Help understanding how to price and list Buriram house

[rabas]

We built a house in Buriram, Ampur Phuthaisong about 10 years ago, which the family wants to sell. I designed and build the house but know little about the housing market, nor it seems does my family.

 

My immediate task is to workout a reasonable price for the house and land, which raises a few questions. Any help answering them is greatly appreciated.

Description: The house sits in an active moo ban with a mix of modern and old style Thai houses, and occasional new construction. It's modern design, ~150 sqm, 3 bedrooms, 2 baths, a Western kitchen and dining area with a large walk in attic. It sits on elevated poured concrete pilings. There is a separate concrete structure with a Thai style kitchen and dining area. The house sits on 0.77 rai = 1236 sqm.

 

Looking at local listings (dotproperty.com and ddproperty.com) raises a few questions.

1. What is the accepted way to calculate house area? The West is pretty strict that only enclosed heated area is considered. Our raised concrete floor area includes the interior rooms and a living balcony under the same roof. Which parts can I count? The listings I've seen aren't clear.

 

2. Listings I've seen give a 'base price'. What is a base price?

 

Also

3. It would also be helpful to know how much the cost of construction in say Isaan has gone up in the past 10-12 years.

 

4. (Land only) Can the local land office help estimate current land prices, or they only price very low prices for tax purposes?

 

A few post construction pictures, the first two show the front open area that shares the raised floor and roof. Can I count this? The third shows the separate Thai Kitchen and dining area. Click to zoom.

 

 

[hotandsticky]

Why not speak to a local agent?

 

 

Are William Property still around?

[rabas]

2 minutes ago, hotandsticky said:

Why not speak to a local agent?

 

Are William Property still around?

 

Good question and I probably will eventually. Two reasons. I've been in Thailand almost 40 years and I would never start talking business or money without being fully prepared. The second reason, it seems the next door neighbor has been making inquires. I assume selling a house in such moo bans is not easy so I don't want to miss the opportunity. Family is pushing me to work out a price. 

[rabas]

11 minutes ago, hotandsticky said:

Are William Property still around?

 

Yes, I see them here. https://williampropertythailand.com/  Thanks for the tip. 

[hotandsticky]

Just now, rabas said:

 

Good question and I probably will eventually. Two reasons. I've been in Thailand almost 40 years and I would never start talking business or money without being fully prepared. The second reason, it seems the next door neighbor has been making inquires. I assume selling a house in such moo bans is not easy so I don't want to miss the opportunity. Family is pushing me to work out a price. 

 

 

I have less than half your time in Thailand but in my experience it is a lottery. First, Thais rarely sell, and usually only when they are desperate. 

 

A "Farang quality" house is of little interest to Thais; you know how they live.

 

Therefore, especially if you think that you might be marketing to the western community, a chat with a Farang agent may be useful. 

 

 

[hotandsticky]

2 minutes ago, rabas said:

 

Yes, I see them here. https://williampropertythailand.com/  Thanks for the tip. 

 

 

You are very welcome. I have not had any contact for a number of years but Hywel and Peter,  were always very helpful.

[newnative]

      I don't know that area but I agree with the above post.  I would check with 3 or 4 agents to get a little guidance on pricing.   I haven't found any consensus on what is considered when calculating house area.  I think probably more add in the outdoor areas than don't.    We don't really use base price as such but with some agents we will tell them the minimum amount we want to net so they have a figure to work with.  I don't know what the agent situation is there but we always, always list with as many agencies as we possibly can, as there is no MLS in Thailand.  Good luck with your sale.  

 

[rabas]

7 minutes ago, hotandsticky said:

 

I have less than half your time in Thailand but in my experience it is a lottery. First, Thais rarely sell, and usually only when they are desperate. 

 

A "Farang quality" house is of little interest to Thais; you know how they live.

 

Therefore, especially if you think that you might be marketing to the western community, a chat with a Farang agent may be useful. 

 

So when you get to my time you'll realize it's a rigged lottery. 

 

But you hit the issue on the head. I'm selling a house in a Thai moo ban, almost certainly to a Thai though there is a small but growing number of Westerners. But times move on. 15 years ago they were building 'modern' Thai style homes, which are cheaper construction. Now with greater affluence and many Thai tired of big city Bangkok,  some are moving back and building better quality homes.  This is one reason pricing is not easy.

[stupidfarang]

Once you have worked out a price, list it on the Thai property for sale groups on Facebook, also consider running an advert on Facebook and Instagram, you can spend around $2 a day and reach a vast audience. You would need to run the ad for about 3 weeks to get the best results from FB. This way you may reach also a expat audience.

[rabas]

30 minutes ago, newnative said:

      I don't know that area but I agree with the above post.  I would check with 3 or 4 agents to get a little guidance on pricing.   I haven't found any consensus on what is considered when calculating house area.  I think probably more add in the outdoor areas than don't.    We don't really use base price as such but with some agents we will tell them the minimum amount we want to net so they have a figure to work with.  I don't know what the agent situation is there but we always, always list with as many agencies as we possibly can, as there is no MLS in Thailand.  Good luck with your sale.  

 

 

 I haven't found any consensus on what is considered when calculating house area.  I think probably more add in the outdoor areas than don't. 

 

I assumed Thailand = free for all but as I said I really have little experience. Thanks.

 

But the 'base price' in the listing is set by the seller/agent, do they think I may offer more? Oh, are they suggesting to offer more in case of competing bids?

 

EDIT

Alternatively, I see base price may refer to price before any requested fix ups or alterations. Synonymous with "as is", buyer pays for any repair or upgrades. 

 

[OneMoreFarang]

1 hour ago, rabas said:

It's modern design, ~150 sqm, 3 bedrooms, 2 baths, a Western kitchen and dining area with a large walk in attic. It sits on elevated poured concrete pilings. There is a separate concrete structure with a Thai style kitchen and dining area. The house sits on 0.77 rai = 1236 sqm.

 

Just in general, do you think your house is similar to other houses with above description?

Or did you spend a lot more on better quality material, work, etc.?

 

I guess if your house is "nothing special" and you are willing to sell it for a similar price like comparable properties, then this should not be a big deal.

But if you think your house is special (because it is actually built better in many ways), then I guess it will be difficult to sell it for a good price.

[rabas]

1 hour ago, OneMoreFarang said:

 

Just in general, do you think your house is similar to other houses with above description?

Or did you spend a lot more on better quality material, work, etc.?

 

I guess if your house is "nothing special" and you are willing to sell it for a similar price like comparable properties, then this should not be a big deal.

But if you think your house is special (because it is actually built better in many ways), then I guess it will be difficult to sell it for a good price.

I'd say it's an ordinary Western or urban Thai style house. Thinking I may one day live in it, I brought a Bangkok contractor (who I knew) out to build it. I oversaw, made decisions on, and often purchased materials myself. More steel, more concrete, prefab stressed concrete floors, better tiles, roof, large rooms, etc. High quality aluminum frame windows with thick laminated glass. I don't like noise. I designed the wiring and lighting myself. It's a strong but otherwise ordinary house in an ordinary Thai moo ban.

 

It's sits on deep pilings on top of concrete slabs with all required amulets, coins, and other spiritual items underneath. Nothing can go wrong. I'm told this may be more important to Thai buyers.

 

I know the price of anything is determined solely by what a buyer is willing to pay so your point is right on. That's the price I'm looking for.