News Forum - What is the procedure for purchasing an off-plan property in Thailand?

[Thaiger]

Purchasing an off-plan property is an excellent option for investors who want to obtain a property in Thailand. With an off-plan property, you can enjoy numerous benefits and flexibilities. For example, you can choose the best units and have the freedom to modify the unit you want to buy. Buying off-plan in Thailand also gives buyers an opportunity to buy a property at a lower price than an already built property with the expense of waiting for the construction to be completed. Plus, the property is likely to increase its value after construction, so buyers and investors can benefit from […]

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[Guest1]

This buying of properties before or during construction, that has cost a lot of people a lot of money! Looking around these days, there are more started projects, in the past years, as there are finished once. Even BEFORE covid. Because the project mostly start ONLY with the money of some buyers, but also stalling/stopping, as soon no more buyers are buying any more!

And you never know, if the quality is as supposed, when you can get in,...

Only good for the constructers/developers, imho.

 

[Benroon]

If you are willing to buy off project remember that most popular medium to large scale builders work to a 100%+ profit to cost.

So buy a piece of land, find out who the project manager is of the project you are looking at, and for a few baht get a copy of the plan of the house on the project and then either ask him to build it (in his spare time or sub contract it) OR if you have your own reputable builders get them to work from it. There's then the added bonus of avoiding ridiculous 'community fees', the bread and butter of developers involving buses into town you will never use and gardening 6 days a week plus inflated electric bills that come under 'admin' !

Here's an example - I went to look at a new development about 2 months ago - price 19.2m baht - I got chatting to the architect who told me he could come to my land and build the exact replica for 8.2m (the land cost 3.5m)

 

[Leeshard]

Buy a property off plan in Thailand? You must be joking! Some of the most active property developers around where I live have gone bankrupt since covid. You can do all the due diligence you like but it won’t always protect you.  Furthermore condo prices often fall well below original developers’ prices within 3-10 years after the block has been completed especially if the management haven’t kept the common areas in very good repair. 

[Pinetree]

You are not in Kansas here, or indeed anywhere in Europe.  Buying off plan here is monstrously risky,  with no real come back legally if it all goes wrong and it often does go wrong, when the developer runs out of cash and can't complete the project.   A casual drive around most parts of Thailand will see many uncompleted projects that have been derelict for years. Just ask the Nordic Group 'investors'. 

[Guest1]

I think, THIS two topics should be linked together:

https://thethaiger.com/thai-life/property/how-living-the-dream-became-a-nightmare-for-phuket-property-buyers