Buying a condo in taygaytay

[P. T. Kelly]

I'm going to retire in PH with my wife and I got about 10 years to survive untill I can retire. 

I am considering getting a couple condo units and i would like to put a down payment on them next time we go in may then advertise on air BNB to get it to pay for it's self  and maybe generate some kind of income. 

I honestly plan on living there the rest of my days after I retire. 

My wife is a philippino national I am not.

Can I get advice on how to do this or is this a stupid idea. 

 

[Mike J]

Welcome to the forum.  We are a helpful bunch and I am sure you will get a lot of input.   Personally I think buying property to provide a long term income stream is a good idea, but others may strongly disagree.  The advantage to a condo is that you as a foreigner can own it in case your wife should pass before you do.

[robert k]

Welcome. 

[Tommy T.]

Welcome also... I think your plan sounds okay. But it also depends, I think, on the location.

Maybe look at some older topics on this forum and see what others here have experienced to maybe save you some potential grief or provide a bit of guidance?

And you can also even own a house if you prefer, but just cannot own the underlying land. That's what my partner and I are doing now - building our own home on leased land.

Edited August 17, 2019 by Tommy T.

[jimeve]

1 minute ago, Tommy T. said:

Welcome also... I think your plan sounds okay. But it also depends, I think, on where you intend to do this? What area or city?

Tagaytay.

 

[scott h]

18 minutes ago, P. T. Kelly said:

couple condo units

Welcome PT

I am going to assume you have visited here before and are some what familiar with the goings on here 

Tagayatay is a great place and if we did not inherit a house, would have been high on our list of living lokations.

There are some existing condo developments up there, but I have not been inside.

My only complaint against condos here are the size. To a yankee standard they are tiny. College dorm rooms are bigger . Unless your Idea is to buy two adjacent units and knock down a wall? Normally 1 bedroom, 1 bath, galley kitchen usually for around 4-5 million pesos. Not counting HOA fees, plus you usually have to buy a parking spot, in most condo parking spots are not included.

Before deciding on your next visit go to almost any of the major Malls, a lot of them have display units set up on the basic condo floor plan and you can get an idea of what they are like with furniture.

again welcome 

 

 

[Tommy T.]

1 minute ago, jimeve said:

Tagaytay.

 

Thanks... I saw that after re-reading his post... I think I had a "senior" moment?

[Tommy T.]

1 minute ago, scott h said:

My only complaint against condos here are the size. To a yankee standard they are tiny. College dorm rooms are bigger . Unless your Idea is to buy two adjacent units and knock down a wall? Normally 1 bedroom, 1 bath, galley kitchen usually for around 4-5 million pesos. Not counting HOA fees, plus you usually have to buy a parking spot, in most condo parking spots are not included.

 

I echo that. We looked at a number of condos and they are tiny! We're talking 50-60 sq meters for 2 bedroom units, tiny kitchen area, a sort of living/dining area and Scott's quoted prices are what we saw too...

And condos are rented out a lot and can be noisy on weekends and holidays...

[jimeve]

1 minute ago, Tommy T. said:

And condos are rented out a lot and can be noisy on weekends and holidays...

The OP will be renting out the condo, so that won't be a problem for him.

[Tommy T.]

Just now, jimeve said:

The OP will be renting out the condo, so that won't be a problem for him.

Yeah... you're right.

I was just thinking about if he ever decided to actually move into it some time in the future...? Then it might become an issue?