Is buying a house probable

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atst
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Re: Is buying a house probable

Post by atst »

The only worries is years later if you break up everything belongs to your lovely wife and you walk away alot older and with nothing, don't know if I'd put all my eggs into my girlfriend's/wife's basket over here.
I'm standing up, so I must be straight.
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
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armchairlawyer
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Re: Is buying a house probable

Post by armchairlawyer »

Khmu Nation wrote: Tue Oct 06, 2020 7:52 am It depends what your parameters are of 'a good life' or 'a decent upbringing'.

I have a 5 month old son and, under no circumstances, would I return to the UK to rear him. Even if the choice was I move to the farthest reaches of the country with him and his mother, two days away from a road, up in the mountains with the only electric being hand wound generators or going back to England and moving into some drab suburban rain soaked hell and have him end up in a school with a bunch of cultural Marxist teachers where they cant play conkers and various boys use the girls kasi cos they are non binary.

Each to their own though.

I am in a similar position to the OP - but I was fortunate enough to have some savings and some family assistance to buy some land. The money arrived by SWIFT yesterday in fact. Quite daunting as I now have zero financial link to England as I have emptied all my bank accounts. But having a son has, rather than make me think about going home, 100% committed me to living here for a minimum of 20 years.

Without family help I could still have bought land but it would have been about 45mins + out of town. I suggest you look further afield for land as it gets very cheap out of the city. I also could have secured a bank loan but the interest rates are horrendous. But still better than paying rent.

Just do it.

By any means necessary.

Good luck.
I love this comment, it shows passion and commitment.
But I would tinge it with a soupcon of caution.
I don't agree that it is a good idea to take out any high rate of interest loan, not under any circumstances.
And, you must plan an exit route, you cannot assume that living here is always going to be a viable option.
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Kammekor
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Re: Is buying a house probable

Post by Kammekor »

OP, I assume your kid is just a few months old, so you still have time. As @Lonestar said bringing up a kid the Cambodian way can be pretty cheap, but that's until you need education. Mine started at the age of 3.5 years. Education will cost about a month of your teacher's salary - in the province. Double or more in capital.
And that's not decent education. besides paying that money I homeschool my kid every day to fill the gaps, learn some critical thinking skills and teach our mothertongue. The rest of the World can teach 'm Khmer.

If I were you....
  • I arranged a passport for my kid asap, and a foreign passport just after that. No matter the cost, arrange it.
  • I'd speak my language to my kid from the day of birth, read stories in my language, watch TV / Youtube in my language etc etc. Make an effort and the second language will be acquired pretty easily.
  • I'd consider moving to a provincial capital. Buying land just outside them is much cheaper, and a small house will set you back 20-30k. Don't believe the stories about nice houses being built for scratch. Those days have gone. Even in Ratanakiri wood goes for more than 350 USD per m3 now (used to be under 200 USD) and all building materials have become more expensive, so did land. In fact, you're a bit late to the party.
  • I'd really give the 'going back to develop a good thought. The fact you use the word 'probable' in the subject shows your English isn't that great, and once your employer finds out they might replace you and then what?
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Bitte_Kein_Lexus
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Re: Is buying a house probable

Post by Bitte_Kein_Lexus »

armchairlawyer wrote: Tue Oct 06, 2020 7:18 am The best way to get a house is to build one on land that your wife already owns in the province. A nice house would cost about $20k. If you have to buy land, it won't cost much. You can build it slowly as the money comes in.
If you mean PP, I don't recommend it. Prices are too high atm and interest rates on loans are too high. If you still go ahead, buy an apartment in a shop house, but make sure it's a bargain. Anything you buy will be in your wife's name and you will lose it if you split. Don't buy a condo
First thing I would do is get a passport for your child from your home country
That's nice and dandy if you're retired, but doesn't help the OP one bit. No one wants to live an hour and a half out of town if they work in the city.



As to the OP, I'm exactly in your shoes (sort of) and yes, I would buy if I were you. If you plan on staying a while and raising your child here, then it'll help you tenfold. I bought on a whim here around 9-10 years ago after only a year here, and since then have bought/sold numerous times. My (just recently married) wife and I just purchased what we hope will be our dream house for the foreseeable future as we plan on getting children soon (well, let's start with one...). Even if you eventually move the whole family back to your country of origin, a house here can be sold/rented etc. It's an asset... We have a mortgage (first time for me), so could help guide you through the process.

A few questions to help me/us guide you:
1-Are you guys legally married?
2-What's your "average" salary? Some teachers think $700 is average, others think $3500 is average.
3-Do you have any savings (either here or abroad)?
4-How much are you able to "save" monthly? Again, some people make 8k/month and save nothing, and some make $1500 and can save $500...
5-Does your wife work or not? Does she have any assets in her name or that could be transferred to her name?
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beaker
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Re: Is buying a house probable

Post by beaker »

phuketrichard wrote: Tue Oct 06, 2020 7:40 am this
First thing I would do is get a passport for your child from your home country
Seen houses (6x8) for around $15,000. but than u need furnish it so another $3,000-5,000 min.
Where in PP have you seen houses (6x8) for around $15,000. ? I have been looking and can't even find land for twice that price.
"i'm the one who has to die, when it's time for me to die, so let me live my life the way i want to"
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armchairlawyer
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Re: Is buying a house probable

Post by armchairlawyer »

