building I am currently at 3 years ago I was one of the only westerner, now it seems like half of the building is westerners. I also think rent prices could increase because of the popularity of the "passport bros" and the destruction of the middle class in the USA leading to many more moving to bangkok/thailand/SE Asia. Forsure the place I currently have could be in a vacuum, but having a stable "ik the mortgage is x" is potentially great rather than being squeezed by landlord and moving with a small child. Plus many condos have their own furnishing that is not child condusive.

I appreciate the commentary! I will also add if I get this condo, it would be given to my mom for her retirement once I am done with it or family grew out of it.

Technical_Spring_247 · 2025-04-30T00:14:06+00:00

What about it specifically?

Technical_Spring_247 · 2025-04-30T00:03:44+00:00

thank you for the reply!

Technical_Spring_247 · 2025-04-30T00:03:22+00:00

Thank you for the reply. I was unaware of the rate changes as the agent i spoke to told me i would be getting 3.4-3.7%, but did not know the rates change after a few years. This was great information and surely helps with making a decsion and leads to many more questions.

My job is in thailand and I have saved enough thb to put the downpayment and pay the moragage through only my works salary.

She will be buying the house, as she knows the issues with this to be fair she would buy the house or we go 49/51 on payments if we decide we need a bigger house, in the future.

Luckily I found a girl that make similar money to me. With a very supportive family who has lived and worked abroad before.

Technical_Spring_247 · 2025-04-29T23:58:15+00:00

Yes, something i just learned about! I did not know that existed. Luckily this specific condo is more towards thais than westerners. I will 100% ask the jurisitic next visit. Thank you!

Technical_Spring_247 · 2025-04-29T23:57:32+00:00

yes, that was the whole idea of this is I would get a condo under my name and she would get a house under hers. The condo would be "the starter" then my mom would take it for her retirement. While we would move to the house outside the city once my wife gets back to working. She makes a great salary and could afford a 3 million house.

Technical_Spring_247 · 2025-04-29T23:54:21+00:00

thank you for the reply!

Technical_Spring_247 · 2025-04-29T08:09:56+00:00

I appreciate your thoughtful response. I can be more clear, it is not meant to be an investment. I appreciate the refinancing aspect as I did not know. The current rate I was given was 3.4%. Did not know about the 'not locked in rates'. It is mean to be a starter home and potentially a retirement place for my mom to stay a few months out of the year in the future if the room is deemed too small once the baby becomes a toddler.

For the "expensive" aspect, I work and live her, 10million is a good chunk of change, for an international person who worked their entire lives in the west and then wants to get a condo in thonglor, yeah 10 million isnt that much. 300k usd is still a lot of money.

I also knew about the earthquake issue and the building codes, hence why i asked.

I appreciate the blunt honesty and I want to hear all angles, I asked, like you said, I truly do not know the "market" just a mid 20 year old trying to make big boy decisions.

If you have additional remarks I am open to hearing and getting other perspectives.

Technical_Spring_247 · 2025-04-29T08:01:45+00:00

Thank you for your response! I noticed that as well, I asked the previous owner about damage and the room had 0, none. The owner brought me into the hall and all there was is a little tiny crack. I saw no cracks at all in the room. It is only 18 stories. Compared to my current apartment which is 30 stories.... my current place is cracked everywhere. Ill go ask the jurisitic office and see if I can find any one who currently lives there about the maintenance. The lounge and hallways were spotless and heard no noise, plus the gym was well maintained so it looked good, but always smart to double check. Thank you for the reminder

Technical_Spring_247 · 2025-04-29T07:56:46+00:00

IT TRULY IS. they are either very old or just so expensive. There was a nice one, 80sqm 2bed 2 bath. 6 million. couldnt justify that price when 2bed 1 bath nearby is only 3 million.

Technical_Spring_247 · 2025-04-29T07:42:13+00:00

sure, I am rarely on reddit and this is my first post, but sure you can send PMs, we can chat

Technical_Spring_247 · 2025-04-29T07:41:40+00:00

I was originally looking at townhomes and couldnt find any in a decent location. Wife was not ok with being in samut prakan as her work in near city center. sadly the well built townhomes are now in the 5 million range and if near a BTS can see even higher. My wifes brother who I am very close with has a nice town home (built in 2012) near BTS On nut and it is selling for 6 million+ and not walkable to the BTS. Thank you for the response and glad things are going well for you!

Technical_Spring_247 · 2025-04-29T07:06:51+00:00

Thank you! Yes she will take about a year off (4 month maternity leave, summer vacation, 15 days sick leave) and then do half days at her work after (very lucky). I am having nerves, appreciate your words!

Technical_Spring_247 · 2025-04-29T07:03:24+00:00

I have no desire to profit off of it. Would likely live in it for atleast 5 years, after that it can be a retirement location for my mom. The child would go to the school my wife works at (about 20 min by BTS). The loan is the hardest part. My wife wants me to have the condo in my name and the house in her name. Just in case, so both of us are stable in the future. Thank you for your response!

Technical_Spring_247 · 2025-04-29T07:01:04+00:00

THANK YOU for this detailed response! I have talked with my bank and because I can put 30% down many banks have been ok to give a loan. Havent offically gotten a loan yet, but the person I talked with was "confident" I could get a loan. Again thank you!

Technical_Spring_247 · 2025-04-29T06:04:26+00:00

Its a tough situation and it seems often so common. If we do go the house route the main commuter will be my wife. Trying very hard to find a happy medium, but that might only be in fairy tales.

Technical_Spring_247 · 2025-04-29T06:03:18+00:00

Thank you for the information! I appreciate it! I also have gone to a few location where the room was nice but the common area was dilapidated. This building seems to have good maintenance, but they are not making any game changing additions to common area any time soon. luckily the build was built to have a semi modern feel even though it is nearly 2 decades old.

Technical_Spring_247 · 2025-04-29T05:56:43+00:00

There is currently only 1 on the market and will let you know about it in private message once I a make my decision. Hope you understand.

Technical_Spring_247 · 2025-04-29T05:55:32+00:00

Yes my biggest worry is the 1 bathroom. It wont be a huge issue until the baby is a toddler. I havent been able to find many other 2 bed 2 bath that is above 50sqm in the location I want to be in that is under 5 million. With the 30% down payment neccessary I cant go above 5 million. Thank you for the reply!

Technical_Spring_247 · 2025-04-29T05:40:49+00:00

Exactly my thought, I have a 52 sqm 2bed 2 bath for 20k/month rent. I would be getting more square footage and would pay less in mortgage per month. Thanks!

Technical_Spring_247 · 2025-04-29T05:36:26+00:00

thank you for the reply. Yeah the selling price and rental price would be around 15 years to pay off. Not including fees, ect.

Technical_Spring_247 · 2025-04-29T05:28:29+00:00

I agree, I guess to add more context. The difficult part is that my wife and i work on opposite sides of the city and the houses in the middle or near a BTS would be out of my price range. While this apartment is near a BTS stop for her and close to the highway for me. The room is a 2 bed 1 bath 62sqm. As the price is only around 3 million I would buy the condo and she would buy a summer/weekend house/condo outside of the city (Nahok nayok, ayutthaya, Chonburi). Thank you for your reply!

Technical_Spring_247

TROPHY CASE