Rent or Buy?

[Possum]

2 hours ago, usa32 said:

Too many issues with real estate in the Philippines. 

Reminds me of choosing whether to get married or not. Much  due diligence needed. In either cases. Renting is better for a few years while one does research. Had most of us done our due diligence properly over our lifetime we would be better off.

[hk blues]

On 10/24/2023 at 5:16 PM, Graywulf said:

I've seen a few adverts where sellers want the tax paid by the purchaser, or they are 'desperation'? selling, and want to sell out for XXXX and you take over the mortgage.... Until I get there and can really look into buying, and where. I will view with suspicion, as they say. As I'm single, I can afford to move around renting for a bit till I make the decision.

I thought we were talking about a new condo bought from the developer, not a private sale.  Obviously with a private sale everything is up for discussion and "long nose" or "skin tax" is a thing.

Edited October 26, 2023 by hk blues

[Graywulf]

On 10/25/2023 at 4:10 PM, hk blues said:

I thought we were talking about a new condo bought from the developer, not a private sale.  Obviously with a private sale everything is up for discussion and "lone nose" or "skin" tax is a thing.

I am looking at new yes, BUT,, if the right unit came up for size/location pre owned? Of course I'd look at it.

[hk blues]

1 hour ago, Graywulf said:

I am looking at new yes, BUT,, if the right unit came up for size/location pre owned? Of course I'd look at it.

Understood.  If it were me, I'd choose new (and completed/near completed) over pre-owned every day.

[Sea Turtle]

On 10/21/2023 at 11:51 AM, Graywulf said:

Hi,

Sorry this is a bit 'long winded'  but I'm starting to make some plans to move to the Philippines to live.

I'm looking to do a 'look see' visit next year 2-3 months hopefully. This should give me time to look round a few cities/provinces I want to investigate.  As far as Baguio down to Iloilo/Cebu island.

 

 Any insights would be greatly appreciated

As others have said,  rent first.  Maybe plan to try out a couple of different locations.  In the large city is very different than outside the city,  for everything.  I think I saw that you like motorcycling.   That is a great fun,  its different in different locations.  In the city traffic is crazy(dangerous) for bikes.  Outside the city,  the roads are not the best.  Not sure what type of bike,  a large touring bike can be difficult.  I assume you have visited a few times or more.  You will already know that the weather is either HOT or WET.

Don't buy a condo until you like the place for sure.  Selling can be a challenge.  The current asking price for a nice 2bed in Cebu/Robinson Galleria is 12m.  I think about 80 or 90 square meters.  You can rent them for up to 50 or 60k a month.  There is smaller and bigger.   

A scenario that I have seen a few do.  They rent and then move in with a local lady who already has some house,  and just keep the money in the bank/invested.  You would still pay for living expenses for you and her and maybe others,  its less than buying a lease or condo.  You might pay for some house upgrade (less than your rent was).  Might sound crazy,  also might be fun....

 

 

 

 

 

[Kingpin]

On 10/23/2023 at 12:13 PM, OnMyWay said:

Most people need a vehicle.

I haven't needed one since Uber was here and was replaced by GrabCar, are they in that area?

[OnMyWay]

21 minutes ago, Kingpin said:

I haven't needed one since Uber was here and was replaced by GrabCar, are they in that area?

Nope. Nothing for the neighborhoods except expensive unmetered taxis.

 

[MotorSarge]

On 10/26/2023 at 6:57 AM, Sea Turtle said:

A scenario that I have seen a few do.  They rent and then move in with a local lady who already has some house,  and just keep the money in the bank/invested.  You would still pay for living expenses for you and her and maybe others,  its less than buying a lease or condo.  You might pay for some house upgrade (less than your rent was).  Might sound crazy,  also might be fun....

 

[RBM]

On 10/26/2023 at 6:18 PM, hk blues said:

Understood.  If it were me, I'd choose new (and completed/near completed) over pre-owned every day.

each to their own I guess , this is not the path I took or would take if were to move. Just to many unknowns.

the advantage in my considered opinion, buying used (near new) is one can carefully check all facilities, talk to residents check neighbours and probably even rent a Airbnb in the complex before deciding. At least that is what I did before making a purchase.

As I am in advanced year the condo is in the name of my partner, protected with Deed of Isufuct. This lessons any burden on my partner when i pass. The number one advantage that suits my life style is security, the ease of vacationing away without worries (except for the gold fish) and facilities in the complex. Noise issues are pretty much a non issue as condos have their own regulations which in our case govern even noisy kids.

One must deal with some crazy petty issues how ever I just let my partner deal with it. Somebody mentioned dues, well ours just went up from P1200 a month to P1800. Doubt one can rent a cheap hut for this amount.

Having come from an upmarket house in a subdivision condo living suits me far more....Not for everyone.

[Freebie]

Im on my 3rd or maybe its 4th condo. Had a couple in BCG and now in the heart of Makati. It suits me ok.. just 108sq metres, pool , gym quite high end ( according to Ayala , very average to me ) with fees to match of approx Usd 3500 per annum in mgt fee ( what they call association dues here ) and then usd 1000 in Real Estate tax (Property Real tax  or some such wording as its known here . Plenty of staff and overstaffed with security but thats how filipinos seem to like it, without realising that more means the security staff actually do less.

Ive employed many security times when I worked here and find that filipinos equate quantity with quality when its rarely so. I rent my car park out .

ive had no real issues here apart from some rules that i find to be stupid when I invite a single technician to review a small job and all sorts of "passes " are required. Ayala is a world leader in creating unnecessary bureaucracy. 

Title is in my name as Im single and title is safely stored in a safe in my bank.  I travel frequently for months at a time and prior to trips ensure everything except the fridge is turned off and water disconnected from my unit whilst Im away. Never had any issues. Id hate to rent here as I dont see it provides any value for money if you are intending to stay for a few years. But each to their own on that subject. Ive made decent profit on all the units I had and have sold even with the misnamed Capital gains tax which is actually a sales tax of 8%.