House prices

[OnMyWay]

11 hours ago, earthdome said:

I don't know anything about prices in the Philippines. But where I live in the US midwest my home estimated selling price according to the internet is up 30% in the last 18 months. 

Sell it now!

[hk blues]

The strange way of thinking here makes it difficult to have a reasonable negotiation. Example - one neighbour of ours was selling up as the (new) house was in a mess (poor construction) and another neighbour was 'helping' them sell. The 2nd neighbour told them the price should be at least the same as the exact same model house which was totally new. Where in the world can you sell old for the same as new? Very, very strange thinking here when it comes to selling 'old' stuff.

They eventually sold about 1 year later for just a little below what they paid for it and way less than the price of the new unit. 

[Jack Peterson]

31 minutes ago, hk blues said:

Very, very strange thinking here when it comes to selling 'old' stuff.

 The Philippines in particular ( also other Asian countries seem not to build to sell for profit and moving up scale but rather build to live in and procure a family home, To us ( the foreigner) it seems strange I agree but it is what it is and has been for centuries, As to selling old stuff, sometimes old things hold a better value kept, in many cases. Such is my experience

 My extended family Home is now housing a Fourth generation  

[Clermont]

The wife just bought her son a new house, there is a lesson here. A new house consists of an out side shell, no bedroom partitions, no interior paint, no floor tiles, no kitchen, O yes, there is stairs but not painted/varnished. You ask, why didn't he inspect inside before buying. Well they wont open the door to let you in to inspect until they have the deposit in there hand or paid in full and if under finance the finance company has paid in full. This is the way they do business, you are supposed to know these things. So I can see why certain houses on the market seem expensive as to the actual listed price of say two years before. It's not hard to spend 500 K on the interior and that's not flash, just basic. So when buying a house these things have to be taken into account and if your paying cash, the going rate is 20% discount.  

[graham59]

Well, good thing my Mrs is partial to 'old stuff', is all I can say. 

[Guy F.]

6 hours ago, Clermont said:

The wife just bought her son a new house, there is a lesson here. A new house consists of an out side shell, no bedroom partitions, no interior paint, no floor tiles, no kitchen, O yes, there is stairs but not painted/varnished. You ask, why didn't he inspect inside before buying. Well they wont open the door to let you in to inspect until they have the deposit in there hand or paid in full and if under finance the finance company has paid in full. This is the way they do business, you are supposed to know these things.

Someone who would buy a house without a thorough inspection deserves what they get.

[earthdome]

11 hours ago, OnMyWay said:

23 hours ago, earthdome said:

I don't know anything about prices in the Philippines. But where I live in the US midwest my home estimated selling price according to the internet is up 30% in the last 18 months. 

Sell it now!

We are considering doing just that. There is another state we want to relocate to which does not have state income taxes. But first I want to complete the unfinished walkout basement to generate some additional sweat equity. Plus we need to unload alot of stuff online or at a garage sale so we don't have to move as much junk.

Ok, now back to finishing the drop ceiling in the laundry room.

[Gandang Smile]

1 hour ago, Guy F. said:

Someone who would buy a house without a thorough inspection deserves what they get.

Actually, developers sometimes purposely sell homes that are little more than cold shells (unfinished walls and ceilings, no door frames and door) to keep the net estate value as low as possible and result in lower estate taxes for the buyer.

It's a practice that was popular especially before 2018, when BIR switched estate taxes to flat 6%, and usually for cheaper builds, like the Deca Homes or "starter" condos. 

 

 

[RBM]

10 hours ago, Gandang Smile said:

Actually, developers sometimes purposely sell homes that are little more than cold shells (unfinished walls and ceilings, no door frames and door) to keep the net estate value as low as possible and result in lower estate taxes for the buyer.

It's a practice that was popular especially before 2018, when BIR switched estate taxes to flat 6%, and usually for cheaper builds, like the Deca Homes or "starter" condos. 

 

 

Yes, but think this only applies to condos.

[Gandang Smile]

1 minute ago, RBM said:

Yes, but think this only applies to condos.

I have seen the trick pulled at Deca Homes, too. Their standard turnover is with no kitchen pipework (the plots are tiny, so they expect the kitchen to be outside), very limited or no electricals and basic plastic doors. Most buyers end up spending a few tens of thousands more to fit out a kitchenette and a couple extra switches.

I am sure prices went up since I last checked, but some of these Deca Homes houses sell for less than a million.