Need advice on buying Borey unit in Cambodia
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Re: Need advice on buying Borei uni
You paid $8000 for a roof? Tiles? Or really big one? We built roof for our typical 7mx10m borey style flat house for $2000 few years ago.Tootsfriend wrote: ↑Sat Jul 02, 2022 3:29 pmIt costs about $8,000 to $10,000 to build a roof over the top of that flat roof, which then becomes a floor and gives you space for a play area for kids yourself or for hanging laundry. Also keeps the sun off the floor/roof. Well that's what I did with ours.Freightdog wrote: ↑Sat Jul 02, 2022 2:34 pm I’ve little to add, but we looked at a couple.
One in particular stands out as it was torrential rain at the time. We couldn’t hold a conversation, it was that loud.
The flat roof concept was a big red flag. The water was not able to fully run off without a broom, and there was evidence that some rainwater was leaking back inside once the water got to a certain level. It was a new new build. I’d expect degraded crumbling walls within a short time.
I only went to look as the other half saw glossy artist impressions of how nice it was. I’ll not be looking again. I know the Khmer are very good at ignoring the incessant noise from just about everything, but I’m not.
Actually, I will add something.
I bought two pieces of land in our little section of the province. All in, about $10,000. The smaller piece is the same size as a piece of land the other half’s sister has, and she just had a place built for about $20,000. It’s shockingly designed, with a lot of wasted space.
With truck loads of soil/dirt brought in to raise the ground level , I think they have a very large house for around $25~30K.
With a brick outhouse.
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Re: Need advice on buying Borei uni
Oh, sorry, that included walls and tiles and extras. I think the roof was about $,2,000 for 4 X 20 mrogerrabbit wrote: ↑Sat Jul 02, 2022 3:44 pmYou paid $8000 for a roof? Tiles? Or really big one? We built roof for our typical 7mx10m borey style flat house for $2000 few years ago.Tootsfriend wrote: ↑Sat Jul 02, 2022 3:29 pmIt costs about $8,000 to $10,000 to build a roof over the top of that flat roof, which then becomes a floor and gives you space for a play area for kids yourself or for hanging laundry. Also keeps the sun off the floor/roof. Well that's what I did with ours.Freightdog wrote: ↑Sat Jul 02, 2022 2:34 pm I’ve little to add, but we looked at a couple.
One in particular stands out as it was torrential rain at the time. We couldn’t hold a conversation, it was that loud.
The flat roof concept was a big red flag. The water was not able to fully run off without a broom, and there was evidence that some rainwater was leaking back inside once the water got to a certain level. It was a new new build. I’d expect degraded crumbling walls within a short time.
I only went to look as the other half saw glossy artist impressions of how nice it was. I’ll not be looking again. I know the Khmer are very good at ignoring the incessant noise from just about everything, but I’m not.
Actually, I will add something.
I bought two pieces of land in our little section of the province. All in, about $10,000. The smaller piece is the same size as a piece of land the other half’s sister has, and she just had a place built for about $20,000. It’s shockingly designed, with a lot of wasted space.
With truck loads of soil/dirt brought in to raise the ground level , I think they have a very large house for around $25~30K.
With a brick outhouse.
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Re: Need advice on buying Borei uni
Thanks for this input... very interesting; much appreciated.Freightdog wrote: ↑Sat Jul 02, 2022 2:34 pm I’ve little to add, but we looked at a couple.
One in particular stands out as it was torrential rain at the time. We couldn’t hold a conversation, it was that loud.
The flat roof concept was a big red flag. The water was not able to fully run off without a broom, and there was evidence that some rainwater was leaking back inside once the water got to a certain level. It was a new new build. I’d expect degraded crumbling walls within a short time.
I only went to look as the other half saw glossy artist impressions of how nice it was. I’ll not be looking again. I know the Khmer are very good at ignoring the incessant noise from just about everything, but I’m not.
Actually, I will add something.
I bought two pieces of land in our little section of the province. All in, about $10,000. The smaller piece is the same size as a piece of land the other half’s sister has, and she just had a place built for about $20,000. It’s shockingly designed, with a lot of wasted space.
With truck loads of soil/dirt brought in to raise the ground level , I think they have a very large house for around $25~30K.
With a brick outhouse.
Re: Need advice on buying Borei uni
Assuming the construction can carry it.Tootsfriend wrote: ↑Sat Jul 02, 2022 3:29 pmIt costs about $8,000 to $10,000 to build a roof over the top of that flat roof, which then becomes a floor and gives you space for a play area for kids yourself or for hanging laundry. Also keeps the sun off the floor/roof. Well that's what I did with ours.Freightdog wrote: ↑Sat Jul 02, 2022 2:34 pm I’ve little to add, but we looked at a couple.
One in particular stands out as it was torrential rain at the time. We couldn’t hold a conversation, it was that loud.
The flat roof concept was a big red flag. The water was not able to fully run off without a broom, and there was evidence that some rainwater was leaking back inside once the water got to a certain level. It was a new new build. I’d expect degraded crumbling walls within a short time.
I only went to look as the other half saw glossy artist impressions of how nice it was. I’ll not be looking again. I know the Khmer are very good at ignoring the incessant noise from just about everything, but I’m not.
Actually, I will add something.
I bought two pieces of land in our little section of the province. All in, about $10,000. The smaller piece is the same size as a piece of land the other half’s sister has, and she just had a place built for about $20,000. It’s shockingly designed, with a lot of wasted space.
With truck loads of soil/dirt brought in to raise the ground level , I think they have a very large house for around $25~30K.
With a brick outhouse.
