When mentioning Ratchada, the first thought that bumps into everyone’s mind is probably a hub of Bangkok Nightlife as Royal City Avenue or RCA, located in Ratchada, was a home for every party-goer. Besides the clubbing scene, Ratchada is much more than that. Nowadays, as an area of brand new shopping malls and livable neighborhoods for those seeking a convenient transportation of MRT line.
Get to know the Ratchada neighborhood
Ratchada was once well known as a location of Ratchada Train Night Market. Most of the tourists had to visit there when they were in Bangkok which made Ratchada become a popular destination spot to live for both locals and travelers. The neighborhood itself is connected to Huaykwang, which covers the road from Rama 9 to Ladprao intersection, making the area lively for mostly 24/7 with lots of activities to do. No doubt why Ratchada is a top suitable location for those who want a neighborhood that meets all lifestyles and needs in one place.
Places you shouldn’t miss in Ratchada
Shopping Malls
The Street Ratchada The Street Ratchada is well known for being a 24-hour shopping mall. The place itself is lively for most of the time with locals, students and night-clubbers looking for a place to chill after dawn.
Central Plaza Rama 9 Right by MRT Rama 9 station is Central Plaza Rama 9 shopping mall, one of the most popular shopping malls for residency in the area, as it is full of many famous brands and grocery stores, you can find what you are looking for from here.
Esplanade Ratchada An entertainment complex on Ratchadapisek road that once hosted the World Film Festival of Bangkok. Accessible from MRT Thailand Cultural Center with only a few steps away. Esplanade Ratchada is an ideal attraction for movie lovers.
Central Plaza Rama 9
Business District and Landmark
Embassy of The People's Republic of China Located by the heart of Ratchadapisek road with a walking distance from MRT Rama 9 station, the Embassy of The People’s Republic of China makes the area popular among Chinese tourists.
AIA Capital Center Only 50 meters from MRT Thailand Cultural Center, and is also the first office on Ratchadaphisek Road, everyday is surrounded by office workers. Not only is the location of many offices, but also restaurants, convenience stores, and fitness centers.
Nightlife
Onyx Bangkok One of the best EDM nightclubs in Bangkok, and probably one of the most popular spots for party people in Ratchada, Onyx opens everyday until late. If you’re looking for a night out with awesome DJs and beautiful crowds, Onyx is definitely the one.
Onyx Bangkok
How to get to Ratchada
By Public Transportation
MRT is accessible, with several stations along the line such as Ratchadapisek, Huaykwang, Suthisarn, Thailand Cultural Center, and Phra Ram 9. And just a little further away is MRT Sukhumvit, which is connected to the BTS line of Asoke station with only a few minutes walk.
Also connected to Airport Link, for anyone who wants to go to the airport by public transportation. It can be done easily in less than 45 minutes to reach the destination. Convenience to many public transportation stations is ideal for office workers.
By Cars
For those who own a personal car, do not need to worry at all. Ratchada is the main road that connects to the other Bangkok main roads as well such as Rama 9, Asoke, Vibhavadi Rangsit and Din Daeng. Going outside of the city is easy with the Si Rat and Chalerm Maha Nakhon Expressway.
Most importantly, it is also near the main expressway that can take us into the city or out of the city within no time, even though there may be a little traffic during rush hours. But if you look at the bright side of the convenience of traveling in Ratchada, you have to give this neighborhood a go!
Ratchada’s upcoming landmarks
It's undeniable that Ratchada has been an attraction for night travelers for years. Nightclubs, shopping malls, and the Train Night Market have played a contribution to Ratchada's bustling presence among tourists. Doubled with the convenience of public transport and private cars, Ratchada became another business district of office buildings.
Emerge with the rise of residential condominiums to support these working people. In the future, we may see the growth of the real estate market such as condominium projects and department stores to meet the needs of residentials.
How much does the area cost in Ratchada?
Ratchada's neighborhood has a potential for both residential and investment, which is causing the current price on the market to rise. As of today with the average of 350,000-400,000 baht/sq. (on September 22, 2022), and the continued growth with the expanding MRT Green Line with Mo Chit - Saphan Mai - Khu Khot stations and the MRT Yellow Line with Lad Ladprao-Samrong stations that are currently open for services.
Currently, the rental price is starting from 10,000 baht per month for a studio apartment, which is mostly located a few minutes away, by car, from MRT station. Most of the residents are both office workers because they are close to many office buildings and organizations, including expats who want to live not too far away from the business district.
Recommended residences in Ratchada
1.) Aspire Asoke Ratchada
Aspire Asoke Ratchada is an eight-floor unit condominium, only 2.5 kilometers from MRT Thailand Cultural Center, or 8 minutes away by car. With full facilities of swimming pool, parking, 24-hour security, playground, convenience store, and many more.
