Empower Your Finances: Your Guide to Checking Your Credit Bureau

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July 25, 2023
Empower Your Finances: Your Guide to Checking Your Credit Bureau Empower Your Finances: Your Guide to Checking Your Credit Bureau

You might be familiar with the concept of a credit bureau, which acts as a repository for our financial history, documenting various credit-related transactions we've been involved in. When we contemplate important financial endeavors such as applying for a home loan, purchasing a car, or obtaining a credit card, financial institutions delve into this data to assess our financial track record. They particularly check for any negative financial history. In this article, PropertyScout is ready to guide you through the straightforward process of checking your own credit bureau. Let's discover how easily you can do it on your own.

What is Credit Bureau?

A Credit Bureau is the 'National Credit Data Company Limited,' which is responsible for collecting data on all your financial transactions, including credit card usage, cash advance loans, home loans, car installments, and more. It records and stores your entire financial history, whether it's good or bad. In simple terms, it serves as an intermediary that provides financial transaction data to various institutions for assessing credit approvals or loan applications.

The process involves examining this data to evaluate spending habits and debt repayment discipline each month. This ensures that when financial institutions or banks approve credit for individuals, the borrowers can adhere to the loan terms and repay debts accordingly. Hence, being 'listed in the Credit Bureau' or 'blacklisted' simply refers to those individuals with a history of poor debt repayment or failure to comply with loan agreements. It does not involve being listed in any specific system.

Checking Credit Bureau

Credit Bureau Monitoring Centers

According to the Credit Information Business Act of 2002, Section 25, for the benefit of data owners and to ensure fairness, data owners have the right to access and review their own information. Credit Bureau Public Company Limited (Credit Bureau) is pleased to provide you with the opportunity to check whether you are listed in the Credit Bureau. The procedures conducted by the company (Credit Bureau Monitoring Center) are as follows:

The 9th Towers Grand Rama 9 2nd Floor (Plaza Zone)

  • Opening hours: Mon-Fri 9am-4:30pm (closed on public holidays).
  • Available for individual customers and authorized credit scoring (both individuals and legal entities/corporations/legal entities with power of attorney/foreigners). For legal entities, service can also be accessed via registered mail.

Pearl Bangkok 3rd Floor (Bank Zone) (BTS Ari Exit 1)

  • Opening hours: Mon-Fri 9am-6pm (closed on public holidays).
  • Specifically for individual customers and authorized credit scoring (individuals)/foreigners.

BTS Saladaeng Station

  • Opening hours: Mon-Fri 9am-6pm (closed on public holidays).
  • Specifically for individual customers and authorized credit scoring (individuals)/foreigners.

Tha Wang Lang, located at the entrance-exit area of the pier, near Gate 8 of Siriraj Hospital

  • Opening hours: Mon-Fri 9am-6pm (closed on public holidays).
  • Specifically for individual customers and authorized credit scoring (individuals)/foreigners.

BTS Mo Chit Station

  • Opening hours: Mon-Fri 9am-6pm (closed on public holidays).
  • Specifically for individual customers and authorized credit scoring (individuals)/foreigners.

J-Venue (Nava Nakhon) 3rd floor, adjacent to the Social Security Office

  • Opening hours: Mon-Fri 9am-6pm (closed on public holidays).
  • Specifically for individual customers and authorized credit scoring (individuals)/foreigners.

The Steps to Take in Checking your Credit Bureau at monitoring centers

Required Documents:

  • For Individuals
    • Please present your valid national identification card, passport, or original foreigner identification card for verification.
  • For Legal Entities
    • Please provide a copy of the certified document certifying the legal entity, not older than 3 months, and signed by an authorized director.
    • Include a copy of the national identification card or passport of the authorized director and their signature for verification, along with the original documents for inspection.
    • If available, provide the official seal or stamp of the legal entity for the credit information verification application.

The data owner authorizes another person to act on their behalf and provides the following supporting documents:

  • For Individuals
    • Prepare the letter of authorization for an individual person, fill in all the required details, and ensure that the signature is complete and accurate.
    • Provide a copy of the national identification card of the authorizing person, along with their signed certification of accuracy, and present the original document for verification.
    • Provide a copy of the recipient's national identification card, along with their signed certification of accuracy, and present the original document for verification.
  • For Legal Entities
    • Letter of Authorization for a Legal Entity. Please complete and sign the letter of authorization with all the required details accurately.
    • A copy of the certified document certifying the legal entity, not older than 3 months, and signed by an authorized director, with the official seal or stamp of the legal entity (if available).
    • A copy of the national identification card or passport of the authorized director, with their signature and certification of accuracy, along with the original document for verification.

*Data owners can request to receive the credit report on the same day of application or submit a written request for delivery via registered mail (registered mail delivery costs 20 Baht per copy).

Check Your Credit Bureau Yourself Through the Kiosk

Credit Bureau Public Company Limited (Credit Bureau) provides a self-service Credit Bureau Checking Kiosk (Kiosk) that allows customers to receive various credit reports, including Credit Bureau reports, credit scoring reports, summarized Credit Bureau reports, and Electronic Credit Reports (E-Credit report) via email instantly. Additionally, customers can also obtain printed reports at the counter.

Check Your Credit Bureau Online

The following are ways to check your credit bureau online:

Email Report

  • KKP Mobile app, instant credit and credit scoring information via email. For more information, call 02-165-5555.
  • TTB Touch app. For more information, call 1558.
  • Krungthai Next app, receive credit and credit scoring information via email within 24 hours (subject to Credit Bureau's conditions). For more information, call 02-111-1111.

*Sending the NCB e-Credit Report electronically allows you to receive the information within 3 business days. The service fee is 150 Baht.

Report delivery through Registered Mail

  • Option 1: Bank Counters (all branches) of Krungsri, Krung Thai, TMB, Land and House, and GSB. Notify the staff at the counter and present your national identification card.
  • Option 2: Use your ATM card from Krung Thai or SCB. If you have a card from another bank, use the ATM of that bank and select the "Credit Bureau Check" menu.
  • Option 3: Use the mobile applications for Krung Thai, TTB, and Kiatnakin. Perform the transaction through the bank's mobile app on your smartphone.
  • Option 4: Use the online service via the websites of Krungsri and Krung Thai.
  • Option 5: At any Thailand Post office counter and Post Office service counter nationwide.

*Once you check your Credit Bureau through these channels, you will receive the registered mail report within 7 business days. The service fee is 150 Baht. For further inquiries, please contact Thailand Post at 1545.

If a financial institution denies or declines your credit application, citing the Credit Bureau under the Credit Information Business Act of 2545, which safeguards data owners, you have the right to inquire about the reasons for the decision. You can easily check your Credit Bureau for free at the mentioned service points by providing your valid national identification card and the credit rejection letter (within 30 days from the date of rejection).

It's worth noting that the Credit Bureau retains payment history for up to 24 months. Therefore, all payment data from the past 24 months will be visible. If you have a history of making timely payments without any delays or defaults, you need not worry about being blacklisted.

Closing Comments

Having a history of late or missed payments, even for a single installment, can result in a negative credit history, being listed on the Credit Bureau, or being blacklisted, a topic commonly discussed. Such payment defaults can create obstacles when seeking loans or pursuing financial goals. It may take around three years to clear the blacklist, leading to missed opportunities for significant investments like buying a house or a condominium. Prioritizing financial discipline before getting into debt is highly recommended for a more favorable financial outlook.


Investors, are you looking for an ideal property to invest in? Let PropertyScout help make your property investment goals a reality today!

Crunching Numbers: Comparing Installments for Brand New and Second-Hand Condos!

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July 25, 2023
Crunching Numbers: Comparing Installments for Brand New and Second-Hand Condos! Crunching Numbers: Comparing Installments for Brand New and Second-Hand Condos!

Prospective buyers are deeply concerned about whether there are discrepancies in installment plans when acquiring a brand new or a second-hand condo. To address this, PropertyScout has meticulously compiled essential information to present to you. Prepare for enlightening insights in our discussion ahead!

Pros: Buying a Brand-New Condo

  • Newer unit condition.
  • Beautiful, modern interior design.
  • A chance to gain a complete 100% loan.
  • Transfer and Mortgage fee reductions.
  • Potential discounts and promotions from the project.
  • Room Insurance available in case of damage, allowing for repairs and claims.

