We Bought a House in Thailand - Buying a House as an Expat in Thailand

Summary

In this video, the hosts share their exciting journey of buying a new home in Thailand, moving away from the hassle of renting. They walk viewers through the home’s features, including the beautiful mountain view, the backyard with a pool, and their furniture shopping experience. The video also covers the home-buying process, from negotiating the price to understanding the land lease structure for foreigners. Along the way, they discuss the cost of living, including property taxes, and reveal the advantages of living in Hua Hin, a quieter Thai town. The hosts also touch on their plans to explore more of Asia from their new base.

Takeaways

• 😀 Kim decided to buy a house in Thailand after finding renting and moving too often wasn’t for her.
• 🏠 They searched for properties through Facebook groups, which is common in Thailand due to the lack of an MLS system.
• 💵 The initial asking price of the house was 3.6 million baht, but they negotiated it down to 3.5 million baht.
• 🔑 The house purchase involves a 30-year renewable land lease, as foreigners can't own land outright in Thailand.
• 🌄 The house has a stunning mountain view, which Kim loved immediately and confirmed wouldn't be obstructed by future developments.
• 🛋 Furniture shopping included buying a sofa, appliances, and other home essentials from three different stores with free delivery and setup.
• 💸 Property taxes in Thailand are exceptionally low at only $30 per year, compared to the U.S. property tax rates of $4,500 annually.
• 🏖 The new location in Huahin offers a quieter, low-key lifestyle with easy access to beaches, shopping malls, and nature.
• 📍 Huahin is 2.5 hours from Bangkok, making it an ideal base for short trips around Asia.
• 🛠 All prices for the furniture and appliances included taxes, and delivery/setup was free, which was a pleasant surprise.
• 💼 The speakers are experienced in real estate in the U.S. and are considering helping others with real estate needs in Thailand.

Q & A

What prompted the decision to buy a house instead of renting in Thailand?

The decision was prompted by the desire to stop moving frequently and to have a permanent place to live, especially since the person’s partner, Kim, was tired of renting and moving every year.

How did they find the house they bought in Hua Hin?

Kim found the house through Facebook groups, which often list properties for sale in Thailand. She viewed several properties before falling in love with this one.

What was the original asking price for the house, and what price did they settle on?

The asking price for the house was 3.6 million baht (approximately $103,000), but after negotiation, they settled on a price of 3.5 million baht.

How is land ownership handled for foreigners in Thailand?

Foreigners cannot legally own land in Thailand, but they can own a house through a land lease. In this case, the couple chose a 30-year renewable land lease, which gives them rights similar to ownership.

What are the key advantages of the land lease option they chose?

The land lease is automatically renewable for 30 years, and the property is willable, meaning they can pass it down to their heirs. Additionally, if Thai laws change to allow foreigners to own land, the lease would convert to full ownership.

How do property taxes in Thailand compare to those in the United States?

Property taxes in Thailand are significantly lower than in the United States. The annual property tax in Thailand is just $30, compared to $4,500 in the U.S. for a similar property.

Why did they decide to buy rather than continue renting?

They decided to buy because Kim frequently travels back to the U.S. for holidays, and renting meant moving every year. Buying the house provides stability and eliminates the need for frequent relocations.

What was the total cost for furnishing the new home?

The total cost for furnishing the house, including appliances and furniture, was around 250,000 to 300,000 baht (approximately $8,000).

How does the location of their new house in Hua Hin compare to other major tourist areas in Thailand?

Hua Hin offers a quieter, more relaxed atmosphere compared to larger tourist cities like Phuket or Pattaya. It has a more low-key vibe, catering primarily to Thai tourists, with decent beaches, resorts, and shopping centers, but less nightlife.

What was a surprising feature about buying furniture in Thailand?

A surprising feature was that sales tax was already included in the price of furniture, and delivery and setup were free of charge, which was not expected by the couple.