A low-rise condominium located on soi Vibhavadi Rangsit 16, which connected to Ratchadapisek 19, easily accessible from both sides of the road. MAESTRO Ratchada 19 was designed under the idea of industrial elegance, only 650 meters from MRT Ratchadapisek, is surrounded by many shopping malls, hospitals, and educational institutions.
MAESTRO Ratchada 19 - Vipha
The selling price starts at THB 2,790,000
Looking to rent MAESTRO Ratchada 19 - Vipha?click here
Looking to buy MAESTRO Ratchada 19 - Vipha? click here
3.) RHYTHM Ratchada
A luxurious high-rise condominium on Ratchadapisek road, located between soi Ratchadapisek 24 and Ratchadapisek 26, right by MRT Ratchadapisek, just less than a meter away, ideally combined busy lifestyle living with full facilities of the condominium itself and surrounded by many attractions for the residentials.
With the perfect variety of easy accessibility by transportation, attractions both day and night, shopping malls, and a hub of many office buildings, all this makes Ratchada a very suitable neighborhood for residency. You can find everything you need that will meet your expectations in every lifestyle, but still at an affordable price you can reach.
Are you trying to find a property in Bangkok to rent? We have some advice for you today so you can live in Bangkok as expected.
Rental rates and Lease terms
In Bangkok, rental properties are provided on a monthly rate and the standard rental period is usually 12 months or more.
Please note that it is possible to find rental properties for shorter terms, such as 6 months; however, this is up to the discretion of the rental landlord. Therefore, potential renters are advised to inform their property agent or the property owner before commencing their search.
For rental periods shorter than 3-4 months, it is usually advised to consider renting an apartment. This residential option would allow renters to sign short-term leases with flexible notice periods.
In Bangkok, it is common to engage the services of a property agent to find a rental condo. Property agents are usually area experts, they can assist in finding a rental option and can help negotiate better rental rates. For more information of property agency, please click property agent agreement.
A property agent’s scope of services usually includes the following:
Sourcing properties and organizing viewings.
Assisting in the rental negotiations.
Preparing lease agreements, inventory lists, and supporting photo inventories.
Assisting during the check-in and check-out of the property.
*In some cases, property agents are also involved with property management and liaising with the landlord; especially if the landlord cannot speak English.
Rental process in Bangkok
Renting a condo in Bangkok is an incredibly straightforward process. While property requirements can vary from person to person, the steps and processes remain the same.
Step 1: Property research
It is always a good idea to do some personal research beforehand by looking into preferred areas. Also, locating condos or apartments of interest that you would like to view goes a long way. Finally, be sure to determine property requirements such as:
Budget range
General location requirements
Number of beds and minimum size required
Any facilities required
Once all the requirements are decided on, the best way to quickly and efficiently shortlist apartments or condos is to contact a property agency. They will be able to provide suggestions and show you the condos or apartments based on your requirement.
Step 2: Negotiations
Once you find the right property that suits your requirements, you can go ahead and make an offer.
In Bangkok, negotiating rental rates and conditions of a rental is normal. Typically, tenants tend to negotiate on:
Monthly rental rate
Move-in dates
Period of contract (i.e., 12 months, 18 months, etc.)
Special requests (i.e., provision of electrical appliances or replacement of an item of furniture)
Step 3: Offers
When you make an offer, it will be important to be clear on:
Desired rental rate
Signing and move-in date
Period of lease required
By being clear and decisive, this will improve your chances of the landlord agreeing to your offer and requests.
Step 4: Booking
The custom in Bangkok is to reserve the property once the offer has been accepted by paying a booking fee (equal to one month's rent), the first month's rent will be applied to this booking fee.
Once the booking fee is paid, property agencies start drafting the rental lease agreement, inventory list, and supporting photo inventory. The landlord will clean the apartment and ensure that all problems and requests are resolved before the lease is signed.
Step 5: Signing
The paperwork is sent to both the landlord and future tenant for review. Once everything is approved and ready, a signing date is agreed and confirmed. Usually on the signing date, all parties (landlord, tenant, and agent) meet to sign and confirm acceptance of the terms of the lease agreement and items on the inventory list.
Step 6: Moving in
Once signed, the tenant will pay a standard security deposit to the landlord equivalent to two months’ rent. This security deposit is refundable at the end of the lease period, but it will be a deduction if there is any further damage than normal wear and tear. Tenants are allowed to prepare their staff and move in the room.