Pros: Buying a Second-Hand Condo

  • Considerably cheaper than buying a condo unit brand new.
  • Clear view of the surrounding atmosphere.
  • Stronger chances of securing a prime location in comparison to brand new condos.
  • You can move in right away.
  • Construction materials used in second-hand condos often have higher quality due to lower material costs during the construction period. This enables developers to choose more premium materials.
  • No need for additional remodeling (in case of built-in furniture)

The Differences between Brand New and Second Hand Condo Installments

In this regard, the difference is evident as, in most scenarios, opting for a second-hand condo results in lower installment payments compared to purchasing a brand new one. This is primarily because second-hand condos are generally priced around 10-30% lower than their brand new counterparts. However, it's crucial to consider other factors to assess whether it's a favorable deal, including location, interior design, condo project's initial price, common area fees, and more. PropertyScout has summarized the advantages and disadvantages of buying both brand new and second-hand condos to provide a clear picture as follows:

Brand New Control Installments

This installment plan for a ready-to-move-in condo is suitable for individuals who already have a lump sum of money and have the financial capability to apply for a bank loan. To be eligible, applicants should have a clean financial record without any history of defaults and meet the bank's specified income requirements. Typically, if the monthly income is around 15,000 Baht and there are no outstanding debts or credit card payments, there is a good chance of qualifying for the loan.

Benefits

There is no need to worry about the risk of the condo not being completed, but we may have to manage ourselves to ensure that we have the funds to make installment payments on time and have a higher chance of becoming a definite condo owner compared to the down payment installment method.

Drawbacks

For individuals who are just starting their careers and haven't accumulated savings from their income yet, this investment option may not be the most suitable choice.

Second Hand Condo Installments

When opting for installment plans for second-hand condos, buyers are purchasing from individuals other than the original developers. These condos may have been in use for 5 to 10 years, or even up to 20 years. Nevertheless, numerous second-hand condos are well-maintained, boast excellent locations, and are available at affordable prices.

Consequently, financing a second-hand condo becomes a feasible choice for many, particularly due to the lower prices compared to brand new condos and those with down payment installments. Potential buyers are usually interested in residing in these condos or using them as investment properties for rental purposes. This option is viewed as a way to generate passive income, making it appealing to individuals seeking such opportunities.

Benefits

With second-hand condos, you have the advantage of making clear location choices and assessing actual conditions, such as the room's state, surroundings, neighbors, and the condition of common areas, whether they are new or old. Additionally, transportation options are easily evaluated. Notably, prices for second-hand condos are generally 10% to 30% cheaper than brand new condos or condos with down payment installments.

Drawbacks

Considering second-hand condos, the room's condition is of utmost importance as they have likely been used for a considerable period, resulting in natural wear and tear. Renovation expenses might be necessary, and there is an inherent risk as the purchase is not directly from the original developer. Consequently, there is a possibility of encountering deception from previous owners or facing inflated pricing.

Furthermore, selling a second-hand condo in the future can be more challenging due to multiple prior transactions, and banks may only offer loans up to 90% of the assessed value. As a result, potential buyers often prefer condos that are not too old or opt for brand new ones to mitigate these concerns.

What do you say?

Now that you're well-informed about the installment options for brand new and second-hand condos, as well as their pros and cons, take the opportunity to assess and compare which payment plan aligns best with your preferences, financial capacity, and lifestyle. Keep in mind the clear distinctions between buying brand new and second-hand condos. It's essential to consider other factors too to arrive at a well-rounded decision that truly caters to your needs and preferences.


Whether you're looking for a second hand or brand new condo, feel free to check out our expansive selection of top-quality condos as well as other Properties in the links below!

Unlocking the Door to Your Dream Home: Unveiling the Pros and Cons of Physical vs. VR House Tours!

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July 24, 2023
Unlocking the Door to Your Dream Home: Unveiling the Pros and Cons of Physical vs. VR House Tours! Unlocking the Door to Your Dream Home: Unveiling the Pros and Cons of Physical vs. VR House Tours!

Welcome to our exciting blog post where we embark on a journey to unlock the door to your dream home! House hunting has come a long way, and today, we're diving deep into the age-old debate: Physical House Tours vs. VR Tours. We all know the thrill of stepping inside a potential new home, feeling the floors beneath our feet and envisioning our lives within its walls. But what if you're miles away, and time is of the essence? Fear not, for modern technology has a solution – virtual reality (VR) tours! Imagine exploring your dream abode from the comfort of your couch, with all the details right at your fingertips. No need to worry about availability and timing; some forward-thinking developers now offer the option of a VR tour, revolutionizing the way we house hunt.

But, does it truly compare to the traditional in-person experience? Join us as we unveil the pros and cons of both methods, helping you make the most informed decision on your path to finding the perfect home sweet home!

Physical House Tours

Benefits

  • A Tangible Experience

Physical house tours offer buyers the unique opportunity to engage all their senses, allowing them to touch, feel, and interact with the property firsthand. Unlike virtual tours, where interactions remain confined to screens, physical house tours offer the unique opportunity to touch, feel, and engage with the surroundings. From running your hands along the sturdy kitchen countertops to stepping onto the plush carpet in the living room, every tactile sensation brings the property to life. This hands-on encounter empowers buyers to envision their future within the space, granting them a deeper understanding of how the layout and features align with their lifestyle and preferences.

A tangible experience during a physical house tour is an invaluable asset, as it fosters a genuine connection with the property and fosters confidence in making an informed decision about their potential new home.

  • In-Person Interaction

Having a trusted guide during the tour opens up a world of opportunities for buyers. Unlike virtual tours, where queries may be left unanswered or require delayed responses, in-person interaction enables buyers to ask questions on the spot and receive immediate, personalized answers. This face-to-face dialogue allows for detailed explanations, clarifications, and insights about the property, neighborhood, and any other concerns buyers may have. The presence of a knowledgeable guide during the tour enhances the overall experience, ensuring that buyers feel heard, valued, and equipped with the information they need to make well-informed decisions. In-person interaction adds a human touch to the house-hunting process, establishing trust and fostering a collaborative journey towards finding the perfect home.

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  • Authenticity

Physical house tours offer buyers the assurance of experiencing the property in its truest form, free from any digital alterations or misrepresentations. When walking through a home in person, there is an undeniable sense of genuineness that virtual tours cannot replicate. Each step taken and every corner explored presents an unfiltered view of the property, allowing buyers to witness its unique character and charm firsthand. From the creak of the hardwood floors to the play of natural light through the windows, these authentic details paint a vivid picture of what life would be like within those walls. The transparency and honesty of physical house tours instill confidence in buyers, providing them with an accurate representation and enabling them to make well-informed decisions based on an authentic understanding of the property's potential and suitability for their needs and aspirations.

  • Comprehensive Assessment

In-person tours enable potential homeowners to explore every nook and cranny, examining the intricacies of the architecture, layout, and overall condition. From assessing the quality of construction to gauging the functionality of various features, a physical tour empowers buyers to identify both strengths and potential concerns. This hands-on approach allows for a holistic understanding of the property's true potential, ensuring that no detail goes unnoticed. By immersing themselves in the space, buyers can envision their lifestyle within the home, envisioning how they can personalize and adapt the space to suit their needs and preferences. The comprehensive assessment facilitated by physical house tours equips buyers with the knowledge and confidence needed to make a well-informed decision about their future home, ultimately leading them closer to finding their perfect abode.

Drawbacks

  • Timing & Scheduling

One of the drawbacks of physical house tours is the inherent challenge of timing and scheduling. Coordinating a tour that accommodates the availability of both buyers and sellers can be a daunting task. With busy schedules and conflicting commitments, finding a mutually suitable time for all parties involved can often lead to delays and extended waiting periods. Additionally, unforeseen circumstances, such as unexpected traffic or last-minute cancellations, can further disrupt planned tours. These scheduling complexities can potentially prolong the home-buying process, causing frustration and impeding the ability to explore multiple properties efficiently.

Unlike virtual tours, which offer immediate accessibility at any time, the timing and scheduling constraints of physical house tours can prove to be a significant drawback for buyers seeking a swift and streamlined exploration of potential homes.

  • Travel Distance and Availability

Travel distance and availability present notable drawbacks in physical house tours. For buyers who are considering properties in distant locations, the need to travel long distances for each tour can be both time-consuming and costly. Coordinating multiple tours in different areas may become logistically challenging, leading to delays and potential frustrations. Moreover, some properties might not be readily available for physical tours due to occupancy restrictions, ongoing renovations, or other reasons. This limited availability could hinder buyers' ability to explore certain properties of interest, leaving them with an incomplete view of the market. In contrast, virtual tours offer the convenience of exploring properties from the comfort of one's own home, eliminating the need for extensive travel and providing a more accessible and efficient house-hunting experience.

