Are you interested in purchasing a house? It is important to first ask yourself the simple question, why? You will be successful in purchasing and receiving the advantages that you desire from the house when you have established specific goals in buying a house.
Below are some questions that will analyze your purposes and aid in awakening your desires. Answer the questions below and you may find an answer to the question of, why?
There are two essential purposes when an individual considers buying a house. It can be for living purposes, or business purposes. Below are very initial questions that we can consider briefly with regard to these purposes.
Q: How large is your family?
Is it an internal family or an external family? The easiest way to establish the size of your family is by counting them all. The size of the desired house should perfectly match with your members and the conditions that you want. You may wish to consider the points below:
- Use full capacity: In each house you should have a living room, a kitchen, at least one bathroom, bedroom(s), a balcony, garden etc. It is best to utilize your house at its full capacity. For example, if your family of three wants one bedroom each then you should look to have 3 bedrooms, or if you can share one bedroom for two people then have 3 bedrooms for 6 family members, and so on.
Q: What condition would you like the house to be in?
Establishing the condition of a house can be broad and vague, but let us narrow it down for you with context to Cambodia. In Cambodia, house conditions can be distinguished by determining whether it is brand new, old or constructed.
- Old: For instance, apartments and flats in the city center along Monivong Blvd, near Kandal market or French style houses located commonly in provinces like Kampong Cham, Kampot and Battambang ect.
- Brand New: Houses in developing zones like Phnom Penh Thmey, Posen Chey or in any Borey (private compound) due to the fact that most of these houses are built after 2000 up to the present day.
- Constructed: Some individuals prefer to build their own house according to their own preferences regarding design and conditions.
Q: How long do you plan to live there?
You should ask yourself if you would like to settle down or if you plan to move around frequently. If you expect to live in the space long term, it is important to select your most preferred location to avoid future regret in your decision. If you tend to move around frequently, you can be more flexible in deciding where you would like to live.
Q: What type of neighborhood environment do you like?
The environment of a neighborhood refers to the atmosphere around your house. Some neighborhoods are very busy, either as a result of traffic, kids/teenagers, businesses in the vicinity such as grocery stores, cafés, shops and so on. However, it can be enjoyable and convenient for some individuals to be in a busy and fruitful location. Some neighborhoods are very quiet due to a lack of the factors mentioned above, typically the further away you move from the city, the quieter it becomes.
Q: What is the travel distance between the house and your office/school/etc.?
Whether you live in a city or a province, you should consider the distance between your house and the locations you engage with every day such as your workplace, your kids school or markets and grocery stores. It may be fine to live relatively far from these places if you live in a province or a location that is not busy, however it would be best that you live near these locations you frequent if you live in a city or a busy district.
Q: What is the security and safety like?
You can check with the local authorities or ask your neighbors regarding the security and general safety of your area. To further inform yourself you may wish to observe the area late at night to determine the overall safety of your location.
Type of Home:
Q: What type of home would you like to live in?
A Villa? Condo? Apartment? House?
If you would like a simple home with a small number of members (such as a small family) you can choose to live in an apartment, which is perfect for those who enjoy living and engaging in the heart of a city. A villa would provide you a better look and aesthetic of a home, generally speaking. However when you become a little older and prefer a large space to take a deep breath or some space to grow a brightly colored garden, you may wish to choose a house either located in the urban or country side area.
Q: What’s your expected price of the house?
We always want the lowest price possible when we purchase goods and services, but this is not always the case. It is important to be realistic about the price we expect.
Q: What is the current market price?
You can check the current market price of house by checking the price of similar houses around the area or areas in similar condition.
Q: How much money do you have in hand?
No matter how much money you have, you need to establish a budget plan to avoid hitting any obstacles.
Q: How would you like to pay? A pay off? In installments?
If you have enough money in hand and you do not wish to pay the interest then you can do a pay off. Paying in installments is necessary for individuals who cannot afford to do a pay off.
Q: What is your income statement?
Your income statement(s) are important because you need to know if you can still afford your living expenses after you have paid the installment for your house. You can consult with our credit consultants located in various cities across Cambodia.
Q: Which financial institutions you may wish to consider?
Some houses, for instance like Boreys (private housing compounds) allow you to pay in installments, or you may seek the help of financial institutions such as banks or microfinance institutions. However if you decide to receive financial assistance from a Borey, there are some points you must consider such as the type of property title, credit of the property developer etc. Some microfinance institutions are specialists in housing loans. You may need to consider which financial institution can provide you with the best service along with appropriate long term installments and an acceptable interest rate.