Rent or Buy?

[Lee]

If you do go the condo route, buy one that is already completed and ready to go.

Pretty girls at the malls often hand out flyers advertising for condos to be built well into the future. Some are built way past the times promised and some aren't built at all. You could have your deposit monies tied up forever or perhaps forfeited.

[OnMyWay]

25 minutes ago, Kingpin said:

Is the house bought or part of the lease? Those 25+25 lease options for land are great, if only they weren't so hard to find.

Part of the lease.  House and land renovations are on your dime and then factor into the value of lease.  Our house (and most of the old Navy houses) have good bones and were built rock solid by the Navy.  The rich guy who bought mine is going to do major renovations but the house is very livable as it is.

The owners of the leases are a combination of mid to upper class Filipinos and expats.  I would guess 50/50.  There are 500+ houses here and a few condos.  In Clark, there are only a few houses and a lot of condos.  Some condos are brand new and also leases.  And some decent prices for sub-leasing (renting).  I would not buy a condo there because they are hard to sell.

 

Edited October 21, 2023 by OnMyWay

[OnMyWay]

7 minutes ago, OnMyWay said:

I would not buy a condo there because they are hard to sell.

Here is a nice one for sale.  I would not doubt that the owner is taking a loss.  If anyone wants details, search Clark Properties on FB.

Condo for sale inside Clark!

-2 bedroom

-2 toilet and bath

-116sqm

Price:5.5M Only

Inclusions:

55”tv

Microwave

2 sides tables

Oven

3 aircons

1 ref

Washing machine

Free parking!!!

Schedule your viewing now!

[hk blues]

4 hours ago, Graywulf said:

I am becoming aware of that, and it being a minefield. I more likely to look at a new build, by hopefully one of the reputable companies.  I have already been reading of a 'problem'? complex in Manila that seems to have been erected hastily and has service problems.  So can understand the make/break aspect of purchasing.

   I tend to the stability side, as a retiree, I'd rather put down the roots and stay put as a base of operations.

It really, really depends on what you're looking for location, size and budget-wise.  Good properties are out there, you just have to look harder for them than perhaps you would in the UK.  And, it isn't necessarily the case that property here is cheap - many of the new condo units in my city are as expensive as you'd pay in the UK.  

Echoing a previous post, either buy a completed unit or a near-completed one. 

 

Edited October 21, 2023 by hk blues

[Eddie1]

4 hours ago, Graywulf said:

I'm a bit hesitant with renting as I don't want the hassle of maybe having to move

The freedom of renting may just save your arse from living in a place that you paid millions for, fell out of love with for a multitude of reasons and potentially very difficult to sell. 

[hk blues]

3 minutes ago, Eddie1 said:

The freedom of renting may just save your arse from living in a place that you paid millions for, fell out of love with for a multitude of reasons and potentially very difficult to sell. 

You're completely right albeit It's never been the way I've done it, either here in Asia or the UK! 

[Graywulf]

2 hours ago, Clermont said:

Hi welcome to the forum, plenty of advice here, but like you said you'll be staying for a few months first, Id take the time to sort yourself out HERE first before you heed anyone's opinion. Plenty of partners to get involved with, but take your time their all lovely and promise the world but make sure she can cook as you soon get sick of take aways and restaurant food becomes expensive. I'm not a condo man myself, but when my wife and I decided for her to come back home we settled on a subdivision, yes there's Fors and against subdivisions, most have good hospitals, malls, transport around them and I know you've said you don't like renting but I'm afraid that's your only optune because there was no mention of a wife. Don't be afraid of renting a bit out of the cities, treat people around as you'd like to be treated. The family can become a bit of a problem, NEVER offer money to any of them, I always loan them a few hundred Peso and when they want more, " Sorry you still owe me," works for me. You'll soon get into the swing of things, the climate suits me, some it doesn't, there's a thousand and one things that you could complain about, just take your time, everything will be new to you, and you'll love it all at first then that home sickness sets in for a little bit. We live out of Manila, plenty of subdivisions, all are guarded, and most are self-policed for noise and petty theft is minimal. Our subdivision, children still run around by themselves, don't be put off by posts on subdivision behavior, the newer subdivisions are acceptable to most westerners. We are only an hour from the airport an hour and a bit from Mall of Asia, plenty of transport, Grab, buses, jeeps and most have private cars that fill in for Grab. Good luck.

Thanks Clermont.

    My intention will be to rent for a while for sure... and if buying a Condo eventually, it will be an already built, but fairly recent. I didn't know about the lease as you describe. I had read about leasing land, and building, IF you can find a plot and owner prepared to do that for you. I don't want to be too many hours away from a good Hospital, I am fine now at 65, but 10-15yrs?

   Thankfully I've been reading and watching some youtube channels, and am aware of the attitude towards expat's (walking ATM's) and lent money literally never gets repaid.  Correct there is no better half, so if I jump it will be single. I am not worried about 'home sickness', when we (married then) came to NZ, we'd never been here, no relatives. You have to have an 'it will work' attitude. I will look round for a time, pick an option to live, and try it for size. One of my passions and a definite is Motorcycling. So decent  roads and safe as possible will be a high priority.  Food wise? I don't really intend to do takeaways ... I can cook fine and have done quite well so far.

[Graywulf]

2 hours ago, Lee said:

If you do go the condo route, buy one that is already completed and ready to go.

Pretty girls at the malls often hand out flyers advertising for condos to be built well into the future. Some are built way past the times promised and some aren't built at all. You could have your deposit monies tied up forever or perhaps forfeited.

I've been watching realty sites like Dot property for a while, I've seen the 'several different prices, ads', for the same complex, and the advertised price that's a deposit, as well as starting to understand the purchase taxes/fees and the games sellers can play to get the buyer to pay their tax for them.

[Kingpin]

2 hours ago, OnMyWay said:

Part of the lease.  House and land renovations are on your dime and then factor into the value of lease.  Our house (and most of the old Navy houses) have good bones and were built rock solid by the Navy. 

Interesting, in that case I'd imagine the monthly fee is significant.

All the 25+25 leases I know of begin as land only, and cheap, giving the lessee the opportunity to build the house they want which they "own" until the lease expires.

 

 

[OnMyWay]

33 minutes ago, Kingpin said:

Interesting, in that case I'd imagine the monthly fee is significant.

All the 25+25 leases I know of begin as land only, and cheap, giving the lessee the opportunity to build the house they want which they "own" until the lease expires.

Those type of leases are different.

What monthly fee do you mean?  As far as I know, these SBMA residential leases are all cash up front when the lease is obtained from SBMA.  After that, any financing would be between the buyer and seller, if any.  I don't think banks will make loans for a long term lease.

The only monthly fee we pay is 1200 CUSA for trash and some other services.