Phuket property: Recession buster - under 125,000 dollars

Yesterday I went to see an apartment near Kamala on the West Coast of Phuket.

The owner needs a quick sale, so the price is pretty good.

He bought it back in 2003 for 4,000,000 Baht (US$ 127,632).

And spent 800,000 Baht (US$ 25,526) on furniture.

Now he is asking just 3,900,000 Baht (US$ 124,441).

All the furniture is included too.

What is it like?

The apartment has 115m2 of living space.

Inside is an open plan living room with a large fully-fitted kitchen and 3 en-suite bedrooms.

Outside there is a small garden and a private terrace.

It's on the ground-floor which, according to a rental company who handle the resort, is the most popular.

Where is it?

The property is just outside Kamala on the West Coast of Phuket.

It’s a 2.2km drive to the beach, town and restaurants.

What about the development?

The complex is surrounded by virgin rainforest.

There are 45 apartments in 7 buildings, set within landscaped gardens.

You have a choice of 4 swimming pools; 2 lap pools (25 metres and 20 metres), a large family pool and a kid's pool.

Management is provided by a top international company.

They take care of the common areas, pools, gardens, and security.

Is it a good investment?

I spoke to a local company who manage 22 of the 45 apartments.

They told me the average rental yield is 300,000 Baht per year - after all taxes and fees.

And they have the last 4 years accounts to prove it.

So you can check this for yourself.

That makes your rental yield around 7.69% nett - after all taxes and fees.

Remember, that is the average.

With this apartment you are likely to make more because the ground-floor is the most popular.

Ownership

Ownership is leasehold with 24 years left to run.

After that, you are entitled to two, 30 year extensions.

A total of 84 years.

Running costs

Annual common area maintenance fees are 110,000 Baht (US$ 3,563).

That pays for the upkeep of the gardens, pool maintenance, common area lighting and security.

Electricity charges average 1,500 Baht (US$ 49) per month.

Water bills are a meagre 200 Baht (US$ 6.50) a month.

If you want to know more just drop me an email and I will send you everything you need (no obligation of course).

Article - http://blog.phuketoceanvillas.com/recession-buster-under-125000-dollars/

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Category: General Real Estate, Homes for Sale, Beachfront Real Estate, Financing & Loans, Vacation Homes for Sale, Luxury Properties, Locales & Destinations, Travel
Tags: Phuket, Thailand