Unit Rates and Thai House Plans To estimate the Cost of building a House in Thailand

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This report is based on my recent palpate of admittedly going through the process of obtaining estimates of the cost of construction a house in Thailand together with getting quotations from builders in Thailand and also using unit build rates (how much square meter) to build a resignation house in Thailand.

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How is Unit Rates and Thai House Plans To estimate the Cost of building a House in Thailand

We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Mortgage Rate Trends.

It will be useful to anything retiring in Thailand or planning to retire to Thailand and build a resignation house.

The Two Main Two Ways To assessment the Cost of construction a House in Thailand

There are basically two ways of pricing a construction project in Thailand.

1. Using Unit Build Rates To assessment The Cost Of construction A House

The first and simplest method is by using Unit Build Rates, i.e. How much per square meter it costs to build the house in Baht/m2. There are a range of Unit Build Rates for houses in Thailand and these vary agreeing to the acceptable of the construction and the location in the country.

There are other factors that affect the price of construction a house in Thailand and these are not ordinarily allowed for in unit build rates.

Just one example is that the cost of construction depends greatly upon the particular manufacturer chosen as quotations for the same asset from different builders varies greatly.

Unit rates for use in estimating the cost of house construction are effortlessly ready where I live in the United Kingdom (Uk). There are many websites that list these unit rates and also there are pricing books that give rate per square metre for a range of construction types and sizes. This method is ordinarily used in Great Britain, and other Western countries to work out a budget cost for construction a house.

However, in Thailand the situation is different. I have not seen any 'official' Unit Build Rates for Thailand but some websites, notably those Forums catering for expats living in Thailand, give some rough figures from habitancy who have built their own resignation house in Thailand.

But that's all they are - a guide - and admittedly barely worth using even for budgeting purpose.

Two Examples from Thai Websites of Unit Rates for House Build Cost in Thailand

From A1Real.com

Bangkok: "As of March 2006, buyers had to pay 81,975 baht/m2 in average to secure a condominium unit in central area of Bangkok compared to 72,596 baht/m2 in the last twelve months".

From Thai-AirPark.com

Chiang Mai, Northern Thailand: "A house built to western acceptable will cost in the middle of 160 to 300 Euros / m2″ (At 45 Euros/Baht (Jan 2010) that works out at 7,200 to 13,500 Thai Baht per m2).

Notice how the unit rate for these two examples are so different.

Another way to get unit rates for Thailand is to approach Thai builders and architects. Unit Build Rates recently sent to me by one of Thailand's foremost Bangkok-based design-and-build associates are in the range of 15,000 to 20,000 Baht/m2.

The method of application of the Unit Build Rates is simple. You work out the total floor area of the proposed construction together with all floors and multiply by the unit rate. There is no need to find or involve a manufacturer for this method once you have decided on the the unit rate to use.

There are potential inaccuracies in this approach because the mix of different types of usage will be different in different building.

For example, using my own proposed asset in Pak Chong, Thailand, as an example, the house is a typical 'post' house and half of the ground floor is left 'open' to be made into usable rooms at a later date and the other half simply has blockwork walls to for a workshop.

Clearly the unit rate for these areas is different and different from the first floor that contains kitchen, bedrooms and other living area.

Another example of different type (and hence costs) of construction usage using my Pak Chong house as an example is that on the first floor I have a very large (compared to the rest of the house) patio area and also an additional one semi-open area both of which would be a much lower cost to institute than the living room areas.

The fact is that new build houses in Thailand are very often of fully different style and layout to other houses. This is in comparison with the Uk where new houses are often built in their hundreds all to the same design. Every person knows what you will get in a '3 bed semi-detached house' in England. In this situation unit rates can be safely applied.

So what area is used in the cost calculation? Do you use the total area together with the ground floor open area and workshop and the first floor patio and semi open area plus the living room areas? Or do you use the unit rate just for the living room and take a division of the unit rate for the lower cost areas?

The question is that I don't know the basis for the unit rate in the first place. I.e. Either it was for a asset similar to mine with the open areas included, or Either it was for a asset with a greater division of actual living area.

In conclusion the Unit Build Rates method in Thailand can only be used to get a very rough idea of the likely cost and is admittedly not strict enough for establishing a budget.

2. Obtaining A Quotation From A Thai manufacturer For construction A House In Thailand

This method depends upon looking a manufacturer to get ready a quotation based (usually) a set of drawings (also called house plans) for the asset in question. (The house you want to build to retire to in Thailand) Obviously, the more strict and detailed the house plans, the more strict the quotation can be.

Other documents may also be provided to supplement the house plans and these consist of a Scope Of Works describing the scope of the project (not ordinarily produced in Thailand) and Schedules. The Schedules are typically a schedule of finishes, schedule of doors, ironmongery etc.

