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 their unit. If you’re shopping for Phuket condominums, here are some tips to ensure that the price you pay is fair.
Comparing comdominiums is a little easier than comparing other types of real estate. If you focus on “registered” condominiums, your agent will show you similar properties in the area based of your choice. 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.
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. 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.
Work with an Expert
Like any other profession, the real estate agent plays an important role in a successful transaction. The Agent 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.
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 agent get to the condominium fair market value.
Condominium investors 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. The same can be said for condominium developments that are brand new to the market. These condominiums will offer new promotional pricing.
Additionally, on the re-sale 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 to sell go fast. If you find a Condominium at an excellent price, be sure to ask your real estate professional to make an Offer on it.
Buying Phuket real estate at a good and fair price is a process. You should start by doing some research online and by worrking with a real estate professional who specializes in the local 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.