Global Mortgage Finance
(Thailand Property and Land Finance Specialists)
The Thailand, Condo Appraisal Process
In order to borrow from a lender, it is often and almost always the case than an independent appraisal would need to be carried out on the property. The prices would vary from lender to lender as each would have a preferred company to work with. Here, we mainly cover items which our preferred Condo appraisal company (Plan Appraisal) would take into consideration and also, highlight any relevant fees.
The condo appraisal is usually based on various factors and would most commonly take into account things such as:
- Location
- View (Sea View, City View etc.)
- Size of Unit (Including floor to ceiling)
- Facilities
- Building & Unit Specification (excluding fittings and fixtures)
- Car Parking
- Management / Maintenance Fees
- Surrounding Area Developments / Attractions
Another thing to consider is which appraisal method the company will use:
- Cost Approach - This could be deemed as the value required in order to replace the unit
- Market Approach - This could be deemed as the value which could be expected if sold on the open market
- Income Approach - This could be deemed as the value against what income potential is in the property
The most commonly used from a lenders perspective is the Market Approach.
Finally, the appraisal company provide their own assessment and is not the same as the Land Department assessed value. Usually an appraisal company will value the property using a Market Approach which is somewhere between the Land Department Assessed value and the purchase price or more.
If you are looking for an appraisal which can be used for lending (report is valid for up to 6 months), the following highlights costs payable direct to our preferred appraisal company. For this, 2 booklets are produced. 1 copy for you as the client and an extra copy for the potential lender. (Note - we do not offer any lower amounts for just 1 copy and the prices quoted are for a Thai version as this is a requirement for the lenders. Extra cost would be needed for an English copy.
For payment information, drop us an enquiry on our contact page or email enquiry@globalmortgagefinance.com and we shall forward a quotation with the appraisal companies bank details. Document requirements would be:
- Copy of the Title Deed (Front and Back)
- Copy of Passport
- Copy of Sales & Purchase, Copy of Property Quotation, Copy of Land Transfer Document (whichever is available)