Everyone loves getting a good deal, and even more so when it’s a big purchase like a house. However, the Phuket property is unique, and navigating it to secure the best deal can be challenging. Here are some essential tips to help you get the best deal on a property in Phuket.

Market Research

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Before diving into the property market, it’s a given that you should embark on a fairly extensive research mission. Develop an understanding of the island’s different areas, as property prices can vary significantly from one location to another. Popular areas like Patong, Cherng Talay, and Rawai currently fetch higher property prices, while areas like Thalang and Chalong offer more affordable options. Searching through property listings will give you a basis for average property prices, and exploring future development plans will help you make an informed decision. Getting a good deal means paying a relatively lower price compared with other comparable properties in the same area. Without doing this background research for yourself, it will be difficult to even know what a good deal is. 

Seasonal Considerations

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Nowadays there are more year-round residents living in Phuket than ever before. However, there remains a major contrast between the “high” and “low” seasons. While the drastic increase in visitors to the island during the high season is mainly a boon for the rental market, it also marks a big uptick in property purchases. When there’s more demand you’re less likely to be able to negotiate a good deal. If you find a property you like in January, wait until July or August when you will be more likely to be able to get a better price. 

Work with a Reputable Real Estate Agent

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Partnering with a reputable local real estate agent can make a significant difference. An experienced agent will have in-depth knowledge of the market, access to a wide range of properties, and negotiation skills to help you secure the best deal. Look for agents with extensive experience and a proven track record in the Phuket property market. This being said, it’s important to verify claims from a real estate agent as they are financially motivated for you to close a deal. 

Consider Off-Plan Properties

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Investing in off-plan properties, which are properties that are still under construction, can offer substantial discounts compared to completed properties. Developers almost always offer attractive incentives, such as steeply reduced prices, flexible payment plans, and upgrades like appliances or furniture. Of course, there’s a reason why these incentives are offered and that is, of course, risk. It is imperative to conduct due diligence on the developer’s reputation and track record to limit risks associated with construction delays, quality issues, or mismanagement.

Negotiate the Price

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Don’t be afraid to negotiate the price. Many, if not all, sellers are not only open to negotiations but expect it. Especially if the property has been on the market for a while as this gives you a strong point of leverage. Arm yourself with the findings from all of the research you’ve conducted to support your negotiation.