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Are you interested in purchasing a condominium or condo in Cambodia? A condo, generally known as a condominium, is a building or residential block of flats where individual owners hold individual or different units within a series of other units. Studios, duplexes, freestanding houses, townhouses, low-rise buildings, and’ mixed use’ units or buildings with condos atop workplaces or retail are all examples of condos. They’re either brand new or have been renovated from factories or apartments.
Here you can learn about the benefits of living in condos and what to consider before purchasing the ideal one.
What Differentiates Condos From Freehold Houses?
The usual condo for purchase or open house would be packed with all types of individuals: first-time buyers looking to purchase their first home, investors looking to buy rental units, and individuals wishing to initiate their lives in small accommodations.
The difference between freehold houses and condominiums is that you have your personal unit but shared ownership or control of the common areas, buildings, and land. Your condominium association’s expenses are shared among its members, and significant decisions are being made by a property management company or the board of directors.
What Are The Benefits Of Purchasing A Condominium?
Simple living is the primary reason you must buy a condo in Cambodia. The very first factor is that the property owners hire reputable property firms to oversee their management. Condos are relatively economical, both in terms of influence on taxes and purchase cost, but they also provide a different type of community life that few single-family houses can match, with shared areas, events, amenities, etc. Besides, you can have a relaxing vacation and go for leave after locking your condo door, as it will be safely guarded. The other benefits include:
Living In A Low-Maintenance Environment
The membership of a condo allows you to live in a high amenities area at a low-maintenance cost. You don’t have to worry about maintaining common exteriors walls, gardens, or terraces as the society developers take care of it for very nominal monthly maintenance fees.
Equal Sharing Of Expenses
As per Cambodian state law, a portion of the condo fee is required to be allocated into a reserve fund. For instance, windows and roofing expenses are carefully maintained, through the reserve fund maintained by developers. This reserve fund is an equal contribution from the condo owners to ensure property maintenance.
When you look for condominiums to buy in Cambodia, you may find those condos are more cost-efficient than buying a freehold house. You can easily get financial aid from property developers as a monthly mortgage payment similar to the month’s rent. Besides, the reduced property taxes have made condos an excellent option for houses for first-time purchasers.
Luxurious Amenities and Facilities
A condo complex usually have access to great amenities such as a business center, a swimming pool, a clubhouse, and covered parking. The expense of these benefits is divided among society members making it a value proposition deal for property buyers.
Enjoy Your Personal Space
Even though condos are part of big society it is still personal home for the property owner. You can decorate the way that suits your style without being bothered by any landlord or any other restrictions.
Site Or Location Of Condos
Condominiums offer an excellent viewpoint in a metropolitan metropolis such as Phnom Penh. These societies are usually in great locations to live, in and are easily accessible to public transportation, entertainment areas, dining, proximity to work areas, and many other exciting facilities.
Condos Available To Buy In Cambodia
A few of the best condos to buy across Cambodia are the following:
- The three-bedroom condo is available to buy in Rose Condo, Phnom Penh, for 320,000 USD.
- The two-bedroom condo is available to buy in Bkk1, Phnom Penh, for 199,000 USD.
- The tenth-floor condo is available to buy in Embassy Residence, Phnom Penh, for 175,000 USD.
- The two-bedroom condo is available to buy in Duan Penh, Phnom Penh, for 295,000 USD.
- The two-bedroom condo is available to buy in Urban Village, Phnom Penh, for 190,000 USD.
Condominiums are excellent options when you need to buy personal homes since they provide access to various social amenities, including leisure rooms and swimming pools. Condo projects in the area provide a diverse range of options for connecting individuals with common demography, including the elderly, young families, singles, etc. So, you can select the condos that fulfill all your needs and the amenities you desire since they provide the best of both sides, i.e., the apartments with basics and the residences with all the facilities. As an investment strategy, condominium life is the newest and most exciting way of living, with numerous advantages that make value for purchasers. So, you can speak with one of the experts of IPS Cambodia to learn how to make more value of your money.