First time buyers: What is the best property type for you?
First time buyers: What is the best property type for you?
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.
Don’t forget, different properties appeal to different buyers. The best property for you depends on details about your life and the lifestyle you want to have.
With this in mind, Realestate.com.kh has thrown together a guide to choosing your first home!
1) Detached houses and villas on a suburban estate:
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.
- Prices 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.
- If you secure a hard title, you get the benefits of owning land, and a fairly safe investment for resale appreciation.
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 or outdoor areas as a burden.
2. Central townhouses:
Good points:
- 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 a 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.
3. High-rise condo units in the urban center:
Good points:
- 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 of the condo unit, you might not be able to house the extended family.
Read this article in full, and more buyer’s advice and real estate news on realestate.com.kh/news today - and invest in property wisely!