Virtual Reality (VR) Tours

Benefits

  • Convenience

Convenience emerges as a standout benefit in Virtual Reality (VR) house tours, revolutionizing the way prospective homebuyers explore properties. With just a few clicks, buyers can embark on a virtual journey through multiple homes, all from the comfort of their own space. No longer wasting money on travel expenses or scheduling conflicts, VR tours offer the flexibility to view properties at any time that suits the buyer's convenience. Whether across town or across the globe, buyers can effortlessly step into potential homes without leaving their living rooms. Moreover, the ability to revisit VR tours at any moment allows for a comprehensive comparison of properties, enabling buyers to make well-informed decisions without feeling rushed. This unprecedented level of convenience empowers homebuyers to engage in a smooth and efficient house-hunting experience, making the dream of finding the perfect home a reality at their fingertips.

  • Interactive Features

The presence of interactive features stands as a remarkable benefit in Virtual Reality (VR) house tours, elevating the home-buying experience to new heights. Unlike traditional media, VR tours offer a dynamic and engaging exploration, allowing buyers to actively participate in shaping their virtual visit. Interactive elements, such as measuring tools and furniture placement options, empower buyers to visualize the potential of each space, experimenting with layouts and designs that suit their preferences. These features transcend passive observation, fostering a sense of ownership and connection to the property. Additionally, VR's interactive nature facilitates a deeper understanding of spatial proportions and helps buyers gauge the functionality of the home, providing a level of immersion and personalization that traditional tours cannot replicate. The ability to actively interact with the virtual environment enhances the decision-making process, ensuring that buyers are better equipped to select the ideal home that perfectly aligns with their lifestyle and needs.

Drawbacks

  • Lack of Sensory Experiences

A notable drawback of VR house tours is the lack of sensory experience they provide compared to physical tours. While VR technology offers impressive visual representations, it falls short in replicating the other senses that play a crucial role in understanding a property fully. In a virtual tour, buyers miss out on the tactile sensations of running their hands along surfaces, the scent of the surroundings, and the acoustics of the space. The absence of these sensory cues may lead to an incomplete perception of the property's ambiance and overall atmosphere. Furthermore, subtle details that can only be detected in person, such as the texture of materials or the feeling of natural light streaming through windows, are lost in the digital realm. While VR tours offer convenience, they do not fully replace the physical experience of walking through a property and immersing oneself in its unique character, making it essential for buyers to carefully consider these limitations when making their final decisions.

  • Potential Distortions or Technical Difficulties

A drawback of VR house tours lies in the potential for distortions or technical difficulties that can impact the tour's quality and accuracy. VR tours heavily rely on technology, and any glitches or limitations in the hardware or software can lead to a less than optimal experience. Visual distortions, such as pixelation or lag, may compromise the realism and clarity of the virtual environment, making it challenging for buyers to fully visualize the property's true attributes. Moreover, errors in 3D modeling or rendering can misrepresent the actual dimensions or features of the home, potentially leading to misconceptions or false expectations.

Additionally, technical issues like connectivity problems or compatibility concerns with VR devices may disrupt the smoothness of the tour and impede the ability to navigate seamlessly through the property. While VR tours offer a convenient way to explore homes remotely, these potential distortions and technical hiccups underscore the importance of relying on a combination of virtual and physical tours to gain a more comprehensive understanding of a property before making a final decision.

So... Would it be worth spending some extra cash to to experience a physical tour or lay back for a VR tour?

As we conclude this thrilling exploration of house tours, it's evident that both physical and VR tours hold unique advantages and drawbacks for aspiring homeowners. Physical tours offer an authentic and immersive experience, allowing buyers to engage all their senses and interact with the property, fostering a deeper connection to potential homes. The personal touch of in-person interaction with real estate agents adds valuable insights to the journey, aiding buyers in making well-informed decisions. On the other hand, VR tours revolutionize convenience, granting access to a plethora of properties at the click of a button, irrespective of distance or time constraints. Interactive features empower buyers to envision their dream spaces and explore creative possibilities.

However, we must not overlook the potential limitations of VR tours, such as the lack of sensory experience and the risk of distortions and technical difficulties. Striking a balance between both methods can prove to be a winning strategy, combining the authenticity of physical tours with the convenience and efficiency of VR experiences. So, whether you opt for the tactile delights of a traditional house tour or embark on a virtual journey through the wonders of technology, the key to unlocking your dream home ultimately lies in your personal preferences, needs, and circumstances. Happy house hunting!


Rest easy and be ensured you get what you paid for with PropertyScout's expansive selection of properties available throughout Thailand. Get in touch with us today!

From Novice to Pro: How to Prepare for House Auctions and Score your Dream Home

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July 24, 2023
From Novice to Pro: How to Prepare for House Auctions and Score your Dream Home From Novice to Pro: How to Prepare for House Auctions and Score your Dream Home

Are you ready to embark on the thrilling journey from novice to auction pro? Imagine the satisfaction of securing your dream home through a house auction, outmaneuvering seasoned bidders with confidence and finesse. House auctions can be daunting, especially for beginners, but fear not! In this comprehensive guide, we'll equip you with the essential knowledge and winning strategies to navigate the auction process like a seasoned pro. From researching the market and setting your budget to mastering the art of bidding on the big day, we've got you covered. Get ready to unlock the secrets to success and land the home you've always dreamed of. Let's dive in and prepare you for the exhilarating world of house auctions!

Understanding House Auctions

Understanding house auctions is crucial for buyers preparing to enter the competitive bidding arena. Unlike traditional home buying, auctions operate on a time-sensitive, high-stakes platform where properties are sold to the highest bidder. As a buyer, it's essential to grasp the auction process, from registration to successful bid closure. Learn about property inspection, conducting due diligence, and setting a budget to avoid overbidding. Be aware of the pros and cons of buying at auction, and dispel any misconceptions.

The Preparation

Before diving into the exhilarating world of house auctions, it's crucial to research market trends and understand property values. Thoroughly analyze recent sales data in the area you're interested in to gauge the current demand and pricing patterns. Pay attention to comparable properties and their final sale prices to gain insight into fair market values. Consulting with local real estate agents and appraisers can also provide valuable guidance. Armed with this information, you'll be better equipped to set a realistic budget and confidently navigate the bidding process, increasing your chances of securing your dream home at the right price.

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Determine your Budget and Start coming up with your Highest Bid

A crucial step in preparing for house auctions is determining your budget and coming up with your highest bid. It's essential to be realistic about your financial capabilities and what you can comfortably afford. Factor in not only the auction's potential bidding price but also additional costs such as closing fees, repairs, and any renovations the property may need. Avoid the temptation to get caught up in the excitement of the auction and overbid, as this can lead to financial strain in the long run. Keep your expectations in check for the time being, understanding that winning a house auction may require patience and persistence. By setting a firm budget and highest bid based on your financial situation, you'll approach the auction with a clear strategy, ensuring you stay in control while pursuing your dream home.

Required Documents

  1. ID card or Government Employee Card or State Enterprise Employee Card, along with one certified copy.
  2. If the buyer is a juristic person, a certificate of incorporation certified by the registrar not exceeding one month.
  3. If another person is bidding on behalf of the bidder, there must be a letter of authorization, affixed with a 30 Baht revenue stamp, and a copy of the bidder's ID card. Additionally, a copy of the ID card of the authorized representative along with a copy of the letter of authorization must be provided.

Preparing the Money

To participate in the bidding process, bidders must submit a cash deposit or cashier's check as collateral, payable to the Treasury Department, Department of Legal Execution. The amount of collateral required will be determined by the enforcement officer, corresponding to the specified bidding amount. In certain instances, if collusive bidding is suspected, the enforcement officer may set the collateral at 5% of the highest bidding price. However, there are exceptions where bidders have the right to request a deduction or are debtors based on a court judgment or a spouse with court-authorized allowance. Additionally, individuals with court-approved property averaging are exempt from providing collateral.

Before Bidding

Stay Calm

Staying calm is a paramount factor to keep in mind before bidding at a house auction. As adrenaline surges and emotions run high, it's easy to succumb to impulsive decisions or get swept up in intense bidding wars. However, maintaining composure is essential for making sound choices and sticking to your predetermined budget. Take deep breaths and remind yourself to stay focused on your goals. Avoid getting caught up in the excitement of the moment and concentrate on the property's value and its alignment with your needs. By staying composed, you'll approach the auction with a clear mind, increasing your chances of making a well-calculated, winning bid on your dream home.

