Buying a property can be stressful, but it is generally considered a more enjoyable experience if you are looking for a new home – somewhere to build your future. Selling a property, on the other hand, can be a nightmare for some. Most people crave for a smooth and quick sales process with as little hassle as possible.
A common question that people ask us is how can they sell their Thailand property in the future if they want to. What can they do to improve their prospects and gain a quick, favourable sale? In Thailand, the resale process is a little different to some countries as the demand for new properties is so strong. However, if you market your used property effectively you can come out on top.
The current economic climate, property prices, and location of your property play a large part in the resale process. Currently, the Thailand property market is experiencing steady growth and there is still a consistent demand for condos in larger cities such as Bangkok and detached townhouses/villas in popular coastal areas. The following presents a comprehensive guide to reselling your property in Thailand in the future.
1. Present your Thailand property in the best possible light
Presentation is an important part of the resale process in Thailand – your property must look appealing to prospective buyers. Ensure your property is tidy, clean and neutral – neutral colours and décor allow buyers to use their own imagination easier. Presentation is key for advertising – if your property is immaculately presented, any photos used for advertising will have a better chance of looking fantastic. When people view your house they will be equally as impressed.
2. Advertise your Thailand property through a variety of avenues
Once you have spruced up your property you must consider advertisement. Advertisement is hugely important – by advertising your property for sale, you are giving it greater exposure and presenting it to a wider audience. This, in turn, improves your chances of a resale. There are many ways to advertise your property in Thailand including using a real estate estate agent, social media, word of mouth and local newspapers. You can find a huge range of local advertising agencies and estate agents, plus newspapers like the Bangkok Post have property sections.
3. Review the need for a lawyer or Thailand real estate agent
Another important aspect of the resale process is deciding if you need legal assistance or the expertise of a real estate agent. It is actually common in Thailand for sellers to simply take care of the process themselves to reduce overall costs and to have a greater amount of control but it doesn’t always end up being a smooth process. A lawyer can help to draft property contracts and help you with taxes etc, and a real estate agent can help advertise your property and take care of viewings etc.
4. Set a realistic price and contract
Price and terms of sale are one of the most important aspects of selling a property. You must set a price that is appealing to potential buyers, reflects the quality of your property truthfully, but at the same time gives you the capital you require. Evaluate current property prices in Thailand and the local area, and find other similar properties to gauge where you should be with your valuation. A real estate agent can provide an accurate valuation and give sound advice on pricing.
5. Wait for the potential buyers to appear!
Once you have done all of the above, you should hopefully gain interest and solicit viewings from potential buyers! Hopefully, if you have presented your property in a favourable light, advertised it through a variety of mediums and set a realistic selling price you should have no trouble in securing a deal in Thailand.
Linked article: 7 Top Tips For Renting Out Your Thailand Property
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