Connect with us

Property

By the book: Preparing your property for sale

Published

 on 

PHUKET: The onset of high season is here again. The monsoon rains have passed, the sun is out and businesses are preparing for the influx of tourists to Phuket.

The next six months are when most buyers will visit Phuket and when most property sales occur. Phuket real estate brokers will have already been short-listing those properties they will concentrate their efforts on most.

Market conditions remain slow but there is an increase in transactions in the resale market, which is offering great value for buyers right now. Real Estate brokers will always concentrate their efforts most on those properties they feel show best, offer excellent value and are the most attractive to their potential buyers.

If you are preparing your property for sale this high season, here are some pointers.

Establish a price

The current market is very competitive so price your property correctly to attract potential buyers. Consider the price you paid for the property, how long you have owned it, comparable property prices, what similar properties have sold for, any improvements added, present condition of the property, current property climate and exchange rates movements since buying.

Arm yourself with all the facts and remember: a property’s value is only what someone is willing to pay.

Getting your house in order

Before a buyer is found for your property, it is advisable to check through a certified lawyer in Thailand that you have all necessary ownership documents to sell your property, an estimate of the transfer taxes payable upon sale and an explanation of the selling options available to you. You need to know whether you can sell the property leasehold or freehold, or with a land-owning company. Also check whether you need to be physically present to complete a sale, or if you can give power of attorney to your lawyer beforehand.

Signage

Allowing the agent to erect a sign is very important as brand name and reputation may draw in passersby.

Negotiating

Be prepared to negotiate on your asking price. Phuket is currently a buyers’ market and in the end it is what the buyer will pay, regardless of your price.

Sharing costs

In Thailand it is customary for the seller and buyer to share the transfer costs 50/50 but this is up to you to negotiate. Sellers must understand associated costs and incorporate them into the selling price. Trying to renegotiate fees after a selling price has been agreed will almost certainly lose the sale.

Having found a buyer and negotiated the sale price and terms, it is not uncommon for the seller to run into issues that can potentially ruin the sale, such as missing documents or higher than anticipated tax. All of these are likely to result in a lost sale, or at the very least, returning to the negotiating table, delaying the sale and creating higher closing costs.

For more information about this article, contact Kevin Hodges, Siam Real Estate (SRE) at 076-383646, or email kevin@siamrealestate.com; www.siamrealestate.com.

— Kevin Hodges

 

Get more from The Thaiger

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Archiving articles from the Phuket Gazette circa 1998 - 2017. View the Phuket Gazette online archive and Digital Gazette PDF Prints.

Follow Thaiger by email:

Travel3 mins ago

5 incredible beaches in Phuket to visit in 2022

Travel4 mins ago

Board game cafes in Bangkok to unleash your competitive streak

Cannabis6 mins ago

Cannabis is illegal on Khao San Road, officials call for crackdown

Sponsored6 hours ago

British International School Phuket: Reflecting on 25 years of world-class education

Bangkok1 hour ago

Crocodile turns up in an unusual location: the heart of Bangkok

North East2 hours ago

48 year old Thai man gets first ID card after a lifetime of trying

Thailand2 hours ago

The Power of Resilience: Anna wins the Miss Universe Thailand crown by Mouawad

Join the conversation on the Thaiger Talk forums today!
Tourism2 hours ago

4am alcohol curfew may increase revenue, but also crime, deaths

Chon Buri3 hours ago

Mountain B fire claims 19th life, 23 year old woman dies in hospital

Tourism3 hours ago

Another long weekend brings huge crowds to Surat Thani

Travel3 hours ago

Best diving schools in Koh Samui for 2022

Crime3 hours ago

1 dead, 4 injured as gunmen rampage at a Bangkok wedding

Crime3 hours ago

Tenant fined 140,000 baht for keeping dog in Bangkok condominium

Pattaya4 hours ago

Speedo-wearing middle-aged joggers in Jomtien cause uproar

Thailand4 hours ago

Thailand No.1 in the world for a wellness retreat

Health4 hours ago

Which type of health insurance do you need in Thailand?

Thailand11 months ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand1 year ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism1 year ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket1 year ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism1 year ago

Phuket Thai food treats you need to try | VIDEO

Thailand1 year ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism1 year ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand2 years ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand2 years ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand2 years ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand2 years ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand2 years ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand2 years ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand2 years ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand2 years ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Trending