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RENOVATE YOUR PROPERTY


Whether you’re looking to upgrade your condo in Thailand before placing it on the market, fix up a new home after moving in or revamp your property, Sense Property has the teams and expertise to take care of your needs.

Sense Property specializes in renovations of properties (mostly residential) in the prime locations of Bangkok, including Sukhumvit, Lumpini, Sathorn, Silom and Riverside.


BANGKOK IS STILL A YOUNG MARKET FOR PROPERTY RENOVATIONS

Renovation market in most developed cities

  • Flourishing and mature market most large cities which have experienced:
  • a shortage of constructible land
  • a subsequent boom in prices of new properties
  • Many investors in Paris, London, New York, etc. are only seeking old properties to leverage their investment with a deep renovation and achieve:
  • high rental yields
  • significant capital gains

VS


Renovation market in Bangkok

  • 80% of condo owners in Bangkok are Thai
  • For cultural reasons, most Thai investors refuse to purchase second-hand properties, even renovated

=> Condo renovations are mostly carried out by foreigners looking for a first or second home, a retirement place, or an investment (rental yield and/or capital gains). These investors generally target:

  • Units with 2 to 4 bedrooms
  • Prime areas in Central Bangkok
  • Sukhumvit (Asoke to Ekkamai)
  • Central Lumphini (Rajadamri, Ploenchit, Chidlom)
  • Sathorn – Silom (Saladaeng, Chong Nonsi, Yenakart)
  • Riverside

Renovating your condo or house in Bangkok can increase dramatically its rental yield and the market value

New condos are smaller in size and number of bedrooms…

Central Bangkok sees booming selling prices…

  • Fast increase in new sales prices
  • Slower increase in resale prices
  • Shift to luxury projects since 2012

=> Older condominiums are becoming comparatively very attractive

=> Due to the different waves of condo development and heterogeneity of the market, resale prices range from 50,000 to 400,000 THB per sq.m.

… and shrinking sizes

  • Fewer large units are being built: 70% of the new stock of condos since 2012 are studios and 1-bed
  • Large units are smaller :
  • 2-bed units are mostly below 80 sq.m.
  • 3-bed units are mostly below 120 sq.m.

=> There is now a shortage of 3 and 4-bed units


VS

… Whereas expats need large units for rent

  • 95% of the tenants in Central Bangkok are foreigners
  • Ever increasing number of skilled expatriates with work permit in Bangkok (record-high 84,837 in Q2 2017)
  • 500,000 expatriates in Bangkok (estimate)
  • Expats usually want:
  • 2 bedrooms and more
  • Apartments with large living spaces
  • Well-equipped kitchen
  • Terrace/balcony
  • Rental of 50,000 to 250,000 THB (depending on the employer’s housing allowance)
  • Central Bangkok (Sukhumvit, Central Lumphini, Sathorn-Silom) and Riverside (popular with retirees)
  • Proximity to international schools, hospitals, supermarkets, shopping and leisure areas, parks, sports clubs, etc.



Renovating large condos offers great opportunities given the imbalance between demand and supply


HOW TO CHOOSE THE RIGHT CONDO TO RENOVATE IN BANGKOK?

THE 4 GOLDEN RULES FOR A SUCCESSFUL CONDO RENOVATION IN BANGKOK

1) Choose the property with the highest care

  • There is a high diversity of standards and quality among Bangkok condominiums

=> Before renovating a condo or purchasing one with the objective or refurbishing it, you must ensure that the property has a strong potential of increase in valuation, which requires first and foremost that the residence is well located, well-built and well-maintained (CONTACT US for more information)

  • Although older buildings mean more space thus more potential to leverage a renovation, one must be aware that not every old building in Bangkok is a good investment.

=> Before investing you must look at the relative performance of the property targeted in terms of rental yields and market value, compared with comparable condominiums.

“Spending a lot of money to renovate a unit in a poorly built and poorly maintained condo often turns out to be a bad investment”

GOOD TO KNOW: WHAT ARE THE BEST CONDOS TO INVEST IN?

There have been 3 main waves of development of condominiums in Central Bangkok

Before 1999:

  • grade-C and grade-B developments
  • Uneven quality
  • mostly big-size units:
  • 2 beds: 80 - 200 sq.m.
  • 3 bedrooms: 200 - 350 sq.m.
  • 4 bedrooms: 250 - 450 sq.m.
  • price per square meter: 50,000 - 100,000 THB.
  • A few well-built and well-managed grade-B residences offer great opportunities to buy and renovate

2002-2009:

  • grade-B, grade-A and luxury developments
  • reduced unit size:
  • 2 bedrooms: 70 - 140 sq.m.
  • 3 bedrooms. 120 - 250 sq.m.
  • 4 bedrooms (rare): > 200 sq.m.
  • price per square meter: 90,000 - 200,000 THB.
  • many opportunities to buy and renovate in grade-B condos, yet very few in grade-A condos

Since 2011:

