Is it worth buying a condo to live in? (PP)
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Is it worth buying a condo to live in? (PP)
Seems like whenever the topic has come up here, TOF, or Facebook, the advice is to stay away from condos.
But, it always seems to be advice given as “received wisdom”, there’s never anything to back it up like stories or data or sound reasoning or anything like that, just a jaded “haha you’ll lose all your money and the building will fall down”.
The one thing I’ve learned in the last 8-9 months since arriving here is that received wisdom amongst the expat crowd is often tinged with such elements as bitterness, envy, and outdated notions of a Cambodia from 20 years ago.
So, I’d like to throw down the challenge: please talk me out of buying a condo in PP to live in for a few years, using either firsthand stories or verifiable facts. Best response wins an emoji of a bloke with a pint. Anyone?
But, it always seems to be advice given as “received wisdom”, there’s never anything to back it up like stories or data or sound reasoning or anything like that, just a jaded “haha you’ll lose all your money and the building will fall down”.
The one thing I’ve learned in the last 8-9 months since arriving here is that received wisdom amongst the expat crowd is often tinged with such elements as bitterness, envy, and outdated notions of a Cambodia from 20 years ago.
So, I’d like to throw down the challenge: please talk me out of buying a condo in PP to live in for a few years, using either firsthand stories or verifiable facts. Best response wins an emoji of a bloke with a pint. Anyone?
Do the maths, rental Vs buying (& possible reselling in X years)
Buying rarely makes sense
Buying rarely makes sense
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If you see yourself leaving within 5 years then rent, if staying longer than 5 years then buying could be advantageous,
Selling condos can be problematic, so if you want to rent it out after you leave then this may be a better option than selling it. Selling is difficult as new condos are often available on a repayment term with zero percent interest - which is much more attractive than ponying up for 100% right now.
IMO the facilities management in serviced apartments has improved greatly in the past 5 or so years. Previously the owner just wouldn’t maintain it, now less so.
Selling condos can be problematic, so if you want to rent it out after you leave then this may be a better option than selling it. Selling is difficult as new condos are often available on a repayment term with zero percent interest - which is much more attractive than ponying up for 100% right now.
IMO the facilities management in serviced apartments has improved greatly in the past 5 or so years. Previously the owner just wouldn’t maintain it, now less so.
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Surely if this actually were true then landlords wouldn’t exist? They’d all be losing money no?
I’d be buying across the Mekong in Kandal (Borey Chatamouk Area) from Chroy Changvar. Once the bridge is built it’ll be a breeze to get to town.
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Does anyone have any numbers on the resale market? I get that there’s a lot of competition with new builds pushing it down a little, but overall property prices have been going up yeah?
- Phuket2006
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I'd ONLY recommend buying ( condo or house) if u have ties to Cambodia, ie, a wife an or kids
Dont buy one as an investment or to save on rent
resale is very difficult cause they are building so many all the time
I built a house, as its for the wife when she gets old an i'm gone
Dont buy one as an investment or to save on rent
resale is very difficult cause they are building so many all the time
I built a house, as its for the wife when she gets old an i'm gone
"We are turning into a nation of whimpering slaves to Fear—fear of war, fear of poverty, fear of random terrorism, or suddenly getting locked up in a military detention camp on vague charges of being a Terrorist sympathizer." HST
Not quite as most own the property outright, no mortgage payments like investment landlords in the West typically have. I had my eye on a beautiful house in Toul Kork for nearly 3 years, every year I challenge the owner to drop the rent so it at least has occupancy & they have some decent income; but they won't budge & the house is now in decline & obviously needs some repairs; they don't need the cash & are just stubborn to hold out for the listed rate.nerdlinger wrote: ↑Wed Dec 21, 2022 7:40 pmSurely if this actually were true then landlords wouldn’t exist? They’d all be losing money no?
I think as above recommendations; if you have strong ties here & will be around for a long time, then it is worth going in cash on a condo unit - I wouldn't finance a thing here. But also as mentioned, be prepared to have trouble selling, the number of units currently has got to be way beyond the demand given the number of lights out in all the condos you see each night. That said, it does appear if you have the ability to negotiate a sale price below that of your stubborn Khmer neighbour, you might just shift it when push comes to shove.
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Meum est propositum in taberna mori,
ut sint Guinness proxima morientis ori.
tunc cantabunt letius angelorum chori:
"Sit Deus propitius huic potatori."
ut sint Guinness proxima morientis ori.
tunc cantabunt letius angelorum chori:
"Sit Deus propitius huic potatori."
Living rent free in an appreciating asset vs 10,20,30 years of dead money bit of a no brainer really?
- rogerrabbit
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It's true that resale can be hard. Asians often prefer to buy new. But it's still possible.
Buying land requires much more due diligence and stronger ties to Cambodia than buying a condo. Also land prices in most part of Cambodia cannot appreciate much more. The prices in some places start to be totally ridiculous. You really need to have good connections to get good deals with land.
Location location location. Especially when it comes to condos, location matters.Phuket2006 wrote: ↑Thu Dec 22, 2022 7:41 amI'd ONLY recommend buying ( condo or house) if u have ties to Cambodia, ie, a wife an or kids
Dont buy one as an investment or to save on rent
resale is very difficult cause they are building so many all the time
I built a house, as its for the wife when she gets old an i'm gone
- rogerrabbit
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Not much public data available. I have been gathering data for few years. Start to be pretty comprehensive database now. I might release it some point.nerdlinger wrote: ↑Wed Dec 21, 2022 8:12 pmDoes anyone have any numbers on the resale market? I get that there’s a lot of competition with new builds pushing it down a little, but overall property prices have been going up yeah?
But yes, in central locations the prices have gone up. Re-sales are possible. But if you buy wrong location, it can be really difficult to get rid off it. Prices appreciated especially in Russian market, BKK1 and Tonle Bassac area.
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If you have a significant other and/or children buying makes sense. Always nice to leave your kids something, not a condo though, housing would be better.
Do I get the pint .gif?
Do I get the pint .gif?
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