• LANGUAGE  ENG
    • ENGLISH language translator flag image by Phuket Realtor
    • FRENCH language translator flag image by Phuket Realtor
    • THAI language translator flag image by Phuket Realtor
    • CHINESE language translator flag image by Phuket Realtor
    • SPANISH language translator flag image by Phuket Realtor
    • RUSSIAN language translator flag image by Phuket Realtor

Phuket Condominium Fair Market Value

Category : Buying | Posted On 2013-08-15 00:00:00

Phuket Condominium Fair Market Value

Buying a condominium is a relatively straightforward process in Thailand. But the market has many variables when it comes to each property, making it more challenging to establish the condominium fair market value. That being said, some buyers may wonder if they’re getting a fair deal for their unit. If you’re shopping for Phuket condominiums, here are some tips to ensure that the price you pay is fair.

Compare Condominiums

Comparing Phuket condominiums is a little easier than comparing other types of real estate. If you focus on “registered” condominiums, your realtor will show you similar properties in the area you are targeting. When you compare these types of condominiums, you will see a premium for units that have sea views or are walking distance to the beach. This will give you an idea of what’s on the market and at what price.

Short List

Once you’ve looked at a couple of units and have had a chance to compare them, you should be able to develop a “short” list of favorite properties. By this time you will have determined the condominium fair market value. Think about the location, the terms, the quality of construction and the price. All of these are important to consider and become a factor once you’re ready to buy a Phuket condominium.

Work with an Expert

Like any other profession, the real estate agent or realtor plays an important role in a successful transaction. The realtor should know what properties in the area are going for and how to find good deals. Additionally, quality real estate professionals can tell you what to expect from different areas. This is especially important when matching your needs and requirements to the right property location. A good realtor will also know the best process for a successful and safe transaction.

The other expert that is needed is a good property law firm. This is essential to determine that the condominium is free of title defects and uncover any unknowns such as a mortgage or lien. Most property law firms break this down into 3 parts; due diligence report, contract creation and or review, transfer of the property at the land office.

Timing and Motivation 

Once you’ve done the first three steps, you’ll finally want to start narrowing down your list to just one property. It’s at this time that you’ll be able to make an Offer and with the help of your realtor get a better deal. 

Investors of Phuket condominiums should consider the timing of their purchase. They may be able to get a better deal on a condominium in the low season than in the high season (sometimes but not always). The same can be said for condominium developments that are brand new to the market. These condominiums will offer new promotional pricing and early bird specials.

Additionally, on the resale market, you may also be able to secure a condominium at a reasonable price if the seller is motivated to sell. Remember that units priced below condominium fair market value tend to sell faster. If you find a Condominium at an excellent price, be sure to ask your realtor to move on it quickly.

Buying Phuket real estate at a good and fair price is a process. You should start by doing some research online and by working with a real estate professional who specializes in the local Phuket condominiums market. This process, combined with all of the previous work you’ve done, will help ensure that you’ve gotten the best price for your investment.

Call us today for more information about Phuket condominium fair market value at +66 93 606 0906.

 


Phuket Realtor
David Henry
David Henry is known for his integrity, high energy and hard work which goes into every detail or your real estate transaction at Phuket Realtor. David grew up in the Boston area and started as a realtor in his 20's. With over 30 years of experience in real estate, he has now started one of the best independent real estate agencies in Thailand, Phuket Realtor.

Please display the website in portrait mode!