Building a appartment

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Posted

Emma thrown something into our retirement plan the other day, " lets build a apartment at the back of the house".

Now remember this is the family house that we had rebuilt and we was told that the house would be our home forever and the family would not be interested in there share of the house , but dad and brother still lives in the downstairs of the family home, our place is the whole upstairs " still to have the interior built to our own design".

Now as the land is  nothing to do with me but will still be shared equal between the 5 siblings if anything happens to there father, why should i spend more cash on something that is not mine, yes there would be a income coming in if it was rented out and maybe there could be 2 built, but that means more cash upfront , plus having people living on the land and walking past the front door to get to there place.

It would take many years to break even in my eyes and if it was our place and the income could be helpful to Emma for her future it could be something that is worth doing, but we are not alone and what ever we may or may not do over there , there will be others who think they may have a share .

The house and our part is fine and as a place to stay when ever we want too is good, plus its a jumping off point to go to other places .

So apartments at the back of this house in my eyes is a none starter , she claims the rent could be around 7,000 a month for a 1 bedroom, this sounds to cheap in my eyes , but i dont have any ideas on that.

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Posted
15 minutes ago, stevewool said:

she claims the rent could be around 7,000 a month for a 1 bedroom

That would be fine in an area away from her family but the first three rules of apartment building are location, location, location.  In the current spot, it looks like you will be renting them for free to her family members.

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Posted
2 minutes ago, Dave Hounddriver said:

 it looks like you will be renting them for free to her family members.

Thats my fear, and that is the main reason we have not started to fit the interior of the upper floor of the house, if the family wants to sleep on concrete floors and no plumbing they are welcome to that.

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Posted
52 minutes ago, stevewool said:

if the family wants to sleep on concrete floors and no plumbing they are welcome to that.

Sounds like my "getaway" house in the mountains, but at least I have plumbing and electric there, and I placed a foam mattress on the floor. :whistling:

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Posted
3 hours ago, Dave Hounddriver said:

free to her family members

he stole my thunder

 

3 hours ago, stevewool said:

years to break even

That's the rub steve, lets just say you build something for 4 million pesos. (what our 3 bedroom house cost) and you had 4 apartments (normal in my area, lots of locals are doing just what your wife is thinking of) would take 143 months to break even almost 12 years. Not counting maintenance and all the other costs like property taxes (which will go up with a new building). 

 

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Posted
5 hours ago, stevewool said:

Now as the land is  nothing to do with me but will still be shared equal between the 5 siblings if anything happens to there father,

And that is when the problems will start.Everybody could be trying to get a slice of the pie you and Emma paid for and it could take years under litigation to get it sorted. To me that is not worth the hassle on that land.

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Posted

Steve unless you intend to live there permanently for the rest of your life, it's a none starter in my eyes.

It's easy to spend other peoples money and also easy to walk away when you have nothing to lose. :thumbsup:

 

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Posted

As a base until we find our feet it could be fine and yes a few thousands spent on the upper floor to make it beautiful for Emma is ok and it is still walk away if I had too price.

There are more places to see and visit and maybe even call home once we are there, but the family home is not a place to call my home.

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Posted (edited)
25 minutes ago, stevewool said:

As a base until we find our feet it could be fine and yes a few thousands spent on the upper floor to make it beautiful for Emma is ok and it is still walk away if I had too price.

There are more places to see and visit and maybe even call home once we are there, but the family home is not a place to call my home.

So what is your question? The problem is Emma has a 50% say in whatever plans for when you both move to Philippines 🇵🇭

 

Edited by Old55
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Posted

Steve, keep the money in your pocket, or buy a bit of property in Emma's name and build a modest duplex/ quad on it. Whatever is said now, the family will be coming for their share if the apartment is on the family land. Sometimes tough to collect rent even on a modest place. I'm living in a unit in a row of modest apartments, sometimes I'm the only tennant, sometimes people move out in the middle of the night. Leaving bills owed. The owner was delighted to have me as a tennant because he knew the rent was nothing to me and it would always be paid.

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