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.

Whether it’s dealing with a financial issue, relocating to a new city, or you simply no longer want to live in your current unit, breaking a lease can have financial and legal consequences. To avoid that burden, you should learn how to get out of a lease properly to prevent any negative repercussions.

It’s not always easy to end a lease early, but here are some tips to go about it without breaking the landlord-tenant agreement.

1. Check your lease agreement

First off, refer to your lease agreement. See if there’s a section detailing how to get out of it, such as an opt-out clause. That would allow you to move out early. In most cases, you will have to pay the opt-out fees. 

There may be an early termination clause that you can point to, this could be from either your or your landlord’s side. You may have the right to break your lease if,

• You must relocate for health reasons.
• The landlord violates your contract.
• You’re threatened by your landlord or your neighbors.

2. Talk to your landlord

Talk to your landlord, and think like one. Before going into negotiation, understand how they think. If your reason to break a lease isn’t legally covered, but is understandable, they may be willing to listen. If your circumstances make it difficult for you to continue to afford your rent – they’ll be motivated to get a new tenant into your place. The more polite and honest you are, the more likely they are to make it as easy as possible for you to break your lease.

3. Offer to help

This won’t cost you much or anything at all, so why not offer to help with advertising and showing the place? Helping your landlord find a new tenant won’t cost you anything, you can share details on your social media, friends, and family. Remember that the faster you find someone to fill that position, the quicker you will be able to leave. You can also offer to paint the walls with a fresh coat, cover deep clean service before you leave. Doing so could make your landlord feel less stressed about your imminent departure and more willing to agree to a deal.

4. Get it in writing

Even if you both agree on the termination, make sure you get it in writing. It’s important to understand what expectations are on both sides and make sure all those details are on paper. Taking these precautions will eliminate any unpleasant moving experience or unforeseen surprises.

Summary

The idea of breaking your lease early is stressful as it is, but with enough preparation and planning, it doesn’t have to be traumatic. Most landlords just want their rental properties to be occupied and you can easily help them by finding new tenants, helping them clean, and showing the place. This won’t cost you much and your landlord will definitely appreciate your help.

Monday - Sunday 9:00 - 22:00 hrs, including public holidays - so give us a call or write us a message!

Looking to rent a property in Bangkok can be tricky when you don't know where to start. We have all been there, from searching through hundreds and thousands of listings to ending up being overwhelmed by the sheer endless stream of information, and eventually falling back to square one again. Below are some of the issues you may face and how you can easily master your quest for a new home!

Unrealistic listings and false prices

Raise your hand if you have ever been mesmerized by beautiful pictures of a condo in Bangkok and cannot wait to see it in real life, only to feel disappointed later because it looks nothing like what you saw online.

Or finding out later that you could not get the price you were told since there are tons of hidden costs. We feel your pain, overly retouched to even fake listings can leave you discouraged or afraid to continue.

A trusted real estate agent like PropertyScout will only publish authentic and original listings. What you see online is what you will be able to experience in real life, full transparency and no hidden costs!

Lack of Information

The times have changed and everything can be achieved online. Whether you're looking to rent a townhouse or simply searching where to stay in Thailand, you will be flooded with loads of information. However, many agents seem to miss out on the most crucial point in selling. Simply describing a 45sqm one-bedroom condo in Thonglor in 200 words will not do the trick! 3D virtual tours, 3D floor plan, and videos can boost your credibility and give your audience a better perception of your property.

Risk of losing your deposit unfairly

Here comes another drawback of rentals in Bangkok, fear of losing all or part of your deposit. If you are an expat looking for a condo and having difficulty agreeing with your landlord, whether it's the language barrier or nuances in communication across cultures, you may find yourself struggling in this process. To avoid this issue and ensure our tenants' confidence, deposit and payment will be handled by 3rd parties to reduce counterparty risk. At PropertyScout, you can rest assured your deposit will be handled professionally by a highly trained team of property consultants.

Unprofessional landlords or agents

Believe it or not, it can take up to 48-72 hours for a landlord to reply or even notice they got a message from their tenant. Not that it's not their priority, but simply because it is not their profession to handle such transactions on their own. That being said, dealing with unprofessional agents or landlords can leave you weary after time. 

In Thailand, property consultant agents do not need a license or certification to provide service. Therefore, there's a high chance you may stumble upon an untrained or unprofessional agent. 

