Selling Property in Phuket: A Comprehensive Guide (2023)

Selling property in Thailand or any parts of the country such as Phuket to Chiang Mai can be a complex and confusing process for those unfamiliar with the local real estate market. Whether you are a Thai national or a foreign national, the process of selling a home in Thailand requires careful planning and preparation. This guide provides a step-by-step overview of the process of selling property in Thailand, including tips on preparing your home for sale, navigating the Thai legal system and maximizing your return on investment.

Preparing Your Home for Sale

First step in selling property in Thailand is preparing your home for sale. The step involves cleaning and repairing any damage to the property and making any necessary renovations to improve its market value. Consider hiring a professional home inspector to help identify any potential issues with the property and make recommendations for repairs.

It is also important to set a fair market price for your home based on the current real estate market in Thailand. Consider working with a real estate agent who specializes in the local market and has a proven track record of success.

Document Required When Selling Your Propert

Here is a list of some Closing Documents and Taxes required when selling a property:

• ID/Passport
• House Registration
• Title Deed (Chanote)
• Letter that the property is Free of Debt
• FET Form (only in case of a foreigner buyer)
• Company Registration (only in cases where the Buyer is a company)
• Stamp Duty 0.5%
• Transfer Fee 2%
• Specific Business Tax 3.3%
• Personal Income Tax

Navigating the Thai Legal System

The next step in the process of selling property in Phuket is navigating the Thai legal system. To understand and scan the Thai real estate legal system involves understanding the legal requirements for selling property in Thailand, as well as any tax implications. It is important to seek the advice of a licensed attorney who is knowledgeable about the Thai legal system to ensure that the sale of your property is conducted legally and in accordance with all relevant laws and regulations.

Tips on What Property Buyers Look For in Viewing

Here are some tips for what buyers are looking for when they are viewing a property and maintain your property.

1. Check for bad smells

Mold can be a big issue and costly to fix; odd smells can indicate mold, flaky plaster, and watermarked walls or ceilings. 

Pleasant smells make people relax and feel comfortable – spray some air fresheners before clients arrive.

2. Structural Integrity

A weak structure can break a deal, so clients should be expecting some hairline cracks.

Significant issues should be fixed before starting the sale process. 

3. Storage space

People like to collect things, so storage space is valuable space.

Clear your storage space and make it available to view when clients come. 

4. Electrical condition

People want to feel safe to live in your home. Sloppy wiring can be hazardous.

In conclusion, selling property in Thailand or Phuket requires careful planning and preparation, a thorough understanding of the Thai legal system and a commitment to maximizing your return on investment. With the right tools and resources, it is possible to sell your home in Thailand quickly, efficiently and most importantly for the best possible price to get a good return on your investments.