Step 7: Tenancy
Any maintenance issues during the rental period can usually be referred to the property agency or the landlord. If the issue is minor (i.e., popped light bulbs or loose fittings), it is usually possible to contact the building management of a condo or apartment that has technicians and handymen on hand.
Step 8: Checking out
Once the rental term is over, assuming you will not be renewing your lease, the standard is to have a formal check-out meeting. Similar to the signing, all parties will meet to assess the condition of the property. Usually, any areas of concern that may be subject to deductions can be discussed and negotiated. Landlords will need to refund the security deposit within 30 days of the tenant moving out.
If you have any further questions or concerns about buying, selling, and renting real estate, please contact the PropertyScout team, the team is willing to help answer all questions.
In this economic situation, many people may find it difficult to rent a cheap room, especially in Bangkok. Today, there are six great ways that will help you find a cheap room to rent in Bangkok more easily, which is more reasonable, affordable, and worth spending.
Things to keep in mind when looking for a cheap rental apartment
Before getting to find a cheap room to rent, the most important things that tenants should consider before deciding to rent a room are:
1. Accommodation fee should not exceed 1/3 of your salary.
2. You should compare the expenses, including accommodation and travel expenses of each place carefully before making a decision.
3. Select what you want the most from your rental apartment to narrow the scope of the search more specifically, such as the room must be near the main road, a quiet room, uncrowded, parking lot, fitness, or next to the train station, etc.
4. Find a roommate to help save the rental fee.
Techniques for finding a cheap room to rent in Bangkok
1. Set your desired budget
The cheap price of each person may vary, depending on their financial situation and monthly income. If you are a student who depends on family or a first jobber with a low monthly income, finding a cheap room for rent in the form of a dormitory will cost around 3,000-4,000 baht per month or even lower, depending on the location. This is considered as a suitable budget for this group of people.
As for salarymen who earn about 30,000-40,000 baht per month or more, cheap rental rooms in the form of condominiums can be found. A reasonable budget should not exceed 10,000 baht per month. Although the price is quite high compared to dormitories, it has more complete facilities. The most important thing is that utility bills are cheaper than dormitories because it's the same as a general house electricity bill, which is not considered a dormitory unit price.
2. Location of cheap rental rooms in Bangkok
When discussing the reasonable location price of Bangkok, it could not be denied that suburban areas such as Ramintra, Khannayao, and Bangna are still able to find cheap rooms which do not exceed 10,000 baht.
However, don’t forget to calculate the transportation cost from your accommodation to your workplace or university. If you pay a bit more of the rental fee, you might not have to pay a lot of travel fees, which it's definitely worth more.
In addition, you should discover the environment around the room whether it is dangerous or not, in order to be secure.
3. Check the contract before agreeing to rent the room.
Each room rental requires a contract of at least 3 months to 1 year, which is a fairly long period. As a result, before deciding to find a reasonable price for a room to rent, you should check the contract to see if there are any terms or conditions that should be considered, including the condition of the room, whether there is anything damaged or not. If damage is found, tenants should notify the landlord to inspect, fix or state in the lease that repairs will be made if caused by the tenant.
4. Room security system
Even though it’s a cheap rental, security is a top priority that should not be overlooked. This is the basis that most rooms must have, such as CCTV, security guards, access using a key card or scanning fingerprints, etc. These are all for the safety of your life and property.
5. Restaurants and facilities
Food and other facilities such as convenience stores, laundry shops or post offices are essential to life as well. Although you can use the online service through the application, the delivery fee is not worth it at all. If there's a restaurant nearby, it can help you save money.
6. Other common fees
Finding a cheap rental in some condo may include other fees besides the monthly rental such as common area fees, parking fees, advance deposit. Therefore, before deciding to rent, be sure to check this section whether it's covered with the monthly rent or not.
These are ways to find a cheap room to rent that the tenants should carefully consider before making a decision to rent. Because each room rental requires a minimum contract of how long you have to stay until you can move out, it's a good idea to take a look at several options to make a decision in order to get a cheap rental apartment that's satisfying and worth spending.
If you have any further questions or concerns about buying, selling, and renting real estate, please contact the PropertyScout team, the team is willing to help answer your questions.
Condos are residential properties that are registered under the Thailand Condominium Act. Condos are similar in structure to apartments; the main difference is that condos are owned while apartments are leasehold or freehold properties. Our professional agents can provide free advice on the option that is best for your needs and requirements.
A buyer of a condo can pay in monthly installments after a down payment has been made to the property seller. There are no visa restrictions for legal foreigners in Thailand to buy and own a condo as long as the quota of foreign ownership does not exceed 49% of the total units in the condominium.
Most condominium units are sold before they are completed. Buyers usually make a down payment to get a better price during construction because most condo projects are sold before they are finished.
