Condo appraised value

[teemuj]

How is the condo appraised value calculated at the land office when selling the condo? Based on sales on the same condo building, or the general area?

[dotpoom]

Wife tells me it's by the area. 

[Familyaffairs]

Land dept appraised value

[thairookie]

The Land Office will not reveal how it's done.  It's arbitrary at best and it's really up to the officers in the Land Office.

 

Apparently, the appraised value is so much higher in Pattaya compared to Bangkok.  They have never given any justification.  While Land Office collects 2% (1% each from buyer and seller), many developers in Pattaya collect 6%.  The nice ones will split the 6% and you end up paying 3%.  That way they don't have to pay for their own 1% transfer fee, and they get an extra 1% from you.  And all developers sales contracts are prepared by big law firms in Pattaya.

 

 

 

 

 

[little mary sunshine]

Simple calculation:. Expect to sell it for 2/3 of what

you paid for it after two or three years on the market!!

[blackcab]

The land office will have previously assessed the condo and given it an appraised price per square meter. For each condo it's the square meters as listed on the chanote, multiplied by the previously determined assessed value per square meter.

 

If you go to the office of the land department they will tell you what the assessed psm is.

[KittenKong]

18 minutes ago, blackcab said:

The land office will have previously assessed the condo and given it an appraised price per square meter. For each condo it's the square meters as listed on the chanote, multiplied by the previously determined assessed value per square meter.

 

Do they also take account of which floor the unit is on? In some buildings the difference is significant.

 

I also wonder if they take into account the farang-name supplement that exists in many buildings?

[Delight]

  From what I know the variables  per meter 2 are :

 

1)           The floor number –higher floors have higher valuations.

2)          Within an individual condo the balcony  area  is lower rated than the residential  area

3)         Ground floor commercial property is cheaper than residential area

The values are supposed to be reviewed every 4 years.

This tends not to happen

 Tha actual valuations seem to be entirely subjective

 

If there is a formula . then this formula  is a secret-it appears

[blackcab]

3 hours ago, KittenKong said:

I also wonder if they take into account the farang-name supplement that exists in many buildings?

 

No. They really don't care who owns the units.