5 tips to help you calculate the right condo appraisal costs in Thailand

What is the condo appraisal price?

The appraised value is the price that determines the value of a property. There are two types of real estate appraisals, namely land appraisals. And the appraisal price of a condominium, which the condo appraisal will be in the second form.

In general, the appraisal price depends on the location or area of ​​the condo. If is an area in a city, the appraisal price will increase as well. The person who performs the assessmen and set this price, the Treasury Department determines the central price for this assessment.

Factors that play a part in thinking for condo appraisal price

1. Government appraisal price

The government appraisal price will be the average price that can be used as a basis for assessment. The appraised price of the condo is calculated as a unit per square meter. The lower tiers are cheaper and the price increases with the higher the number of tiers. However, the common area will not be used in the appraisal.

2. Characteristics of the rooms in the condo

It consists of the form of a condo, area in the condo, lifetime, location of the floor area, quality and condition of the rooms including the maintenance of the rooms in the condo that will have a huge effect on setting condo appraisal price. The room on higher floor will have a distinctive view that will make the appraisal price higher than the room on lower floor. Even if it is a condo with the same style, the room condition is no different, but the different floor levels in the condo will have a big effect on the appraisal price.

3. The interior of the room

Furnishings are mostly used when evaluating second-hand condo. If there is more decoration, fully furnished, and various facilities, it may affect the higher valuation.

4. The condition of the building of the condo project

The condition of the project is how complete it is. Is it deteriorated or well maintained? Including checking the condition of the condo to see what level of the project is. The number of heights of the condo is low rise or high rise, including the amenities in the project.

5. The current condo price

Current condo price including the price of condo that are traded in the neighborhood. It can be use to compare and evaluate the prices that are as close to reality as possible. This will ensure that the appraised value is not higher or lower than it really is.

The appraisal price of the condo as mentioned above, it is the preliminary appraisal price that when actually trading, it may change from the appraised price. It also depends on the negotiation of both the buyer and the seller that may cause the actual trading price to increase or decrease from the initial appraisal price.

By this time, we would have known that what is the condo appraisal price? And how important is it? Therefore, it is important for real estate investors to know in order to use them as information in their investments. It is also used to assess the potential of the location to be invested. In order to be worthwhile and choose a condo that is in a location with good potential to achieve the desired investment success.

If you have any further questions or concerns about buy, sell and rent real estate can contact the team PropertyScout by clicking here. The team is willing to help and answer all questions.