Renting Out your Property
Bangkok is a growing metropolis with good employment opportunities. As every city develops there are increased job opportunities, which require more and more people to join the current labor force in the country. Increase in job opportunity and economy overall has a direct impact on the real estate sector of the country. With more and more people coming to the city for employment there is always pressure on the existing real estate scenario in the city.
Bangkok is one such city, which is undergoing this huge change due to increasing number of expat population coming to the city for employment and for living a peaceful content life. Expats coming to Bangkok prefer renting a condo for a long-term and if you own a property in Bangkok, then renting out your property is not very difficult if you follow certain tips that will help you get good returns from your investment. Renting out your property will help in getting some extra income in the form of rents, but to achieve good returns from your rental property it is necessary to plan better before you put your property in the rental market for good returns. The following are some tips you need to follow to protect yourself and your property.
Prepare your rental property
Prospective tenants are very choosy and will always want a property that is clean. When the overall economy is slow and there is a huge supply of rental homes in the market the tenants tend to be very careful before choosing a property and their expectations are also very high from the property. Keeping these factors in mind the landlord needs to keep his home clean and all the furnishings and appliances in good working condition. A presentable house will instantly appeal the visitors and create a lasting impression in their minds.
Set a Realistic Price
Rental price is very sensitive and depends a lot on the economic situation, amenities, and going price in the locality. Rental price should be set according to the going rates in the locality. The rate should not be too high or too low. Calculate the average rental price in the area and the rent for similar type of condominium in the same locality to arrive at a cost. If your house has some additional features that are not found in the similar condo in the same locality you can charge an extra amount. Remember that tenants are intelligent and will look out for many other condos with similar features hence you need to highlight all the special features that will be available at your home and that stands out from other homes in the locality before arriving at a cost. Most new condominiums are not furnished and are already for rent in the market, but if your condo is fully furnished at the time you have an advantage of good rental income due to short supply of furnished condos.