Buying or renting a Cambodian real estate property is a big decision to make. When you buy a real state property in Cambodia, it requires a hefty investment and is a one-time opportunity for most people. When you rent a Cambodian property, you can change it if you do not like the one you chose, but it will take a lot of time to shift to another property, and the cost of shifting is also high, and in case you have signed a lease then you might lose some money there too. That is why we say mull over before taking any decision. We know it is hard to decide which property is perfect for you, but there are a few factors that can help you decide between various properties you like.
Five Factors To Consider While Buying or Renting a Property In Cambodia.
There are five factors that you should factor in before finalizing a real estate property in Cambodia. Considering the following factors will help you make a quick rational decision.
1. Compare Similar Properties: Location, Beds, Baths, and More.
Always compare similar properties for the correct analysis. For that, you will have to determine the properties most similar to each other in location, size, structure, and more.
Location is by far the most critical factor. The prices of properties fluctuate according to the area. As your search area extends, property prices will fluctuate and make it harder to compare two similar properties. Like BKK1, Chroy Changva, Russian Market/Tuol Tom Pong are posh areas with comparatively higher prices than BKK2, BKK3, Greater Phnom Penh, and Toul Kork. So if you want to compare two properties, make sure their areas are the same.
Here are the other vital factors to consider when selecting properties for comparison intents:
- The number of bedrooms should be the same, and if, in any case, you compare properties with a different number of rooms, then it should be not more than up or down by one.
- It is the same rule for the number of bathrooms as for bedrooms.
- For a better comparison of properties, compare the properties built within the five-year range of each other.
- The condition of the property also affects the price. A property with good maintenance and functional systems would be expensive. So, compare the properties with similar overall conditions.
You can compare the property with cosmetic updates and added amenities like a pool with a property that doesn’t have one, but you should keep in mind that there will be a big difference in the price. A well-maintained in-ground pool could increase the property’s value by up to 7%.
2. Compare Properties on The Basis Of Size.
The square footage of your home is a significant factor when comparing between two properties. One should compare the square footage both inside and outside the house.
It is better to compare a property with similar square footage, but if you are comparing a property of a different square foot, remember to factor in the price difference.
3. Compare on The Basis Of Neighborhood
You should also compare properties on the basis of the neighborhood.
Even if the property you are comparing is the same as other property, with one property backed up to a waste facility, then the price of that property will be less than the others. When comparing properties, weigh in everything that surrounds the property.
Factor in all the external factors you can’t control, like an airport, interstate, or railroad tracks.
Some external factors that could decrease property value are:
- Airport, train tracks, stadium, etc., any loud facilities in the proximity could decrease the value of your property.
- The toxic waste facility, shooting range, registered offenders, fracking, etc., properties near any safety threats also reduce their value.
- A property in an undesirable school district also affects the value.
- A property surrounded by negative billboards or storefronts can also affect the value.
- Noisy neighbors
On the other hand, some location factors increase a property value:
- Properties near parks or green outdoor areas increase their worth.
- A property with grocery stores and restaurants within walking distance is also a plus.
- Properties on posh streets are a significant factor in determining the property’s value.
- Properties within good school districts add to their value.
- Properties that are close to interstate or public transportation but not close enough to hear or see it are considered better.
4. Compare Properties on The Basis Of Distance
It would be best if you compare properties on the basis of distance from your work, kids’ school, and other places you go to daily. The property near those places will be a better suit for you even though it’s a bit high in rates than the other one.
5. Compare The Quality Of Fittings and Amenities Used
When comparing two properties, one should consider the quality of the fitting used and the amenities provided. A property with low-quality fitting will frequently keep a hole in your pockets for maintenance purposes.
Sturdy construction is also the most significant factor when buying a property, and to be sure of the quality construction, go with trustworthy realtors.
Best Real Estate Agent In Cambodia- IPS
Independent Property Services (IPS) is the most reliable real estate company in Cambodia. IPS has been successfully running since 2009 and now has offices in Phnom Penh and Siem Reap. IPS not only understands the value of the properties but also understands the client’s requirement and shows them properties accordingly.
The agents at IPS are a highly skilled team of local and international staff with extensive experience in international and Cambodian real estate. They are determined to source suitable properties with sturdy construction for you at the best affordable prices. They have strong local connections and knowledge, which comes in handy when catering your every minor task. Agents at IPS speak several languages, including English, French, Filipino, Vietnamese, and Khmer, which is a plus for ex-pats. They believe in transparent dealings and do not hide any information from you and nor do they charge any hidden fees. If you are an ex-pat or a local, you do not have to worry about renting or buying the wrong place with IPS.
Take Away From The Blog
There are numerous factors to contemplate when comparing properties. For the correct analysis, you should always compare properties with similar square footage, the number of bedrooms, the same area, neighborhood, etc. If you want to buy or rent a property in Phnom Penh and Siem Reap, then IPS-Cambodia is the best real estate company for you.