  • grade-A, luxury and super- luxury developments
  • small average unit size:
  • 2 bedrooms: 55 - 100 sq.m.
  • 3 bedrooms: 100 - 180 sq.m.
  • 4 bedrooms (very rare, in general only “penthouse” units can be found): > 250 sq.m.
  • price per square meter: 150,000 – 400,000 THB
  • very few opportunities for buy and renovate due to the high average price and small average unit size

=> The best investment opportunities of condos to renovate are mostly found in residences completed before 2009

CONTACT US to find the best condos to renovate in Bangkok

“There isn’t just one condo market in Bangkok, every condo has its own market”

2) Choose a reliable project manager

  • Sense Property can act as your project manager in Bangkok for property renovations and interior design
  • We have successfully renovated several condos, houses, offices and commercial spaces in Bangkok
  • We have at our disposal reliable and cost-efficient teams of contractors specialized in all categories of works you may need
  • In case an architect is needed, Sense Property can recommend reputed and trustworthy ones you can easily communicate with and who have a proven successful track record
  • In all cases, we advise to request quotations from different project managers to compare prices

“Sense Property offers a complete range of professional services to owners and investors willing to renovate their condo or home in Bangkok”

3) Check the conditions to conduct renovation works

  • Request the approval of the committee of co-owners for the works considered
  • Respect the authorized working schedule (ex: works generally not allowed over weekends).

“Before starting renovation works, ask your real estate agent to get all necessary written authorizations from the management of the residence (juristic office)”

4) Factor potential delays and adjustments

  • Even if you work with an efficient and reliable project manager, works often take longer than planned and some adjustments are sometimes necessary before the completion.
  • Keep in mind that the best contractors and technicians are generally very busy and often work on several projects at the same time

WHY RENOVATE YOUR PROPERTY WITH SENSE PROPERTY?

Our extensive knowledge of local conditions and preferences has proven essential for the success of our property renovation activity in Thailand. As Bangkok expats and investors ourselves, we at Sense Property are intimately familiar with the city’s real estate landscape:

  • Understanding Bangkok’s condo market is crucial (see our dedicated page INVESTMENT GUIDE). Cultural sensitivities mean that foreigners are a much more likely target market for renovated properties, either to purchase or rent, as Thai people often have an aversion to living in a place where others have lived before and therefore generally own their property.
  • The particular design preferences of foreigners – larger living spaces, more bedrooms, storage space and balconies – are therefore worth paying attention to, in order to renovate or decorate your property appropriately.
  • To determine the right budget and type of renovation, it is also essential to understand the difference in quality standards between condos, depending notably on their age and on the reputation of the developer, etc.

Wherever external expertise is required, we help you find reliable architects and advise you on a realistic construction schedule depending on your budget.


COST OF RENOVATING PROPERTIES IN BANGKOK & SERVICES OFFERED BY SENSE PROPERTY

Type of work: Details Cost / Item Total Budget / sq.m* Our Role Our Fees
Structural works Anthorizations
(management, co-owners)
Contact us Contact us Managed by
Sense Property
Contact us
Desing (3D plans) Externalised
Modification of the layout
Renovation
  • Flooring (tiles, parquet,
    engineered wood...)
  • Painting
  • Electricity
  • Plumbing
  • Carpentry
  • Ceiling (drop-downm cornices...)
  • Lightin (ceiling/ wall lights/
    spotlights)
  • Windows/doors
  • Kitchen (incl. tiling, flooring,
    ventilation...)
  • Bathroom (incl, tiling, flooring,
    ventilation...)
  • ">A/C unist (fitted or standalone)
Contact us Low: 6,000 - 9,000 THB
Average: 9,000 - 12,000 THB
High: > 12,000 THB
Managed by
Sense Property
15% of the total budget
Refurnishment &
Redecotation
  • Furniture
  • Electric devices/appliances
  • Curtains/binds
  • Rugs/carpets
  • Lamps
  • Decorative bricks (walls)
  • Decorative items
  • Art
Contact us Low: 4,000 - 6,000 THB
Average: 6,000 - 8,000 THB
High: > 8,000 THB
Managed by
Sense Property
15% - 20% of
the total budget

*Indicative costs per spuare based on market practice and completed renovation of condo units and house by Sense Property in Bankok


PORTFOLIO OF PROPERTY RENOVATION BY SENSE PROPERTY

OFFICE
PRIME MANSION
RAIN TREE RESIDENCE
NATURAL PLACE MANSION

Get to know us


" SENSE PROPERTY THE PREMIUM BANGKOK PROPERTY AGENCY"

Welcome to Sense Property, the leading Bangkok property agent dedicated to helping expats and international clients find the best properties for rent, for sale and to renovate in Bangkok. With the support of our highly experienced team, you’ll enjoy access to the highest quality condos, apartments, houses, land and commercial properties throughout Bangkok and greater Thailand.

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Our founders

BASTIEN

Mobile:  +66 (0) 92 404 0993
Email: contact@senseproperty.com

JOY

Mobile:  +66 (0) 92 404 0993
Email: contact@senseproperty.com

ANTOINE

Mobile:  +66 (0) 92 404 0993
Email: contact@senseproperty.com
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