Stargazer
Surin Legend
My wife is trying to get me to buy some of her brother's rice paddy land for her so he has money to build a house. I don't regard this kind of land in Isaan as a good business investment, given the meager return on rice growing. However, I can afford it and am willing to help, as long as I'm not paying an inflated farang price. The idea is for the land to eventually go to her grandson.
Any suggests about how to get a meaningful appraisal of the property? I know that location matters (land near an irrigation canal, major road (house site possibility), electricity, water, etc. affect value). Otherwise, the prices I hear seem a bit absurd (but so do all land prices in the USA ). Most land prices these days seem to follow the 'greater fool' idea: it doesn't matter what you pay as longer as there is a greater fool willing to pay more later.
One idea would be to ask a bank how much they would loan on the land. Presumably they only lend a fraction of the value to protect themselves. So 2x the loan offer might be about right.
Any suggests about how to get a meaningful appraisal of the property? I know that location matters (land near an irrigation canal, major road (house site possibility), electricity, water, etc. affect value). Otherwise, the prices I hear seem a bit absurd (but so do all land prices in the USA ). Most land prices these days seem to follow the 'greater fool' idea: it doesn't matter what you pay as longer as there is a greater fool willing to pay more later.
One idea would be to ask a bank how much they would loan on the land. Presumably they only lend a fraction of the value to protect themselves. So 2x the loan offer might be about right.