Often a home buyer that is real estate agent in phuket qualified for a mortgage will find their dream home is still out of their reach. Where their dreams are shattered is in the appraisal process. When calculating loans, mortgage lenders must base the loan on the appraised real estate in thailand value of the home which can be different than the price listed by the realtor. The appraisal is just as important as your credit rating and can kill a home sale even if you are pre-qualified. Common reasons why the appraisal is different than the estimate real estate phuket include:

- There is a problem with the property villa for rent in thailand. These problems could have been unknown to the homeowner. The house could have a faulty and dangerous heating system.
- The price is not comparable to other homes in the area that are similar in age, size, neighborhood or condition.
- The home could have unintentionally been overpriced. Unfortunately, this mistake could cost you your dream home.

The Appraisal Process villa for sale in phuket
Before you start thinking of the appraisal as the Big Bad Wolf, consider that he or she must go through a process. As mentioned earlier, the neighborhood and the price of other properties that are comparable are a factor in the appraisal. The appraisal must also honestly assess villa for sale in thailand what it would cost to rebuild the home.

Usually the appraiser is selected by the mortgage loan officer. He or she will do a through inspection of the home inside and out. Research will be done on how much that home has been valued in previous years and what other homes holiday in phuket are worth in the area .

What happens if the appraisal is higher or lower than expected?
Get a copy of the report and read over it thoroughly. If the appraisal is not what you expected, you can ask for a review. Many phuket beach real estate
bank and mortgage loan officers ask for a review automatically. Your other options are:

- You can try to renegotiate the price with phuket holiday the seller.
- You can make up any differences with a larger down payment.
- Ask your lender to override the report or at least, get another opinion.

Avoiding the surprise
If for any reason you are worried about the phuket property appraisal, you can prepare and avoid the surprise of a low appraisal. Most realtors offer a Comparative Market Analysis. Known in the industry as a “comp,” this report will list recent sales or homes in the area. Just keep in mind that the report may not take into the account the uniqueness of each home and any hidden deficiencies. No report can replace phuket property sales the appraisal when it comes to applying for the mortgage.

Working with your mortgage lender
Low appraisals happen but if you are working with an phuket hotel experienced mortgage loan officer, you can avoid disaster. An phuket thai experienced lender will recognize an extremely high or low sales figure and can predict that the appraisal will likely not turn out in your favor. And if an appraisal does catch you by surprise, an experienced lender phuket patong can help you with options including obtaining a different type of loan or increasing the down payment amount. An appraisal does not have to kill your dreams of owning your perfect home.

Indigo Real Estate specializes in premium lifestyle properties. Our boutique agency was created to make your search for the perfect Phuket property easier and more effective. Our focus is mainly on the main West Coast of Phuket island, where the most scenic areas of the island like Kamala Beach, Surin Beach, Bangtao Beach, and the Laguna resort area lie, as well as the area to the north of Phuket called Natai Beach, which is known as the “Hamptons” of this region. This narrows the scope of your search for your Phuket property.

Our range of properties is extensive. From our collection, there is bound to be an ideal Phuket property that suits you perfectly. Ranging from 1-bedroom investment apartments to luxury villas, exclusive land plots, beach properties, only a small selection of what we have to offer is listed on our website. To look for that one Phuket property that meets your budget and lifestyle, please call us today for a private appointment.

We invite you to look around the web site using the search options, peruse by category and should you not find something that meets your criteria please contact us directly, we have a number of listings including discreetly marketed exclusive properties, particularly properties with a sale price above US$600,000. We also have a small number of superb building and development plots that include absolute ocean-frontage at Natai Beach just 15 minutes from the airport, plots with panoramic ocean views, individual homesites on the Kamala headland and plots that enjoy the full rolling vistas of the East coast plantations and the Islands of Phang Nga.

Bangkok Bank plans to increase its focus on the foreign property market in Phuket, a market worth 20 billion baht per year and expected to grow by 20% to 30% annually over the next three to four years.

Piya Sosothikul, a BBL executive vice-president, noted that about 250 condominium, detached home and vacation villa projects were under way in Phuket, with a market size of around 85 billion baht.

”Of this, around 80% are villas or vacation homes that typically are sold under 30-year leases. The remainder are condominiums that are usually sold on a free-hold basis,” he said.

Foreign buyers are estimated to outstrip Thai investors in Phuket by four to one, Mr Piya said, with unit sales priced from 20 million to 200 million baht.

Sales this year are estimated at around 20 billion baht, or nearly triple the turnover recorded just three years ago.

