by legmann99 » Fri Feb 15, 2019 1:03 pm
Has anyone had experience BUYING a flat - 1 floor /duplex- 2 floors in Phnom Penh. The issues I see are the following - Buying 3rd or 4 th floor is a lot of walking. F Buying in a flood location. Even if you are above the first floor, depending on how porous the concrete is, the integrity of the concrete could affect the entire building with repeated floodings, also airborne mould from dampness. Try getting property insurance with an apartment in a flood area. A lot of shophouse are at least 50 years old leading to possible structural issue. Dirty and ill-maintained common stairwells and alleys way - dirty, unlit, rats, garbage, urination etc. Usually a Westerner does the cleanup in those areas when he buys a unit but eventually gives up as no one in the building seems to care about the dirt. No windows for ventilation in bathrooms, leading to mould. Noise levels from surrounding apartments. Title scams and issues, e.g" a property with 2 titles - hard title and soft title. You buy the property with a soft title, but you lose the property to someone else who holds the hard title, false owner, unknown loans or debts against the property etc. Electrical issues with wiring, plumbing and drainage problems, mould and dampness. I recently contacted a renovation company in Phnom Penh who would do an overall inspection of the apartment/duplex and produce a report but they would NOT guarantee the inspection if any deficiencies surfaced after I bought the property. A number of properties have been renovated to western standards BUT if one was bought, you would have best renovated apartment in the entire building with all the other apartments looking like dumps. Even if you have a great renovated apartment, the front facade of a lot of buildings look terrible. There is now a new tax law in Cambodia where owners have to pay a MONTHLY tax of at least 10% on any RENTAL income they receive. I have seen a number of properties listed that have been stripped down, leaving only the bare concrete walls and floors where sellers say a great renovation project and property listed at $25 to $30k. If its such a great renovation project why then did they NOT complete the project themselves and sell for a quick profit. Also have seen a few listings where a renovation was started on a duplex or apartment and some how the renovation stopped shortly after starting and the property is now for sale. Why did they stop renovating - no permits?, found major structural issues? found major drainage/plumbing, electrical issues?
1) Where is the best place to buy a flat/duplex in Phnom Penh? Riverside would seem to be a good area but seems lots of noise from bars in that area.
2) Any type of checklist I can use to evaluate a property for purchase.
Any sound feedback in BUYING a flat/apartment or duplex in Phnom Penh is greatly appreciated...
Has anyone had experience BUYING a flat - 1 floor /duplex- 2 floors in Phnom Penh. The issues I see are the following - Buying 3rd or 4 th floor is a lot of walking. F Buying in a flood location. Even if you are above the first floor, depending on how porous the concrete is, the integrity of the concrete could affect the entire building with repeated floodings, also airborne mould from dampness. Try getting property insurance with an apartment in a flood area. A lot of shophouse are at least 50 years old leading to possible structural issue. Dirty and ill-maintained common stairwells and alleys way - dirty, unlit, rats, garbage, urination etc. Usually a Westerner does the cleanup in those areas when he buys a unit but eventually gives up as no one in the building seems to care about the dirt. No windows for ventilation in bathrooms, leading to mould. Noise levels from surrounding apartments. Title scams and issues, e.g" a property with 2 titles - hard title and soft title. You buy the property with a soft title, but you lose the property to someone else who holds the hard title, false owner, unknown loans or debts against the property etc. Electrical issues with wiring, plumbing and drainage problems, mould and dampness. I recently contacted a renovation company in Phnom Penh who would do an overall inspection of the apartment/duplex and produce a report but they would NOT guarantee the inspection if any deficiencies surfaced after I bought the property. A number of properties have been renovated to western standards BUT if one was bought, you would have best renovated apartment in the entire building with all the other apartments looking like dumps. Even if you have a great renovated apartment, the front facade of a lot of buildings look terrible. There is now a new tax law in Cambodia where owners have to pay a MONTHLY tax of at least 10% on any RENTAL income they receive. I have seen a number of properties listed that have been stripped down, leaving only the bare concrete walls and floors where sellers say a great renovation project and property listed at $25 to $30k. If its such a great renovation project why then did they NOT complete the project themselves and sell for a quick profit. Also have seen a few listings where a renovation was started on a duplex or apartment and some how the renovation stopped shortly after starting and the property is now for sale. Why did they stop renovating - no permits?, found major structural issues? found major drainage/plumbing, electrical issues?
1) Where is the best place to buy a flat/duplex in Phnom Penh? Riverside would seem to be a good area but seems lots of noise from bars in that area.
2) Any type of checklist I can use to evaluate a property for purchase.
Any sound feedback in BUYING a flat/apartment or duplex in Phnom Penh is greatly appreciated...