How much is my house & land worth?

[corkman]

Hi All,

Through my dear wife, I have land and a house in Mukdahan - about 40km from Muk city, near the river.

• House: About 120sqm bungalow, with big (nice) outdoor area to rear for cooking and Thai-style social space. Reasonable construction standard with aluminium doors/windows and mozzie screens, western(ish) style bathroom and kitchen. Fully tiled throughout, and false ceilings with lighting. Land is about 0.5 - 1.0 rai. Located right in the middle of the village. About 10 years ago it was about THB250,000 + 50,000 upgrading.

• Land: About 1km from village, it is 7 rai and is reasonable land for farming, cattle, etc. About 10 years ago it was THB300,000 (but bought from family, so that was a "favour" need fast cash price).

Approximately, what would you guess its worth today? Based on your own experience nearby, hearsay, or whatever.

Thanks in advance.

[AnotherOneAmerican]

Between 700k and 1.5M (400-600k for the village home, the rest for the land away from village)

Depending on how useful the land would be.

I have 5 rai of paddy, worth about 30k/rai on a good day (100m from the village).

I also have 30 rai of forest, worth 3k/rai (10Km from the village).

PS

Family often cheat foreigners on land prices, at least x2 when a foreigner is paying.

Edited July 16, 2014 by AnotherOneAmerican

[henksteeghsth]

Just what a fool will pay you

[corkman]

Between 700k and 1.5M (400-600k for the village home, the rest for the land away from village)

Depending on how useful the land would be.

I have 5 rai of paddy, worth about 30k/rai on a good day (100m from the village).

I also have 30 rai of forest, worth 3k/rai (10Km from the village).

PS

Family often cheat foreigners on land prices, at least x2 when a foreigner is paying.

Thanks for your reply. Yes, I was thinking the land probably ain't worth much more than was paid for it (circa 300k). But the house has probably doubled as space in the village has become limited and probably the land it is on, rather than the house itself, has increased in value. The Land plot is enough to split in half (its a double plot accessible from front and back), so that would be attractive to some folk I guess. The house is far from the nicest in the village, so I am sure the plot of land would have a bit of demand and hence push the value up a little.

Of course, as henksteeghsth implies - anything in life is only worth what the highest bidder will pay for it....

Thanks again - any further input from others would be appreciated.

[meatboy]

whats it worth you ask tv members,wouldnt it be better to ask the wife? at the end of the day its still the wife's

[belg]

first off, you own nothing, as you cannot own land ... unless you are thai

second, you might try to sell all to a love sick farang puppy who fell in love with the next bargirl and thinking with the little head instead of the big one and has to rescue her and buy her a house & some land, in her name off course

[rotary]

I think one thing might be IF YOU CAN sell it. Pretty limited amount of people with money who want to buy a used house in the village. In most cases the Thai girls want to build their own "show off" house down their own dirt road and in some cash get their own % of profit from the builder when they knock up the price for the farang to pay.

[thaiguzzi]

How long is a piece of string?

[Suradit69]

I think one thing might be IF YOU CAN sell it. Pretty limited amount of people with money who want to buy a used house in the village. In most cases the Thai girls want to build their own "show off" house down their own dirt road and in some cash get their own % of profit from the builder when they knock up the price for the farang to pay.

Interesting how threads like these always bring forth the sage advice from people who obviously were out-smarted and assume everyone else is equally clueless.

Or maybe these are all tales that start off with: " I have a friend who ..."

[1FinickyOne]

I am going to go with the opposite of what you might be thinking -- from what I have seen in Thailand, buildings depreciate in value and land increases. Homes can be very difficult to sell - - especially in small villages… first question would be is there any demand at all?

[KarenBravo]

Frankly, who would want it, given the location?

[Swiss1960]

Between 700k and 1.5M (400-600k for the village home, the rest for the land away from village)

Depending on how useful the land would be.

I have 5 rai of paddy, worth about 30k/rai on a good day (100m from the village).

I also have 30 rai of forest, worth 3k/rai (10Km from the village).

PS

Family often cheat foreigners on land prices, at least x2 when a foreigner is paying.

Thanks for your reply. Yes, I was thinking the land probably ain't worth much more than was paid for it (circa 300k). But the house has probably doubled as space in the village has become limited and probably the land it is on, rather than the house itself, has increased in value. The Land plot is enough to split in half (its a double plot accessible from front and back), so that would be attractive to some folk I guess. The house is far from the nicest in the village, so I am sure the plot of land would have a bit of demand and hence push the value up a little.

Of course, as henksteeghsth implies - anything in life is only worth what the highest bidder will pay for it....

Thanks again - any further input from others would be appreciated.

Your house MIGHT have doubled in sales value IF there are buyers available... it might as well have dropped 20% in sales value, if you only have one buyer - and it might drop even more, if you have an urgent need for cash and MUST sell your house, cause then you have to take what you can get...

[Robert24]

I don't know the Mukdahan property/land market but I would think the prices indicated by AnotherOneAmerican are rather low.

1) Land/House in Village: I guess it makes a huge difference whether it is 0.5 or 1 rai. 1 rai in the middle of a remote village with a decent house should be at least 2 million baht.

2) 7 rai farmland: if it is good farmland, I thought it goes for at least 100k-150k per rai.(At least it does in other provinces such as RoiEt, Kalasin, Maha Sarakam.)

I suggest best is to look at other recent property transactions to get a better indication of local market prices.

[fabphil]

Only worth what someone will pay for it...

