buying a condo
buying a condo
Buying a condo in Phnom Penh Cambodia Good idea or walk away price is right heavily discounted. what do you think?
Is everything about the building's maintenance fund TOTALLY transparent and checkable all the time? All buildings, new and old, need maintenance. If I didn't trust that, why not just rent. Leave when it starts to go downhill.
If you do not mind our Yellow friends living all around you or staying in a deserted building.... Also keep in mind management/service fees are not always applied to upkeep of the shared facilities and can be adjusted upwards without much consultation. Oh yes, if you stay on any of the upper floors: you will be fucked in case of fire here.
A safer bet would be any of the other big cities in the region.
A safer bet would be any of the other big cities in the region.
It highly depends on what you want with it.
For your own use: If you like the condo, have the money, why not ?
For investment: Check out on the size, how cramped it is, the features, your impression of the market, etc.
Be aware, the "normal" pricing does include a guarantee rent for a certain amount of time (1-2 years). The "discount" often comes by scrapping the guarantee. In the current market the project sellers certainly do not want to give the guarantee, because they'll lose on that.
Regarding the installed fixtures: Have a very, very, very good check on these. What is visible in the condo does not imply to work like it should. Especially the ventilation stuff, often just goes "above the ceiling". So your kitchen extractor hood looks nice and shiny, though the pipe ends up in the "common" ventilation area above the ceiling. The same applies for the bathroom ventilation. When your neighbor does use the fixture, the smell comes to your condo.
Regarding the common fixtures, the elevators, etc. Is this cheap Chinese crap, or is this decent Western stuff ?
How is the Internet arranged ? A common, very expensive, solution. Each renter of itself, etc.
When you have an evening look at the outside, how many condos are in use ? Now with the lock-downs, most people tend to be at home in the evenings.
How fire-secure is the whole building. Think about what happened in London, Grenfell Tower, and the torching sky-scrapers in Dubai. Is the "marble" really marble or is it just printed plastic ? Both inside and the facade.
To make a judgement of the real value, take care to have sufficient technical knowledge to understand what you see, when opening up the tech panels/hatches.
Will your investment return in 5-10 years ? If not, scratch your head, the long term up keeping of the building standard is not something given in Cambodia. Western standards is to build/maintain for 50+ years. The Cambodian mindset is that everything lasting longer than 5 years at both technical as planning situation is exceptional (which explains the lack of building quality).
For your own use: If you like the condo, have the money, why not ?
For investment: Check out on the size, how cramped it is, the features, your impression of the market, etc.
Be aware, the "normal" pricing does include a guarantee rent for a certain amount of time (1-2 years). The "discount" often comes by scrapping the guarantee. In the current market the project sellers certainly do not want to give the guarantee, because they'll lose on that.
Regarding the installed fixtures: Have a very, very, very good check on these. What is visible in the condo does not imply to work like it should. Especially the ventilation stuff, often just goes "above the ceiling". So your kitchen extractor hood looks nice and shiny, though the pipe ends up in the "common" ventilation area above the ceiling. The same applies for the bathroom ventilation. When your neighbor does use the fixture, the smell comes to your condo.
Regarding the common fixtures, the elevators, etc. Is this cheap Chinese crap, or is this decent Western stuff ?
How is the Internet arranged ? A common, very expensive, solution. Each renter of itself, etc.
When you have an evening look at the outside, how many condos are in use ? Now with the lock-downs, most people tend to be at home in the evenings.
How fire-secure is the whole building. Think about what happened in London, Grenfell Tower, and the torching sky-scrapers in Dubai. Is the "marble" really marble or is it just printed plastic ? Both inside and the facade.
To make a judgement of the real value, take care to have sufficient technical knowledge to understand what you see, when opening up the tech panels/hatches.
Will your investment return in 5-10 years ? If not, scratch your head, the long term up keeping of the building standard is not something given in Cambodia. Western standards is to build/maintain for 50+ years. The Cambodian mindset is that everything lasting longer than 5 years at both technical as planning situation is exceptional (which explains the lack of building quality).
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Be carrefull of maintenance fee yearly in the big building. About "big discount",maybe they had aleready overprice.
- raendi
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And how would it be better in upper floors in Bangkok?Pooh Bear wrote: ↑Mon May 10, 2021 9:56 amOh yes, if you stay on any of the upper floors: you will be fucked in case of fire here.
A safer bet would be any of the other big cities in the region.
In new buildings it's about how building maintenance have been taken care of sprinkler system...
Pardon my engrish, thanks you.
Im waiting for the implosion.
Bargain waterfront condo luv shack cum totally cool bar hangout for the weekend for half the price than before the long pandemic thats here now.
How much is the yearly tax calculated at?
Bargain waterfront condo luv shack cum totally cool bar hangout for the weekend for half the price than before the long pandemic thats here now.
How much is the yearly tax calculated at?
- Barang_doa_slae
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While I don’t value condos as a good long term investment, I consider the best located ones as an acceptable city center living quarters sometimes even as a passive income investment option.
Now if one is serious about buying a brand new unit from a developer one lesson I learnt is to use the services of a broker that will agree on giving back some of his commission. If negotiating alone the developers sales force will systematically keep the available brokerage percentage off the table.
Now if one is serious about buying a brand new unit from a developer one lesson I learnt is to use the services of a broker that will agree on giving back some of his commission. If negotiating alone the developers sales force will systematically keep the available brokerage percentage off the table.
I would avoid it, but if I was going to buy property in Cambodia I’d buy something already completed. I wouldn’t be comfortable trusting most developers to hold up their side of the deal, there’s been a number of horror stories already.
Further, relying on the building management for ongoing maintenance- both the amount they charge staying reasonable and performing the actual maintenance, is another worry.
I’d rather buy a place where I hire contractors individually.
Further, relying on the building management for ongoing maintenance- both the amount they charge staying reasonable and performing the actual maintenance, is another worry.
I’d rather buy a place where I hire contractors individually.
"Those who can, do. Those who can't, teach. Those who can't teach, teach English."
Credit Jacked Camry & LTO
Credit Jacked Camry & LTO
I would never, ever like to live in such suicide-tower style condo's. They're truly horrible and you never know what your neighbors turn out to be. My max. is a building with no more than 4 stories high. As many here said, maintenance is a serious issue on any of these buildings. In my opinion Phnom Penh is heading the same way i experienced in Bangkok or Pattaya for the past 40 odd years. Onced finished, they just let the Building fall apart.
Mid-eighties a friend's father bought a 26th floor pair of condos in a brand new building 3 blocks off Waikiki beach, near the Honolulu Zoo. He said when building maintenance included normal yearly bug mitigation, full roach families came up about 4-5 floors per year. He planned to sell in 5-6 years, for more than he paid, and get out while the getting was good.
He did as he planned, made more than he thought, and put more money in other island real-estate. Just checked on Google Earth, that building still looks great. Not sure PP buildings will last so well.
He did as he planned, made more than he thought, and put more money in other island real-estate. Just checked on Google Earth, that building still looks great. Not sure PP buildings will last so well.
You are all talking like it is..and will be...BAU...regards property investment in Cambodia ATM
IT ISN'T
WakeY wakey
IT ISN'T
WakeY wakey
Rated R for Ricecakes
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