Ultimate Guide to Buying a Home in Cambodia

In Part-1 we had explained things to consider before buying a home in Cambodia. We also mentioned important factors, deciding a housing type, property size and what should a house have. In Part -2 we will focus on unfinished homes, cheap homes and gated communities.

Watch our video how to own the home beyond your dreamsHow to own the home beyond your dreams

How to own the home beyond your dreams?

Unfinished houses

Wikipedia defines unfinished buildings as buildings (or other architectural structure, as a bridge, a road or a tower) where construction work was abandoned or on-hold at some stage or only exists as designs.

Unfinished houses are a great way to save a lot of money while you’re looking for a new home. By buying an unfinished home, you can keep your monthly mortgage low and reduce your initial investment. You can also buy a house with a large foundation size, which can easily add up and save you money.

The upper floor of an unfinished starter house usually remains unfinished, so the question is how much equity you want to put into the unfinished area.

Sometimes, however, an unfinished house can leave the roof, frame, plumbing and electrics unfinished. Before you make a purchase, you should always decide how much money you have for what needs to be finished and what is not used. If you plan to add rooms to your house, the house you are looking for must have a garage, but if you do not, you can save thousands and save just as much in the long run.

rooms-interior-new-apartment-building-facade-construction
Unfinished house

There are always ways to save money by just looking at the plans, but you should always keep that in mind. An unfinished house can also have a few areas where you can save a lot of money if you just leave it as it is. When you are planning an extension, you need to plan for all extensions, and there is always a way to do that.

When a developer buys a house he wants to build, he will do everything to make as much money as possible from his house. You could get them to agree with your ideas, even if they are probably not what you want, and vice versa.

The block’s … or DIY flats, come without any internal fittings, so residents complete the homes themselves. This makes them far cheaper than finished apartments, making it easier for people to get on the property ladder.Reference

Building a home can be a very profitable business, but if you want to take out a mortgage, most banks need to make sure your home is in good condition and in line with local regulations. This means that living rooms, bedrooms and other spaces must be finished, and that is because most companies build their houses exactly as the plans require. When you look at an unfinished home, you must see what the bank is willing to accept.

Most banks will not give you a mortgage if your home is not yet fully (or almost) completed, but they are known to reject unfinished mortgages that they would find difficult to sell if you defaulted.

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DIY will bring happiness if you have time

Before investing in an unfinished home, you should always check with your bank, which has strict requirements for unfinished homes. If the builder has built a lot of topsoil and grass just to satisfy the bank, you may not be able to make money or save. The entire lower area must be finished, as must most garden designs.

As most of you already know, buying an unfinished home is a great way to get into the housing market and buy your own home. Unfinished homes also offer potential buyers the opportunity to build their own homes, which can generate a lot of interest in the market.

If you want to save money, you should definitely talk to the developer about it, but if so, you can go through the plan again and decide that it doesn’t have to be this way.

buying a home

Ultimate Guide to buying a home in Cambodia: How to own a home beyond your dreams.23 pages PDFby Beyond RealtyDownload

Cheap houses: Are they for you?

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Cheap houses aren’t always cheap

In most cases, you can save a lot of money, forgetting that your house will bring back memories of your whole family for many years. When it comes to property, cheap flats are hard to beat, but it’s a cheap home, isn’t it?

Making money from real estate is easy no matter how you look at it, and cheap homes are currently one of the most profitable types of real estate in the world. For estate agents, this type of house is a way to buy a house at a low price, build it up a bit and then sell it at a higher price. Renovation and resale usually bring more profit then buying a new house and selling it.

Although cheap housing can be found anywhere in the Cambodia, some are better than others and there are some great neighborhoods to see and do.

On the other hand, most cities that offer affordable housing tend to be poorly positioned in the labor market. It’s not great when you need a job, but for those who retire or settle down to start a business, it can be great.

You can save a lot of money by buying a house that is less expensive and still meets your needs. This means you can buy your house in the cheapest area of the city, or you can save and buy a house that is cheap but not too expensive.

You should not focus on a type of house or neighborhood but look at all available options and compare prices. Remember that buying a cheap house doesn’t necessarily mean buying a house in the worst part of town or buying the run-down house.

You can get a cheap home in a great neighborhood if you weigh your options accordingly. Take a look around and be surprised how many apartments are available at reasonable prices, as you see in different areas.

Negotiating the price

successfully-negotiating-shaking-hands
We will get the best price for you

While some houses can have a higher price than you are willing to pay, negotiating can be a significant part of the price. You can save a lot of money when buying a house if you know how to negotiate with your agent. If you only learn a few simple negotiating techniques, you could save yourself a much better deal than the average home buyer.

