Condominium or House? Part 2
With the increasing number of projects ranging from high rise buildings to housing properties developing in the country, it can be difficult to choose the type of residence suited for your lifestyle. Whether you are a single person, a young couple, a growing family with kids, or a retired couple, selecting the right residence is a without a doubt, a life changing decision.
As widely known, high rise residences such as condominium, is a kind of housing tenure in which specified parts of the real estate are individually owned. Common areas, including the land, are jointly owned by all unit owners in the condominium. In addition, unit owners are usually given a strata-title instead of the typical hard title. On the other hand, housing properties come in various forms, such as townhouse, terrace and bungalow. Owners are usually handed the hard title to the property and the land is theirs to own.
Hence, the question to ask is which to choose? Bear with us as we break down for you the pros and cons between the two in Part 1 of this much debated discussion.
Maintenance Fees and Security
As condominiums offers you a worry free lifestyle, it also comes with a cost, making it a double-edged sword. Monthly maintenance fees are can be worrisome, however do feel assured knowing that by spending on these fees, you no longer need to pay any additional money to join a local gym nearby, to rent a tennis court or even to go for a swim. In addition, these fees also ensures your security and safety is never compromised as most condominiums are fully equipped with 24/7 patrolling security guards and an abundance of CCTV cameras everywhere to further safeguard you and your family.
However, since you do not need to pay any monthly maintenance fees for a house, this means that you will be responsible in ensuring that your house is secure at all times. On that note, security is undeniably a concerning issue as your house will be an easy target for robbers especially when you are absent for a long period of time. It comes to no surprise as well that even in a gated community, safety is not entirely guaranteed as there is no comprehensive safety system in place and entry into the neighborhood is not heavily scrutinized as compared to a condominium.
Noise and Privacy
With a high density living concept, condominiums can be quite compact and noise might be an issue. However, with recent times, condominiums are not as condensed and one project may just cater to a selected number of residents, thereinafter ensuring that noise and privacy is well maintained.
As for living in a house, it is without a doubt that privacy is pretty much ensured as you have your own space and very little noise from the environment. However, depending on the type of neighborhood that you are living in, the noise and privacy that you may encounter might be similar to living in a condominium.
Availability and Resale Value
As there are many condominiums in Cambodia, availability is certainly not an issue. Additionally, for investments purposes, condominium is the definite choice as the leasing programs that is offered generates a return on investment for the owners. Condominium prices also tend to appreciate quicker in terms of resale value, growing proportionately with the development of the district itself such as fast growing districts like Chroy Changvar.
Not only are houses in Cambodia expensive but it is also difficult to find the ideal one that fits your budget, your preferred location, design and size. However, it is worth noting that although the value of a house appreciates slower, its value is less likely to decrease with time.
Cost of Ownership
Fortunately, majority of the condominiums projects are mostly priced at an affordable price these days as developers often offer flexible and long term payment schemes to cater to the needs of the people, especially young couples, growing families or even retirees.
On the other hand, the cost incurred to purchase a house is much higher and can be quite detrimental to your savings especially, if you are just starting a family and you still have to pay for other financial liabilities such as student loan, car loan and or even your child’s education expenses.
Evidently, there are advantages and disadvantages to both types of housing, hence your lifestyle and budget can help ascertain whether a condominium or a house is a more befitting choice for your needs. On that note, the Peninsula Private Residences is an award-winning lifestyle condominium project situated in the fast developing Chroy Changvar district in Phnom Penh. Winner of the Property Guru Asia Property Awards 2019 for Best Condo Architectural Design and Best Condo Interior-Design, the project is targeted towards people that care about quality living and comfort.
If you are looking to own an affordable boutique living or an investment with solid returns, come to the sales gallery and learn about The Peninsula Private Residences today. You can contact The Peninsula Private Residences at 017 222 760 to schedule an appointment or find us on Facebook, The Peninsula Private Residences Facebook page.