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Many investors choose to purchase a property in Phuket to rent out, use as a holiday home, or perhaps in time to be a permanent residence, and more importantly so that it’s profitable for them, and there are some very simple ways for even an average Phuket property to be profitable no matter what the economic climate. However, it is important that you try to pair the sort of property you have to the type of tenant you want to rent the property.
One of the most important factors to ensure your property becomes profitable is to ensure that you have the best tenants both for long and short term lets. Families and mid to old aged couples are usually a good target group, they usually present you with less maintenance headaches as they tend to take more care of the property and treat them as if they’re their own unlike younger groups and individuals.
Your intended market group will also have some role in deciding where you market your property as different market groups tend to look in very different places for a rental property. Advertising your Phuket property on a popular e-zine or glossy local magazine will lead to a far better market group than those who seek to rent through classified ads. Lower class renters won’t read classy residence magazines, whilst higher class renters won’t seek to find a property through classified ads.
It’s also important that you check the rates for other rental properties in your area. Marketing your property at the highest rental price possible for the area is a good way to make your Phuket property profitable. If you have a stunning property that’s in good demand it’s also possible to take your property rental price slightly higher than the norm. Tenants who are willing to pay bigger rental costs usually have more funds and they tend to end up being less damaging to the property. By getting the highest rents possible it also covers any additional costs you may incur as a result of unforeseen circumstances.
Décor is another important factor when renting out your property and it’s always best to use light colours. Using light colours makes a property appear warm, welcoming and bright on wonderful Phuket sunny days. Dark colors always make rooms look smaller than what they really are, therefore, if you have a condo, apartment or smaller sized house it is imperative that no dark colours are used. Always use furniture that is strong and sturdy so that you know it will last a long time and won’t need replacing often. Try to ensure that the interiors are adorned neutrally so that it is suitable for both men and women. This will usually make the property more appealing to one or even two couples if the property is a 2 or three bedrooms
