Is buying a house probable

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Imnotasiain
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Is buying a house probable

Post by Imnotasiain »

I've been in cambo working as a teacher for 3 years straight as of now. The salary was plenty for me to live on myself. I messed around and started a family here while I was at it. Now that I have to provide for a wife and kid as well, I'm less worried about the good ole drinking days and more worried about creating a future for my child. Now as I've said before, I'm on your typical teachers salary. I was curious if there's any other teachers who have attempted to buy a house for their families here (without receiving extra money from back home) and how it's worked out for you. I feel as if I'll never taste a big juicy hamburger again if I go through with this decision.
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Ghostwriter
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Re: Is buying a house probable

Post by Ghostwriter »

Savings + monthly budget Vs location of the future house = timeframe, assuming you will find building might be cheaper than buying...again, depending of the location...

For bricks & woodplanks i guess all the prices are on the forum somewhere already...

I used to buy wooden houses for the wood (to make furniture), a small one was around 3 to 5000$ depending on the wood quality. Enough for a family of three. Say around 8 x 8 meters....
Electric Earth
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Re: Is buying a house probable

Post by Electric Earth »

I'll just start by saying upfront I have no real experience here. But just thinking about it, to make you feel better and boost your confidence - If you've been here teaching for three years, you should be able to pull $1,000/month. Maybe more. Is the wife working? If so, another ~$150 or so?

I lived in Cambodia Totally comfortably, still going out to western restaurants a couple times per week, on ~$500/month. I wouldn't think adding food for a wife and kid would add too much, especially given that your wife should be able to cook dinner for cheaper than I could as an expat who couldn't speak the language. Even if the wife is stay-at-home to take care of the kids, I bet you would still be able to manage some extra cash to put toward the house. Also, look up some youtube videos on cheap, but good western food. You can make things like spaghetti with ground pork, or carbonara for really cheap. Burger - Try sliders with ground pork. With good seasoning, they're delicious and 100% satisfying. There are a few little expenses that you can't get around, like half-way decent cheese is expensive in Cambodia, but you can make a lot of western food for cheap. Beer is cheap here. That will help take a big chunk out of your monthly budget while still letting you feel satisfied and eat good food that you know and love. If you have a steady job, good food, and if your wife loves you the way you need her to, what more do you need in life?

One problem is you can't buy land. Also, when your child gets older, will you want them in a Cambodian school? If they might want to leave Cambodia someday, getting them schooling in your home country would greatly expand their options and income. Just a couple things I'd consider before investing in a house in Cambodia with a small child. I'd try to raise the kid in a higher income country with good education and health care if I could.
Do you think the parents of baby boomers whined so much when the boomers started changing society? And yet the whiney ones like to call young people "snowflakes." Hmm...
mehfisto
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Re: Is buying a house probable

Post by mehfisto »

If you have worked at one place for a bit and you are under 55 (iirc), CIMB may help you

Also try Redbridge Financing

https://www.facebook.com/RedbridgeGroupLTD

While you're at it get decent medical cover for your family, the two go hand in hand
Element6
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Re: Is buying a house probable

Post by Element6 »

I think if you dont have a reasonable lump sum as a deposit then you may struggle or will at least first have to wait the time it takes in order to build that up.

If you already have a reasonable deposit then one of the lower cost bogeys in an up and coming area is probably going to be something to consider as prices can be fairly low (all relative) and many of them offer finance to buyers. In addition the house you buy will be almost ready to occupy without additional renovation costs.

If you do buy in a borey do your due diligence as there are some risks if the developer leverages the title of the bored land as collateral against their ongoing business loans or against future projects.
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atst
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Re: Is buying a house probable

Post by atst »

Save your money go speak to one of the bigger banks about home loans, from there you will have an idea where your at financially to buy, then comes the decision do you put it in your wife's name.
Looking around Phnom Penh getting your kids education business wise over here would be better, there aren't to many back home driving around in $100k cars
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Lonestar
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Re: Is buying a house probable

Post by Lonestar »

Having children is relatively inexpensive here....until it is time for them to start school. You have a window of time in which you could return to your home country and get back in the job market there. If you apply yourself, you may be able to carve out a decent living after a few years of hard work, learning, and advancement. More than 90% of the time, this is the best choice to make for your family.
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armchairlawyer
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Re: Is buying a house probable

Post by armchairlawyer »

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
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phuketrichard
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Re: Is buying a house probable

Post by phuketrichard »

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.
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
Khmu Nation
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Re: Is buying a house probable

Post by Khmu Nation »

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.
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