Buying real estate property is a significant investment. It can be confusing to find an investment opportunity that will yield good returns in the future. At the same time, real estate properties are prone to many frauds and bad business ethics, which makes it even more important for buyers to take necessary precautions while investing. Here, we share ten crucial factors to consider while buying real estate properties in Cambodia to ensure only profitable, safe, and authentic transactions between buyers, sellers, and property agents,
The best way to look for properties is through real estate agencies. Independent Property Services(IPS) is Cambodia’s leading real estate company that will help you buy the most suitable property at affordable rates.
When looking for a real estate property in Cambodia, whether for investment, renting, or living purposes, one should consider rooms, space, interior, and apartment view. Also, the connectivity to society, malls, departmental stores, hospitals, schools, and recreational facilities make a lot of difference. The top 10 factors to consider while making a real estate Cambodia purchase:
Looking for a property without a budget is a wild goose chase. One should be very clear about their minimum and maximum budget limits. Though many banks and financing companies provide house loans, you will still have to pay the mortgage, so decide your budget accordingly.
2. Type of Property
Various types of residential property could be used for residential, rent out, or investment purposes. Properties like villas, townhouses, houses, and colonial houses with yards are for people who want to enjoy private spaces like gardens and want to raise children in homes with backyards, whereas buying apartments and condos is for the people who need less private areas except for the apartment’s interior. Twin villas and link houses stand somewhere in between regarding privacy.
Each property type has different rental values depending on location, size, etc. A luxury villa will cost more rent per sqm than a luxury apartment.
3. Size of The Property
If you have a specific property size in your mind, look for the properties accordingly. If you do not have anything specific, go for spacious properties. When buying a house in society, keep in mind that properties in your neighborhood shouldn’t be too different.
4. Comply with Construction Laws
Invest in properties that comply with construction laws and safety measures. Also the buildings, apartments, condos comply with international or local fire code compliance, security measures, and structures designed according to worldwide accepted standards.
Buy a place with amenities like at least one open bedroom and enough space for your wardrobe. A walk-in closet is highly desirable for every bedroom.
If the property includes garages, it can increase the resale value and, if possible, get a property with at least one double garage.A property with a sizeable modular is an excellent add-on to the property. If any backyard then it should be easily accessible.
Location is an essential factor as it affects the pricing the most. The prime locations are if you expensive. You can find a house with a more beautiful view that offers more space for the same price in a suburban area.
7. Gated Communities
Properties in the gated communities retain their value because of the value added servcies, the maintenance is proper, and the rates of the houses in these mostly remain high. Gated communities are great for families with children because of the safety and recreational activities within the community.
8. Property Value
Get an estimate of the property’s value to know you are not losing money on the deal. You can ask about other properties with the same characteristics in the same area by going through advertisements or asking your real estate agent.
9. Quality Construction
Properties with quality construction might cost you a tad more, but it will save you a lot because a good quality property will need less maintenance and make your life more comfortable. You will not have to invest time and money in getting things repaired, and the resale value is also good if you ever decide to do it.
10. Real Estate Company
Choosing an excellent real estate agent is important, and IPS-Cambodia is the best company. They will work relentlessly to find property and make sure you get the best property at reasonable rates. They will help you with house tours and provide information about neighborhoods. If you cannot find something that works for you on the first attempt, you can look around to find the best home for you.
Buying a property could be super confusing, but an excellent real estate agent and the tips mentioned above could help you make the right decision. IPS is the best real estate company in Cambodia that you could hire.