Purchasing a Condo in Cebu.

[Fandango]

Let me introduce myself, my name is James, and I reside in Brisbane, Australia. I'll tell you a little about myself before I get to my questions. I'm 57 and am semi-retired. In 1983 I emigrated to Australia from the United States at the age of 23. Where am I in my life right now? I am going through a divorce and have another 6 months of separation left until I can legally end the marriage. You could say I'm at a crossroads in my life. I've spent a fair bit of time in Asia, 2 weeks in Cambodia, and 14 weeks in China, so I am aware of the positives and negatives of Asian 3rd/2nd world living and the realities. One of the catalysts for me to retiring to Asia, was women, and the lack thereof in Australia and most western countries for divorcees my age. In Australia, it is frowned upon if you date a much younger woman, and most women have a lot of baggage, not to mention post feminist issues. I like the softer, gentler side of Asian women (my current wife is Chinese). So, after researching which country to retire at considerable length, the Philippines seemed the best primarily for three reasons: 1) The attitudes of the native population towards 'westerners', 2) A cultural acceptance of older/younger relationships, and 3) English is a 2nd language, making it easier to conduct day-day living. I decided upon Cebu for several reasons. I wanted to live in a major city and Manilla seemed too overcrowded and expensive. Also, Cebu is centrally located, putting me within reach of many tourist areas. I have about 6-8 months to get my house in order here, before setting off. Down to the nuts and bolts. The Philippines has a long-term retirement visa which requires you to deposit $10,000 USD into an account. You are then able to use that 10k towards a purchase of property no less than 50k USD. I have decided to purchase a 2-3 bedroom condo in Cebu with a general budget of 2,000,000.00 - 2,700,000.00 pesos with minimum floor space of 60 sq. meters. From browsing online, I've noticed a large discrepancy in prices which I'm sure relate to pre-sales (buying on spec) which I don't want to do as some projects are never completed, location, and views. I thought I'd rent a place for a month and inspect condos before purchasing. Finally, here's my questions. Is my budget reasonable? I don't need a million dollar view, and am willing to live outside the heart of Cebu (Lapu Lapu City?) as long as it is reasonably close to shops and transport. Which areas would you suggest I concentrate my search? Any help/advice would be greatly appreciated. Perhaps we can catch up in Cebu later down the track. James

 

[Dave Hounddriver]

8 minutes ago, Fandango said:

I have decided to purchase a 2-3 bedroom condo in Cebu with a general budget of 2,000,000.00 - 2,700,000.00 pesos with minimum floor space of 60 sq. meters.

If you find one of those, be sure to let me know.  I'd love to have a 60 sqm condo for somewhere in the 2 mill peso range but the best I have ever seen in that price range is less than half that size.  I suggest you will have to buy 2 and knock out a wall.

The size of condo I have seen for 2 to 2.7 million pesos is about equivalent to a reasonable sized hotel room.

Edited August 6, 2016 by Dave Hounddriver

[Fandango]

2 minutes ago, Dave Hounddriver said:

If you find one of those, be sure to let me know.  I'd love to have a 60 sqm condo for somewhere in the 2 mill peso range but the best I have ever seen in that price range is less than half that size.  I suggest you will have to buy 2 and knock out a wall.

I have noticed 'Townhouses for sale. Do they fit within the criteria for an unmarried male?

[Fandango]

26 minutes ago, Fandango said:

I have noticed 'Townhouses for sale. Do they fit within the criteria for an unmarried male?

I appreciate your honesty, but I am not a 'bunny'. Am trying to establish contacts.

Edited August 6, 2016 by Dave Hounddriver

[Dave Hounddriver]

27 minutes ago, Fandango said:

I have noticed 'Townhouses for sale. Do they fit within the criteria for an unmarried male?

They are not considered condos here and do not fit the criteria.  If it fits the criteria then the price is double.  Its just how it is in Philippines.

[Fandango]

17 minutes ago, Dave Hounddriver said:

They are not considered condos here and do not fit the criteria.  If it fits the criteria then the price is double.  Its just how it is in Philippines.

This post was allowed but the entire content of the reply was deleted by moderator.  The post was allowed to stay so the new member will realize we do not put up with BS here.  Please post respectful comments only.

If the member has any problem with the post he quoted then report it using the proper button.

Edited August 6, 2016 by Dave Hounddriver

[robert k]

Best to go to Cebu for a couple of weeks and see for yourself. 

[Jollygoodfellow]

2 hours ago, Fandango said:

The Philippines has a long-term retirement visa which requires you to deposit $10,000 USD into an account. You are then able to use that 10k towards a purchase of property no less than 50k USD.

SRRV

There are 3 types of these available. Which one are you eligible for? 

[Fandango]

12 minutes ago, Jollygoodfellow said:

SRRV

There are 3 types of these available. Which one are you eligible for? 

As I understand it, I deposit monies into a Philippine account (10,000 USD) and agree in order to use said monies am required to purchase a property no less in value of 50,000 USD. I am here to get advice.

[Jollygoodfellow]

1 minute ago, Fandango said:

As I understand it, I deposit monies into a Philippine account (10,000 USD) and agree in order to use said monies am required to purchase a property no less in value of 50,000 USD. I am here to get advice.

Sorry I forgot the link in the post, http://www.pra.gov.ph/main/srrv_program?page=1