In our company, we believe in providing clients with the best possible service. Any agents we let through our door are highly trained and will be able to respond punctually to your request or grievance. PropertyScout is known for providing the fastest response rate based on the best available information, putting ourselves in the renter's shoes and always trying to address any issues promptly is our focus.

Lack of rentals for less than 6 months

While there are plenty of good reasons to sign a long-term rental, from more stability to discounted fees, this wouldn't be the case if your career and life are in flux. Imagine you get a new job and have to relocate but you are 8 months into that contract, or you want to move in with your partner who lives in Sathorn but your apartment is in Ari, or you've recently welcomed a new member in the family and need to find a larger space? Suddenly, you're stuck in your rental longer than you'd like to be.

Short-term rental offers you more flexibility and freedom to move around easier, making it less stressful for both tenants and landlords. Another good reason is the option to cut back on your housing costs during its term. If you feel like you're paying too much rent for comfort, at that point, you can scale back on other expenses temporarily to ride out your contract's term, and then find a cheaper home once your contract expires.

The bottom line of rentals in Bangkok

If you are looking for a condo or a house to rent, keep in mind that the circumstances can change, and you may need/want to move out from your rental property. Searching for a professional team of property consultants is essential to finding your happy home. Short-term rental may be a better start, since you can always extend your rental, or even find a better deal to rent. But if you are well settled in the city, it is best to secure a long-term agreement. A professional real estate agent helps you find a room quickly, they know the area and they work within your budget and needs. 

How do you provide a successful stay for your tenants and learn more from the tenants' perspective and experience? This list combines simple ways to keep both sides happy. 

Permission To Rent Out The Property

If you have a standard residential mortgage on the property, you will need consent from your lender. If you're renting out your property temporarily, your mortgage company may give you consent to rent. So before you go ahead and decide to be a landlord, make sure you get this sorted before you let any tenants move in.

Get to know your tenants

References will come in handy in this process, such as employment information, previous landlord references, etc. Most importantly, go with your instincts. Both parties should be sure and comfortable before the agreement is made.

Be Aware of the Risks

From the tenancy agreement to making sure your tenants clearly understand their responsibilities. The customary would include deposit, paying the rent on time, no noise, and any other house rules. The smart way to do this is asking for insurance, as you never know what could happen. 

Things could go wrong, repairs may need to be made, or matters outside of the landlord’s control could occur (i.e. inevitable accidents, like flooding), and that's why it's important to always consider the insurance you have in place. 

Safe Rental Space

This means the functionality of appliances, electrical systems, and gas equipment. All of these items should have regular safety checks. Landlords are required to install a smoke alarm on every floor where there's a room being used for living space, while a carbon monoxide detector must be installed in every room where there's a solid fuel-burning appliance. You also must make sure:

1. the electrical system is safe, for example, sockets and light fittings.
2. all appliances you supply are safe, for example, cookers and kettles.

Safety is vital. Landlords must keep their tenants safe, and a failure to do so could lead to more problems down the lane. 

Inventory List

Carrying out an inventory check before and after means you can make sure everything is accounted for. It also lessens the chances of a deposit dispute further down the line. 

Take time to make an inventory list. Not just for the furnishing and amenities, but the overall condition of the place. Adding pictures of the items to your inventory list will end up helping you out a lot. 

Your place should be Renter-Ready

Make sure your place is clean, properly furnished, and equipped. Most importantly, it is safe to move in. Wi-Fi, Internet, and cable should work properly. The kitchen is equipped with functional and practical appliances and doesn't forget to leave instructions for all appliances with each appliance. Make sure all relevant equipment is labeled correctly. Lastly, don’t forget to make a copy of the key for both your tenants and for yourself!

There you have it, some of the things you need to take into consideration before renting out your property. It is wise to get in touch with a professional rental property consultant before making any decisions.

Contact us today to speak to an experienced team of rental property consultants or if there’s anything you’re not sure about, let our experienced property consultant do the work for you!

We called it a ''2 plus 1'' payment. As in, one month in advance for rental fees and two months as a security deposit. You will get the deposit back at the end of your contracts (fully return if no damages)

We will issue an invoice asking for a Booking Deposit and recheck rightful ownership for you.

The amenities list in your building should be provided along with the contract signed prior to moving in; however, you can always check with the juristic person of your building.

The electricity rate can be divided into two different types

1. Government Rate
2. Building Rate - this depends on the amount your building has set. It usually varies from 5 baht per unit to 8 baht per unit