Know when to drop out and avoid overbidding

Knowing when to drop out and avoid overbidding is a critical factor to consider before entering the bidding fray at a house auction. It's easy to become emotionally invested in a property, leading to irrational decisions and exceeding your budget. Be vigilant and recognize your predetermined bidding limit, refusing to engage in bidding wars that stretch beyond it. Trust your instincts and be prepared to step back if the price surpasses what you can afford. Remember that there will always be other opportunities, and overextending yourself financially could have long-term consequences. Staying disciplined and knowing when to gracefully bow out ensures you remain in control of your finances and maximizes your chances of finding the right property at the right price.

On the Auction Day

Arrive ahead of time

Arriving ahead of time on the auction day is paramount for a successful house auction experience. Punctuality allows you to survey the auction environment, understand the setup, and familiarize yourself with the surroundings. This early arrival grants you the opportunity to register for the auction, ensuring you are eligible to participate in the bidding process. Additionally, it provides the chance to meet the auctioneer, ask any last-minute questions, and gain valuable insights into the property being auctioned. Moreover, being punctual exhibits your seriousness as a buyer and can help you make a strong first impression.

By arriving ahead of time, you set the stage for a composed and focused bidding approach, increasing your chances of navigating the auction day with confidence and potentially securing your dream home.

Observing other bidders and understanding their behavior

On the auction day, observing other bidders and understanding their behavior is a valuable tactic to gain a competitive edge. Paying close attention to how other participants engage in the bidding process can offer crucial insights into their intentions and budget thresholds. Notice their body language, facial expressions, and bidding strategies to gauge their confidence level. Observing experienced bidders can also provide valuable lessons on effective tactics and techniques. Furthermore, being attentive to the number of active bidders can give you an idea of the competition intensity and inform your bidding decisions accordingly. By carefully observing other bidders, you can adapt your approach, make informed decisions, and increase your chances of success in securing the property you desire at the house auction.

Making a strong first impression on auctioneers and sellers

Making a strong first impression on auctioneers and sellers is crucial on the auction day. Show up well-prepared, dressed appropriately, and with all necessary documents in hand to demonstrate your seriousness as a buyer. Greet the auctioneer and sellers with respect and maintain a courteous attitude throughout the event. Abide by the auction rules, including observing the auctioneer's instructions and being patient during the process. Displaying good manners and civility towards other bidders fosters a positive atmosphere and reflects well on your character. Moreover, refrain from canceling your bid if you are declared the winning bidder, as this may erode trust and tarnish your reputation among auctioneers and sellers. By making a strong first impression and adhering to these principles, you increase your chances of building rapport with auctioneers and sellers, potentially benefiting your future endeavors in house auctions.

Effective bidding techniques to outmaneuver the competition

On the auction day, implementing effective bidding techniques is vital to outmaneuver the competition and secure your desired property. Begin with a confident and assertive bidding style to display your commitment as a serious buyer. Employ strategic bid amounts, such as odd numbers, to disrupt the rhythm of other bidders and gain a psychological advantage. Consider employing the "snipe" tactic, placing a swift, higher bid at the last moment, catching competitors off guard and leaving them with limited time to respond. Remain composed and avoid revealing your upper bidding limit to keep the competition guessing.

Above all, stick to your predetermined budget to prevent impulsive decisions that may lead to overbidding. By mastering these techniques, you position yourself as a formidable bidder, increasing your chances of success and securing your dream home at the house auction.

Winning the Auction

Winning the auction is an exhilarating moment of triumph for any bidder who successfully secures their dream home. As the auctioneer's gavel strikes, the joy and satisfaction of coming out on top amid fierce competition are unmatched. Winning the auction signify not only acquiring the desired property but also marks a successful culmination of thorough research, calculated bidding, and strategic decision-making. However, the victory doesn't end there; it marks the beginning of a new chapter in homeownership.

After winning, the process entails completing the necessary paperwork, paying the deposit, and finalizing the purchase details to officially make the property yours. Winning the auction is a momentous achievement, a testament to your determination and skill in navigating the auction process, and marks the start of an exciting journey in your new home.

On the Contrary: If you Don't win the Auction

Coming to Terms

Coming to terms with not winning an auction is an integral part of the process. It's essential to be a good loser and acknowledge that winning an auction is not a guarantee, as there might be numerous participants vying for the same property. Realize that the odds of winning may be slim, perhaps only a 1/10 or 1/100 chance compared to the other bidders. Instead of dwelling on disappointment, focus on the experience gained and the knowledge acquired for future auctions. Maintaining civility and congratulating the winning bidder shows respect and sportsmanship. Remember, the auction outcome doesn't define your worth as a buyer, and there will be other opportunities to find your ideal property. By embracing these perspectives, you can gracefully handle not winning, keeping a positive outlook for future endeavors in the dynamic world of auctions.

Consider buying a house through traditional house listings

If you find it challenging to compete and come up with a sufficiently high bidding price to outmatch other participants in the auction, you might find a traditional house-for-sale listing more suitable for your preferences. Many buyers prefer a straightforward homebuying process without the pressure of outbidding others within a limited timeframe. Traditional house listings offer a more accessible and common approach, available through various platforms like social media, real estate platforms, and agencies. With traditional listings, you can explore available properties at your own pace and negotiate directly with the seller, providing a less competitive and more relaxed homebuying experience.

Ready to Bid? Let's Go!

In conclusion, embarking on the journey from novice to pro in house auctions has equipped you with invaluable insights and strategies to navigate this exhilarating realm of real estate. Armed with a comprehensive understanding of the auction process, thorough research on market trends, and effective bidding techniques, you're now prepared to confidently step into the competitive arena. Remember to stay calm, know your limits, and be patient as you strive to secure your dream home. However, winning isn't the only measure of success; learning from each experience and remaining resilient in the face of challenges is equally essential.

Should house auctions prove to be an intimidating space for you, traditional house listings offer a fantastic alternative to find your perfect home. Regardless of your chosen path, the key is to stay determined, adaptable, and persistent. Your dream home awaits, and with your newfound expertise, you're ready to take on any bidding adventure that comes your way. Now, let's go and make your homeownership dreams a reality!


Looking to purchase or rent a property without pressure or time constraints? Fear not, for PropertyScout is here to make your homebuying or renting easier. Click the links below or get in touch with us today!

To Auction or Not to Auction? Conventional House Listing vs. Auctioning

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July 24, 2023
To Auction or Not to Auction? Conventional House Listing vs. Auctioning To Auction or Not to Auction? Conventional House Listing vs. Auctioning

When it comes to putting your beloved property on the market, the decision to list it traditionally or put it up for auction can be as daunting as it is exhilarating. Both paths offer unique advantages and drawbacks that can significantly impact your selling experience and ultimate success. In this blog post, we will embark on a journey of exploration, comparing the tried-and-true method of conventional house listing with the fast-paced drama of auctioning. From reaching a broader audience to maximizing profit potential and considering the speed of the sale, we will delve into the pros and cons of each approach, equipping you with the knowledge to make an informed choice that best aligns with your goals and property needs. So, let the house-selling battle begin - to auction or not to auction, that is the question!

Listing a House for Sale Normally

The Pros of Normal House Listing

  • Wider Audience Reach

The wider audience reach is a significant advantage for sellers listing their houses normally. When a property is listed traditionally, it gains exposure through various channels, including real estate websites, social media platforms, and local listings. This widespread visibility ensures that a larger pool of potential buyers is reached, increasing the likelihood of attracting genuine interest. Moreover, listing a house at a particular price point is one of, if not THE most common method of house listings. As a result, it becomes familiar to buyers who are accustomed to the traditional house-hunting process, further enhancing its accessibility and appeal.

This broader audience reach fosters competition and can potentially lead to multiple offers, allowing sellers to negotiate and secure the best possible deal for their property.

  • Time Flexibility

Unlike the time-bound nature of auctions, traditional listings offer sellers the freedom to control the pace of their selling process. This means they can choose when to list their property, set their preferred showing schedule, and even wait for the ideal offer without being constrained by strict auction deadlines. This flexibility allows sellers to better align their selling strategy with market conditions, potentially maximizing their property's value. Additionally, it grants ample time for comprehensive marketing efforts and building a strong online presence, which can attract a broader audience and increase the chances of finding the right buyer. Ultimately, time flexibility empowers sellers to make thoughtful decisions, ensuring they achieve the most favorable outcome in their property sale.