Every day, hundreds of people are getting affordable housing through negotiations with estate agents. In some cases, you can end up paying full price for a home and still spend less than someone else, but still get a lot.

While prices are having an impact, financing is also an area that can help make home ownership more affordable. There are several ways to save money with finance options, and low interest rates can save you a lot of money when you buy a house. Before you decide to buy a home, you should always think carefully about what you have available to you when you buy a home, and look for the best interest rates for your home and other options.

Most cheap homes sell very quickly, so act quickly to find a cheap home that suits your needs. There are many affordable homes, but if you look around you can always make an offer and you should always look for one.

Don’t just look and forget about the house, do a house inspection and then decide whether the price and equipment really is what you’re looking for.

When you buy or sell a property, you need to have the right conversations with the right people to get the best deal. Having a negotiator is a good way to make sure you know exactly what is going on and that you have been able to “get it right” on the property. The first thing you should do with your negotiator (or negotiator) is make sure that you leave the house straight ahead. Whether it is an estate agent or someone you work with and negotiate on your behalf, you will want to be sure that all the facts are there.

You need to know what trends are out there and what facts are good for the real estate that is being considered. This means, of course, that you want to spend your time finding the right offer for you on the “right” property.

When you work with a negotiator, you want to make sure you have your best interests in mind. Negotiators often try to sell someone for a deal, only to get a commission and forget the commission. This is not necessarily the best way to negotiate and find an agreement, but when you are looking at a property or working for a negotiation, make sure your individual needs come first.

Start with the right information and end with the conclusion of your right contract. All of them leave after winning the right to invest in a property, not the other way around.

If you are interested in real estate and just want to work with a negotiator, make sure you match the description of the bestseller. This makes it easier for you to invest in the property and fulfil your individual needs.

After deciding to buy it you can run a due diligence report by a real estate agent or a lawyer or by inquiring directly from offices of Ministry of Land Management Urban Planning and Construction.

Gated communities

gated community house wall
Gated communities have advantages

For most potential homeowners, the biggest plus is that the homes in the gated communities retain their value. Because there is little or no traffic and because the maintenance requirements are so strict in most of them, the values of the houses in these mostly remain high. In developing countries like Cambodia, the estate prices rise up every year and these homes gain value as other homes. Gated Communities: There are a number of advantages and disadvantages for the municipalities divided into different categories, such as high maintenance costs, low property taxes, high property values, etc.

If you have children, another plus is the safety of gated communities, the gate mechanism preventing people from following your car in front of your community. Of course, these communities are much safer because the gates are guarded, but it is also easier to sell your own home if you have to move away. There is a good chance that you will be little Johnny or Sarah, as you find in most residential areas.

A scientific article on gated communities claims that: “according to many scholars, there has been an explosion of gated communities in many countries across the globe since the end of WWII, and people who occupy those gated communities are in increase.

Instead of a Conclusion

When you choose a good real estate agent, they will do everything they can to help you find a home and make sure you get exactly what you want. They can help with house tours and the like, and even give you information about neighborhoods you don’t know. If you’re not finding something that interests you for the first time, you can always look around to find the best home for you.

If you plan your budget and proceed step by step, you are closer to your dream home than you thought. If you decide to continue renting and pay money for something you don’t own, your dream home will continue to disappear. Instead, invest your money in property and stop renting, find it and act now.

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Enjoy your new life

References (Page 2):

https://www.dezeen.com/2017/06/16/unfinished-diy-homes-touted-potential-solution-housing-crisis-kleiburg-refurbishment/

Ministry of Land Management, Urban Planning and Construction

Wilson-Doenges G. An Exploration of Sense of Community and Fear of Crime in Gated Communities. Environment and Behavior. 2000;32(5):597-611. doi:10.1177/00139160021972694

Why people choose gated communities: A case study of Alexandria metropolitan area – ScienceDirect

Siti Rasidah Md Sakip, Noraini Johari, Mohd Najib Mohd Salleh, Sense of Community in Gated and Non-Gated Residential Neighborhoods, Procedia – Social and Behavioral Sciences, Volume 50, 2012, Pages 818-826, ISSN 1877-0428, https://doi.org/10.1016/j.sbspro.2012.08.084 (http://www.sciencedirect.com/science/article/pii/S1877042812032223)

https://www.sciencedirect.com/science/article/pii/S1110016818300723

https://www.thecut.com/2019/05/what-its-like-to-buy-and-renovate-a-cheap-old-house.html

https://en.wikipedia.org/wiki/Gated_community

https://en.wikipedia.org/wiki/Unfinished_building

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  • Ultimate Guide to Buying a Home in Cambodia: Part-2 – Beyond Realty Cambodia

    […] Part-1 we had explained things to consider before buying a home in Cambodia. We also mentioned important […]

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