I've walked through quite a few new boreys and I've been shocked by what they look like after even three years. Fading colors, clearly visible cracks everywhere, stains of rusty iron. The houses look like ovens to be honest. I am sure most walls are single brck only, double bricked walls are way cooler. The windows often like like they won't keep the water out during a windy downpoor and most doors have a bad design allowing rainwater to flow into the house. The ground floor slab often isn't there, it's just filled up with sand. The first and second floor concrete slabs often are just 7-8 cm thick, with a single layer of steel. That's half of what decent construction demands.
Add to that, boreys are very, very cramped imho. Hardly any space around the house, and the space that's there is taken up by parked cars. It's not for me.
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Re: Need advice on buying Borei unit
PSD-Kiwi wrote: ↑Sat Jul 02, 2022 4:48 pm
Reference the hard title, many borey developments don't actually subdivide the land and get the individual hard titles for each plot until the development is completed, which can be risky. Also note that if you purchase it on a payment plan, you won't get the hard title until you've paid it off.
Post by rogerrabbit » Sat Jul 02, 2022 4:30 pm
- Only buy a house with a hard title.
- Property tax is a thing if your propety value is more than $25000. If I remember right currently its 0,1% of the value of the property annually.
As mentioned by others, and if you want to sell the property you will need the Hard Title, and you must show a receipt showing you have paid the Property Tax. To do that you must Register the property by showing the Hard Title ,, and ID / Berth Cert / ? at the Tax Department.
There is a chicken and egg situation involved , No Hard Title , cannot register / pay Property Tax. No Property Tax paid and you will come to a dead end.
My family has been to both the Land Title Office and Tax Department 3 times now and have given up.
Reference the hard title, many borey developments don't actually subdivide the land and get the individual hard titles for each plot until the development is completed, which can be risky. Also note that if you purchase it on a payment plan, you won't get the hard title until you've paid it off.
Post by rogerrabbit » Sat Jul 02, 2022 4:30 pm
- Only buy a house with a hard title.
- Property tax is a thing if your propety value is more than $25000. If I remember right currently its 0,1% of the value of the property annually.
As mentioned by others, and if you want to sell the property you will need the Hard Title, and you must show a receipt showing you have paid the Property Tax. To do that you must Register the property by showing the Hard Title ,, and ID / Berth Cert / ? at the Tax Department.
There is a chicken and egg situation involved , No Hard Title , cannot register / pay Property Tax. No Property Tax paid and you will come to a dead end.
My family has been to both the Land Title Office and Tax Department 3 times now and have given up.
Re: Need advice on buying Borei unit
I think the point in hard title is an important one. There was a story a few years ago where a developer sold off borey units then used the hard title for the land as collateral to start the next project. The next project failed and the bank took back the land from under the people who has paid the developer. There was talk of new laws after that but not sure what happened.
That said I own 2 shop houses in borey's on road 60m (chip mong and peng huoth) and I dont see a problem with the reputable companies. I am in the process of selling both and had to find new buyers ourselves.
With regard to bank loans, I got a loan with the property I was purchasing as collateral for the loan. $375k purchase price, I paid $150k and the bank loaned $225k with the house being purchased as collateral. All the bank cares about is getting its money back if you default so if your deposit is big enough they will be ok
That said I own 2 shop houses in borey's on road 60m (chip mong and peng huoth) and I dont see a problem with the reputable companies. I am in the process of selling both and had to find new buyers ourselves.
With regard to bank loans, I got a loan with the property I was purchasing as collateral for the loan. $375k purchase price, I paid $150k and the bank loaned $225k with the house being purchased as collateral. All the bank cares about is getting its money back if you default so if your deposit is big enough they will be ok
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Re: Need advice on buying Borei unit
Very interesting.. thanks.. and to all the above commentersElement6 wrote: ↑Sun Jul 03, 2022 2:35 am I think the point in hard title is an important one. There was a story a few years ago where a developer sold off borey units then used the hard title for the land as collateral to start the next project. The next project failed and the bank took back the land from under the people who has paid the developer. There was talk of new laws after that but not sure what happened.
That said I own 2 shop houses in borey's on road 60m (chip mong and peng huoth) and I dont see a problem with the reputable companies. I am in the process of selling both and had to find new buyers ourselves.
With regard to bank loans, I got a loan with the property I was purchasing as collateral for the loan. $375k purchase price, I paid $150k and the bank loaned $225k with the house being purchased as collateral. All the bank cares about is getting its money back if you default so if your deposit is big enough they will be ok
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Re: Need advice on buying Borei unit
One thing to consider is the ability to sell the unit. Many of the people buying in are doing so for the same reasons you mention. Financing through the builder is often easier than through the bank. So it is easier to buy a new one than a preowned one.
A friend of mine is trying to sell theirs, and has done cosiderable upgrades to the home, but people are buying the new builds instead. At least half of the purchased units are up for sale, at cost, for years. Many have never been lived in, and others have improvements, but there is no market for the second hand.
She said that during covid, the builder sent out notices offering to refinance units for those who were struggling, and many of her neighbors did just that. So even the builder can see that it is in his best interest to keep people in the property rather than repo and resell.
A friend of mine is trying to sell theirs, and has done cosiderable upgrades to the home, but people are buying the new builds instead. At least half of the purchased units are up for sale, at cost, for years. Many have never been lived in, and others have improvements, but there is no market for the second hand.
She said that during covid, the builder sent out notices offering to refinance units for those who were struggling, and many of her neighbors did just that. So even the builder can see that it is in his best interest to keep people in the property rather than repo and resell.
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Re: Need advice on buying Borei unit
If you enjoy noise pollution and obnoxious driving practices, Phnom Penh is the place for you!
This.
This.
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Re: Need advice on buying Borei unit
Good grief!... Stuff of nightmares for a potential homebuyer... Jesus...
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