# Chiang Mai retirement, cost of living



## Ed Carey

We are planning to retire in Chiang Mai most likely within 12 months..
Would like some advice/suggestions as follows?

We want to buy house - our budget is Baht3M MAX - Would ideally like place with view - Mountains or lake or golf course - do not really like the idea of living on a crowded villages - Must be within 20km of downtown.. Any suggestions???

How much does it cost an expat couple to live in Chiang Mai - any ideas?

Where is best bank to keep money in Thailand - Best term deposit interest rates?

Who is best medical insurance provider?

any suggestions/advice welcomed....
Thanks..
Ed lane:


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## Guest

Hi Ed.

How much does it cost for a couple? That depends on so many things. When I was single and fancy free, out and about virtually every night, never catering for myself, I easily got through 2,000 pds sterling a month - and that was in the days the pound was worth something. More recently, as a couple we would probably go out two, three times a week at most. Eating Thai food prepared at home, neither of us drink much, no car but 200 quid a month rental, utilities, tuk-tuks, on average we got through about a grand between us, not really skimping on anything.

With that kind of purchase budget there's a reasonable choice - but these days that's a bit limited if you're looking for a really nice location within 20kms of town. Pretty easy to find on the estates, but that's not your first choice. You really need a month's stay to explore at your leisure if you're avoiding the _moo ban_ villages. We always rented close to the town centre, so can't really help you much with respect to locations out of town, sorry. If you haven't the time to spare before arriving on a permanent basis, just rent for a while. It's so cheap that some suggest it's as viable a way of living in Thailand on a permanent basis as purchasing your own home, without the risks attached.

Medical insurance - never had to use mine, so can't really recommend it. Forget the name anyway, it was a Thai insurer, which when I was looking into it at the time appeared to have the same benefits as those provided by the main international companies catering for farangs, while being considerably cheaper.

I never looked into investing any sizeable sums in Thailand, beyond the minimum required to obtain the retirement visa. A quick glance at the investment rates a year or two back showed they were pretty similar, and very low. As there was nothing much between them I went for the Bangkok Bank, the easiest to walk to, and always found them to be courteous,helpful, and quick in dealing with any enquiries I had.


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## Ed Carey

Thanks your response - Much appreciated..
I have spoken to several people and they quote figures of Baht750-Baht1500/day normal living expenses for an expat couple - We are pretty boring we will tend to go out once/twice/week and will eat most Thai or simple foods and we also do not drink much at all although I do like a glass of red wine...

Ideally we plan to rent a place for 2-3 months and have a very good look around as I want this to be our last property purchase so it needs to be 100% right..
Do not really like to live in the City like to be outside in the countryside a bit more..

Yes I believe I can get medical coverage from Thai medical insurance company much cheaper than these international companies coverage - Just need to find reliable Thai medical insurance company!! 

In regards to renting for a while instead of buying I was told you can get 6% on term deposit in Thailand - if I put Baht3M in bank and rent for a while instead of buying the interest on this would most likely cover rent on a small place..

Do you know any good honest Thai lawyers in Chiang Mai that are used to dealing with foreigners - Retirement visa, property purchase etc etc?

Thanks again your response.. Is your name Pete?? Not clear on original response..
Best Regards
Ed 






frogblogger said:


> Hi Ed.
> 
> How much does it cost for a couple? That depends on so many things. When I was single and fancy free, out and about virtually every night, never catering for myself, I easily got through 2,000 pds sterling a month - and that was in the days the pound was worth something. More recently, as a couple we would probably go out two, three times a week at most. Eating Thai food prepared at home, neither of us drink much, no car but 200 quid a month rental, utilities, tuk-tuks, on average we got through about a grand between us, not really skimping on anything.
> 
> With that kind of purchase budget there's a reasonable choice - but these days that's a bit limited if you're looking for a really nice location within 20kms of town. Pretty easy to find on the estates, but that's not your first choice. You really need a month's stay to explore at your leisure if you're avoiding the _moo ban_ villages. We always rented close to the town centre, so can't really help you much with respect to locations out of town, sorry. If you haven't the time to spare before arriving on a permanent basis, just rent for a while. It's so cheap that some suggest it's as viable a way of living in Thailand on a permanent basis as purchasing your own home, without the risks attached.
> 
> Medical insurance - never had to use mine, so can't really recommend it. Forget the name anyway, it was a Thai insurer, which when I was looking into it at the time appeared to have the same benefits as those provided by the main international companies catering for farangs, while being considerably cheaper.
> 
> I never looked into investing any sizeable sums in Thailand, beyond the minimum required to obtain the retirement visa. A quick glance at the investment rates a year or two back showed they were pretty similar, and very low. As there was nothing much between them I went for the Bangkok Bank, the easiest to walk to, and always found them to be courteous,helpful, and quick in dealing with any enquiries I had.


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## Guest

Hi Ed (yes it's Pete ),

That daily allowance sounds about right - what pushes it towards the upper figure are all the little extras... various insurances, internet, cable tv, etc. Oh yes - and red wine! I can recommend a great place to buy wine by the way - the Limping supermarket chain (one branch is quite close to the Airport Plaza shopping complex). However I had to change my habits - better to buy from the selection of Chilean, South African, Australian wines on offer, than the likes of French/Italian. They are all very expensive, but the price/quality ratio was definitely better for the former. As someone who has also lived in France for many years, I wasn't too keen on abandoning my preferred tipple... but as they say, a change is as good as a rest...

