It’s not always easy to sell property in Thailand, or anywhere in the world for that matter. That being said, it is not as stressful or chaotic as some have made it out to be. Like most things in life, the difference between a property sale being an easy process or a difficult one comes down to preparation. The more prepared you are, the smoother everything will go.
With that in mind, here are a few of the ways you can prepare to sell property in Thailand and make the entire process less stressful.
Be ready to move on
Many of those preparing to sell property in Thailand fail to understand the emotional impact it can have, especially if you or your family have created memories at the residence being sold. It’s important that everyone understands you will be moving on and prepare for this mentally. Not doing this can lead to cold feet and complicate the selling process down the road when a deal is nearing completion.
Tip: When setting an asking price, remember intangible items like memories or personal history cannot be included in your valuation. While you may value these, potential buyers are not willing to pay extra.
Ready the paperwork
When you purchased your property, you were likely overwhelmed by the amount of documents. Hopefully you kept a hold of all of these and remember where you put them because some of them will also be needed to sell your property.
Tip: You can hire a lawyer to go through your documents and ensure you have everything necessary for a sale. They also may be able to complete the sale on your behalf should you not be in Thailand.
Set your price
There are a lot of factors that go into setting your asking price. The two big ones are comparable property prices and what similar properties in your neighbourhood have sold for recently. You’ll also want to consider the price you paid for your property and how much you have invested in improvements since buying it.
Tip: You can have your property evaluated by an independent appraisal firm who will be able to suggest an asking price. Potential buyers will also be able to see and use this appraisal when considering what to offer.
Find issues and take note or repair
Before putting your place on the market, be sure to thoroughly inspect it for any potential defects or issues. These include a leaky roof, faulty electrical outlets, mould or other issues. It’s important that potential buyers know about issues in writing should you opt not to fix these. This will ensure negotiations are completed in good faith.
Tip: It is better to fix known issues before listing a property. Potential buyers will want a discount or offer significantly less than your asking price if issues are present.
Preparing to sell property in Thailand is simply the first step in the process. Up next, you’ll need to make sure your property stands out if it’s going to attract buyers.