Foreign property ownership is through the roof in Thailand, with more than 14,449 condominium units sold to foreigners in 2023 alone. Let’s not even get started on villa investments in Phuket where more foreigners are relocating every year.
So if you invested in a property—condominium unit, villa or home—in Thailand, you know that you made the right decision. But to make sure that you keep the value of your investment, you should also invest in excellent property maintenance in Thailand and these other measures:
Plan and follow a strict maintenance schedule.
Think about taking care of your property like you would take care of your car. Whether you’re living in it or not, you have to make sure that a strict maintenance schedule is followed to avoid early wear and tear, address problems before they get worse and prevent damages that could reduce the value of your property in the future.
The good thing about doing this is that you can always hire people to maintain your property even if you’re not in the country. For starters, you need to establish a consistent maintenance schedule. This means deep cleaning the property every month, servicing your HVAC systems every few months and doing a complete assessment regularly to see what problems need to be addressed.
It would also help to build a network of reliable contractors that you can work with in maintaining your property. This includes property maintenance specialists, service providers and skilled workers that you can rely on to take care of jobs that are required on your property even if you’re not there to supervise them personally.
Invest in upgrades when you can.
The expenses related to property investment won’t stop once you acquire the property. If you want to add value to your property, you also need to invest in upgrades when you can. Start with upgrades that have a high impact on your property’s value and appeal. For instance, if you’re planning to rent out your condominium unit in Bangkok, investing in a good quality kitchen and some modern furnishings will make it more attractive to renters once you list it on the market.
Energy efficiency is another high-impact upgrade that will not only help you cut down on utility costs but also add value to your property in the future. Investing in energy efficiency isn’t just limited to buying expensive solar panels. If you still can’t afford that, you can buy energy-efficient appliances for starters, improve your insulation and make sure that your home can be as energy-efficient as possible.
If you have a villa or home in Thailand, you should find ways to maximise every square footage that you have. Most home buyers today want a spacious home to live in, so increasing your living space will surely make your property more valuable. One good way to do this is by converting blank spaces into functional ones. For instance, if you have a huge backyard, you can convert part of that into an outdoor living area or dining area. You can also convert that extra space inside your house into an office or study.
Establish firm ground rules for tenants.
One of the biggest benefits of investing in a property in Thailand is that you can use it as a holiday home and rent it out for the rest of the time that you’re not in the country. But you also need to understand that having other people on your property puts it at risk for damages, especially if you’re doing that for the long term.
This is why it’s very important to establish firm ground rules for tenants to make sure that they know their limitations while staying on your property. For one, you need to know what boundaries your tenants have in using your property. For instance, they shouldn’t make any major upgrades or renovations, especially involving poking holes in walls, changing the paint colour or moving furniture around.
You should also educate them in taking care of your property by cleaning it, reporting problems right away and being responsible for keeping your property the way they received it when they first moved in. Create a contract stipulating all these rules and the obligations of tenants should they break any of these rules like covering for repairs or paying you for damages. This will help safeguard your property and protect your finances from unplanned expenses.
Now if you’re not in the country to manage your property personally, you can consider hiring professional property management that will take care of screening tenants, collecting rent, doing housekeeping, conducting assessments and repairs, and dealing with issues on your behalf.
Choose properties in well-developed areas.
Now if you’re still looking for a property to invest in or you’re expanding your portfolio, it’s very important to find one that’s in a well-developed area. For one, you should do your research to make sure that you know your options in the area that you’re planning to invest in. If you’re looking to invest in the city, find one in an area that’s easily accessible and near important establishments. This will not only make your property attractive to tenants, but having all these amenities nearby also increases its value significantly if you’re planning to sell it in the future.
It’s also very important to look for a property that’s made by trusted developers since this is one of your guarantees that you’re investing in something that won’t give you headaches in the future. Of course, it would be extremely helpful to work with a professional agent in finding the right property for your needs.
The Bottomline
Investing in a property in Thailand is definitely a smart choice, especially with the real estate market booming over the last few years. Just follow these tips and work with our team to make sure that your property will be kept in excellent condition whether or not you’re staying there.
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