Real estate is a growing sector that continues to gain momentum. Property prices continue to rise, making it a valuable investment platform.
As more and more people look to buy property as a investment, there are more opportunities to do so.
Gather financial information
Before any serious inquiries are made, a thorough check of the property and surrounding area should be performed. While not required, it can make the difference between a potential buyer requesting more information and one with sufficient funds to buy the property.
Given the high cost of real estate in Thailand, it is worth doing this well. A professional-grade mortgage lender can help acquire property but will cost more than a bargain-price buyer. By checking with local authorities, there may be an opportunity to improve the value of the property and gain additional capital for improvements.
If there has been no use of the land around the building for years, it may also be worth buying as new land might become available soon after. Buying new land near your current location could fund future expansion efforts!
Lastly, check whether there have been any changes to zoning or rezoning regulations around your area that may affect future buyers.
Prepare financial documents
As mentioned earlier, a tax deed is the legal document that transfers ownership of a building or property to a buyer. The buyer must then purchase and run the property as a business, or use it as a residence.
As part of the process to prepare your building for sale, you should:
Take out pre-nuptial insurance to protect your personal assets in case the buyer fails to maintain the property as a residential home. This would be costly to prove in court, but definitely worth considering.
Ensure any owners who may be retired or who may need an accommodation can come and go with ease if the property needs to be repositioned for sale. Consider installing security systems and/or undercover units for bags and shoes, etc.
Prepare photos for marketing materials
Your building’s exterior must be prepared for marketing. Use your camera to take photos of the elevators, walls, plants, and other features.
Take photos of doors and hallways to make sure they are visible. Make sure to include window treatments and trim materials in these photos to make them more attractive.
Make sure there are no significant obscurations or shadows that would hinder marketing materials such as overhanges or blinds. If there are any significant gaps in covering materials, make sure to fill them with tape or tissue paper to ensure they are covered adequately.
If your building needs repairs made, go ahead and schedule those before a possible buyer comes into range of the property. Doing so will help secure the property for future occupants and contributors.
Update the property’s appearance
As the owner of a beautiful, one-bedroom apartment in a nice neighborhood, I can tell you that it takes a lot of effort to keep your place looking great.
From updating your interior decorations to replacing your outdated furniture with modern pieces, there is always room for improvement. If you have a large dining area or a living room with plenty of space, add some stylish furniture to complete the look.
To keep people happy, invest in good audio and visual equipment or high-quality TV sets. For those who want more privacy, check out the next room or apartment over!
Update your heating and cooling systems to ensure comfort and stability. If you have old thermostats or temperatures settings, replace them with new ones that are correct size and function.
Update the property’s equipment
As property-owners, we should always be prepared to proof that the property is up to date in equipment, facilities, and services. This includes updating floor levels, adding new rooms or a new room type, and adding new equipment such as a kitchen or a poolside area.
Keeping your building up-to-date with equipment will also include adding safety features such as alarms or security systems. Adding water treatment capability would also be a good idea if residents are likely to require more care than others.
Updating the building’s services includes adding insurance coverage and license verification services if prospective buyers are unable to provide them due to lack of security clearance. It is also important to keep track of any recalls or safety issues that arise.
Review the contract with a lawyer
Before you do anything else, review the contract that governs your building with a lawyer. There may be a section called condos or units, and it can have additional terms such as approval for sale or approval for financing.
It is very important to understand all of these details before you begin marketing your building. If one of them doesn’t seem right, contact the board of directors immediately to find out what they meant.