3 Things You Need To Know Before Investing In Your First Condo

In the past 20 years, Cambodia has experienced substantial economic growth of about 7% per year. Even though the pandemic has negatively impacted the economy last year, the World Bank predicted that Cambodia’s economy will still grow by 4% in 2021 - a positive figure which many countries can only dream of. Factoring this with the constantly increasing population of Phnom Penh, you will see why the urban city receives a significant amount of real estate investment, proven by the influx of foreign direct investment into private large-scale housing and other development programs. The growing city and new real estate investments resulted in the increase of interests towards investing and living in condominiums. If you desire the modern lifestyle that a city center can offer, a condominium is the right choice for you. Then picking the right condo with a potential return on investment is absolutely important. This article can help provide you with the needed information to make an informed and smart decision. Here are some mandatory things you need to consider when selecting your future home:

1. Location 

Most condominiums are located in the heart of the city that are surrounded by all sorts of commercial areas. From entertainment to business districts packed with electric shopping malls, theaters, luscious green parks, abundant restaurants and enticing cultural centers - mostly within a few minutes walk. Commuting to work or to school will become a lot quicker and a lesser worry.The late Lord Harold Samuel - a real estate tycoon in Britain once said “Location, location, location”. When investing in real estate, location is the most important deciding factor. The same goes for condo, selecting a location within an urban development plan or an infrastructure development will yield a high return-on-investment.

2. Compare the Price 

For the comparing the price is super important form one place to another ,maxi-mac you should at least 3 to 4 places before processing by asking your friends , ask your coworker , ask someone who expect at real estate or agency for help. Or you can check by internet .

3. Personal Finance 

The first step of financing your first condo involves calculating the down payment and closing cost (typically with only 4% of the property cost). . As a rule of thumb, the more down payment which you can pay, the less interest you’re going to pay in the long run. Thus, the best choice to make for our condo investment plan to be most fruitful, is to always finish all the installment payments as soon as possible.

One of the main differences between condominiums and single-family homes is the fact that condos have the ability to foster a health-friendly community for everyone in the compound. Therefore, in order to maintain the desirable quality and standard of living, every owner is required to pay the association fees which will cover the security service and all the maintenance such as lobbies, elevators, swimming pools, landscaping, garbage disposal, sewage control and more.Association fees also vary depending on the amenities that the condominium provides. This means more amenities equal higher association fees. The options could range from gym, to outdoor garden, rooftop deck, artful open spaces, and even entertaining units (party room).

All in all, buying your first home is an exciting milestone and a worthwhile investment with proper guidance. When buying your first condominium, always remember to factor in your ideal lifestyle, the condo’s location and your daily routine, alongside with the potential return on investment, your budget plan, CC&R and how much association fees you get to pay.