So, you’re thinking about selling your property… but, before you put your house or condominium on the market, it’s always a right move to hear what experts in the local market have to say. In this article, we’ve gathered advice on how to increase the value of your property.
Do basic repairs
Basic home repairs are something you shouldn’t skip. Bangkok-based property consultant, Anjana Arora advises sellers to keep their property well-maintained and in peak condition.
“If there’s any problem, it should be fixed right away before it gets worse. Don’t forget that a tiny water leak can quickly turn into a nasty and expensive problem.”
Increase inside appeal
It’s more than functions that can increase your home’s value. “A good-looking interior and fitting furniture can make your unit stand out from other similar units and improve your competitive edge”, said Praveen PalSingh, Bangkok property consultant.
“Install some furniture, decor, paintings, and decorative items so that the photos look nice and appealing. Also, make sure that the place is clean and ready for viewing.”
Make it ready to move in
Praveen said most clients who look to buy for their own use prefer the ready-to-move-in-right-away type of property. “Buyers usually prefer a unit where they don’t have too much touch-up to the unit.”
Stick to neutral furnishings
“Some people renovate to a very personal taste. The best renovations keep the property furnishings/decoration as neutral as possible, while also modernising the property”, said John Lees-Whitehead, Fazwaz’s Pattaya sales director. This may include sticking to neutral colors such as white, grey and beige and staying away from pink, bright yellow, and green.
Renovation isn’t a one-size-fits-all
“It depends on the unit,” said Luke Murray, a veteran consultant, in Bangkok. He said renovation isn’t the only solution to maximise home value, especially as renovation is a cost and risk, in itself, as badly renovated property isn’t easy to sell.
“Sometimes it is better to leave it as an older unit and let the new owner renovate, themselves. Other times it is better to do some basic renovations to make the unit livable and then let the new owner decorate, themselves. It’s hard to say without seeing the unit specifically.”
Tend to the garden
People tend to focus on the interior and forget the importance of curb appeal. So, after clearing all the clutter, applying a fresh coat of paint, and repairing unserviceable items, don’t let the overgrown plants and patchy grass ruin the first impression. The next thing is to “mow the lawn and prune the trees”, advised Chiang Mai property consultant, Chayanin Chumphukham.
Highlight good location and management
“Location and management are factors that you can’t control, but greatly determine the value of the property”, said senior property consultant Bao Nguyen, who is based in Phuket. So, if your property ticks those boxes, it has a big advantage.
Hire a professional photographer
Talk to veteran real estate agents in Thailand, and the chances are they will advise you to hire a professional photographer to take pictures of your property. There are many badly taken photos on property listing sites in Thailand, but you shouldn’t follow the crowd. You can get an 8 photo package for a small condominium unit at as cheap as 1,500 baht. The price for shooting larger villas starts at around 3,000 baht.
Show rental figures
“Good rental figures and occupancy rates are attractive to buyers as well as good management because many buyers also want to rent out the property when they are away”, said property consultant George Willoughby, based in the paradise island of Koh Samui.
“Properties with good occupancy show potential to make money, which is why many people invest. It also helps reassure that it could be easier to resell again, in the future.”
Install high-quality curtains
“High-quality curtains are what tenants look for”, said Jen Mayo Mui, property consultant in Bangkok, who is experienced with Chinese buyers.
“If the condominium unit has no or low-quality curtains that can’t block sunlight, that’s a big turnoff for some clients, especially if the unit faces west and has a longer exposure to sunlight”, he said. So, if you are looking to increase the value of your property in the rental market, invest in high-quality fabric.
Follow these tips from veteran agents to optimise the value of your property when you list your property for sale.
This article appeared in The Thaiger.