  • More Control over the Selling Process

When selling traditionally, homeowners have the autonomy to tailor their marketing strategy, set the listing price, and negotiate directly with potential buyers. This control extends to the choice of real estate agent, who can provide valuable insights and guidance throughout the process. Sellers can decide on the best time to accept offers or make adjustments to their marketing approach based on market feedback. With a normal house listing, sellers are not bound by the rigid structure of an auction, allowing them to adapt to changing circumstances and make decisions that align with their unique goals. This higher level of control ensures that sellers can optimize their selling experience, maximizing the potential for a successful and satisfying transaction.

The Cons of Normal House Listing

  • Lingering on the Market

One significant drawback of listing a house for sale normally is the potential for it to linger on the market indefinitely. Unlike the urgency created by the time-bound nature of auctions, traditional listings can face challenges in attracting the right buyer within a reasonable timeframe. Factors such as an oversaturated real estate market, mispricing, or limited marketing efforts may contribute to the property's extended presence on the market. As days turn into weeks and weeks into months, the house's perceived desirability can diminish, leading to questions and concerns from potential buyers.

Moreover, prolonged time on the market may also lead to price reductions, further impacting the property's perceived value and making it difficult to recoup the desired return on investment. Thus, addressing and managing this potential drawback becomes crucial in ensuring a successful and timely sale when choosing to list a house normally.

  • Uncertain Selling Price

Unlike auctions, where the highest bid immediately determines the selling price, traditional listings may face uncertainty regarding the property's final sale value. Determining the ideal price point requires careful consideration of various factors, such as market conditions, comparable properties, and the property's unique features. However, miscalculations or overestimations can lead to the house being priced too high, deterring potential buyers and prolonging the time on the market. Conversely, setting the price too low may result in missed opportunities to maximize the property's value.

This uncertainty can be challenging for sellers, as they may need to navigate negotiations and price adjustments, impacting their financial expectations and potential returns. Striking the right balance between attracting buyers and achieving a fair market value becomes crucial in successfully selling a house traditionally.

  • Potential Negotiations

In traditional listings, the process often involves negotiations between the seller and potential buyers. While negotiations can lead to a mutually agreeable price, terms, and conditions, they can also be time-consuming and emotionally taxing for sellers. Disagreements over price, repairs, or other contingencies may arise, creating delays and uncertainties in finalizing the deal. Moreover, sellers may feel pressured to make concessions to close the sale, potentially compromising their initial selling goals.

Unlike auctions, where the selling price is determined by competitive bidding without the need for protracted negotiations, traditional listings may require patience and strategic communication to navigate these discussions successfully. As such, sellers need to be prepared for the negotiation process, seeking professional advice to strike a balance that meets their objectives while satisfying buyer expectations.

Putting a House up for Auction

The Pros of a House Auction

  • Faster Sale Process

Unlike traditional listings that may linger on the market for an extended period, auctions offer a streamlined and time-bound selling approach. The fixed auction date creates a sense of urgency among potential buyers, encouraging them to act quickly to secure the property. This competitive environment can lead to a faster sale, with interested parties vying to submit their best offers within the auction's timeframe. As the gavel falls, the highest bid immediately determines the selling price, eliminating the need for lengthy negotiations. This accelerated process is particularly advantageous for sellers seeking a swift and efficient sale, especially in situations where time is of the essence, such as when relocating, facing financial constraints, or downsizing. By choosing auctions, sellers can expedite the entire selling process and move on to the next chapter of their lives with greater ease.

  • Pricing Transparency

In contrast to traditional listings, where the final selling price may be uncertain and subject to negotiations, auctions provide absolute clarity and transparency in pricing. During the auction event, interested buyers openly compete and place their bids, publicly revealing the current market value of the property. This transparency not only fosters trust among potential buyers but also assures sellers that their property is being fairly assessed based on its true market worth. The open and competitive nature of auctions ensures that the property receives its highest possible value as bidders push the price upward until the final bid is accepted. Sellers can rest assured that the auction process objectively determines the property's value, providing them with a clear and accurate representation of their asset's worth at the time of sale.

The Cons of a House Auction

  • Limited Audience Reach

One drawback of putting a house up for auction is the reduced exposure to potential buyers compared to conventional listings. Auctions are not as common in the real estate market, making it challenging for sellers to reach their target audiences and customers effectively. Many buyers prefer the simplicity of traditional listings, as the auction process can be perceived as time-consuming and stressful. As a result, sellers may miss out on connecting with a broader pool of interested buyers, potentially impacting the final sale price and overall success of the auction.

  • Time Constraints

One significant drawback of putting a house up for auction is the strict timeline that sellers must adhere to. From the initial marketing and promotion of the auction to the actual auction date itself, the process operates on a fixed schedule. This limited timeframe can pose challenges for sellers as they must efficiently prepare the property for auction, gather all necessary documentation, and attract potential bidders within the given period. Unlike traditional listings, which allow for more flexibility in timing and negotiation, the time constraints of auctions may not provide sufficient opportunities to reach a wide range of potential buyers, potentially affecting the final sale price and overall success of the auction.

Factors to Consider Before Choosing a Selling Method

Property Type and Market Demand

When deciding between listing a house for sale traditionally or putting it up for auction, one crucial factor to consider is the property type and the current market demand. Highly desirable and unique properties, such as luxury estates or historic homes, may benefit from the competitive bidding environment of an auction, where motivated buyers vie for the rare opportunity to own a distinctive asset. On the other hand, more common or standard properties might see better results through a traditional listing, as the larger pool of potential buyers and the negotiation process can help to gauge and secure a fair market price. Assessing the property's individual appeal and evaluating the current demand in the market will aid sellers in determining the most effective method to attract interested buyers and achieve the optimal outcome for their specific property type.

Urgency to Sell

The urgency to sell the property is a crucial factor influencing the decision between a traditional listing and putting a house up for auction. If a seller is in a time-sensitive situation, such as facing financial constraints, relocating to another city, or dealing with an inherited property, an auction could be a more viable option. Auctions typically have a defined timeline, providing a faster path to a potential sale and cash in hand. Conversely, if time is not a pressing concern and the seller seeks to explore various offers and negotiation possibilities, a traditional listing might be more appropriate. The longer marketing period in a traditional sale allows for broader exposure and the opportunity to attract buyers who may need more time for decision-making or securing financing. Understanding the urgency to sell will assist sellers in selecting the best method to align with their specific needs and objectives.

Shall we list or auction?

In conclusion, the age-old dilemma of choosing between a conventional house listing and auctioning has been thoroughly explored, shedding light on the unique pros and cons of each approach. As sellers stand at this crossroads, they must consider their individual property type, market demand, and urgency to sell. While auctions offer the allure of competitive bidding and a swift sale, they may limit audience reach and entail uncertain selling prices. On the other hand, traditional listings provide a broader buyer pool and negotiation opportunities but may take longer to finalize a sale. Ultimately, there's no one-size-fits-all solution, and the decision rests on a delicate balance of factors that align with the seller's specific goals and circumstances.

Whichever path sellers choose, it is crucial to remember that a successful sale is not solely defined by the method employed but also by the careful preparation, marketing, and cooperation with experienced real estate professionals. So, whether it's the thrill of the gavel or the comfort of the 'For Sale' sign, the key to a prosperous house sale lies in making an informed and confident choice. Happy selling!


Got a house to list but still unsure whether you wanna list normally or put it on auction? List with us for free on PropertyScout today for a straightforward, hassle-free process!

Buyers and Investors alike, if you're looking for an excellently-located property that's appropriately priced and will suit your needs, click the links below to check out our expansive selection of properties throughout Thailand!

Weekly Thai Real Estate News Roundup, Week 28, 2023

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July 21, 2023
Weekly Thai Real Estate News Roundup, Week 28, 2023 Weekly Thai Real Estate News Roundup, Week 28, 2023

Smart Park Industrial Project Unveils Ambitious Plan to Drastically Reduce Carbon Footprint


Mr. Wiras Amrapan, the Director of Thailand's Industrial Estate Authority, has unveiled an array of innovative carbon reduction strategies for the Smart Park industrial park during its construction phase. Designed as a cutting-edge facility, Smart Park incorporates advanced technologies, efficient communication and transportation systems, sustainable energy management, and a strong commitment to environmental sustainability. The project's internal technologies, including renewable energy and hydrogen utilization, Carbon Capture and Storage (CCS) systems, and clean energy transportation, have the potential to reduce CO2 emissions by an impressive 72% (equivalent to 1,014,000 tons per year) compared to traditional industrial estates.

