Guide to Selling Property in Thailand
Selling your property in Thailand can be a simple process if you plan properly and get the assistance you need. Thailand can be a competitive market, so you want to have all the information needed to ensure a sale. Aspire Property wants you to have reliable information about selling your property, so we offer you this list of steps you should keep in mind as you prepare and go through selling your real estate in Thailand.
Step 1 – Understand why you need to sell
You need to understand why you are selling your property. Are you moving to a bigger place? Do you need to relocate to another city or country? Or is this an investment property that you want to liquidate? Selling property can be an emotional experience as much as it is a business transaction. This is especially true if you are selling the home you have been living in.
Personal memories and connections may cloud your judgment, which may impact your selling price. You may over-, or under-, estimate its value, and that may affect how quickly you can find a buyer. You may want to consult with a trusted real estate expert, such as Aspire Property, who can help you adjust your expectations if need be.
Step 2 – Identify when you want to sell your property by
Along with understanding your reasons to sell, you should also set your timeline for the sale. If you need to sell urgently, that may influence the selling price. Depending on the market, you may have to be willing to accept a lower price for a fast sell. You should try to give yourself enough time to get the best price possible for your property. This may include any special arrangements you need to make such as vacating the property or making any necessary repairs or renovations.
Step 3 – Find a reliable broker
You could try to sell your real estate on your own, but do you want to waste your time and money when you can engage an expert who can achieve so much more for you? Experienced property brokers in Thailand know the local markets and can help you set your selling price to be competitive with other properties for sale as well as help you through every step of the process.
You must find an agent you can trust such as Aspire Property, with a team that is dedicated to building a relationship with you. They will have open and honest discussions so that there are no surprises along the way. At Aspire Property, we strive to understand every client’s needs to the fullest extent to ensure we perform to their expectations and beyond whenever possible.
Step 4 – Taxation and relevant expenses
As part of the process to determine your selling price, you should include the taxes and expenses you must pay as well. There is the market price for similar properties that you can start with, but you could also consider the various taxes and fees as well as other expenses such as your relocation costs (if you have to move out of the home) or renovations or upgrades to the property you may have made.
Step 5 – Thai property taxes on freehold property
To complete your sale, you will need to pay various taxes and fees. In some cases, you can negotiate to split these costs with the buyer. Your broker can help you sort this out. They include:
- Transfer fee: 2% of the property’s government assessed value.
- Stamp duty: 0.5% of the property’s actual sales price. This applies only if exempt from business tax.
- Withholding tax: 1% of the higher of the property’s assessed value or sales price for businesses selling and, for individual sellers, calculated on a progressive tax rate based on the property’s government assessed value.
Step 6 – Property condition
To help sell your property quickly while still getting the price you want, you need to make sure that it looks better than the others. Showing off your real estate at its best helps you get the highest market value possible as it is more appealing and creates the best impressions among potential buyers. Often, it is simple touches that make the best impact.
If a room looks dark, you may want to find ways to bring or create more light. Changing out fixtures and handles can add flair, while a fresh coat of paint shows care and maintenance that buyers will attribute to the whole property.
Step 7 – Marketing
Further along from your property condition is how it looks when you market it. Cleaning up your home and making sure that everything is neat and tidy means lovely photos that your broker can share that will attract potential buyers. Also, if there are any necessary repairs needed, you should have them done before you begin marketing your property.
Potential buyers visiting your property may want to make sure all the doors and windows are open and that there are no leaks or cracks anywhere. Once you have created the ideal conditions for your property to impress any visitor, your agent can develop a marketing plan to target your property to the right buyers.
Step 8 – Progressing sale to completion
Having a trusted property agent will help smooth the path to completion. Your Aspire team will walk with you through every step, from negotiation to registration. We have comprehensive experience with banks as well as with government authorities to help facilitate transfers and complete sales. This is because we know what documentation they will expect, and we will work with you to ensure you have everything you need from the start to avoid unnecessary delays.
Step 9 – Sign a Memorandum of Understanding
A memorandum of understanding (MOU) is the first stage in a sale before signing the final formal contract. An MOU is a nonbinding agreement in which the buyer and seller outline the general terms to complete the sale. This includes requirements and responsibilities that both the buyer and seller must fulfill before the process can continue.
Your property agent will play an essential part as they can explain what you must do and what you can reasonably ask for from the buyer to ensure the sale goes through. Since all agents, including Aspire, work on commission paid after a successful sale, they will work in your best interests to secure a beneficial sale for you.
Let Aspire sell your property in Thailand
Aspire Property comprises a team of real estate experts who know the property market in Thailand. We have the experience and the tools necessary to market your property to the right audience to attract potential buyers most likely to commit to a sale. Aspire Property stands by every client, developing a rapport and relationship with you —
our clients trust us to handle their property sales from start to finish. Our team is ready to discuss your goals and expectations in selling your property so that we can get you the best deal. Contact us to find out how Aspire can help you sell your property on your terms today!