How to buy a flat

[Apollo91881]

Hi!

I‘m going apartment hunting early August, but also want to consider buying a place.

Does anyone have any pointers on how to look and what to look for? I saw the post about Mekong Gardens but it’s a little further north than we are shooting for. Maybe something around central market.

I get a lump sum annual housing allowance as part of my expat package and would like to use it for equity rather than just rent.

Thanks in advance

[whatwat]

Whatwat is your budget?

[Apollo91881]

$300k I suppose. Depends on how much down is required.

[armchairlawyer]

FYI, https://www.khmertimeskh.com/50735631/r ... versupply/

[Doc67]

It will be a good time to buy as long as you keep your powder dry for a while. In a rising market prices are always well lubricated and in a falling market the are always sticky.

Any asking price should be viewed with a 30%+ discount in mind. You might have to suffer rejection after rejection, but sooner or later you will find the desperate seller.

Good luck.

p.s. you mention "how much down". Are you planning to get a mortgage? How easy is that for a foreigner in KOW?

[Duncan]

The two biggest problems when buying a flat is most of them have soft titles. In other words a bit of paper that say you bought it , not that you own it. The second is as a foreigner it cannot be put in your name and if you have it put in someone else name you have no control over what happens to it. Yep, I'm speaking from experience of losing two and still have the original soft title of one and the copy of the other. Total price for both in 2004 was $6,000, so it was just beer money lost.

On the other side , in 2007, I did buy a second floor flat on street 102 , a stones throw from the PO , for $16,000 and sold it 15 months later for $21,000 , A profit of around $10 for every day I owned it, which was better than paying rent.

There are going to be a few bargains in the near future, just do your homework first.

[whatwat]

The two biggest problems when buying a flat is most of them have soft titles. In other words a bit of paper that say you bought it , not that you own it. The second is as a foreigner it cannot be put in your name and if you have it put in someone else name you have no control over what happens to it. Yep, I'm speaking from experience of losing two and still have the original soft title of one and the copy of the other. Total price for both in 2004 was $6,000, so it was just beer money lost.

On the other side , in 2007, I did buy a second floor flat on street 102 , a stones throw from the PO , for $16,000 and sold it 15 months later for $21,000 , A profit of around $10 for every day I owned it, which was better than paying rent.

There are going to be a few bargains in the near future, just do your homework first.

Strata titles are not the same as soft titles.
Things are different from 2006 and you can put it into your name.

[Duncan]

The two biggest problems when buying a flat is most of them have soft titles. In other words a bit of paper that say you bought it , not that you own it. The second is as a foreigner it cannot be put in your name and if you have it put in someone else name you have no control over what happens to it. Yep, I'm speaking from experience of losing two and still have the original soft title of one and the copy of the other. Total price for both in 2004 was $6,000, so it was just beer money lost.

On the other side , in 2007, I did buy a second floor flat on street 102 , a stones throw from the PO , for $16,000 and sold it 15 months later for $21,000 , A profit of around $10 for every day I owned it, which was better than paying rent.

There are going to be a few bargains in the near future, just do your homework first.

Strata titles are not the same as soft titles.
Things are different from 2006 and you can put it into your name.

Condo's if strata titled you can put it into your name.

Flats , as in the inner PP city are not Strata titled where you as a foreigner can have under your name.

[whatwat]

The two biggest problems when buying a flat is most of them have soft titles. In other words a bit of paper that say you bought it , not that you own it. The second is as a foreigner it cannot be put in your name and if you have it put in someone else name you have no control over what happens to it. Yep, I'm speaking from experience of losing two and still have the original soft title of one and the copy of the other. Total price for both in 2004 was $6,000, so it was just beer money lost.

On the other side , in 2007, I did buy a second floor flat on street 102 , a stones throw from the PO , for $16,000 and sold it 15 months later for $21,000 , A profit of around $10 for every day I owned it, which was better than paying rent.

There are going to be a few bargains in the near future, just do your homework first.

Strata titles are not the same as soft titles.
Things are different from 2006 and you can put it into your name.

Condo's if strata titled you can put it into your name.

Flats , as in the inner PP city are not Strata titled where you as a foreigner can have under your name.

Oh I see. Bit confused over the term flat!