Bitte_Kein_Lexus wrote: Tue Oct 06, 2020 12:04 pm
armchairlawyer wrote: Tue Oct 06, 2020 7:18 am The best way to get a house is to build one on land that your wife already owns in the province. A nice house would cost about $20k. If you have to buy land, it won't cost much. You can build it slowly as the money comes in.
If you mean PP, I don't recommend it. Prices are too high atm and interest rates on loans are too high. If you still go ahead, buy an apartment in a shop house, but make sure it's a bargain. Anything you buy will be in your wife's name and you will lose it if you split. Don't buy a condo
First thing I would do is get a passport for your child from your home country
That's nice and dandy if you're retired, but doesn't help the OP one bit. No one wants to live an hour and a half out of town if they work in the city.
Er, I did also talk about buying in PP. Another poster made a good point about buying near a provincial city.
Well done on your success in the real estate market but do consider that you have been lucky with your timing.
Someone buying now could be looking at falling prices for a while, since they are overpriced already and there will be negative economic growth for a while. Being saddled with a high interest rate loan in this climate could be a recipe for disaster.
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Bitte_Kein_Lexus
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Re: Is buying a house probable

Post by Bitte_Kein_Lexus »

The guy stated he's a teacher in the city, and specifically asked whether it would be possible to buy on his teacher's salary. Unless he decides to raise chickens or something, I don't see how buying outside of Takeo or whatever is going to be of much help. I'm assuming he doesn't want to reinvent himself at this stage. We all know prices are cheaper in the countryside, but for many, earning a decent living out there is nearly impossible and requires a lot of readjustment. That being said, there are schools in Siem Reap, Kampot, SIhanoukville and the likes, but his salary would likely plunge (as would educational opportunities for his child, depending on where).

We actually bought right before Covid and I don't really mind tbh. If I were to sell tomorrow I'd likely still make money or at the very least break even. Now is actually a good time to buy, lots of stuff available and decent prices if you know where to look. It all boils down to what one can afford of course, but I've always been bullish about property here so it's not really "timing". Loans are also possible, but that's a whole other thing. That's why it's best to know more specifics from the OP and what he actually wants.
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epidemiks
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Re: Is buying a house probable

Post by epidemiks »

Two bedroom shophouses can be bought in Chhbar Ampov for < $60K. $12k down and <$500/m on a 15 year mortgage.
Apartments around Daun Penh can still be had <$40K. $8K down and <$400/m on a 10 year mortgage.
Being legally married is probably important to banks, but some lenders may not care.
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timmydownawell
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Re: Is buying a house probable

Post by timmydownawell »

epidemiks wrote: Tue Oct 06, 2020 12:54 pm Apartments around Daun Penh can still be had <$40K. $8K down and <$400/m on a 10 year mortgage.
Yes the people on E3 in my building near Phsar Chas are trying to sell for $35k. Obviously in "original" condition. These kinds of places are unlikely to be listed online anywhere, just a sign on front ...or in the stairwell (where nobody is likely to see it).
You must walk in traffic to cross the road - Cambodian proverb
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phuketrichard
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Re: Is buying a house probable

Post by phuketrichard »

Kammekor wrote: Tue Oct 06, 2020 8:05 am OP, I assume your kid is just a few months old, so you still have time. As @Lonestar said bringing up a kid the Cambodian way can be pretty cheap, but that's until you need education. Mine started at the age of 3.5 years. Education will cost about a month of your teacher's salary - in the province. Double or more in capital.
And that's not decent education. besides paying that money I homeschool my kid every day to fill the gaps, learn some critical thinking skills and teach our mothertongue. The rest of the World can teach 'm Khmer.

If I were you....
  • I arranged a passport for my kid asap, and a foreign passport just after that. No matter the cost, arrange it.
  • I'd speak my language to my kid from the day of birth, read stories in my language, watch TV / Youtube in my language etc etc. Make an effort and the second language will be acquired pretty easily.
  • I'd consider moving to a provincial capital. Buying land just outside them is much cheaper, and a small house will set you back 20-30k. Don't believe the stories about nice houses being built for scratch. Those days have gone. Even in Ratanakiri wood goes for more than 350 USD per m3 now (used to be under 200 USD) and all building materials have become more expensive, so did land. In fact, you're a bit late to the party.
  • I'd really give the 'going back to develop a good thought. The fact you use the word 'probable' in the subject shows your English isn't that great, and once your employer finds out they might replace you and then what?
1..... priority is establish ur child's Foreign passport Today as others have said
2. make sure ur not just on the bc, but are legally the child's dad

Than you have time, place him/her in a local school
but after a few years in a local school, or a bilingual, (should be able in most areas find one for $100-200/month)
you need to decide.
do you want ur kid to remain in Cambodia?
if not, ur looking at an international school from the 4th grade ( 10 years old or so) on to 12 at a cost of $1,000++/month>

Than if you send her/him to ur country, is university free? For me, sending my daughter to a university in Ca , even thou i still retained residency she had to establish her own so her first year was $35,000. than it dropped to $7,500 once she had residency.
Kids aren't cheap if you want the best for them.
Not saying they wont get a good/adequate education at the local level but....
ur child's education is the best gift you can give them for a future

Another option to a international school is moving back to your country when he/she turns 9-10 ( but make sure they speak ur language) or think about your parents taking ur child on for 10 months/year.

DONT buy land/build a home unless you have $$$$$> dont rely on ur salary to pay off any loans,( things can change as we have seen this year) to dam fast..
IF you do have enough cash to build the home on ur wife's land or land you buy, ( you can't own it) make sure you have a legal agreement giving you at least a 30 year rental at $xxx/year.

I've owned 2 homes, ( 1 in Ca and 1 in Phuket) and just recently brought more land with a house in Kep, they were all the right thing to do at the right time .

Best of luck
In a nation run by swine, all pigs are upward-mobile and the rest of us are fucked until we can put our acts together: not necessarily to win, but mainly to keep from losing completely. HST
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