Owning Home Cost

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if you own a home in phils what are taxes and/or other cost? I do realize it will vary on area and what not but was curious if anyone could through out examples rates or cost.also how does renting work as for being a foreiner credit checks references needed? Or as long as you have cash your good to go? Anyone know a decent realtor i could use in future feel free to pm me.im sure i can find on my own but be better to have a referal.thanks guys

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There is an annual property tax - not a huge amount of money. 10K pesos comes to mind. 

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Posted
if you own a home in phils what are taxes and/or other cost?

 

The property tax on our new home is approx. $250 USD in a suburb in Manila. Just like in the states it is based on the  appraised value, and just like in the states the trick is not to get it appraised to high. Unlike in the states, If you pay your tax early you get a discount (they call it amnesty) 2 months early 20% off, 1 month 10%.

 

One option you might have is when you decide on where you want to live, drive around the sub division and look for "for sale" or "for rent" signs. From my observation there are always some available in each sub division

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If you're on a subdivision you will probably have to pay a fee to your homeowners association. For me it is P2 per m2 of lot area per month. This pays towards security and upkeep of the subdivision. It is something to check before you commit to renting or buying.

You may also find that water if supplied by the subdivision may be more expensive. I pay P440 for the first 10 M3 then P880 for each M3 after that.

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Cool.thanks for input guys.

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if you own a home in phils what are taxes and/or other cost? I do realize it will vary on area
The Real estate tax is

Metro Manila  2 %

The rest   1 %

of the "Assesssed Value"   which is the estimated value  reduced by mulriplicate it with a percentage value, which is different for different value levels and different types of land and real estate. 

Example:

Land can't you own anyway   :)   but if you lease it, the owner need to count tax at 20 % of the value in most residencal cases.  = 2 or 1 % of 20 %   So 0.2 % if it's outside Metro Manila.

 

House:  How big part of the value is counted, depend MUCH of the value if the house. From 0 % (up to 175 000p) to 60 % (over 10 mill). 

2 - 5 mill then it's 40 %.     So example  3 mill x 0,40 x 0,01  = 12 000 p per year outside Metro Manila.

 

But much depending of what the HANDLER VALUE it too, which can be MUCH different ...   :)

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Thomas brought up the 800 pound gorilla in the room, you can't own land. You can own the structure on the land but not the land. Ever see a house moved? It can be done but usually isn't for practical reasons. Home owner associations... I have heard of a few foreigners who have fallen afoul of their HOA, most reported paying for absolutely nothing, while others report paying for a system inimical to them, for instance when the foreigner complained of a overloud party against HOA rules and he experienced a mob. Sorry, I can find enemies without having to pay for them.

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Thomas brought up the 800 pound gorilla in the room, you can't own land. You can own the structure on the land but not the land. Ever see a house moved? It can be done but usually isn't for practical reasons. Home owner associations... I have heard of a few foreigners who have fallen afoul of their HOA, most reported paying for absolutely nothing, while others report paying for a system inimical to them, for instance when the foreigner complained of a overloud party against HOA rules and he experienced a mob. Sorry, I can find enemies without having to pay for them.

Thomas brought up the 800 pound gorilla in the room, you can't own land. You can own the structure on the land but not the land. Ever see a house moved? It can be done but usually isn't for practical reasons. Home owner associations... I have heard of a few foreigners who have fallen afoul of their HOA, most reported paying for absolutely nothing, while others report paying for a system inimical to them, for instance when the foreigner complained of a overloud party against HOA rules and he experienced a mob. Sorry, I can find enemies without having to pay for them.

Very well said. When K was renting a house in a nice enough Cammella Homes development in Bulacan she was suddenly faced by a demand from the owners association that she should "register" me because I was a foreigner - 1,000 pesos for nothing.

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Thomas brought up the 800 pound gorilla in the room, you can't own land. You can own the structure on the land but not the land. Ever see a house moved? It can be done but usually isn't for practical reasons. Home owner associations... I have heard of a few foreigners who have fallen afoul of their HOA, most reported paying for absolutely nothing, while others report paying for a system inimical to them, for instance when the foreigner complained of a overloud party against HOA rules and he experienced a mob. Sorry, I can find enemies without having to pay for them.

Well.   (Besides condo assosiations and such.)

/in LAW point of view that's NO problem. It can be solved by land and house is separated, if there were not allready, and then the foreigner own the HOUSE, and get a long term LEASE the land 25 + 25 years (to start with).

/But some with CORECT documents - both foreigners and Filipinos - have been SCARED away from their houses by threats.

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