19 Jun Helpful tips for selling your home in Thailand
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You probably are already enjoying your home in the sunshine of Thailand, but unfortunately, it’s now time for you to find a bigger place to live in; or perhaps you are just interested in knowing how easy it would be to sell up and move on; or maybe you plan to flip your house and you’re looking for a way to get the best deal.
Whatever the reason, once you’ve decided to sell your home in Thailand it comes down to the same thing – getting the best price for your home.
Here are a few tips for helping to get the price you want.
Making your property attractive
Thailand has no punitive stamp duties for foreign nationals, unlike markets such as Singapore and Hong Kong, which can increase the appeal of Bangkok properties to foreign buyers. This might be why you invested in Thailand in the first place but it’s also a good reason to place adverts for your home on multiple sites that cater to the wider Asian market, not just Thailand.
That being said, 85% of buyers in the current market are Thai, so it might also be prudent to get your home listed on Thai language sites as well.
Simpler ways to ‘pimp’ your home might be:
- Renew all the furnishings
Practically all Bangkok homes come fully furnished. Buying new sofas and chairs and other furniture is not only a relatively cheap way to make your home seem brand new but it will also put you ahead of most other homes on the market which haven’t been renovated.
- Clear the open space
If you have backyard space, make it completely clear so the potential buyer can imagine what they might do with it. The kitchen should only have the essential apparatus and as much clear surface space as possible as it’s likely a buyer who already lives in Thailand will own a few kitchen items.
- Mute the decorations
Artwork can make a home feel ‘lived in’ but it can also make it feel like a showroom. It’s best to clear surfaces and leave at least one third of the wall space bare.
- Make it ready to move in
Whoever buys your home will want WiFi, and depending on your neighborhood, it’s likely that whatever option you already have installed is the best one. If you have houseplants make sure they’re 100% healthy or get rid of them. Nobody wants to think about doing extra work after moving into a new home.
Getting the buyer you want
This is really two points:
- Knowing the value of your property
- Knowing how to find a buyer who can afford the price
Tackling the first point, everyone has a unique situation, so the first thing to do would be to contact Thailand Housing Markets’s property experts and explain what you want. From there you’ll need to get your property valued, look at how many homes have been sold at that price in the last few months, and then make sure you want to sell now.
After that you can do your research to see where you think is the best place to advertise your home. Different agents specialize in properties of different value and it’s best to go with an agent where your property’s value is on the lower end of that scale. By doing this you ensure that any potential interest will come from people who can actually afford your asking price.
You can also use social media to gauge interest, as there are several Facebook pages for expats selling properties and other types of online communities that can provide a wide audience of potential buyers who know the ins and outs of buying a home in Thailand.
You can read elsewhere on this site (hyperlink to: https://thailandhousingmarket.com/know-hows-buying-property-thailand/) the ins and outs of buying property, wherein one of the recommendations is to get a lawyer to help draft the contract and ensure a fair deal. There are real estate transfer fees and property taxes to be worked out which can be made much simpler if you use a lawyer. When it comes to playing the role of the seller, there is no legal requirement for documents to be notarized in Thailand, but all copies of documents have to be signed as being true copies of the original.
Finally, make sure to learn some lessons from the experience. If you encounter any issues specific to the resale value of your home, keep them in mind when purchasing your next property.