Five Ways To Make Any Phuket Apartment Profitable
Five Ways To Make Any Phuket Apartment Profitable
The influx of tourism has lifted up the Phuket apartment and condominium market in Thailand. Due to the island's year-round perfect weather, healthy food, welcoming culture, and friendly people, it is now a destination of choice for many of today's holidaymakers. Phuket apartment and condominium investing can be profitable with strong and stable rental income along with capital appreciation.
Some additional benefits of investing in Thailand include NO annual property taxes on Phuket real estate. Running costs are low compared to Western countries and there are many management companies on the island to help owners with the upkeep of their property and to assist with the rental management.
The following five ways can help you maximize your gains:
Renting out your Apartment
The growth outlook for passenger arrivals over the next 10 years looks is expected to be strong and increasing.
The natural beauty and wealthy surroundings of Phuket attract tourists from around the world. Phuket is one of the most talked-about destinations in all of Southeast Asia. Many of these vacationers come back on a regular basis and many prefer staying in an apartment or condominium with the conveniences of a kitchen and full-size refrigerator.
Plan on receiving steady Phuket apartment rental returns in the high season which runs from the first of November through the end of April. In the low season, you will still receive good bookings just less often. The low season is a good time for you to stay in your unit when it's not booked. The average annual rental yield on Phuket real estate is about 7% for apartments and condominiums that are well maintained and cared for.
Marketing your Apartment
Attractive marketing for your Phuket real estate is critical whether you are looking for renters or buyers. You will want quality photos of the unit including kitchen, bath, balcony, living room, and bedrooms along with photos of the facilities like the gym and swimming pool, and front desk. Be as descriptive as possible with your rental and sales listings letting people know what is close by and how close you are to the beach.
If you need some ideas, look at other Phuket real estate listings that grab your attention and this is a good start.
Keep it Fresh
A warm, airy, and lively apartment or condominium grabs attention. Keeping your apartment fresh attracts both buyers and renters and you can make any Phuket apartment more profitable. Using light hues, durable and nice furniture and gender-neutral colors can make the apartment rentable to the masses. Cheap colors and materials will never get the kind of attention you want. Make sure your furniture matches the apartment and has a natural carry-through from one room to another.
Make sure the furnishings look great by clean your furniture on a regular basis. Phuket town has many small shops that will do upholstery work if needed for a very fair price. Flatscreen televisions, electronics, and appliances are inexpensive to buy in Phuket. Make sure your Phuket apartment is fresh and not outdated.
Charge Higher Rent
Phuket is popular in comparison to other select global beach destinations. Make sure you are charging enough rent.
Apartments and condominiums that are within walking distance to the beach rent very well in Phuket. This is a great investment strategy. By buying beach properties owners can expect higher rents from these types of units.
And if you have purchased a sea view unit you can expect to charge accordingly. If you own such a property, get ready to earn good money. However, most Phuket real estate rents well if marketed correctly.
Schedule Timely Maintenance
Regular and timely maintenance will make your Phuket apartment more profitable. Keep your Phuket apartment in top condition to attract the most tenants and buyers. When it comes time to sell your apartment or condominium it won't need as many repairs if you keep a timely maintenance schedule. Hire part-time, local professionals to do the job for you. Skilled local Thais can work on weekends and offer affordable services. There is no excuse for not having everything in your apartment in working order.
Phuket apartments can provide you a gainful investment opportunity, even if you are a small investor. The demand for holiday apartments and condominiums on the island ensures good rental returns, so don’t miss an opportunity. Own an investment in Phuket and make paradise pay.
Try to buy within walking distance of the beach when possible as most travelers come to Phuket for the sunshine. Remember that the upcharge for a sea view unit is sometimes not worth the extra money when buying your unit. Be sure to calculate your estimated rental yield before you purchase. A seven percent rental yield should be realistic but if you overpay for your unit in Phuket it will be more difficult to achieve.