How to Benefit From Financial Opportunities on Koh Samui Rentals ?
Who doesn’t dream of going to Thailand and exploring such diverse adventures it has to offer?
The most desirable and among the most frequently visited countries in the world offers a suitable holiday vacation for everyone.
From rich cuisine, a lot of sports activities, animal wildlife, beautiful sandy beaches, and a variety of sights to the unique culture and luxurious rentals, it is a once in a lifetime experience which lures tourists to come back yet again.
Regarding the sports, beaches, and luxury living, nothing can compare to Thailand’s third largest island situated in the Gulf of Thailand. Koh Samui was first discovered in 1970 when there was nothing but a lush tropical rainforest.
Today, this island has an international airport, banks, two hospitals, restaurants, spas, and numerous comfortable resorts to enjoy the visit.
However, there is one more advantage Koh Samui provides – affordable holiday rentals to prosper in the Thailand real estate market. So what are the essentials of making money from Koh Samui properties?
Get Familiar with the Local Property Market & Laws
The Land of Smiles has somewhat tricky laws when it comes to foreigners buying and owning their property. The rules are foreigners can take a property on the lease or buy a condo freehold without restrictions in case a building has more than 51% of the total number of units in the Thai owner’s possession.
Though there are ways around restrictions on foreign ownership, it is equally important to research and see the most popular tourist locations if you’re thinking of buying a holiday rental. To make the most of the revenue, it’s crucial to explore the island and discover what draws the travelers or the places they feel the most drawn to.
Finding the most amazing beachfront view property
Koh Samui is known for its amazing beaches with a mesmerizing view and the indulgent island’s lifestyle with quality services. Therefore, in the process of selecting a property, one must be informed about the most visited beaches that attract more than 1.5 million tourists each year.
Depending on the type of resort, like a secluded haven or a public and wild night-time partying setting, some of the popular spots include:
● Choeng Mon Beach – By taking a trip to the north-east area, travelers can discover the quiet and secluded bays of the Choengmon zone. The number of available accommodations is limited, yet available for a peaceful holiday. One huge advantage of this location is the Big Buddha temple nearby and the private airport, which is 5 minutes away.
● Thongtakian Beach – Commonly known as Silver Beach is small, but it is one of the best beaches on Koh Samui. It’s somewhat secluded, which contributes to snorkeling
● Chaweng Beach – Although many argue this is the best place in Koh Samui, the reality is it’s one of the most visited locations. The biggest town offers more accommodation options and more available beaches to take pleasure in.
In addition, it has the best nightlife and it’s packed with restaurants, bars, and endless activities. Thus, this may be the best option in terms of profitability that you can consider even when the tourist season ends.
● Maenam Beach – Another stunning beach and popular tourist destination. Though it offers the same 5 stars treatment, the beach bungalow costs are low. The beach is located on the island’s north shore and its 7 kilometers long, but the water is not as clear as on the others.
Budget Requirements & Limitations
Nevertheless, when on the lookout for properties, one must make sure the budget limits cover the vacant costs, including the insurance, taxes, utilities, and maintenance. The prices of maintenance are especially
Inspect the Property
Once a few locations seem like an excellent purchase opportunity, a thorough inspection is a must. What additional work do these locations require? Do they need painting, new furniture or bathroom, and faucet upgrades? All of these little things are a crucial part of the budget, as the place must be in excellent condition for rent.
Work with a Local Agent
An experienced professional will act as a local guide and navigate the process of property selection and acquisition. Though most agents in Thailand are not bound by professional conduct due to lack of accreditation, look for the ones who are reliable sources to avoid being taken for a ride and mistreated.
Think About the Rental Return
Of course, the location is the key to renting revenues, but without indoor entertainment, the stay can be quite dull, which increases the chance of diminished positive recommendations. As it usually goes, expensive rentals have higher rental returns, whereas low rental returns mean cheaper fees available to more people.
Hence, if you’re targeting both Thai locals and tourists, the rental returns will definitely be higher, since the property will be rented throughout the year.
Good Photography & Great Marketing
All of these points lead us to one question – how to successfully market the place after the property purchase and redecoration?
First of all, decide upon the price of the rental. As mentioned above, if the target audience is mixed, the prices should be mid-range or friendlier. However, that doesn’t mean the luxuries and somewhat pricey costs are out of the picture.
Actually, the silver lining is hard to achieve, because the competition is high. Still, with all of the competitors’ prices on the market and maintenance costs, draw a line and set the best-suited price for a given rental.
From there on, start with the marketing campaign. To properly advertise the location, open up a website and invest in quality photography. Pictures taken via mobile are absolutely unacceptable, so research a quality real estate photographer to enhance the beauty of the house for rent in Samui.
On the other hand, never lie about the property features to attract potential tenants. This manipulative tactic only brings more harm than good in the long run. It can mark the holiday rental as unfitting and cause the location to be avoided.
Surely, the positive characteristics should be portrayed in the best light possible, yet crossing the line between using flowery language to describe certain features and simply lying about them is unacceptable.
The List of Koh Samui Property Purchase Basics:
● Do the research;● Inspect and obey the laws;
● Prepare a suitable budget;
● Don’t buy a property if it looks nice, consider the weather conditions and maintenance costs;
● Take all costs into account (taxes, revenue, repairs, and so on);
● Contact a trusted local real estate agent or agency;
● Inspect the property;
● Redecorate and allow for internet entertainment;
● Set up a rental price;
● Hire a real estate photographer for marketing;
● Create a website;
● Expose the best property features and highlight the rental points (nearby beach, attractions, pools, nightlife, etc.);
● Congratulations, you are now a Koh Samui rental owner!
Koh Samui Property Investment - A Good Financial Opportunity
It offers basically all one could imagine and so much more – whether it’s a family holiday or a single traveler’s adventure, Koh Samui is the place to go. So it’s no wonder that it’s a real estate paradise and a valuable investment opportunity not to be missed if you’re trying to make money from this ideal holiday location.