There are three major difficulties with this method.

1. Obtaining The House plans And Other Documents

I'm lucky in that I can use the Autocad Computer Aided Drawings (Cad) software container and am familiar with construction institute so I was able to produce my own Cad drawings and schedules for my planned resignation house in Thailand.

Also, I didn't start with a blank sheet of paper, instead I downloaded some existing Thai house plans from the Thai Government website (Search for 'download Thai Government House Plans') and excellent one to use as a starting point for my own Thai house design.

If you don't fancy this do-it-yourself approach you will have to find man to make the house plans for you. Whilst this is easy in (if somewhat expensive) in the Uk, if you try to find a Thai Architect to do this for you then you may have problems.

Firstly looking an Architect in Thailand is not easy although I did find an architectural and construction firm in Bangkok and I subsequently appointed then to make the construction drawings for my own house - but that is an additional one story.

Secondly, how do you explicate to an Architect what you want? This is particularly difficult (impossible?) if you don't already have your own initial drawings as I did and if you aren't in a position to sit down in the same room as the architect and pour over ideas and concepts.

Doing that by email from starting from scratch from covering of Thailand is next to impossible.

2. Translation Of The Documents Into The Thai Language

This is not so difficult if you are ready to pay for a translator in Thailand.

A translator can admittedly translate the schedules but adding Thai to Cad drawings in not easy unless the translator also knows how to use the Cad software! My own house plans and schedules are in English only and I was able to get a quotation from a Thai builder.

You might try English only and just get the translator to translate the technical phrases that the manufacturer doesn't understand. Again, much easier to do if you are in Thailand alongside the translator and builder.

3. looking A manufacturer In Thailand

This can be one of the most difficult tasks you have to do.

My wife has contacted at least six builders from within Thailand and only one has produced a price. That price was based on the house plans and schedules that I produced but was about double what we expected, at 2.1 million Baht, which works out at 16,000 Baht/m2.

The write back we get from most of the builders is that they are too busy to work on providing a price for a small house build job. It seems that many builders are engaged on large projects in the coastal resorts of Thailand (e.g. Phucket) and that our tiny puny project in Pakchong is not worth their while.

The method I used to find builders consisted of knocking on doors "You have a nice house, can you tell me who the manufacturer was?" I find it easy to approach habitancy and one day I was chatting with the security Guard at our hotel, "The Mansion" at 8/8 Soi Tedsaban 8, Mittrapap Rd., Pakchong, Thailand, and he announced that he could get a price from at least two builders.

We took him up on that offer but never received the quotations. One was too busy and the other wanted 5,000 Baht up front before making ready a quotation in case we didn't opt him as our builder! By the way, the security Guard said that his commission was 10 percent!

In this short seminar on how I obtained budget estimates for a resignation home in Thailand I have covered the two main methods, using unit rates and house plans, to secure a budget price and the advantages and disadvantages of each method. Also I have explained the three difficulties you will face when trying to get a manufacturer in Thailand to give you an assessment for construction your resignation house in Thailand.

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What a Canadian Should Know Before Buying U.S. Real Estate

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Many Canadians are dreaming of heading south for the winter, but not just to beat the cold. They have real estate investing on their minds. Our strong dollar combined with a collapsing housing market in the U.S. Spells opportunity for many. But Canada and the U.S.A are not the same country, and as much as we have in tasteless we have differences. Any Canadian investor inspecting putting money in the U.S. Should have a basic comprehension of some key differences in the middle of buying real estate in Canada versus buying real estate in the U.S. So, before you start putting your loonies in Florida or Texas, read on.

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How is What a Canadian Should Know Before Buying U.S. Real Estate

We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Mortgage Rates Forecast.

Tax Systems:

Talk to an accountant that is experienced with American real estate speculation as the countries differ considerably in terms of taxation of speculation properties.

In the U.S.

1031 Exchanges allow the capital gains from the sale of an speculation asset to be deferred and rolled into a buy of a similar type of asset if it's bought within 180 days. This can be done many times allowing capital gains to be deferred until the end asset is finally disposed of and not replaced; If capital gains are realized (property is sold and cash is received), the distributor is taxed at 15% of the total net gain (as long as the asset was owned for more than 1 year, if less than, the rate is much higher); asset taxes tend to be similar to those in Canada, however, if you are a Canadian and own a asset in a Southern state like Florida or California, you may have much higher "non-resident" asset taxes than whether the locals or if you spend in other U.S. States; Similar to Canadian tax laws, you will not be taxed on your primary residence, however, in the U.S., you can write-off the interest expensed on your home.