For More Information: https://www.thansettakij.com/sustainable/zero-carbon/570689

Q2 2023 Sees Soaring House Construction Costs: 12.5% Surge in Tile Prices, 5.8% Rise in Labor Costs

The Real Estate Information Center (REIC) has reported a significant surge in house construction costs during the second quarter of 2023. Notably, the costs have been driven up by a sharp increase in construction materials, specifically tiles and wood, with prices rising by 12.5% and 4.6% respectively. Additionally, labor costs have experienced a 5.8% increase compared to the previous year, highlighting market dynamics characterized by higher minimum wage rates and a scarcity of skilled labor.

For More Information: https://www.bangkokbiznews.com/property/1077852

Introducing the e-QLands app, allowing you to make land bookings early

The Ministry of Interior's Department of Lands has introduced the revolutionary e-QLands app, revolutionizing land booking processes and expediting transactions for landowners. This groundbreaking app allows users to not only make early land bookings but also significantly reduce their waiting time at the Department of Lands. With the ability to schedule appointments and access queue schedules round the clock, the e-QLands app ensures convenience and efficiency. Available for both IOS and Android users, the app can now be downloaded from the App Store and Play Store.

For More Information: https://eqlands.dol.go.th/

Don’t Fear Rising Interest Rates: Your Guide to Thriving in Real Estate Investments!

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July 21, 2023
Don’t Fear Rising Interest Rates: Your Guide to Thriving in Real Estate Investments! Don’t Fear Rising Interest Rates: Your Guide to Thriving in Real Estate Investments!

In the face of a persistent and challenging inflationary environment, numerous countries, including Thailand, are resorting to raising interest rates as a measure to combat soaring inflation. This surge in interest rates has naturally sparked concerns among prospective real estate investors, as it translates to higher interest costs on home loans. In this blog post, PropertyScout will take an in-depth look at the phenomenon of "rising interest rates," its underlying causes, and provide crucial insights for individuals considering real estate investments amidst this period of increasing interest rates.

What is Interest Rate?

To comprehend 'rising interest rates,' it's essential to grasp that they pertain to the policy interest rate, a vital tool wielded by each nation's central bank for monetary policy. It can be adjusted to boost the economy and investments through rate cuts or curb inflation by raising rates. The central bank utilizes this mechanism to guide economic growth and domestic inflation effectively. Typically, financial institutions' rates are influenced by the policy interest rate.

Causes of Rising Interest Rates

Amidst a severe inflation crisis, central banks worldwide are responding by gradually raising interest rates, resulting in a period of rising rates. The implications of this escalation for the overall economy are significant. Let's now delve into its impact.

When Central Banks Raise Interest Rates, What Are the Economic Impacts?

  • Strengthening Baht Value

If interest rates in Thailand are higher than those in foreign countries, foreign capital may flow in for investment or profit-taking in the Thai baht. This is due to the higher returns compared to foreign currencies, leading to a stronger baht value. However, a stronger baht may impact export-oriented businesses, as their revenues could be affected by reduced exchange rates after calculations.

  • Cautionary spending by Citizens to avoid debt

As interest rates rise, people become more cautious in their spending, reducing discretionary expenses, and being mindful of excessive debt. With higher financial costs, individuals refrain from accumulating debt as before, which can slow down economic growth and contribute to inflation.

  • Delayed Investment

Rising interest rates diminish the appeal of investments, leading people to prefer depositing more money in banks due to higher returns on deposits. This reduced motivation to invest in risky assets is because the returns may not differ significantly from bank deposits. Businesses face higher financial costs from increased interest rates, potentially leading some companies to delay expanding their operations or exercise more caution in investments.

Investing in Real Estate amidst a Rising Interest Rate

As interest rates rise by 1%, borrowers' burden increases by 7%. In this scenario of escalating interest rates, individuals looking to secure a home loan should adequately prepare to minimize the impact of higher interest costs as much as possible.

  • Planning to Increase Income and Reduce Expenses to Accelerate Mortgage Debt Repayment and Save on Interest

Amidst rising interest rates, homebuyers can optimize their free time by exploring extra income opportunities and reducing unnecessary expenses. This strategy enables them to boost monthly savings, which can then be channeled towards accelerating mortgage debt repayment, leading to quicker debt relief and lower interest costs.

  • Maximize Your Down Payment Savings

When applying for a home loan, a larger down payment results in a reduced loan amount. Consequently, this leads to lighter monthly installments and lower interest costs.

  • Compare Loans Wisely: Strive for Low-Interest Rates

Before finalizing a home loan, it's crucial to compare interest rates. This enables borrowers to accurately calculate their repayment obligations. Opting for lower interest rates means a larger portion of each installment goes towards reducing the principal amount, making it a favorable choice, especially during times of rising interest rates for homebuyers.

Choose Fixed-Rate Mortgage Option

Some banks initially offer home loans with low-interest rates, often as fixed-rate mortgages, to attract customers. Later, they may switch to higher floating interest rates, lasting until the end of the loan term. Amid rising interest rates for homebuyers, opting for a fixed-rate mortgage in the beginning helps manage interest expenses over time. As the loan nears the floating interest rate period, interest rates may begin to decline again.

When approaching the floating interest rate period, borrowers can negotiate interest rate reductions or explore refinancing options with their current bank or another institution offering lower rates. However, before refinancing, it's crucial to consider hidden costs like prepayment fees, property valuation fees, and mortgage registration fees to ensure it is a financially sensible choice.

MRTA Insurance

When seeking a home loan, getting Mortgage Redemption Term Assurance (MRTA), a life insurance policy that covers the loan, may lead to a slight reduction in interest rates from banks. Usually, the discount falls between 0.25% to 0.50%. Nonetheless, it is crucial to thoroughly review the terms and conditions to assess if it is a beneficial choice.

Closing Comments

In light of the rising interest rates and their impacts, it is clear that investors must review and adapt their goals and investment strategies to the current situation. Adjusting to the prevailing conditions is essential for achieving successful outcomes. Seeking expert advice and consultation for real estate investment planning, such as from PropertyScout, can be highly advantageous.

Homebuyers, despite challenges from increasing interest rates, can mitigate the burden of mortgage interest through effective planning and preparation. With careful consideration, they can navigate the era of rising interest rates without major financial impacts.


Looking to invest in real estate but you're not quite sure? Get in touch with us at PropertyScout today for tips and tricks to make your real estate investment an epic reality!

Lifestyle Bliss: Finding the Perfect Home Location for Your Dreams

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July 20, 2023
Lifestyle Bliss: Finding the Perfect Home Location for Your Dreams Lifestyle Bliss: Finding the Perfect Home Location for Your Dreams

In today's real estate market, countless individuals are on the hunt for their dream home or condo. Among the key considerations that undoubtedly shape their decision is the all-important factor of location. After all, the perfect home location is a highly subjective matter, varying from one person to another. Join us at PropertyScout as we embark on a journey to explore the art of choosing the ideal home location, taking into account a multitude of factors to help you uncover the place that perfectly complements your unique lifestyle. Let's dive right in and find your perfect match!

Choosing a Home Location Based on Infrastructure and Basic Public Services

At the very least, our home should be located in an area with comprehensive infrastructure and basic public services, such as water, electricity, and telephone. Don't forget to consider internet connectivity, especially for those working from home or relying on the internet for communication and information. A reliable internet signal ensures a smooth lifestyle.

Furthermore, choosing a home location near hospitals and schools provides added peace of mind, particularly for individuals with medical needs or families planning to expand. Easy accessibility to schools reduces future commuting challenges.

Choosing a Home Location Based on Safety

Beyond the allure of a well-established neighborhood or a high-end, secure condominium, one must not overlook the importance of evaluating the surrounding environment and commute options. For example, for women returning home late, it's wise to assess the route from work, identifying potential hazards or alternate paths. Investigating the frequency and timing of criminal incidents in the area becomes crucial. Armed with this knowledge, you can make an informed decision when choosing the perfect home location. Safety and peace of mind are paramount considerations for your future abode.

Choosing a Home Location Based on Work Life

In a bustling city where punctuality is vital, the daily commute to work holds immense importance. Avoiding unpredictable traffic issues becomes a top priority. Opting to reside near your workplace or convenient public transport hubs like subways or trains is a prudent decision. While urban areas often come with higher real estate costs per unit, they may prove more cost-effective when considering daily expenses and commuting expenses. Moreover, living closer to work allows for more time to engage in additional activities, such as part-time work or maintaining a healthy lifestyle through regular exercise.

