How to get a good appraisal for your home?

May 05, 2017

Need not to complicate getting the value of your property, here's how.

A million dollar question, what is the value of my property? A question that we all want a response to. And when an answer is given, our hopes are high. Essentially, a property is worth what someone will pay for it. This applies to both your property in Thailand that you want to sell or even the one that you rent out. Demands for property remains at an all time high, now a days there are people who will use their property to generate income through a rental yield or its sale in the future, and will fund their next property or even their retirement. If you wanted to know how much the value of your property, then consider these following ways to get its figure.

1. Consult an expert

An experienced real estate adviser should know everything about the property market. They are familiar with every little detail about what the market makes. Who is the buyer, how much and why. Ask for their expertise and professional advice to give you a market appraisal of your property. Best to get at least three valuations in order to get what your property is worth. Work out the average if there is a difference between them. Always keep in mind that some adviser may over price your property in order to win your business. The higher figures are tempting, however essentially a property is worth what someone will pay for it. Therefore, if one of the valuation is higher than the other, then ask them how they have reached this figure. This is also the best time for you to ask if there are people bidding at the same price or not, or how many percent lower.

2. Look into details and compare them

Looking into actual transactions will make you see clearly into what is happening in the market. Take a look into Thailand Property and compare similar properties being sold. If you see price difference, then dig into the details. Maybe because it has extras, like a very nice view, extra bathroom, or even a higher ceiling and a unique interior. Take into consideration that some property has a higher selling price since the owner is not in a hurry to sell it and as those properties with a less expensive price, owners are in a rush or need the money as soon as possible for some important things. Take some time to talk to the property manager or people that are aware of what's going on for you to get some idea.

3. Per square meter pricing

Many condominiums in Bangkok are priced on a per square meter basis. This is one way to exactly get how much your property is worth. Most property advisers will know what this figure is and you can quickly get your property's worth by multiplying it with the floor area.

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