My Pattaya $45K Seaview Condo for UNDER $200/Month? 🌊 Budget Living

Welcome back to Margaritas in Paradise. Today, the host is on Wagamont Beach, right outside his condo, which is the subject of discussion regarding its cost of living. He will break down the expenses in US dollars, offering a tour of the grounds. The housing market in Pattaya, Thailand, is primarily a rental market. The host, however, chose to buy his condo, which is an exception to the norm. He strongly recommends renting over buying, with reasons to be discussed later. His condo is approximately 80 meters from the beach, accessible via a small alleyway. The building offers motorbike parking, restrooms, 24/7 security, and a maintenance staff in the lobby. There's also a domestic office. The host points out bulletin boards in the building, which often display condos for rent, with prices ranging from 8,000 to 12,000 baht a month. The building features underground parking. A crucial tip for anyone considering renting a high-rise condo (20 floors or above) is to ensure it has at least three elevators, as breakdowns can occur. In his building, elevator repairs are a high priority, typically completed within a day or two. Amenities include a pool and a fitness center, both of which are undergoing renovation in mid-May and will look completely different in a few months. The host emphasizes that accommodations in Pattaya, especially by the ocean, can be found for under $300 a month. He will now detail his monthly expenses, including electricity, water, internet, phone, and property tax, to determine if he got a bargain. Currently, it's the end of the high season and the beginning of the low season, making it an ideal time to look for a condo, particularly for a one-year lease or longer. Entering the condo, the first area is the restroom, featuring a glass-enclosed shower and a fantastic washing machine/dryer combination. The condo has a king-size bed, a living room with a large TV, and a balcony. The kitchen area includes a refrigerator with an ice maker and water dispenser, and a microwave. Plants adorn the balcony, which offers a sea view, including the Pattaya sign. Regarding costs, the HOA/maintenance fees are 17,500 baht annually, covering 24/7 security, pool maintenance, floor maintenance, housekeeping, and staff salaries (domestic staff, building manager, maids, housekeepers, maintenance guys). This amounts to $48 per month. The staff is commended for keeping the building in excellent condition, with the pool cleaned at least five days a week. Additionally, there's an amendment contributing to a healthy sinking fund. A sinking fund is emergency cash for repairs like elevators or pool leaks. While renters may not care about this, it's a cost for owners. This amendment costs 5,000 baht a year, or approximately $13 a month, and is structured over three years, likely continuing indefinitely. Utilities, including electricity and water, are billed together with a service fee. Electricity is charged at the standard government rate of 3.88 baht per unit, soon to increase to 3.96 baht per unit. He advises checking the electricity rate when renting, as some condos may add extra service charges or even double the cost. Despite leaving the air conditioning on frequently, his electric bill is typically around 1,000 baht a month (about $36), though it has reached 2,000 baht in some months. Water is billed at 40 baht per unit, with typical usage of four units per month, totaling 160 baht per month or $5.20. Service fees for water and electricity are 50 baht each, adding approximately $3 per month. His high-speed fiber optic Wi-Fi costs 6,292 baht a year, which is about $16.14 a month. He notes that his father in the US pays more in one month for the same service than he pays in an entire year. For phone service, he uses AIS, paying annually for unlimited data. This costs 3,500 baht per year, or approximately $9 a month. Property tax, which renters do not pay, for property owners, his last year's property tax was $34, which comes out to about $0.78 a month. The total monthly cost for everything, equating to his "rent," is 12,932 baht, or under $300 a month, for living right on the seaside with a great view. He acknowledges a new building is being constructed nearby but assures there are many other places available. The building also has a service room for trash and storage lockers that residents can purchase for suitcases or other items. There's another floor on the third floor where owner-residents can rent storage lockers. Reiterating the rental versus buyer market discussion, he again recommends renting due to the fantastic deals available, especially for those on a budget. There are many units for rent, and some landlords are willing to accept minimal payments just to have someone occupy and care for their units while making a small monthly profit. While buying is generally not recommended as an investment in Thailand, there are specific circumstances where it might be considered. If one has ample money that is not intended for future investments, and they truly love a property and wish to keep it for life, possibly passing it on to children, then buying might be an option. He mentions "fire sales" where owners are broke and need money quickly, which is how he acquired his condo. For those concerned about their money generating returns, keeping it in the bank is a better option than investing in property here. The host, having detailed his costs, highlights the significant savings he achieves by owning his condo. He wouldn't rent his condo for 10,000 baht a month, although similar condos can be rented for less. He lives in his condo and is not interested in renting it out, enjoying his life in Thailand. He advises viewers to do their homework when looking for accommodations.