Choosing a Home Location Based on Transportation

When searching for the perfect home, accessibility to public transportation becomes paramount, especially for households with multiple occupants. Picture living in a narrow alley without taxi services – it would pose challenges on carless days. Additionally, a well-placed home should offer multiple entry and exit points, providing alternative routes to navigate around traffic congestion and potential blockages.

Choosing a Home Location Based on Lifestyle

Finding the perfect home location depends on your lifestyle preferences. If you're an outgoing individual who enjoys shopping, dining, and socializing with friends, a home near hangout spots or shopping malls could be the ideal choice. However, don't forget to consider potential traffic congestion and disturbances that may come with such locations. On the other hand, if you prefer staying home, prioritize having essential amenities like convenience stores, pharmacies, or eateries nearby for your comfort and convenience. Whatever your preference, the right home location can enhance your overall living experience, ensuring you have everything you need within reach.

Choosing a Home Location Based on Surroundings

For those who love picturesque views, a high-rise waterfront condo with river and cityscape vistas would be a dream come true. However, it's crucial to look beyond the aesthetics and consider potential environmental concerns arising from the surroundings, such as dust, factory emissions, noise pollution, waste issues, or vibrations near an airport. Also, evaluating past natural disasters, like floods, and the presence of proper public drainage systems is essential. Striking a balance between breathtaking scenery and environmental factors ensures a home that not only fulfills your desires but also provides a safe and serene living environment.

What does your lifestyle preference look like?

In the search for the ideal home location, it's essential to recognize that each area comes with its own set of advantages and disadvantages, catering to individual preferences. PropertyScout advises taking a thoughtful approach, carefully evaluating the pros and cons of each aspect before making a final comparison. This method will lead you to discover the perfect home location that aligns perfectly with your unique lifestyle and needs. Moreover, for those considering a home loan, it's crucial to familiarize yourself with the vital aspects of the "home loan agreement" and stay informed about current home interest rates. Armed with this knowledge, you can confidently make an informed decision and unlock the ultimate location that truly complements your way of living. Get ready to find your dream home and embark on an exciting new chapter!


Looking for an excellently located property for the best prices possible? Let PropertyScout help you today!

MRTA Demystified: Your Key to Home Loan Confidence and Security

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July 20, 2023
MRTA Demystified: Your Key to Home Loan Confidence and Security MRTA Demystified: Your Key to Home Loan Confidence and Security

Unlocking the Power of MRTA Home Loan Insurance: Your Guide to Enhanced Mortgage Protection. When it comes to securing a home loan, MRTA offers an intriguing proposition – combining life insurance coverage with the mortgage. But what advantages does it bring to borrowers who opt for this protection? And for those considering refinancing with a different bank, what steps should they take with their existing policy? PropertyScout presents all the insights you need in this comprehensive article.

What is the MRTA Insurance?

MRTA, or 'Mortgage Reducing Term Assurance,' is commonly referred to as 'Mortgage Life Insurance' or 'Mortgage Insurance' in Thai. It is a type of life insurance specifically designed to protect borrowers during the period when they are repaying their home loan. In the unfortunate event of an unforeseen circumstance, the borrower can find solace in knowing that the burden of mortgage repayment will not be left to their family. If the borrower becomes unable to continue the mortgage payments, the responsibility would be passed on to the family members, as per the usual principles.

Types of MRTA Insurance

In general, banks can offer various forms of MRTA insurance alongside home loans, tailored to the suitability and financial capacity of the borrower. These insurance options may include coverage with a decreasing sum assured each year based on the remaining loan balance or coverage with a fixed sum assured throughout the loan period. Additionally, borrowers can choose a coverage duration shorter than the loan term if they plan to settle their mortgage before the original timeline.

Benefits

Risk Prevention

With MRTA Home Loan Insurance, unexpected events won't leave your loved ones with the mortgage responsibility. Financial institutions receive payments from the insurance company until the end of the loan term, securing your home and family's future.

Home Loan with Simultaneous Personal Loan

Borrowers can opt to include insurance premium in their loan amount, allowing them to borrow additional funds to cover the insurance cost. This flexible approach lets borrowers customize their insurance coverage without the need for full coverage or throughout the loan term.

Tax Deduction

MRTA insurance premiums are tax-deductible, offering additional tax benefits alongside the home loan interest deduction. By choosing MRTA coverage for at least 10 years, borrowers can deduct life insurance premiums up to 100,000 THB per year, providing financial security and tax savings simultaneously.

Lower Interest Rates

If borrowers choose to have MRTA coverage, they will receive a lower home loan interest rate compared to the regular rate, with a difference ranging from 0.25% to 0.50%. The insurance reduces the risk, offering borrowers a more favorable interest rate.


Certainly, MRTA Home Loan Insurance can be highly beneficial in unexpected events that affect the borrower's life. The insurance payout can relieve the borrower, their family, or heirs from the burden of mortgage payments. However, the significantly higher premiums compared to other insurance types make it a decision that requires careful consideration.

Bank loan officers often advertise that having MRTA insurance can make it easier to get a home loan or even offer lower interest rates if borrowers opt for both simultaneously. This claim may not always hold true as MRTA insurance is purely optional, and it might not necessarily lead to interest savings as advertised. PropertyScout advises borrowers to thoroughly assess the additional costs involved, such as whether they need to take out an extra loan to pay for the MRTA premium, before making a decision.

What to Do with MRTA Insurance When Refinancing? Renew or Reapply?

One common concern among borrowers is what to do with their MRTA insurance when it's time to refinance and switch to a new bank. The situation becomes tricky when the policy's beneficiary is still the previous bank, despite changing to a new one. However, there are two possible solutions to help borrowers manage their MRTA effectively during this transition.

Solution 1: Change the Beneficiary's name

This approach is suitable for MRTA policies that still have sufficient coverage after refinancing, or for individuals who want to keep their existing insurance for peace of mind, even if they don't want to spend extra on additional coverage. At least, it provides some level of protection in case of unexpected events, even if the insurance amount may not fully cover the outstanding loan balance.

Borrowers can request to change the beneficiary's name in their MRTA policy. In this case, the borrower will continue to receive continuous coverage as before, but the beneficiary's name will be updated from the previous bank to the new bank.

However, it is essential to note that the insurance amount in the policy may be lower than the new home loan amount after refinancing. This could be an issue for borrowers who refinance for additional funds, such as home renovations or personal expenses. Also, if the MRTA policy has a decreasing sum assured each year and the coverage amount is lower than the new loan amount with the new bank, the MRTA policy may not fully cover the excess amount.

Solution 2: Surrender the Existing Policy for Cash Value

This approach is suitable for MRTA policies that have accumulated sufficient cash value and can be surrendered to use for other purposes. Borrowers can choose to surrender the MRTA policy to receive the cash value if they no longer wish to continue with the insurance or want to utilize the funds for other needs.

By informing the insurance company of the intention to surrender the MRTA policy, borrowers can receive the cash value. The amount received depends on the duration of the policy in force and the terms and conditions set by the insurance provider.

The cash received can be used for various purposes, such as paying off the old bank to reduce the outstanding loan balance with the new bank, thereby reducing interest expenses. Alternatively, the cash can be used for home renovations or any other necessary expenses.

The surrendered cash can also be utilized to purchase a new MRTA policy with the new bank or for any other beneficial purposes, depending on the borrower's needs.

Closing Comments

In conclusion, the significance of MRTA insurance varies based on individual circumstances. For those who are primary providers for their families and seek to safeguard their loved ones, MRTA coverage is highly recommended. It offers a sense of security, ensuring that unexpected events won't burden their family members in their absence. On the other hand, individuals without dependents or family responsibilities may find MRTA insurance less essential. In such cases, the property would eventually become the bank's asset if anything were to happen to them.

PropertyScout advises borrowers to carefully assess their options when it comes to MRTA insurance during the refinancing process. Whether it's choosing to keep the existing policy, using the cash value for a new policy, or utilizing the funds for other needs, borrowers have the freedom to manage their MRTA insurance according to their preferences.


If you're looking for the right property to invest in, click the links below and get in touch with us to make your dream property investment a reality!

