chris49 Posted August 31, 2016 Posted August 31, 2016 The parking space if ever you owned a car is an additional liability. Parking on the street is not an option. I have seen quotes of 300-600k for a single parking spot. If you didn't get one, you might have to get one being sold on by another owner. Even if the price of the condo doesn't go up, the parking places do escalate. 2 Link to comment Share on other sites More sharing options...
chrisp Posted June 20, 2017 Posted June 20, 2017 re condos : i have yet to hear of anyone making a profit on a condo in the last 3 years .. whilst negotiating rental prices on condos, i have found approximately 100 condos that have been empty for more than 6 months of the year. another piece of information that i discovered the other day is that electricity for condos is billed as residential rate to the condo and then rebilled at commercial rate to tenants .. the uncertainty of condo dues amounts, which continue to rise, is one reason, along with portability of location, that i continue to rent in cebu city .... chrisp 2 Link to comment Share on other sites More sharing options...
Jollygoodfellow Posted June 20, 2017 Posted June 20, 2017 3 minutes ago, chrisp said: i discovered the other day is that electricity for condos is billed as residential rate to the condo and then rebilled at commercial rate to tenants .. My bill is direct from veco so this can not be the case in all condos. 3 Link to comment Share on other sites More sharing options...
chrisp Posted June 20, 2017 Posted June 20, 2017 good set up getting direct from veco ........ information came from business meeting this week in cebu from company that are acting as an agent for electicity billing in cebu city ... Link to comment Share on other sites More sharing options...
Steve GCC Posted June 20, 2017 Posted June 20, 2017 you certainly dont get the returns you may expect or are lead to believe. I have had steady tenant always. Paid 2.6m for condo and get 15k month rent. I have not increased rent this year, rather keep the tenant than be empty. I think greed with many landlords does not pay off! Its a steady little bit of income that helps out when time comes and I think having a diverse portfolio is more important than putting all your eggs in one basket so to speak................ 3 Link to comment Share on other sites More sharing options...
Gary D Posted June 20, 2017 Posted June 20, 2017 Condo sales are agressively marketed to OFW as investments, off plan and overseas at the various filipino festivals etc. They'll tell them anything to get a sale, including over optomistic rental and resale values. We had a mother meter in the village some years age where a representitive was in charge reading the individual meters, of collecting and paying the electricity bill, worked ok until they run off with the money. The electricity company turned around and said pay again or we cut off the electricity until it's paid. 1 Link to comment Share on other sites More sharing options...
Gerald Glatt Posted June 20, 2017 Posted June 20, 2017 So if condos there do not appreciate how long or old must they be to become a bargain? Link to comment Share on other sites More sharing options...
Forum Support scott h Posted June 20, 2017 Forum Support Posted June 20, 2017 30 minutes ago, Gerald Glatt said: So if condos there do not appreciate how long or old must they be to become a bargain? Gerald, in the 5 years I have been handed leaflets, I have not seen any lowering of prices of condos. As has been mentioned the sales pitch has changes a bit. Before they were talked up as a great place to live, lots of amenities, great locations etc. Now they are a great investment. Having said that, last week we spent a couple of days at a condo/resort. If I was interested in buying a condo as an investment that's the type I would purchase 1 Link to comment Share on other sites More sharing options...
robert k Posted June 21, 2017 Posted June 21, 2017 (edited) 2 hours ago, Gerald Glatt said: So if condos there do not appreciate how long or old must they be to become a bargain? Never, Gerald. It's a game of musical chairs. Maybe if you could take them as depreciation on your taxes. I have some family that have owned buildings in Minnesota (Minnesooota, doon't cha knoow) if you are a local) and they have been taking the rent and depreciation for 40 years and they are a good investment. I think that is part of what gets people confused about a condo as an investment. If my families buildings ever have to be torn down, the land under them will be worth more than they paid for the building new and they have taken 400% depreciation of the buildings off their taxes over 40 years. Edited June 21, 2017 by robert k 2 Link to comment Share on other sites More sharing options...
Gary D Posted June 21, 2017 Posted June 21, 2017 We did an airbnb in a high end condo by Mall of Asia last Oct, beautful swimming pools etc, it was no more than living in a cupboard. Philippines condo's you don't have any land so nothing to be gained there and a life expectancy of about 50 year before it has to be comdemed. 1 Link to comment Share on other sites More sharing options...
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