Possibile To Find A House For Around 15000 Usd In The Provinces Around Cebu

[wayneseymour]

Thanks guys for all your inputs can or does anyone out there know the work-a- rounds as far as time consumption I am planning to rent for about a year first once on the ground and will for the most part be married by then weve been (my GF) corresponding now for quit a while but I still need to first live with her to confirm my opinions of her and the extended family..so far she seems considerate of my views on what is my desires and my mannerisms. ( hop I spelled that right) any way hope you all get my drift..been testing her on different aspects to see the reactions and thought processes. So far nothing jumps out to say "see ya later baby" but of course as the old saying goes "seeing mi and com livin wit mi is two different things"(old west Indian proverb)

Edited August 16, 2012 by wayneseymour

[Curley]

sorry about that your right ..looking at Cebu but not necessarily in the city but in the provinces which seems nice say for example Davao or there about

Davao is a long way from Cebu......... Perhaps a study of the Philippines map is needed?

[Jim Sibbick]

Just throwing this one out there ...is it truly possible to buy a home( even if its tiny) for about 15,000USD? I know I'm reaching here but who knows. stranger things have been possible

Most definitely but foreigners are not allowed to own land. You can only own the house.

This week, I was offered a 1 bedroom house for P60,000.

My ex father in law built a small 2 bedroom house for P80,000, in 2007. You can see it here

http://youtu.be/c-gkY-gByto

[Jack Peterson]

Absolutely fantastic post Jim, just Goes to show all things are possible with a positive outlook, Thank you for Sharing this information. most definitely food for thought. :thumbsup:

:tiphat:

[Jollygoodfellow]

sorry about that your right ..looking at Cebu but not necessarily in the city but in the provinces which seems nice say for example Davao or there about

Davao is a long way from Cebu......... Perhaps a study of the Philippines map is needed?

He might mean Danao ????

[Beachboy]

Just an opinion from a yet to be ex-pat (does that make me a "pat"?). I would never consider a lease until I have lived in the Phils for a while (couple of years, at least) and until I was absolutely sure of the people I was dealing with. Maybe not even then. If I understand the law, the lease must be long term (25 yrs). Suppose I want to move to another location? Suppose I hate my neighbors? Suppose they hate me? Suppose it rains too much? Suppose there are too many snakes? A lot can happen in 25 years. Getting out of the lease may be impossible. I've also read that the Filipino lessor can go to court and break the lease. If I have a house built on that leased property, bye-bye house. Am I too cynical? I keep in mind that the Philippines is the 3rd most corrupt country in SE Asia (a bit better than Indonesia and Cambodia, but not much). So give me the simple life. Rents are cheap ... and pose no threat to my happiness. I'll keep my money in a Singapore bank thank you very much. Just my opinion.

Edited August 18, 2012 by Beachboy

[i am bob]

A friend of a relative just did this... He saw a house for sale in the province that he really liked. He approached a lawyer who first arranged a long term lease of the land (paid up) with first option to re-lease the land or have it purchased for a set price (P100) over the cost of the lease. This is so that, if he gets married, the title for the land can be switched to his future wife's name should he so desire. Once that was fully completed and he had taken possession of the land, he then finalized a purchase of the house minus the cost of the leased land. All in all, he's got about 8 acres of land with a nice little house in the country... He gets up in the morning and has coffee on the deck (it's almost at the top of a good size hill) and watches out over the ocean that's not that far away - all for under $18,000 Canadian.

Oh it so feels like Calgon time...

:attention:

Who is the owner of the land at this moment?

I finally got an answer about the lease - The person who owned the land still owns it. The lease and title to the land are registered (through who I have no idea) and in a safe deposit box. And, apparently, he is now dating and becoming very serious with the daughter of the man he leased the land through. An attempt to keep the land in the family? Maybe...

:attention:

[Old55]

Sounds like a win-win Bob. :thumbsup:

[Jim Sibbick]

Just an opinion from a yet to be ex-pat (does that make me a "pat"?). I would never consider a lease until I have lived in the Phils for a while (couple of years, at least) and until I was absolutely sure of the people I was dealing with. Maybe not even then. If I understand the law, the lease must be long term (25 yrs). Suppose I want to move to another location? Suppose I hate my neighbors? Suppose they hate me? Suppose it rains too much? Suppose there are too many snakes? A lot can happen in 25 years. Getting out of the lease may be impossible. I've also read that the Filipino lessor can go to court and break the lease. If I have a house built on that leased property, bye-bye house. Am I too cynical? I keep in mind that the Philippines is the 3rd most corrupt country in SE Asia (a bit better than Indonesia and Cambodia, but not much). So give me the simple life. Rents are cheap ... and pose no threat to my happiness. I'll keep my money in a Singapore bank thank you very much. Just my opinion.

25 years is the maximum lease. Not the minimum. And you can have an option for a second 25 years. Giving 50 years total.

There is no absolute guarantee but

Here are some ways to minimise the chances of failure

- Choose several people you trust. Not known to each other. That way there is less chance of their colluding. Then put the land in their names.

- Hold an undated blank transfer of land signed by all of the owners. If things go wrong, you can insert new owners you feel safe with and transfer the land.

- Hold an irrevocable order signed by all the owners. The irrevocable order is to state that there will be no transactions on the land without your permission. IE no sale or mortgage.

- Have all the owners will you their share of the land in case they die.

- Use an attorney not known to any of the owners

- Lease the land for 2 x 25 years.

Here is something I only just thought of today. Not sure if it is possible. Take out a private mortgage on the land. With you as the mortgagee and the amount of the mortgage to be the value of the land. Once you hold a mortgage on the land, no action will be possible without your approval

[Curley]

Here is something I only just thought of today. Not sure if it is possible. Take out a private mortgage on the land. With you as the mortgagee and the amount of the mortgage to be the value of the land. Once you hold a mortgage on the land, no action will be possible without your approval

Good idea in theory but will a bank will give the mortgage? Very, very unlikely.