Renting v Owning

[mogo51]

In the past I have read quite a few posts on similar topics to this.  This is just my experience after a very recent arrival.

We quickly realized that Filipinos are  not good at maintaining their own properties, let alone rentals.  This is not a surprising position as Thais are very similar.  However, where I lived Pattaya, many properties were owned by 'Farangs' and were well kept.  But you could always tell the local owned.

The property we rented at Marand Resort Bauang, left much to be desired, under equipped lacking basic necessities (at least by my standards anyway).  We moved only to find the next place no better, even though the promises were there that certain things would be done, - they were not.

Quite unexpectedly, we came across a property for sale.  We both had already discussed that we were very happy living here in Bauang and it suited both our needs ie. closeness to her family (not too close), near beach, good shopping areas and still reasonably quiet.  One minus, is poor road facilities and bad traffic congestion in San Fernando.  Have now found the back way into there and much better. The small town of Bauang has a great market and people are friendly and helpful in the main.

Anyway back to the property.  Owned by a Filipino youngish woman whose husband died 2 years ago.  Has got herself into financial trouble and needed to sell.  We viewed the property through a friend and liked it - only downside its a  townhouse.  I made an offer well below the market price (which I had established prior) and it was accepted.  There is also a very good payment plan attached which makes it an even better deal.  I will not go into other personal details. We were sent to a local solicitor who has handled western clients for over 15 years and well regarded.  All searches completed and property clear.  The guy who told me about the property, also lives opposite and actually built the complex, 9 units, half occupied by Aussies, 2 European, 1 Filipino.

3brooms, 2 bath, lovely kitchen/dining area and bedrooms good size, not the small dog boxes we have seen about.in a nice area near the beach.  So here we are after only a couple of months moving into our own home mid month.  We are both happy and excited to have something of our own together after 6 years.Furniture expedition completed and delivery in 10 days.

The deal I  negotiated made the decision a 'no brainer' and only brought forward what I intended to do within the next 12 to 24 months anyway, so better than paying rent IMO under these circumstances.

 

 

[davewe]

Congratulations! We too had a similar decision to make. While we intend to buy or build we both felt more comfortable renting for a year just to get the lay of the land and make sure we knew which town or neighborhood was best for us. We also just did the furniture and appliance thing and "overbought" with an eye on what would work down the road.

One thing that may have changed in my thinking is to buy or build. I always assumed I would buy an existing house, probably from a foreigner getting out of Dodge and needing my cash. I did not want to go the route of supervising construction. But I have seen and spoken with several Western developers and for the price might go that route, giving Janet an opportunity to design her own thing and yell at the crew (instead of me lol).

Edited September 4, 2017 by davewe

[Eddie1]

Wow Ron,  there aint no flies on you mate, Lol.  New car and now a new house,  well done mate, very pleased for you and your missus, you sound really happy, I hope it all works out for you, you certainly seem to be a man on a mission, Lol.  Congratulations.

[Old55]

Well done Ron! Very best of luck to you both. 

[robert k]

Fast work! I rather doubt I would do half as well.

[Jack Peterson]

12 minutes ago, robert k said:

Fast work! I rather doubt I would do half as well.

  Absolutely! Goes me too 

 

1 hour ago, mogo51 said:

The deal I  negotiated made the decision a 'no brainer' and only brought forward what I intended to do within the next 12 to 24 months anyway,

RON, I raise my hat to you Both 

[Snowy79]

Congratulations. You've got the added bonus of a long term loving wife. Onwards and upwards as they say. 

[OnMyWay]

3 hours ago, davewe said:

Western developers

Dave, what do mean by this?  I also need to start meeting some builders.

[davewe]

With one exception all the developers I spoke or met with were Westerners. 1 was Filipino. I don't want to get into the argument about Westerns vs. Filipinos but I know that many guys want the construction done to Western standards and therefore might feel more comfortable with an American or European developer.

[OnMyWay]

32 minutes ago, davewe said:

With one exception all the developers I spoke or met with were Westerners. 1 was Filipino. I don't want to get into the argument about Westerns vs. Filipinos but I know that many guys want the construction done to Western standards and therefore might feel more comfortable with an American or European developer.

I didn't really know there were Western developers.  How did you find them?