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. 

[stupidfarang]

12 hours ago, rabas said:

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. 

Sounds like very good spec, I would aim for a expat who will appreciate these specs, a Thai is unlkely to.

[Jomtien]

for land value, go to https://landsmaps.dol.go.th/ and drill down to your house to see gov. appr. price.

i think the going land value is around 3-6 times the appraisal price. (but differs widely around prime locations) 

 

In thailand generally speaking, most houses are sold not via fb/agents ect, but via mouth to mouth people who live near, and willing to pay more, than outsiders.

 

Salary from labor did not go up that much in 10 years especially upcountry. For example steel price is on the same level as 10 years ago.  You know what you spend on the property itself,  and maybe the value is still the same. 9But normally property value lowers a bit.

 

Think problem upcountry is the aging population, see many empty houses, there is no new influx.

[rabas]

6 hours ago, Jomtien said:

for land value, go to https://landsmaps.dol.go.th/ and drill down to your house to see gov. appr. price.

i think the going land value is around 3-6 times the appraisal price. (but differs widely around prime locations) 

 

In thailand generally speaking, most houses are sold not via fb/agents ect, but via mouth to mouth people who live near, and willing to pay more, than outsiders.

 

Salary from labor did not go up that much in 10 years especially upcountry. For example steel price is on the same level as 10 years ago.  You know what you spend on the property itself,  and maybe the value is still the same. 9But normally property value lowers a bit.

 

Think problem upcountry is the aging population, see many empty houses, there is no new influx.

Great info,

 

for land value, go to https://landsmaps.dol.go.th/ and drill down to your house to see gov. appr. price. i think the going land value is around 3-6 times the appraisal price. (but differs widely around prime locations) 

 

That site leads to the gov site  https://assessprice.treasury.go.th/, which has everything including satellite images. 3x the gov land estimate sounds about right and matches similar listings for ordinary moo bans I've seen.

 

In Thailand generally speaking, most houses are sold not via fb/agents ect, but via mouth to mouth people who live near, and willing to pay more, than outsiders.

 

I assumed this for a Thai moo ban and an agent I talked to today said the same. He was a Westerner selling homes part time in Buriram for 20 years. But he also cracked the secret code on true house evaluations. When I mentioned a house is worth what someone will pay, he said not exactly. A house is worth what a bank land assessor says it is as that determines what a buyer can borrow. Facepalm, of course. Logically, a bank wants to make the largest loan that will not lose on default. But I need to go the the local bank branch, probably in Phuthasisong.  

 

So at least my search for how to determine a reasonable price is done. Thanks everyone.

 

[donx]

4 hours ago, rabas said:

When I mentioned a house is worth what someone will pay, he said not exactly. A house is worth what a bank land assessor says it is as that determines what a buyer can borrow. Facepalm, of course. Logically, a bank wants to make the largest loan that will not lose on default. But I need to go the the local bank branch, probably in Phuthasisong.

 

This is also true in the United States. I bought my house there in 2016 and because the bank assessed the value of the property $10,000 less than the asking price (which I was willing to pay), the seller was forced to either sell it to me for $10,000 less or find another buyer.

[KhunLA]

Do NOT sign an exclusive contract with any realtor.  I found them to be useless.

 

Sold 2 houses, on 1 rai & the other on 2 rai of land.   The house themselves did not appreciate, as it was the land that appreciated, and accounted for any & all profits.

 

The land office will tell you 'least' value of your house & land.  Since most don't actually state what they sold or bought at, to avoid taxes, unless financed, then hard to avoid any tax assessment, I think.

 

Taxes/fees, who pays, as everything in RE sales, is negotiable.  You pay, they pay, or 50/50 split.

 

10 year appreciation of land, if bought 10 yrs ago, at a guess, appreciation 5-10X value increase.

 

Hopefully you know the value, if you didn't pay for it, 10 yrs ago.  If bought, then your tax assessment at time, tells you what you should have paid for it, actually, ballpark low market price. 

 

House build you should know, and if break even on that cost, consider yourself lucky.   As building construction has stayed the same, price wise, but better materials available now, due to new competitive DIY super stores.

 

Our land buy & sell experience, living 'rural', 15 ish kms outside Udon Thani ...

... 1st house/land, held ~7 yrs, land bought in 2000 for 50k, sold 600k

... 2nd house/land, held ~10 yrs, land bought 2010 for 120k per rai (6 rai @ 720k), sold 650k (2), 550k (1) & 500k (3 w/house).  Motivated seller (us), and during covid, a buyer's market.  Now, 1 rai there worth >1M

 

Present land located Amphur Muang, Prachuap Khiri Khan, again, sort of rural.  No neighbors for 100+ meters, one side, and surrounded by coconut & pineapple farms.

... 3rd & present house/land, land bought ~8+ (?) yrs ago, (1/4 rai) for 76k, now worth >500k. 

 

Buying lots on same soi, to avoid neighbors.

... 2nd lot bought 250k, 1.5yr ago, worth >500k

... lot 3 & 4 bought <6 months ago for 350k each, now worth >500k each

 

Two lots on (our) same soi, we know owners, 1 bought 450k, 2 yrs ago, and another, corner lot to main road, bought for 650k, 2+ yrs ago.

 

Ignore what people say what land is selling at, or value of, unless you know exactly what a 'Thai' bought something for locally.

 

Most buy above the land office assessment price.  We bought all ours, at the assessed price, from motivated sellers.  Present house lot for 76k, was bought from a bank owned repo.

