Purchasing condos and other rental properties in KohSamui can be a great way to build wealth. However, as with any real estate investment, it can be difficult to know if you have actually found a great deal—especially if this is a first-time investment. Some things to consider to ensure that a rental is, in fact, a great investment can be found here.
Finding a condo where the traffic is heavier will make it easier to rent out. If you are purchasing this condo for investment purposes, this is an important consideration. Try finding a location that is nearby Maenam Beach or the specialty and gift shops in town. This will increase the foot traffic passing by the location and make it more appealing to would-be renters.
Numbers and Prices
It is important to run the numbers prior to considering any specific KohSamui condo for sale. It is important to ensure that every last expense is figured into the calculations that are made. It is also a good idea to find locations in parts of town that have higher prices. This creates more of a rental demand since this location will not be appealing to buyers due to the higher costs.
Buildings That are Low Maintenance
Since KohSamui is an island, buildings are often exposed to harsher conditions due to high winds and salt in the air. As a result, you should try to stay away from condos with wood siding or ones that have cedar shake roofs. These tend to have quite a few issues in these types of environments. Also, when a low maintenance building is located, it will help to reduce stress and repairs.
Compliance with KohSamui Zoning
It is important to have the condo inspected and ask if there are any issues. If there are, request that the seller have them fixed prior to going through with the transaction. Failure to do this can cost you quite a bit in terms of repairs and other issues down the road.
The Property on KohSamui That Is Less than a Decade Old
These are often the properties that provide the best deals. This is due to the fact that you will not have as many maintenance or building code issues with buildings that are newer. If the building is older than ten years, reconsider carefully, since this may not represent the smartest investment.
A Stable or Improving Neighborhood
You will never attract renters if you purchase a condo in a bad part of town. Consider a location near the water or other attractions to really get the attention that an investment property needs to be successful. In the long run, this will lead to more profits.
Take some time to think about why you want to purchase a condo in KohSamui. If you are doing it for investment purposes, there is no question that there is quite a bit of potential present. However, you have to use the tips here to ensure you find the right condo for your investment plans and needs.