You have enough in the savings for a down payment. You have been pre-approved for a home loan. Now it is time to start looking at houses. Before you do that, you need to think a little more about what kind of house you need and want.
- Do you have children?
- Do you want children?
- Do you have or want pets?
- Do you own a car or do you prefer walking, bicycling and taking public transport?
- How close do you want to be to your job?
Good points:
- Houses like this, whether inside or outside a borey community, are typically relatively spacious.
- You have your own yard, which is great if you have children or pets.
- Boreys generally nurture community life - and have common areas for you and your family to enjoy time spent with neighbors.
- Price per square foot is relatively low for this kind of property type in Cambodia.
- There is a good supply of such homes, and the market is seeing more and more coming online in the next few years.
- Buying pre-construction or off-plan means you can get a better deal as an early-bird buyer.
- Detached homes have good privacy from their nearest neighbors.
Bad points:
- You will need a car if you plan to work in the city, which drives the cost up in real terms for this property type.
- Nosy neighbors in a suburban estate may pay more attention to you than neighbors in the city, thus reducing your actual sense of privacy, despite the extra space.
- It can be a long commute to work - this will ultimately affect your life in many ways - and lifestyle considerations can be as important as costs.
- Some people see maintaining their garden/outdoor areas as a burden.
- If you secure hard title, you get the benefits of owning land, and a fairly safe investment for resale appreciation.
2. Duplexes or row houses.
- You will still have a yard, albeit a bit smaller with this property type.
- The yard's small size reduces the amount of maintenance it requires.
- They are typically more affordable than a detached house.
- You will not have additional fees as you tend to have with villas and apartment homes.
- If you secure hard title, you get the benefits of owning land, and a fairly safe investment for resale appreciation.
Bad Points:
- Shared walls with neighbors can be a source of noise.
- They tend to be small, so might outgrow it if your family expands.
- You still have yard work to do.
3. Centrally-located Townhouses:
- Shorter commutes are common with this property type.
- They are often more affordable than detached houses, row house and duplexes.
- No need for landscaping. You don't have to mow a lawn or clean a pool.
- If you secure hard title, you get the benefits of owning property in the city, and a potentially highly profitable investment for resale appreciation.
Bad points:
- They can feel cramped, and often lack natural light.
- Lack of parking.
- There are additional fees and restrictions on what you can do with the property.
- Their value tends to increase more slowly, making them less of an investment property.
4. Apartment unit in a smaller, lower-standard building.
- They are typically close to the central business district, giving you easy access to shops and restaurants.
- Easy access to public transport.
- No need to maintain a garden.
- Shorter average commute to work.
- Generally, co-owned buildings are secure.
- If you are a foreigner, you can still own if strata titles are available.
Bad points:
- Additional fees can be incurred within the apartment management policy.
- Cost of repairs is shared by the owners of the units.
- They tend to be small. If your family grows, you may quickly outgrow it.
- If you want pets, the owner may not allow this.
- If you don't get on with your neighbors, you have no-where to hide.
5. A high-rise condo unit in the urban center:
- Extremely short commutes and good access to public transit.
- You may be able to live without a car, thus making this choice more affordable than it may appear at first glance.
- On site amenities may include spas, pools, gyms and cafes. These offer a unique lifestyle, compared to non-communal arrangements such as villas and detached homes.
- These units have good availability in urban areas, and the supply of condo units in Phnom Penh is rising extremely quickly.
- Amazing views and fresher, cooler air.
- No garden maintenance to do.
- Now that strata title is available, even foreigners can own a condo.
Bad points:
- Potentially much lower appreciation than a landed property.
- Additional fees to pay for maintenance and management.
- If you are afraid of heights, this is not the home for you.
- If you love to garden, this is not the home for you.
- Depending on the size of the condo unit, you might not be able to house the extended family.
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