[LukKrueng]

On 2/11/2025 at 4:03 PM, rabas said:

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.

 

 

 

I think a good starting point will be the land office to get the official valuation of the property. It will probably under the actual market value as it will not take into consideration what you have installed in the house (A/C's, kitchen etc'). You can then compare that to the price you paid for the land and construction.

 

[Sydebolle]

The actual land price listed with the Land Department is - in most cases - undervalued as their clients (buyers and sellers, usually sharing the costs on a 50%/50% basis) try to keep it as low as possible. Check other properties around you (if for sale) as well as enquire the empty land price around you. 

Arguments like paved road, electricity, city water and/or wastewater drainage are elements as much as access to infrastructure (shopping etc.). 

The house after ten years is an eyesore for Thais unless you apply respective arguments. After ten years you can see eventual damages or aging issues which you never see on a blueprint which can show nasty surprises within the first year already. 

The single story rule-of-thumb would be THB 15,000/m2 without white goods, tiled, proper windows and doors - all this is indicative only. 

Once you have a price idea you go and market it accordingly; you can always go DOWN with the price; listing with agencies is a good idea. Some agencies want your property exclusively which I would not sign as they do not carry your property exclusively either. Prepare professional photographs (I had them done for THB 10,000 - the best ever investment) as you have to turn on all lights during daytime; viewings are done in a completely air-conditioned-down house, don't over clean the house prior to that as you're selling a home and not a museum. Get a proper description with full details in Thai, English, German and French (you might outsource that) and be present when viewings take place as NOBODY knows the house as well as you. Apply common sense and you'll get there. Good luck! 

[rabas]

Thanks to all for additional feedback. This is ongoing but going slow. 

 

What I want is market price, what someone is willing to pay, because I want to sell soon.  I'm told the best market price estimate is based on how much a bank will loan someone to buy it.  This is because banks make money on loans but can lose money if a house loan is beyond market price.    

 

Both banks and private land assessors make such estimates for about  3K to 5K baht, but not all banks. So far SCB and KrungSri said only if I'm making a loan so no cigar. A relative at UOB said they can but it's expensive. A nephew is looking for a private assessor in Meuang Buriram. 

 

Meanwhile word is out and some folks in the mu ban are expressing casual interest along with expected comments like he will want too much for a Farang house, which is why I need the estimate. 

 

TO be continued...

 

44 minutes ago, Sydebolle said:

Once you have a price idea you go and market it accordingly; you can always go DOWN with the price; listing with agencies is a good idea. Some agencies want your property exclusively which I would not sign as they do not carry your property exclusively either. Prepare professional photographs (I had them done for THB 10,000 - the best ever investment) as you have to turn on all lights during daytime; viewings are done in a completely air-conditioned-down house, don't over clean the house prior to that as you're selling a home and not a museum. Get a proper description with full details in Thai, English, German and French (you might outsource that) and be present when viewings take place as NOBODY knows the house as well as you. Apply common sense and you'll get there. Good luck! 

 

All good advice.  Thanks. 

 

[GlutinousMaximus]

My two pennies' worth for what it's worth...
 

I built a fairly large detached house in Isaan on a good size plot in Sakhon Nakon in about 2007 and needed to sell it in 2015 (slight correction there, my friendly and wonderful value for money Thai builders built if for me!)

 

I found local Thai property agents more than useless - zero viewings came from them and I couldn't see any evidence of effective marketing on their part.

 

In the end we just put it on the Thai equivalent of Craigslist - can't remember the name of it now, but maybe Bahtsold or equivalent.

 

Some people who owned a coffee shop in our town came to see it after the online ad had been up for a while (that's where they'd seen it) - they were surprised to see me at the house as I was a regular customer at their coffee shop! 

They needed a larger house for their extended family and liked the look (and price) of our place.

 

They were cash buyers - we agreed a (low in my opinion) price compared to the asking price, however I was keen to sell and because of the exchange rate differential in our favour (baht was very cheap when I transferred money in from abroad and expensive when I sold the house), it actually ended up being cost neutral on the whole and I lived there essentially free for 10 years, so I didn't have much to grumble about.

 

Overall my impressions of the Thai property market were:

• It's not nearly as developed and efficient as in the West
• The process is quite nerve-wracking, you start to doubt you're ever going to sell it
• You need to be very flexible on price
• The percentage of people who can get access to 2-5 million baht (or whatever your price is) is vanishingly small compared to Western countries where many more people can get hold of mortgages etc.
• The plot-size/land/location value is key - the possibly well-built house that's stitting on it doesn't seem to factor into the equation very much and may even be considered "2nd hand" as opposed to say the UK where Georgian or Victorian properties trade money for big amounts. I guess that's partly a factor of the very relaxed urban planning system in Thailand compared to the UK

 

As other posters have said - it's likely the land value that will drive the bank valuation, other considerations appear secondary.

 

So  - good luck, keep plugging away and as others have said, consider your own digital marketing campaign and see what kind of bites you get.

 

As with any commodity, it's only worth what someone is willing to pay for it, and that market demographic in Thailand is quite small, although there may be more money sloshing around there now compared to 10 years ago.

 

If I ever live in Thailand again, I would look to rent long term in the first instance, and I would only consider building something in the max ~1Million baht range; very simple bungalow with tiled floors type thing, something I could walk away from without too much pain if necessary.