#ForeignBuyers Whether you have visited Cambodia a few times or have lived here for a while, one cannot help but to be impressed with the phenomenal economic growth that is occurring. Construction is everywhere, on every street that crisscrosses our town. It’s only natural that you may want to participate in this growth by investing in a home in which to live or to rent out as an investment to the burgeoning number of international travelers. It is also quite natural, once the initial excitement of this investment opportunity wears off, to be a little apprehensive, not knowing the ropes, so to speak of a new country, new people and a new economy. It makes sense, therefore, to seek the assistance of a local real estate professional to guide you through your first real estate purchase.
Related: Home Buyer’s Guide: Steps to Buying a Home in Cambodia
While every first-time real estate purchase is different, there are a few characteristics that they all have in common. Every new and prospective real estate investor should consider the following guidelines before making a decision on buying a piece of property.
Working with a Realtor
Buying a property may be the largest single investment that most people make and having a knowledgeable and experienced realtor on your side can be of great assistance. A good broker knows the local market like the back of his/her hand and can save you countless hours going to and from properties that may not suit your individual requirements or that you are unqualified to purchase. An experienced realtor also knows mortgage brokers that they can refer you to. This will allow you to shop around and compare interest rates and monthly payment terms so that you will know exactly how much you will be paying every month. Another reason to secure the assistance of a good realtor is that he/she will be thoroughly knowledgeable of Cambodian real estate law and keep abreast of any changes to them.
Read also: The Nominee Structure for Foreign Buyers – How Does it Work?
What Type of Lifestyle are you Looking For?
Have an idea of the type of lifestyle you are looking for. The real estate options here are as varied as in any country and you should know beforehand the type of property you are looking for. The three basic categories of properties are city, town, or rural. City properties include condominiums, apartment buildings, and townhouses. Town properties are usually more spread out and may include a small piece of land. Rural properties can be large homes on large tracts of land that could be useful for farming or simply giving your family a sense of privacy.
See also: City Living: Finding your New Address in Cambodia
Recommendations for your personal satisfaction
Having taken the time to listen to your needs and desires, your realtor can make recommendations as to where she thinks you may be the happiest living. In explaining his/her reasons for recommending a particular type of property in a particular community, your realtor will demonstrate how intensely he/she has listened to your needs. Whether you are a single person, married with a young family, or a retired single expatriate or couple, your local realtor can explain to you and show you property where she thinks you may be the happiest living.
Related: Relocation Guide: 10 Things to Consider When Moving to the Kingdom of Wonder
So rather than go at it alone, why not give our team at IPS a call! We will gladly assist you in helping you make the right investment choices in Cambodia real estate!
