Year-round warm weather and low prices help properties in Thailand appeal to buyers from all over the world. But while they are happy to buy at bargain prices, none of them want to sell at one. With the amount of sunshine unlikely to change, it mostly falls on owners to find ways to push up the value of their properties.
Taking steps to enhance property value is a wise decision not only because you will receive more money when you sell, but because it elevates the living experience of those using the property. If that’s you, then great. If it’s a tenant, you can charge a higher rate and start benefiting financially from the improvements right away.
Tips to add value to your Thai property
Whether you own a Jomtien Pattaya property on the coast or a condominium in Bangkok, the following are just some of the improvements and upgrades you can make to enhance your property’s resale or rental value.
New paint
First impressions count when potential buyers or tenants come to view your property, or even when you have guests over. This is an easy fix that can help make sure that all-important first impression is a good one.
A new coat of paint can help draw attention away from flaws as well as help your property feel fresh and modern. Even if your existing paint job does not look chipped or faded, you would be surprised at the difference a fresh coat can make. You obviously don’t need to do this too often, but at least every couple of years if you live there, as well as before you sell or when a tenant moves out.
Use outdoor space effectively
If your property has outdoor space, don’t just leave it to nature to make use of it. Install permanent features which facilitate the way you intend to use it. For example, if you use your garden to sunbathe, install some decking and quality outdoor furniture rather than dragging a chair onto the grass whenever you feel like it. If you like to chill outside but find the Thai sunshine too powerful, forget about parasols and install something more permanent, like a gazebo, instead. A pool is another good option, or if you want to keep things natural, have the space properly landscaped.
While undeveloped space gives buyers the choice of what to do with it, it is one of the quirks of human psychology that most would rather pay more when they can clearly see how something should be used.
Enhance security and privacy
Security is a big concern for many Thai property buyers. Many apartment buildings and gated communities have 24-hour security guards, but going further can help increase your property value. A gated entrance, camera system, or even just strategically-placed lights will help give occupants comfort and peace-of-mind that is worth spending a bit more for.
Conclusion
Whether you’re a local or a foreigner buying real estate in Thailand, there are always things you can do to enhance your property’s allure, functionality, and security. This can help you get the most out of your investment, either while using it yourself or selling up.
