Ensuring your money doubles and triples in value means you have to invest it. One of the best ways to start your investment journey is to buy a real estate property since profits abound here, especially if you buy in the right area and maximise the income gain. However, there are a lot of properties you can invest in, from houses to condominiums, all with their own key advantages.
Consider your investment needs and what kind of investor you want to be when choosing whether to buy a house or a condo first. Read all the advantages of buying a condo or house first below.
House: Long-term gain
Buying a house guarantees a high appreciation value, especially if you get one from a great area. Hot zones of economic activity like Phnom Penh and Siem Reap are one of the key places in Cambodia where you can buy a house and its value in the long-term will be higher, compared to areas that aren’t as densely populated.
Additionally, houses offer a lot of other advantages like the following:
- Bigger space
Houses offer bigger spaces for bedrooms, living rooms, and kitchens. Not only that but more often than not, you get a yard and a garden, allowing you to grow your own plants and decorate however you want.
The entire house is yours, without any shared spaces within it. This is a key advantage for those who do not particularly enjoy common areas within their properties, like it is usually in condominiums.
Houses are always in demand. This means you would not find it difficult to find someone to rent your property and it would be easy if you want to sell it at a later date once its value skyrockets.
As an investor, you want to ensure that your property is safe and secure. Since you have exclusive rights to the property, you can install CCTV cameras and other items to secure your property. Additionally, if you buy a house in a good area or within a gated community, then you can rest assured that it will be safe.
Condo: Short and mid-term gain
Condominiums are great properties to start with, whether you will live in it or rent it out. If you’re someone who has to be in the city, then condominiums make it easier for you since everything is within reach. Additionally, condos are in demand especially within the city since it’s a hot zone for businesses, tourists and more.
Not only that but if you plan to rent it out, whether for short term or not, you can quickly find a tenant. This means while you wait for the property’s value to appreciate over the years, you can already profit from it when you lease it. Besides that, here are the other advantages of buying a condo first:
No need to worry about finding the right person to maintain your property since condominiums have a dedicated maintenance team for that. Just talk to your building’s management and schedule it.
Buying a condominium is relatively cheaper compared to a house, even if you buy condos in Phnom Penh or Siem Reap. However, you need to consider that there are also maintenance fees and association fees you have to cover.
There are numerous condominium amenities you or your tenant can enjoy. While amenities depend on the building, gyms and pools are commonly offered in condos.
The right property for you
As an investor, make sure to evaluate what property will benefit you more and what your investment needs are. Houses are fantastic properties you can invest in, especially if you’re looking for long-term gains and high appreciation value. On the other hand, you can get quick and mid-term gains if you invest in condominiums first.
Once you consider these points, start investing in the right property for you with IPS Cambodia!