What is a condo down payment?
Condo installments are similar to house and car installments in that the buyers must have a certain amount of money to buy first, called down payment. Therefore, they can request to pay the remaining amount with the bank. However, the down payment for condos is quite flexible than other down payments.
As the buyers can pay a down payment for the condo with the project while waiting for the condo to be completed and ready for the transfer contract, important things whether buying a condo with cash or installments (Loan money from a bank to pay for the rest of the condo from the down payment), just buy it before or during the construction of the condo. The buyers will be able to pay the down payment on the condo.
Who should the payment be paid to?
The condo down payment is not related to the condo installment since it is not a loan with the bank, but the buyers must submit the down payment to the condo project according to the agreement. You also don't have to pay interest from the down payment as well and whether to pay the whole down payment or a pay by installment of down payment, this money will reduce the amount of money that the buyers have to borrow from the bank or fulfill the financial amount, if the credit limit is approved by the bank to the borrower is not over 100%.
What is the minimum amount requirement of condo down payment?
The minimum down payment for the condo will be about 5–10% of the condo price or according to the difference in the loan amount approved by the bank initially, which will be more or less depending on the promotion. The agreement is between the project and the bank and the buyer's financial credit.
The amount of the down payment on the condo also depends on the sale contract period, which affects the condo price. For example, if the condo price increases, the amount of down payment will also increase. It also depends on the period of time from the contract date until the transfer date. The longer it takes, the more chances buyers have to pay down payments for a longer period of time, and the number of installments per payment is also reduced.
Types of condo down payment
- Pay the whole down payment
Paying the whole down payment for a condo is usually found in completely constructed condo purchases because the project does not need to wait for the condo to be ready before the ownership can be transferred anymore. Therefore, sellers are looking for someone who is ready to pay the whole amount immediately, which includes the sale of a second-hand condo.
- Pay down installments on condos with equal installments or no balloon payments
When the condo project opens for sale in advance before construction, it is an opportunity for the buyers to reserve and enter into a sale contract for the condo while waiting for the condo to be ready to move in. The project usually allows the condo for the down payment for 1-3 years, depending on the construction period. The monthly installments are the same amount every period.
- Condo down payment with balloon payments
This type of payment is the same as the equal installments which are monthly installments during the construction of the condo but it is different in that there are balloon payments or installments that have to be paid with a sum of money. For example, the down payment for condos in normal installments will be 5,000 baht, and the balloon installments will be 25,000 baht.
The installments have to be paid in period 1 and 13, the last installment, means that the remaining installments from this are the normal installments that the buyers must pay 5,000 baht per installment. Therefore, before making any decisions to book a condo, the buyers must plan to collect a sum of money in order to pay the balloon payment during the specified period.
Study the down payment conditions before purchasing
Condo down payment conditions are considered an important thing that the buyer must study carefully before settling the agreement with the contract. Whether it is the amount or period required to pay down payment for the condo and other conditions such as the refunds in case the buyers do not get a loan approved by the bank or the contract is terminated. Also, if it is possible that the buyers will sell the condo down payment to others, the buyers should study the conditions for changing the sale contract of the condo to others.
If you have any further questions or concerns about buying, selling, and renting real estate you can contact the team PropertyScout by clicking here. The team is willing to help you answer your questions.
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.
วันนี้ PropertyScout จะพามารีวิวคอนโดหรู ฟีลบ้านพักตากอากาศ ทำเลใจกลางหัวหินกันค่ะ กับโครงการ Intercontinental Residences Hua Hin โครงการที่พักอาศัยระดับลักซ์ชัวรี่แห่งแรกและแห่งเดียวในไทย ภายใต้แบรนด์ Intercontinental Hotels and Resort ซึ่งอยู่ในเครือบริษัท Proud Real Estate ทำเลทอง ติดชายทะเล และห้างสรรพสินค้า ตกแต่งสไตล์ Colonial with a Modern Twist เน้นห้องพักขนาดใหญ่ พื้นที่ใช้สอยเยอะ แถมยังได้รับบริการ Service Hotel อีกด้วย
ส่วนระเบียงภายนอกจะมีลักษณะเป็นสี่เหลี่ยมคางหมู ระยะแคบสุด 80 cm. และกว้างสุด 2.7 m. และพื้นก็จะเปลี่ยนวัสดุเป็นกระเบื้องลายไม้ พร้อมกับมีราวกันตกเป็นกระจกนิรภัย ทำให้สามารถชมวิวภายนอกได้เต็มที่เลยค่ะ
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.
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:
the electrical system is safe, for example, sockets and light fittings.
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!
