Are you planning to move to Cambodia or looking for a new apartment for rent in Phnom Penh? Foreigners & international tourists may face some difficulties in buying property in Phnom Penh, the main city of Cambodia. However, renting a place in the city is comparatively much cheaper and straightforward, giving residents a lot of choices.
But, be it renting or purchasing a new property, you must conduct a few inspections for your residential or commercial unit. The bulk of your search and considerations revolves around technical aspects and the feasibility of the new home.
Moreover, in any country, it is imperative to put down the property agreement before renting. Without a valid contract, investors may either end up paying more rent than agreed or will have to share the space without any prior instructions. Therefore, to eliminate such scenarios, associating yourself with property advisors or classified portals will help you make the best decisions.
IPS Cambodia is the largest and awarded real estate classified portal and has serviced many renters across the country. Experts on board deeply understand the country’s local laws and rules, directing renters or investors towards their ideal search for the property. This blog highlights some friendly guidelines and tips by IPS property advisors that renters must know to rent the best option available according to their budgets and preferences.
Checklist before you Sign Your Rental Agreement:
Thoroughly go through the Contract:
You might get the assistance of the best property agent, but reading your rental agreement with proper attention and highlighting the details will help you in the long run. It seems like a brainer- but you need to learn how you can be liable for a breach of your contract.
Check for all the listed policies, requirements, and terms and conditions, as landlords may stipulate any reason to throw you out. Therefore, you must know what the landlord except from his renter before you agree to stay or sign the document.
Most rental rates are exclusive of additional monthly charges, and these monthly expenses may together club into a significant amount. Monthly maintenance costs for the unit, water and gas rates, waste collection, bond payments, electricity bills, etc., can sometimes be a huge expense. Therefore, make sure to inquire about all the additional costs or expenses and confirm them in the rental contract before signing.
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Regardless of what your agent may tell you about the unit, inspecting the finalized place during different hours of the day will help you with your and your family’s safety. Walk around and discuss the property with neighbors, inspect the area during the night-time and make sure to enquire about all the hidden threats when the sun turns down.
Note any noise hazards- there may be construction in the evening that you might not have noticed in the morning or a nightclub next door. Understand all the pros and cons of the property before agreeing to the rental contract for maximum safety.
Before signing the contract or agreeing to the bond payment, make sure to have the snapshots for every room when it is empty to note down any pre-existing damage to the property. With this, when the rental contract ends, the landlord has no grounds to sue or deduct wear and tear damages from the security deposit you aren’t responsible for.
Apart from the damages, also check the doors, hinges, faucets, appliances, gas cookers, and water heaters before agreeing to the bond. Most of the time, these things look perfect from the outside but may have minor damage.
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Perfect Apartment Should be In Budget
One of the main things you must consider before signing the contract is that- “EVERYTHING SHOULD BE INCLUDED IN YOUR PRICE RANGE.” Before starting the hunt, you first need to finalize a budget that you are willing to spend and need to spare an extra 20% to 30% of the total amount for additional monthly charges.
Whether your budget is $50 or $300-$400, IPS Cambodia’s local property agents will serve you with multiple rental unit options according to your preferences. Stick to the amount, and local experts assure to provide you with accommodation that suits your need and the price point.
How much does an Apartment in Phnom Penh cost?
Prices for rental units vary from country to country and city to city. 2022 prices for Cambodian rental units are:
- USD 300 per month for a small 1-1.5 BHK apartment.
- USD 500 per month for modern 2-3 BHK apartments with pool security and gym,
- $100-$200 monthly for a sharing apartment with a big room.
Rental Accommodation Options in Phnom Penh, Cambodia:
It refers to the standard living apartment where the renter needs to pay their bills (ranging from $70-$100 per month) and be more careful compared to serviced apartments.
You will get the unit in a typical local building and may expect to pay around $300 to $400 for a 2-BHK apartment with air conditioning. This price furthermore tends to vary according to the location and preference you’re looking for.
Serviced apartments are luxurious options with access to security guards and modern and prepaid amenities. But these options come at a slightly higher price, and the rent for a 2-BHK service apartment in Cambodia may vary from $500 to $1000.
What are the charges for Real Estate Agents in Cambodia?
Most real estate agencies do not charge a penny from the renters and provide their services for free. Instead, they charge a commission from the property owner, and this fee is usually standardized.
The property experts will help you with their best local knowledge and understanding of your housing requirements and market trends. They will drive your property search most efficiently, negotiate with the owner on your behalf, facilitate a fair lease agreement and ensure that all your expectations are met within the budget.
Suppose you are willing to tackle your rental unit search independently. In that case, you need to know proper local rules, laws, and rental agreements while having local property owner contacts.
But this can be an exhaustive task, and you may end up with either an undesired rental unit or a fraud agreement. Therefore, IPS Cambodia can be your best friend during the rental unit searches. IPS will help you with hassle-free, tailor-made searches in Phnom Penh to find the perfect space.
View the properties online or call them at +855 77 959 861 for more details.