Everybody knows how much they’ve spent on a property. From the initial deposit and monthly mortgage payments to that old AC unit that needed replacing and the early renovations. Everything that has come out of your bank account from the moment you moved in right up to this date is likely well-recorded. However, how much do you know about the overall value of your property? Has it appreciated in value? Have you lost money? Where do you stand if you were to look into selling up and moving on in the next few months?
In this article, we’re going to share some professional insight so that you can determine how much your property is currently worth. If this is something that you’d be interested in finding out, read on and we’ll tell you everything you need to know.
1 – Compare the market
The first thing that you can do to get an idea as to how much your property might currently be worth is to compare the market. By taking a look at comparable evidence, you can see what the current going rate is for transactions over properties that are similar to yours in type, age, specs, and location.
Of course, make sure you are comparing your property to similar property types. Also, familiarise yourself with price-varying factors such as the floor level, view, ceiling height, layout, number of bathrooms, and more.
Also, bear in mind that many properties will be listed higher as they are new to the market and the owner is perhaps not in a particular rush to sell up. In the same breath, other properties may be listed unusually low because the owner is desperate to offload their property and move on as quickly as possible.
It will take some patience and plenty of research, but this approach is an effective method of giving you a fairly accurate ball-park expectation for your property value.
2 – Calculate your property value per square metre
Most properties in Thailand have their value calculated on a per square metre basis. This is another highly effective method of figuring out how much your property will likely be worth.
Any reputable real estate agent should have a good understanding of the current market value per square metre for your property type and will be able to calculate this by multiplying it by the total floor area.
3 – Consider using an online property valuation tool
Another option is using an online property valuation tool. Depending on which one you use, you should be able to obtain a reasonably accurate valuation on your property and its current standing within the Thai real estate market.
Using complex algorithms that factor in local market conditions, recently sold prices, and more, such tools are able to provide impressively realistic figures.
If you do go down this route, you will need to have as much information on your property as possible, such as:
- Number of bedrooms/bathrooms (should be easy enough)
- Size of living area
- Floor/plot size
- Part of project / gated community
- And more.
Typically speaking, the more information you can provide such tools the more accurate your result will be.
4 – Contact the experts
When dealing with anything related to your assets and finances—particularly overseas—it’s always worth consulting with the experts. Whether you need to transfer money into Thailand safely, start a brand new business, or in this case, evaluate and sell your property, an expert touch is highly recommended.
Especially if time is of the essence and you would prefer not to have to spend too much time digging around on the internet and carrying out research of your own, then the most effective means of calculating your property value is simply by contacting the experts and calling on their professional assistance.
A world-class Thai real estate will know everything there is to know about the Thai property market. They should be well-versed in who’s buying, for how much, and why.
By calling on their expertise, you will arguably be able to get the most accurate valuation of your property. Just make sure that you get at least two or three valuations from their competitors to ensure that you are getting as realistic a valuation as is possible.
Following that you can work out the average and see if there are any major discrepancies between them. Just remember, some agents may overvalue your property to try and win your business – in which case, ask them how they arrived at that number and encourage them to provide evidence.
So long as you take your time, do your research, and look for social proof (e.g., previous client testimonials and reviews), you shouldn’t have too much trouble finding a reputable real estate agent that has your best interests at heart.
5 – Want more bang for your buck? Here’s how to increase the value of your home
If you are serious about selling your property and moving on and you want to get as much bang for your buck as possible, here are some ways in which you can effectively increase the overall value of your home and fetch a more competitive valuation:
- Deep clean (every surface, inside and out).
- De-clutter (sell or donate all of your unused items; a de-cluttered home is far more attractive to prospective buyers and easier for them to imagine themselves living in).
- Add more usable square footage (e.g., an annexe in the garden for elderly parents/teenagers).
- Improve your property’s energy efficiency (replace old utilities, install solar panels, introduce smart tech, etc.).
- Add a fresh lick of paint (you’d be surprised by how much of an impact such small changes can make).
- Bolster kerb appeal (clean the windows, spruce up the lawn, install plantation shutters, etc.).
- Replace exterior doors (while on the subject of bolstering kerb appeal, upgrading your doors can add value and increase buyability).
- Modernise your kitchen and bathroom (the kitchen is arguably the most important room in the house. This is what most people will be basing their final decision on. Bathrooms too are highly important. By modernising and upgrading your kitchens and bathrooms you can make your property dramatically more attractive).
- Stage your home (well-staged homes are almost always sold over their listed price).
Conclusion
The Thai property market is a complicated beast and one that should never be navigated without the appropriate preparation. So long as you take your time and do some research of your own, while enlisting the professional assistance of a reputable third-party, you shouldn’t run into too many problems at all.
We hope that you’ve found this article insightful and wish you the best of luck in securing an accurate valuation on your property – whether you are choosing to sell up or figure out some new holiday rental prices for the coming season.
