Phuket is one of the most popular holiday destinations in the world, and certainly in South East Asia. Many of Phuket’s fans visit year after year and often dream of making Phuket their permanent home.
Phuket’s popularity as a destination for a second home, is on the increase and, because of this, Phuket has a very well established and successful property market.
Investing in Phuket can be both rewarding and profitable and investing in an apartment in Phuket has many advantages.
If you are a frequent visitor to Phuket, owning your own apartment can save you a substantial amount of money on hotel accommodation and being able to leave some of your belongings in your own apartment can save on excess baggage charges at the airport.
Using your apartment as a rental property can bring in a substantial income that, in time, will ensure that your Phuket apartment pays for itself, often many times over.
By renting, or leasing out your apartment for part of the year will ensure it is available for your own use when ever you wish to spend some time in Phuket. There are many rental agents that can take care of your property for you in Phuket as well as many online options for finding rental tenants.
When you choose an apartment in Phuket consider both your requirements, and, those of potential tenants. The more attractive the apartment the more success you will enjoy in the rental market. Buying an older style apartment will not only save you money in terms of your initial investment but more can be saved by employing the services of local builders and tradesmen who generally charge a fraction of large redevelopment companies. Ask around in Phuket for recommendations on local builders who may be willing to do extra work for you during the weekends and in the evenings if they already have a full time job with a construction company.
Furnishing your apartment with durable goods may require a large initial outlay but will save you a considerable amount of money over the years by not having to replace cheap, lower quality furniture.
Stick to lighter colours when you are decorating your apartment for rental, especially if the apartment is not very large. By sticking to fairly neutral shades you will not miss out on tenants who do not share the same tastes in unusual décor as the owner.
Having rented out your apartment for several years and seeing a good return on your investment you can then remodel it to your tastes and preferences and use it as a retirement home that has not only saved you money but made you money as well.