Yes I do know a 'good' lawyer, at least he did a good job for me when I needed a prenuptial agreement drawing up quite quickly. I rang about six lawyers for a quote, which varied from 6,000 baht to 20,000 baht for a simple 3 page document. I opted for the lower price, having heard good things about this particular lawyer's 'honesty'. I wasn't disappointed with the service provided. He gave me an appointment for the next day, we drafted the document in Thai and English with the help of a clerk, and it was all signed, sealed and delivered in 90 minutes flat. He is:

Mr. Akarawath Inthanant
Chiang Mai Legal
128/58 Palm Spring Village
Mahidol Road
Chiang Mai

tel/fax. (053) 246493 mobile 081 5686865 or 083 1534680 email : cmlegal at sanook.com or lawyer at lawyerchiangmai.com

He left me with a very good impression overall - his offices are in his very impressive, palatial abode in the Palm Springs resort, where you would unfortunately need a bit more than 3 million baht for a great view! However that's jogged my memory - my wife asked the lawyer's assistant how much the properties were in the resort, and he said that they started from 2 million baht. Probably pretty small at that price, but in your ball park.

It got me thinking at the time - I've been to quite a few of the so-called villages around Chiang Mai, and some of the properties are pretty dilapidated, village resources poorly maintained or indeed not at all in some cases - I've seen one where the resort swimming pool clearly hasn't been filled for years. Palm Springs on the other hand looked good, spacious, green, well looked after, excellent security. Normally I steer a wide berth of the moo bans, but I wouldn't mind living there. It's about a fifteen/twenty minute drive into town (along the Lampang road going from the Super Highway). There's a map showing where they are on this website.

One thing I am wary of with respect to 'community'-style projects. I've had my fingers burnt in France with a ski resort apartment where one pays a percentage of the overall building's maintenance etc charges each year, proportionate to the size of your property. In an aging building, that can cost an absolute fortune, actually outstripping potential earnings from rentals in my case. I'm very dubious about condos, villages etc as a result!!


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## cles

Ed Carey said:


> We are planning to retire in Chiang Mai most likely within 12 months..
> Would like some advice/suggestions as follows?
> 
> We want to buy house - our budget is Baht3M MAX - Would ideally like place with view - Mountains or lake or golf course - do not really like the idea of living on a crowded villages - Must be within 20km of downtown.. Any suggestions???
> 
> How much does it cost an expat couple to live in Chiang Mai - any ideas?
> 
> Where is best bank to keep money in Thailand - Best term deposit interest rates?
> 
> Who is best medical insurance provider?
> 
> any suggestions/advice welcomed....
> Thanks..
> Ed lane:


If you would like a temporay stay, have a look at Nugent Waterside in Hang Dong, Chiang Mai
Thanks


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## blue eyes

Ed Carey said:


> In regards to renting for a while instead of buying I was told you can get 6% on term deposit in Thailand - if I put Baht3M in bank and rent for a while instead of buying the interest on this would most likely cover rent on a small place..


Would like to know where you can ge 6%.That is great!


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## KhwaamLap

blue eyes said:


> Would like to know where you can ge 6%.That is great!


 
I got offered something like that from Bagkok Bank - they were very careful NOT call it interest, but if I kepy a 100k (Baht) in my account (Savings) for a year they would give me 6,000 Baht - if 250k I think it was 15k "reward". Can't remeber exactly now - this was about a year ago now, so no idea if they still do it. Most banks here are still zero interest (especially for us foreign devils).


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## Ed Carey

KhwaamLap said:


> I got offered something like that from Bagkok Bank - they were very careful NOT call it interest, but if I kepy a 100k (Baht) in my account (Savings) for a year they would give me 6,000 Baht - if 250k I think it was 15k "reward". Can't remeber exactly now - this was about a year ago now, so no idea if they still do it. Most banks here are still zero interest (especially for us foreign devils).


Would need to invest in Thai Baht government bonds to get 6%....


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## aisatraveler

Ed,
Go to Land and house for sale and rent in Chiang Mai - Jasmine Homes Co Ltd - Chiang Mai Homes That site is very good and has a wide variety of home selections. However, one of you must be Thai to purchase the home. However, it's a good place to start.

Asiatraveler


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## JapanExpats

I used Dr.kiettisak at ICO, the office located at inner ring road between Doi Saket and San Khampeng roads, and *he did an excellent job for a very fair price !* his mobile 081-9511100

My land lease case was extremely messy and complicated, and took almost one year, several trips to Pay, court appearances, and a lot of meetings and negotiations. I paid once at the start, and then they never again asked for money except travelling expenses, although the case dragged on and on.

One thing that I appreciated in comparison with other similar outfit's is that they always took the time hear me out and get to the bottom of things.


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## davejones

We've been here a few weeks and are planning on staying a few months, but not for good. So our expenses may be different from yours, but will hopefully give you a rough idea. Based on what we've spent so far, our monthly spend for a couple should be around 40,000 baht. That's around £900 or $1400. Of that, around 11,500 baht is for accommodation, water and electricity. It's a room in along-stay hotel in the centre. We could get a house if we wanted to live further out, like you do, but then we'd have to pay extra for transport.

The rest is spend of food and drinks, and general odds and ends. We eat out for every meal (no cooking facilities here). Sometimes we spend 40 baht each on a meal and sometime 100+ each. Food here is very cheap, and you can get good quality for 100 baht. We drink a lot of tea and coffee, so we spend almost as much on that as we do on food and drink. 

We walk almost everywhere, so our transport costs are minimal. But even if we go somewhere, it's not much more than 100 baht there and back.

We haven't really set a budget, but just spend what we need to. We could spend much more by renting a 30,000 baht/month condo, but as we're only here for a few months, a place in the centre suits us better.

I think you should find somewhere for 3 million if you're buying, although I haven't really looked into property prices too much. Property does seem very affordable here though.

Good luck with your move.


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