Buying And Renting Beach Front Condos

[Thomas]

That is almost 24% APR in the real world. And paying 2 Million pesos in 24 months is a hefty payment. So its been said before that you need to bring cash with you or finance it with a personal loan from a first world country.

Yes, a BIG part of the loans are VERY expensive in Phils. A few decent possibilities though:

/It's very hard to get common bank loans, but some SMALL chamce.  Interest around 8 - 12 % so still expensive.

/If you have some patient and want to live in a city as you say:   T,here is a Saving Assosiation, which is ONLIGATORIC for employed Filipinos to join. I BELIEVE we foreigners can do it volontaringly.  After 2 (? 3 ?) years you are allowed to get loan for real estate in CITIES but NOT rural.  The interest is decent. Around the bank level.    It's called Pag.Ibig.

 

BUT as others have said - better rent   :)    at least in the beginning until you have lived here a while. 

NOTE. In most places it VERY HARD to SELL if you want to leave.  Many can WANT it, but very few have money...  

The Government owns the beaches, I can walk down the coast and walk through several resorts, or in front of your condo and poop right there. No bathroom facilities you know?

Yes. Amd Phils have a lot of people, so I would surely NOT want a beach property in/close to a city.

 

30 (?) meters above high tide water line, belong to the government, and is not allowed to build anything at ((with very few exceptions.)) 

 

A beach resort built on legal distance, - when they built -  but got HUGE PROBLEMS, because the ocean TAKE more and more of the land. To stop the ocean to get closer to the houses, they built a LOW protection between the houses and the coast line. Then the officials demanded that protection will be taken AWAY "because it's to close to the ocean"   :1 (103):  :bash:     (I don't know what happened later.)

[Thomas]

Beach front is nice but storm surge during heavy weather isn't. Trust me, flooded twice in 6 months in Guihulngan in Negros Oriental.  Elevated place may be ok though. 

Yes. And in several places it's risk for tsunami high waves.

[kazualteaze69]

Thats absolutely good point.and that has crossed my mind about all the climate and weather considerations.ill have to look somewhere here to find out whuch ares most likely to flood..or is it all phils? Seems a lil dumb question ill look into that soon..thanks...one thing i love is heat an humidity.assuming im a rare bread but always loved full sun pouring concrete in 98 degree weather ..lol..i dont like shade trees unbrellas actually dont even care for breezes.ok so yes youll all live this..im gona share...my first time ever flying in my life im jumped out at 13500 feet skydiving...my dad wondered why anyone jumps out of a perfectly good airplane.recommend that experience to the entite planet. :).

[jpbago]

 About financing, forget about it.  Its cheaper to rent than to pay the interest they charge here.  Example:  I went to a company selling condos who said they would 'in house' finance them if paid in 2 years.  Interest rate is 12%.  Sounds good right?  Until you realize that they take 12% of the total price, add it in up front and equalize the payments over 24 months.

 

Is it true that after signing the 24 month agreement, if you want to pay it off in 12 months, that you still have to pay the full amount calculated for 24 months at 12%? They are not able to calculate a discount.

[scott h]

Remember Kazu, you aint in Kansas anymore brother :tiphat: . Forget everything you have ever learned about the meaning of words lolz. Beach resorts can range from a family that owns a 1/4 acre at the end of a jungle road and is a clearing on the water with a nipa hut lean-to that charges 100 pesos a day, to a 5 star hotel/resort that none of us can afford. Most beach front land here is either owned by the government or by rich families who either have homes on it, resorts on it or are holding it till the end of time.

 

Remember also that until or unless you marry a Filipino citizen you cannot own land. You can rent or lease, but as has been said before I wouldn't make any plans til you have been on the ground a bit.

 

Until you have been here for awhile you really have no idea what the Philippines is really like. What you seen on the national geographic channel and the Department of Tourism commercials has no bearing in reality to what things are REALLY like here. :hystery:  :cheersty: .

 

Browse and learn brother :dance:

[Dave Hounddriver]

Is it true that after signing the 24 month agreement, if you want to pay it off in 12 months, that you still have to pay the full amount calculated for 24 months at 12%? They are not able to calculate a discount.

 

That is true.  Is it legal?  I do not know.  I do know they will try to force you to pay the entire amount with no discount because:  "You signed a contract"  It is the same with the Internet service.  Its often a 24 month contract and if you drop the service you still pay the entire amount for 24 months with no discount.  But in both cases I believe it is illegal so if you wanted to hire a lawyer ...  :hystery:

[earthdome]

Thanks Grate and Rob....of course i can only decide when i get there.which is best...my main concern is to be able to access the beach and the city..without to much distance...maybe i been spoiled here can jump in my truck be at md beaches in under an hour in many cities under an hour anf even ti the mountain house in under 2 hours...i honestly think im looking forward to yhe trike experience there.. :)

 

Here you can live in the mountains where it is much cooler and still be only an hour drive from the beach.

[robert k]

Thanks Grate and Rob....of course i can only decide when i get there.which is best...my main concern is to be able to access the beach and the city..without to much distance...maybe i been spoiled here can jump in my truck be at md beaches in under an hour in many cities under an hour anf even ti the mountain house in under 2 hours...i honestly think im looking forward to yhe trike experience there.. :)

I think your thinking in travel time will stand you in good stead in the Philippines. It's not miles and kilometers per hour so much as traffic and road conditions. I like driving here but then, I like the game Asteroids. :mocking:

[kazualteaze69]

Yes..i definatley agree i have to be there on ground snd absorb filter drink on it absorb filter..then do it again.lllol..i am listening and learning guys..i never read so much in my life till.now... :)

[Jollygoodfellow]

 

There are ATM machines just about anywhere except for some province areas. The most you are allowed to bring into the country is $10000 US dollars or P10000 so leave your briefcase home besides you don't want to be carrying large sums of money around. As for just trying to educate yourself which is a good thing; best to start by reading some of the topics while you're waiting for an answer here as you're not the first to ask those questions.   :thumbsup:

Just be ready to wait in lines for 30 minutes to use the ATMs unless you get lucky.

 

 

 

Depends where you are, I cant recall on my visits ever waiting in line any longer than maybe 4 minutes and sometimes no wait at all. If you are in a one ATM machine town yes.