”The Phuket property market has exploded over the past five years. Previously, sales were mostly to expatriates working in Hong Kong or Singapore. Now over 70% of sales are to European customers, particularly those from England, Germany, Italy and Scandanavia,” Mr Piya said.

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Phuket is one of the last havens in the world where you can invest in property safely and receive a handsome return on capital.

There are currently over 250 new developments happening on the island (January 2008) and many more to come as the property boom here is still in its infancy. All developments are selling well and remarkable quickly and already many are sold out and the same developers moving on to new ones. Most experienced brokers and developers in Phuket see no end in sight to the property boom here and many see at least 10 years of growth ahead, if not more!

Why invest in Phuket?

Phuket is undoubtedly becoming the new playground of Asia and although a small island (550 kilometres square) has every modern amenity including, international hospitals and schools, modern infrastructure and roads, broadband communications, beautiful beaches and landscape, the finest hotels and restaurants, international shopping malls, friendly welcoming people, relaxed living and little crime, and last of all a warm climate all year around. Several new marinas and golf courses are also being built.

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Phuket’s vast natural beauty and resources have paved the way for the once sleepy fishing village turned tin mining Island to transform into one of the world’s premier tourist and investment destinations today. Located off the west coast of Thailand in the Andaman Sea, Phuket is Thailand’s largest island -roughly the same size as Singapore.

With countless pristine beaches, rain forests and other natural marvels, it is not only paradise on earth, but also a lucrative investment market in terms of real estate. Millions of visitors flock to Phuket’s shores each year, creating a lively business and investment hub for punters from across Thailand and the world.

Phuket’s real estate industry, particularly the luxury residential market, has flourished over the past twenty years to reach world class standards. Areas, such as the lively town of Patong, have paved the way for the rest of the Island and a bounty of areas along both the west and east coasts continue to be lined with luxury hotels, condominiums, villas and marinas. The commercial real estate market in Phuket has also seen phenomenal growth. At the same time, officials are taking measures to ensure the natural beauty of the Island remains intact.

This growth of the real estate market has continued to stimulate the local economy and, in turn, the number of supporting businesses has risen. Basically, if you want anything from a world class diving experience or a round on a world championship golf course, to enjoying an evening of jazz or a sumptuous bowl of pasta just like it tastes in Italy, to a Shiatsu massage or hot yoga class – it’s as close to you as the nearest beach.

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There is currently an under-supply of resort property on Thai islands like Koh Samui and Phuket is generating substantial growth in their respective resale markets. Having a Phuket Real Estate lawyer is imperative. The under-supply has been caused because of developer’s reluctance to go ahead with new projects in case government restrictions on foreign ownership hinder sales. It is hoped that the government will soon raise the percentage of property that can be bought by foreigners

None the less the under-supply presents investors with a fantastic opportunity to obtain advice and guidance from a?? Phuket real estate lawyer before signing any documents. The under-supply right now is primarily on condos and apartments, but has stunted sales, which means there are still some great developments to choose from. Significant resale price growth is another arm to the opportunity presented by off-plan property, because the immediate value rise on completion is all the greater.

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Phuket Property Market Today

In 1990 CD Ellis Richards started selling resort properties in Thailand. They had started in Thailand with the Laguna property where they managed the planning and sales of the residential condo units. For those who have never been in Phuket or know the area of Laguna. The property used to be an old tin mine before it was converted into one the Thailand’s better resort developments. It has been stated that it was this development in 1990 that was the start of the Phuket property boom!

Phuket real estate

Even through tough times, prices of property in Phuket have risen steadily over the years. Prime areas such as Kata, Patong and Bangtao (Where Siam Legal has its Phuket office) has experienced some of the highest growth. A parcel of land on the west coast of Phuket now reaches more than 40 million Baht for a rai of land. Beach front property in Phanagnga the land costs now in the region 20 million baht per rai. This of course depends on the location of the land in the area.

The East coast of Phuket has now seen the new Yamu (a GHM-managed hotel) and Jumeirah Phuket Private Island being developed. Thereis also furhter developments in the pipeline for Phuket such as the construction of a Four Seasons hotel and a Park Hyatt. Property prices in Phuket are boiyant with the starting price for some of the best property starting at USD 5 million and many reaching USD10 million. Property prices in Phuket have reached dizzying heights as it is in such high demand. Driving these prices might be that more purchases of property in Phuket are now investment driven as the yeilds and capital appreciation is higher than the average property in Thailand.

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