Compare this to Canada

Sell your speculation asset in Canada and you'll pay capital gains tax on 50% of the net gain. Canada does not yet have the choice of deferring the gain straight through an exchange. The "gain" or "loss" gets added to your wage and your are taxed at the applicable rate (which could be much higher than the suitable 15% rate in the U.S.); Similar to in the U.S., expenses connected with holding an speculation asset can be written off against your dutible income. See two old articles for tax time tips: Part 1 and Part 2.

Before you send your loonie south this winter:

determine if there are "non-resident" asset taxes applicable in the city/state you are considering; If you already own in the States and sell the asset (and don't buy other there to use the 1031 replacement strategy) you'll be required to pay U.S. Taxes on the sale. You pay the U.S. First, but still have to file the tax return in Canada (showing the taxes paid in the States). Thus, you'll only pay once (you get a tax prestige applied to your Canada taxes), but you have to file 2 returns (February/March 2008 Money Sense has a great article on this issue); Rental wage requires two filings for taxes as well. You must claim the wage (and expenses) in both countries, pay the applicable taxes, and get a prestige for your Canadian taxes.
Lending differences in the middle of Canada and the U.S.:

The "credit crunch" or "subprime market meltdown" has had a dramatic impact on the U.S. Lending environment, and has trickled over the border to Canada. Because of the economic crisis, lender guidelines and policies have changed dramatically in both countries. In the U.S., there were many mortgages given to just about any candidate. The phrase "ninja" loan was coined in the U.S. The acronym standing for "no income, no job, no assets". Many individuals were given mortgages beyond their means. When the first large phase of Arm (adjustable rate mortgages) began to raise their rates, foreclosures began popping up all across the nation. Canadians need not fear the same crash here thanks to very separate lending environments.

In the U.S.

Hundreds of banks across the country with hundreds of differences in lending policies and guidelines; Licensing varies across each state for who can be a mortgage broker. In some states no testing or licensing is required at all! Bank regulation is controlled at the state and federal level, again perhaps foremost to less literal, lending criteria from one bank or lender to another.

And in Canada

One federally-regulated Bank Act that controls what banks can and cannot do across Canada; Only 5 major banks in Canada that control a large majority of all banking divisions; All of the Big 5 Banks in Canada are able to lend funds for mortgages, but they have also acquired (and oversee) many of the licensed trust and brokerage fellowships (which lend money as well); Mortgage brokers are provincially regulated in Canada, but the majority of provinces need whole training, and the thriving completion of a licensing test.
Economic Conditions in Canada and the U.S.:

The Canadian economy continues to enjoy good economic times with historically low unemployment rates, increased wages, and housing appreciation. At the same time, a recession has been lurking in the U.S. Many areas of the U.S. Are experiencing depreciating houses, high unemployment rates, and deteriorating consumer confidence.

There could be some real bargains to be found in the U.S. As foreclosures pile up, property/houses depreciate (well into double digits in some States - Florida, Michigan, California), and our Canadian dollar continues to sit around par with the greenback. But before you take the plunge, do your research. Most economists still believe we are in the midst of the subprime fiasco. They forecast continued depreciation across the nation (obviously much worse in some areas than others) for the good part of two years. So, unless you genuinely know an area is going to get good soon, I personally, would wait and see what the summer and early 2009 has to bring. The election, the war, federal policies to "bail-out" millions of credit-burdened borrowers, and the worst part of the subprime scenario which is unbelievable to hit in the fall of 2008, are all factors that will impact speculation in the coming year, and it's a gamble to buy without knowing what will happen. But, with the strong dollar, it's a good time to head south and start finding for that dream home in Florida, isn't it?

Some final thoughts (in this article anyways) on investing in the U.S. Real estate market. If you are intent on purchasing in the U.S. And are a Canadian population residing in Canada, the following three ways may help you get financing:

Take out a mortgage in the U.S. straight through a U.S. Based bank owned by a Canadian one such as Rbc Centura or Bank of Montreal's Harris Bank; buy using all cash so you don't have to deal with cross border financing issues (e.g., pull equity out of your home or other Canadian properties or ask your rich aunt for money!) to buy down south; and originate a corporation in the U.S. With assets (a holding business will not work as it needs to have equity or be generating revenue) which can get the mortgage from a U.S. Lender.

I hope you obtain new knowledge about Mortgage Rates Forecast. Where you'll be able to put to used in your day-to-day life. And above all, your reaction is Mortgage Rates Forecast.Read more.. What a Canadian Should Know Before Buying U.S. Real Estate. View Related articles related to Mortgage Rates Forecast. I Roll below. I have recommended my friends to help share the Facebook Twitter Like Tweet. Can you share What a Canadian Should Know Before Buying U.S. Real Estate.

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