Jump to content
BANGKOK 19 April 2019 18:14
hrrecruiter

Is there a market to rent out unfurnished condos?

Recommended Posts

Posted (edited)

I have the opportunity to purchase a 2br, 70sqm condo in central Bangkok. Its direct from the developer and condo comes unfurnished. One option would be to rent out unfurnished, is there a market for this in Bangkok? In my country this is actually the standard practice, 1-2y contracts, but here I dont see as often.

 

Thank you

Edited by hrrecruiter
  • Haha 1

Share this post


Link to post
Share on other sites

It would maybe come down to the block and the area. Can you get an idea of the existing/future residents, working ex-pats, young Thai professionals etc would probably want furnished. Older Thais or families would probably have their own things. I think the standard is furnished.

I agree, you dont often see the removalist truck moving a whole condo in Thailand. We moved out of wifes (owned) house in suburban bangkok and left all the furniture for incoming tenants, the condo we moved into was furnished.

The developer could maybe advise on the expected residents in the block and usually can do a furniture pack.

Share this post


Link to post
Share on other sites

I would just offer both options. A cheaper unfurnished rate and a higher furnished rate.

  • Like 1

Share this post


Link to post
Share on other sites

I've occasionally seen unfurnished offered and there seems to be a substantial discount on unfurnished - much more than I would expect

Share this post


Link to post
Share on other sites

As others have said, why not offer the option? Thai people probably prefer the built ins. Some non Thais may not want the dinky 2 seater sofa and unmovable tv module, shoe cabinet and wardrobe fixed to a wall.

 

Washing machine and fridge might be good options, but again if you are looking for your first tenant, maybe you can make it clear you can offer a fully furnished / whitegoods offering or unfurnished offering.

 

Please let is know what you decide and how you get on. Would be interesting to know.

 

Share this post


Link to post
Share on other sites

Majority of the folks who rent a one or two bed apartment have limited budgets, that is why most would want a furnish unit. 

Share this post


Link to post
Share on other sites

The majority of tenants here will expect furnishing in a condo. The OP would need to budget 60K - 100K baht to furnish. I'm assuming the developer is providing the aircon.

Share this post


Link to post
Share on other sites

2 br 70 sq m is pretty small. IMO if it's new build then buying unfurnished (but including a/c units) is better than buying furnished by the developer. It will cost you around 100K to furnish (beds, mattresses, fridge, washing machine, chairs, tables, shelves, curtains etc) but at least you can decide what you want to buy rather than get whatever the developer gets the best deal on. I would also think that unfurnished is harder to let - for that type of property - than furnished, because it's the sort of condo a single person or young couple will want. Sometimes landlords prefer to let furnished because the rent can be split, I presume for tax purposes (if the income is declared), into X amount for 'rent' and Y amount for 'furnishings'.

 

More to the point: how much is it going to cost to buy and what rental do you need to make to make it worthwhile. It's very easy to buy condos in Bangkok, but don't expect a big capital gain. 70 sq m in Central Bangkok new build will be running easily 120-150,000 / sq m; to rent, 40-70K a month (this is a guess). Personally I think many new build condos in BKK now are way over-priced for what you get. Older buildings (15-20 years) are generally much better value, offering much more floor space for the same price. The build quality may also be better. 

 

It's also not easy finding tenants these days because there are so many options. I speak as someone who rents out a 43 sq m 1 br condo in Ekamai. Japanese tenants are the best to have, but they are very particular about which buildings suit them. Thai tenants, on the other hand ...

Share this post


Link to post
Share on other sites
3 hours ago, BKKBike09 said:

It's also not easy finding tenants these days because there are so many options. I speak as someone who rents out a 43 sq m 1 br condo in Ekamai. Japanese tenants are the best to have, but they are very particular about which buildings suit them. Thai tenants, on the other hand ...

 

Thank you all for your feedback. I´ve been living in BKK for many years now and have a feel for the RE prices here, but would be a new experience for me to be a landlord, so at this point Im gathering as much information as possible. Appreciate all who took the time to answer this. 

Share this post


Link to post
Share on other sites

For people they want to stay a short time in Thailand furnished condos are more interesting. For expats they want to live here for years unfurnished condos and houses are more interesting. 

 

I see so many ads of 10 million and more Baht houses and condos they are furnished, also new ones. I don´t understand. If I would spend so much money, I want to bring in my own taste, not the taste of somebody else. 

Share this post


Link to post
Share on other sites
12 hours ago, CNXexpat said:

For people they want to stay a short time in Thailand furnished condos are more interesting. For expats they want to live here for years unfurnished condos and houses are more interesting. 

 

I see so many ads of 10 million and more Baht houses and condos they are furnished, also new ones. I don´t understand. If I would spend so much money, I want to bring in my own taste, not the taste of somebody else. 

I am currently fitting out my condo and the one thing i am surprised about is the sheer cost of doing it in anything half decent. Small bits and pieces are not to bad and can be sourced in IKEA and the alike,  but as soon as you want anything imported like the main pieces (beds, L Shape couch etc) the prices are really exorbitant. You can very quickly get yourself up to 10-20,000 THB per sqm and more.

Share this post


Link to post
Share on other sites
14 minutes ago, smutcakes said:

I am currently fitting out my condo and the one thing i am surprised about is the sheer cost of doing it in anything half decent. Small bits and pieces are not to bad and can be sourced in IKEA and the alike,  but as soon as you want anything imported like the main pieces (beds, L Shape couch etc) the prices are really exorbitant. You can very quickly get yourself up to 10-20,000 THB per sqm and more.

That's exactly why most condos are rented out furnished - people can't afford to furnish for themselves

  • Like 1

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...