Appraisal prices and real estate transactions.

Before owning a house, plot of land, or condo, careful consideration of the price is crucial. This ensures you acquire property at a reasonable price. Conversely, if you already own a house, condo, or land and want to sell it for the best possible return, setting an appropriate selling price is essential. This is why "appraisal price" is so important for anyone wanting to buy or sell real estate.

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What is Appraisal Price?

Appraisal price is the determination of the appropriate value for a property. Typically, the price increases annually depending on the location and development of the area. The Treasury Department is responsible for determining the "market price," which is closest to the market price. In the real estate industry, there are several types of appraisals, including land appraisal, condominium appraisal, and building appraisal, etc.

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What are the benefits of appraisal price?

For those wanting to buy real estate, the appraisal price helps determine whether the "selling price" is appropriate. If it's too high, they can consider negotiating or choosing a property with a more suitable price closer to the appraisal value. Conversely, if the selling price is lower than the appraisal price, it can negatively impact the buyer's financial situation. This makes the purchase more worthwhile, allowing you to get a house at a lower-than-normal price. From an investment perspective, the appraised value helps us predict which real estate areas have higher potential for future profit. If the appraised value is high today, it indicates that the price of land, houses, or other real estate will increase over time. Buying early allows for greater profits when selling in the future, but this also depends on other factors. Furthermore, the appraised value is used as a basis for calculating income tax, business tax, and stamp duty in real estate transactions, including ownership transfer and mortgage registration. It also allows us to know the value of our property, enabling us to use it as collateral for various necessary purposes.

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How to check the appraised value?

Currently, if you want to know the appraised value of your house, land, or condominium you intend to buy, you can easily find the appraised value on the Treasury Department's website, www.treasury.go.th, or you can call the Property Appraisal Division of the Treasury Department directly at 02-142-2465 to 67. If you need a copy of the appraised value information or a certified document for use in legal transactions, you can also request it. Applications can be submitted at the land office where the land is located, or at the Central Land Registration Office in Bangkok, Department of Land.

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You can easily find property valuations on the website of the Land Department.

In addition to the central valuation from the Department of Treasury, information about the real estate industry is also important in helping us assess the appropriate price of a house, condo, or land we want to buy or sell. This helps us make more informed and cost-effective decisions when buying or selling real estate.

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Thank you for the valuable information from REIC.