Homebuying Showdown: Pros and Cons of Fixed Prices and Bidding Wars

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July 20, 2023
Homebuying Showdown: Pros and Cons of Fixed Prices and Bidding Wars Homebuying Showdown: Pros and Cons of Fixed Prices and Bidding Wars

Welcome to the ultimate homebuying showdown! In the quest to find your dream home, you're faced with two intriguing paths: buying at a set price or diving headfirst into the exhilarating world of bidding wars. Each approach presents its unique set of thrills, challenges, and potential rewards. The decision you make could shape not only the place you'll call home but also your financial future. Are you the type to embrace the certainty of a fixed price, where the deal is done with a stroke of the pen, or do you thrive in the adrenaline-fueled arena of competitive bidding, where every offer counts? In this comprehensive guide, we'll compare and contrast the pros and cons of both methods, arming you with the knowledge and confidence to navigate the homebuying battleground like a seasoned pro. So, buckle up and let's embark on this thrilling journey to discover whether you'll find your perfect haven at a set price or emerge triumphant in the heart-pounding frenzy of a bidding war.

Buying at a Set Price Point

Benefits

Price Certainty and Simplicity

In the pursuit of your perfect home, the price tag may seem dauntingly high, but there's solace in opting for a fixed price purchase. When buying a house at a fixed price, you are guaranteed the certainty of paying a specific, predetermined amount for the property. This assurance becomes even more valuable when the real estate market remains stable, ensuring that the agreed-upon price holds steady for the foreseeable future. Unlike bidding wars, where prices can skyrocket amidst fierce competition, opting for a fixed price purchase eliminates the need to engage in relentless negotiations, making the entire purchasing journey smoother and more straightforward. With price certainty, you can confidently plan your budget, secure financing, and focus on finding the perfect home without much anxiety of unexpected price escalations.

Less-Time Consuming

When purchasing a house at a set price, the need for extensive negotiations and prolonged back-and-forths is eliminated. With no bidding wars to partake in, buyers can swiftly move forward with their purchase, saving valuable time and energy. This streamlined approach allows them to focus on other essential aspects of the homebuying journey, such as inspections, paperwork, and planning their move. Additionally, reduced time spent on negotiations means that buyers can seize opportunities and secure their dream home before it slips through their fingers.

Potentially Better Deals

When purchasing a house at a set price, there exists the potential for sellers to offer competitive rates or incentives to attract buyers swiftly. This scenario often arises when sellers are motivated to close the deal promptly or when market conditions favor buyers. In such cases, homebuyers might secure their desired property at a price lower than they initially anticipated or receive additional perks, such as covering closing costs or including valuable appliances. The opportunity for potentially better deals provides buyers with a sense of confidence and excitement, knowing they might find a hidden gem at a more advantageous price, enhancing the overall value of their purchase.

Drawbacks

Negotiation Limit

A notable drawback of purchasing a house at a set price point is the limitation it imposes on negotiations. With a fixed price, buyers often find themselves with less leverage to negotiate for better terms or price reductions. Unlike the dynamic nature of bidding wars, where competing offers may drive the price down or prompt sellers to include additional incentives, the predetermined price may leave little room for adjustments. This negotiation limit can be frustrating for buyers looking to maximize their investment or seek concessions that align with their specific needs. While the certainty of the price offers peace of mind, the inability to negotiate can be a significant consideration for those seeking greater flexibility in their homebuying journey.

Price Fluctuations

A significant drawback of purchasing a house at a set price point is the potential for price fluctuations in the real estate market. Market conditions can change rapidly, and if prices experience a spike after the purchase agreement, buyers might find themselves in a situation where they have overpaid for the property. Unlike bidding wars, where buyers can make real-time adjustments to their offers, a fixed price purchase lacks the flexibility to adapt to sudden market shifts. This inflexibility could lead to missed opportunities to negotiate a more favorable deal or capitalize on market downturns, potentially resulting in buyers paying more than the property's current value. As a result, buyers must carefully assess the local real estate market and consider the risk of price fluctuations before committing to a set price purchase.

Taking part in a Bidding War

Benefits

Chances for lower prices

Unlike fixed price purchases, where the cost is predetermined, bidding wars foster a competitive environment that can drive the property's price below the initial asking price. As buyers engage in the exhilarating back-and-forth of submitting higher bids, they gain the opportunity to secure the property at a more affordable rate than anticipated. This potential for lower prices is especially advantageous in a buyer's market or when sellers are motivated to close the deal swiftly. By actively participating in a bidding war, buyers position themselves to make strategic offers and negotiate effectively, increasing their likelihood of obtaining their dream home at a price that aligns with their budget and expectations.

Increased control in self-price setting

Rather than being bound by a fixed price, buyers have the flexibility to set their own budget and determine the maximum amount they are willing to pay for the property. This autonomy allows buyers to take charge of the negotiation process, strategically calculating their offers based on the property's value, their financial capacity, and their level of interest. In a competitive bidding scenario, buyers have the freedom to make adjustments to their bids, presenting an opportunity to secure the property at a price they feel comfortable with, and avoiding the risk of overpaying. This increased control not only enhances buyers' confidence in the purchase but also aligns the transaction more closely with their unique preferences and financial considerations.

Drawbacks

Stress and Uncertainty

Participating in a bidding war for house buyers can introduce significant stress and uncertainty into the homebuying process. As the competition intensifies, buyers often find themselves caught in a high-pressure environment, where emotions run high, and decisions must be made quickly. The fear of losing out on the desired property to another bidder can create anxiety and uncertainty. Moreover, since bidding wars are unpredictable, buyers may not have a clear sense of how many competing offers they are up against, making it challenging to gauge their chances of success.

This stress and uncertainty can lead to impulsive decisions or the temptation to submit offers beyond the buyer's original budget, potentially resulting in buyer's remorse or financial strain. To navigate the drawbacks of a bidding war successfully, buyers must carefully assess their limits and be prepared for the emotional rollercoaster that comes with this competitive homebuying process.

Wasted Time and Effort

Engaging in a competitive bidding process demands significant commitment, with buyers investing time in researching the property, preparing competitive offers, and closely monitoring the situation. Unfortunately, not all bids can be successful, and buyers may find themselves repeatedly investing time and effort into potential properties only to be outbid by others. This cycle of intense competition and potential disappointment can be emotionally draining and can delay the homebuying process, causing buyers to miss out on other opportunities while awaiting the outcome of each bidding war.

Furthermore, in cases where multiple bidding wars occur, the cumulative effort and time invested can be significant, adding frustration and weariness to the otherwise exciting journey of finding the perfect home.

Tips for making the Right Choice

Now that we've covered the ups and downs of purchasing a house with a fixed price point and taking part in a bidding war, lets now cover the important tips and tricks for making the right choice in your house purchase.

Your Budget and Financial Readiness

As you embark on the exciting journey of buying a house, the first crucial factor to consider is your budget and financial readiness. Being realistic about your affordability and how much you're willing to invest is paramount. Begin by setting a practical budget goal, allowing room for adjustments as you gather more information and save up for your dream home. Prioritize clearing any existing debts to maintain a debt-free status, while also practicing responsible spending to avoid accumulating new debts.

In the quest for your perfect home, conducting a detailed research on the current real estate market trends in your area is an essential step. Explore the highest and lowest property prices to gain valuable insights into the local market dynamics. Understanding the fluctuations and demand patterns allows you to set realistic expectations for your house purchase. Armed with this knowledge, you can make informed decisions and navigate the complexities of the real estate landscape with confidence.

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Work with a Real Estate Agent

When embarking on your house purchasing journey, a valuable tip is to work with a real estate agent. These experienced professionals possess in-depth knowledge of the local market, access to exclusive listings, and a keen understanding of the intricate homebuying process. A skilled agent can help you identify properties that align with your preferences and budget, negotiate on your behalf, and navigate potential pitfalls with ease. Their expertise provides peace of mind and ensures that your interests are well-protected throughout the transaction. Collaborating with a real estate agent streamlines your search, maximizes your options, and ultimately increases the likelihood of finding your dream home, making it a crucial partnership for a successful house purchase.

So, to buy or to bid?

As we conclude this epic homebuying showdown, it's evident that both fixed prices and bidding wars offer unique advantages and drawbacks. Buying at a set price provides the comfort of price certainty and streamlined negotiations, but it might limit your ability to negotiate further. On the other hand, engaging in a bidding war can present opportunities for lower prices and increased control over your offers, but it also brings stress and uncertainty. Ultimately, the decision boils down to your individual preferences, market conditions, and risk appetite. Consider your financial readiness, conduct thorough research, and work closely with a trusted real estate agent. Armed with this knowledge, you can confidently step into the arena, whether it's a fixed price purchase or a bidding war, and secure your dream home with the satisfaction of knowing you made a well-informed choice. Happy house hunting!


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