[davidmann]

if its in your wife name ,its worth nothing to you,

[how241]

first off, you own nothing, as you cannot own land ... unless you are thai

second, you might try to sell all to a love sick farang puppy who fell in love with the next bargirl and thinking with the little head instead of the big one and has to rescue her and buy her a house & some land, in her name off course

The OP is asking for responses from someone who might have a idea on current prices. Why do people feel the need to start the same, old, boring story about the farang-bargirl, who got taken for a ride. There are many, many happily married couples. Just because the land title is in the wife's name, that doesn't mean that the husband/wife can't mutually decide on when to sell and what to do with the money afterwards.

[overherebc]

How long is a piece of string?

Half the length it would be if it was twice as long.

[KunKen]

You have to check what other sell land and houses for in that area.

Or you can get one from the landoffice down to make it for you.Cost 5-6 thousand bath.

[khunPer]

The price is what someone wants to pay.

Price is often depending of location, not what one have paid or upgraded.

Looked at normal price rise – if there is such thing as “normal” – price shall double over 8 to 10 years, so village house 250k shall be valued at 500k to 600k. But if others pay more for similar, the price is higher, and if other cannot sell something like it in that price level, the price shall be lower.

Farmland is difficult to put a price on, a question of demand in the area and how useful that specific plot of land is for the local farmers. Your buying price 10 years ago was 40k a rai, which 10 years ago was the price for many a Chanute prime farmland in a good area, that kind of land should be worth 80k (or more) a rai today. However it depends of the local circumstances as well as deed title. Your farmland bought from family may have been overpriced and not worth more today, can even be less, like 30k a rai, which is going price in some areas. Try to find out what farmland is traded for locally and at what title of land deed (much village land have low title deeds and can legally only be traded/transferred within family or relatives, some have no deed but only proof of paid land tax; however low title deed and “tax only” land is still traded with Head-of-Village as signed witness).

[Issangeorge]

My wife has 11 rai, of non irrigated casava land Chanote title, just outside the village at the end of a concrete road, she assures me she could get ฿800,000 for. Your house in the village is worth the value of the land, that's it.

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[ubonrthai]

Is there any kind of official assessment of property by any part of the government? I've seen a private business doing it. Prices for land and homes vary so much it's nuts.

[PattayaPhom]

Hasnt the 2nd bridge opened to Laos?..is it near here?. Village house will only appeal to locals

[Patmalone]

How long is a piece of string?

Twice as long as half it's length.

[rotary]

I think one thing might be IF YOU CAN sell it. Pretty limited amount of people with money who want to buy a used house in the village. In most cases the Thai girls want to build their own "show off" house down their own dirt road and in some cash get their own % of profit from the builder when they knock up the price for the farang to pay.

Interesting how threads like these always bring forth the sage advice from people who obviously were out-smarted and assume everyone else is equally clueless.

Or maybe these are all tales that start off with: " I have a friend who ..."

Not quite right on my side I am afraid, but over the years I have seen many build houses in Nakorn Nowhere and sometimes lose to the wife but many times they just get sick of living down a dirt road. They try for years to sell it without success or sometimes sell it for a 1/4 of what it cost. Sometimes they just let the family take over. Facts are if it makes someone happy living down the dirt road so be it, more power to them, but never think that you have an investment or a form of ready cash that you can sell if need be. Most if not all of the time it is at a loss if you can even sell it.

Edited July 18, 2014 by rotary

[KarenBravo]

It's hard enough selling property in Phuket and Pattaya, never mind Nakorn Nowhere.

[meatboy]

I think one thing might be IF YOU CAN sell it. Pretty limited amount of people with money who want to buy a used house in the village. In most cases the Thai girls want to build their own "show off" house down their own dirt road and in some cash get their own % of profit from the builder when they knock up the price for the farang to pay.

Interesting how threads like these always bring forth the sage advice from people who obviously were out-smarted and assume everyone else is equally clueless.

Or maybe these are all tales that start off with: " I have a friend who ..."

Not quite right on my side I am afraid, but over the years I have seen many build houses in Nakorn Nowhere and sometimes lose to the wife but many times they just get sick of living down a dirt road. They try for years to sell it without success or sometimes sell it for a 1/4 of what it cost. Sometimes they just let the family take over. Facts are if it makes someone happy living down the dirt road so be it, more power to them, but never think that you have an investment or a form of ready cash that you can sell if need be. Most if not all of the time it is at a loss if you can even sell it.

we have 4 for sale on our moo-ban the chances that they will get what they paid for them are virtually nil,its a good estate with only 48houses with no problems at all.one house has been on sale empty for 5yrs.it could have been sold long ago but the stubon owner wants more than the new build.

[DJH77]

Land and house prices within Mukdahan City Limits have increased dramatically over the past 10 years. For instance, the price of 1 Nan - 400 sq mtrs is now around 600,000 bah in residential areas. Land on the Mekong River Front that was 1 million baht, 10 years ago is now between 5 to 8 million per Rai, depending on the location. As you are 40kl out of Mukdahan City, but you don't say where it is difficult to put a price on it but out in the villages i would say that it is only worth what someone is willing to pay if there have been no sales in the area recently for you to go by. I would check with the head of the village as he should have a good idea if anything has sold over the past couple of years and this would give you something to go by..

[Neeranam]

My friend was recently divorced and with a god lawyer got 2million(half the 4 million) baht for selling his house and land. This was 30 km from Khon Kaen and was a house built for 2 million and land was 8 rai.

[DILLIGAD]

Lucky man. Must have been god!

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[Ombra]

As KunKen says, the local land office will give you some idea of the value of the land. My wife lost a strip of land as a result of a road-widening project, and she received compensation based on the location of the land and the amount that was requisitioned. She thought that the whole thing was done fairly.