Editor;
Re: The next recession (PM Mailbag Friday, 07 February 2014) – Silly me! I never knew you had to have a Thai with a 51% stake in a condo. Then again I consider even if I were rich enough to invest money in a venture that would lose me money I would give it a miss.
Why would I not invest my savings on long term deposit and rent a property? Even if the interest were just above the inflation rate it would be to my advantage as I would be free to up stakes whenever I wanted without the hassles of trying to off-load what I consider a “Lemon”. With the apartments for sale at the moment at saturation level, who wants to buy a second hand one when they would most likely buy a new one cheaper?
I could boast to my family and friends how I was a grand “Land Holder” and Mum could tell all her friends how Bubba made the big time in Thailand.
Cast your mind back to a series on the BBC where British people were all heading to Spain to teach the natives how things should be done. Only to be ripped off by both the locals & their own countrymen. This is “the passing parade” in Pattaya at the moment.
OK so I am not so smart. I had a house built on my wife’s land, but I went into it with my eyes open knowing I had absolutely no stake in the property. Nothing palatial just a 2 bedroom house with outside kitchen. All work done by the village tradesmen. No Farang real estate man involved. After 12 years of marriage things have worked out fine.
If you have gone into buying a 3 bed 4 bath condo with European kitchen, all I can say is som nam na.
Bill
