A lot of single Cambodians do not own a home until they get married. They always think that buying a home/condo is the task that they should do after marriage. They find that their single lives should enjoy what they can earn without caring of paying a loan while they would feel risky to take a home mortgage/loan alone. However, a number of them turn to buy a home/condo when they have sufficient money or they think they could manage a home loan from any financial institutions. There are a few reasons that a single person should decide to buy a home/condo.
1. They want independence
Single persons, especially men, want to buy a home/condo when they feel they do not want to live with their parents anymore. They see that when they own a home/condo they can hang out late at night without disturbing their parents to open the door for them. By nature, they are at the age that they are eager to do everything self-sufficiently.
2. They feel proud
Owning a home/condo in a single life makes them and other people around feel proud of their capability as there are not many people who could do this. This could be strength for them to work harder for more income and success in their life.
3. Feel ownership
When they live in their own home/condo, they will be able design and decorate in which style they prefer in every part of their home. Moreover, they can buy any furniture to install in their own home. In contrast, when they live in a renting room/home, they will not be able to do anything and to how longer they stay, it will still be the property of another person.
4. Start to save more
Quality home/condo is not always cheap! When they need to use a big amount of their own money to purchase or to repay a mortgage/loan, they will commit themselves to spend less on some insignificant things such as new brand of clothes or hanging out at night because they would not want to be in debt for long time at all.
5. Availability of mortgage/loan
They can firstly start to calculate all budgets in their hand to know if it could cover the cost of their dream home/condo. If it could not, they can consider taking a mortgage/loan from any MFIs or banks with proper interest rate and conditions based on their income and work stability.