Rent or Buy?

[Kingpin]

1 hour ago, Freebie said:

 Id hate to rent here as I dont see it provides any value for money

The value is in investing your money how and where you want to, rather than investing in a nation where you'll always be a second class non-citizen. While living in a big house, which may even provide some outdoor space too.

[Graywulf]

On 10/27/2023 at 1:57 AM, Sea Turtle said:

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....

 

 

 

 

 

errrr yeh, lol. No I haven;t been before, I was due to take a 3 month holiday, COVID, NZ closed it's borders. But work would not allow me to postpone the 3 moths leave (was held over from before). So it's next year to do the visit. But this time, instead of coming back to work for a couple of years, I'm retired, so....

Not too sure on the 'move in with' I kinda like my own space, and I'm in no rush to get hooked up/involved.  However??  I am intending to rent to start with, to make sure, and will look at complete/close to completion units,,, Unless a really nice newish pre owned comes up. By then I hope I will be a bit more conversant with the REAL way it operates for imports (skin tax etc)

   Yes I am a lifetime motorcyclist, and am intending to bring one bike with me, It's 'big'? (not that big) a Suzuki C50T, but I'll also have a wee 125 or, for everyday stuff. I'm likely to want to trip round the islands, so a small bike is impractical for that, especially two up in the future. Yes I've seen that the roads can be a bit haphazard, but then I am used to NZ roads that can be difficult/washed out/gravel/pot holes..........

      

[Graywulf]

3 hours ago, Freebie said:

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's 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%.

Thank You Freebie,

 you've pretty much said what I'm thinking. Security if I'm away, local amenities (hosp/doc/supermarket/gym/mall/etc etc) I'm also likely to be away a few weeks to a couple of months at a time, so that security thing will be a high priority for me. I'm already aware of protecting assets, and investment will be left in NZ in term deposit, with a set amount transferred at regular times. so any amount in the Phils will be basically [operating funds] and will make sure deeds/title are securely stored (bank). Just a question, with the construction used there 'concrete' what is the noise transfer like between walls/floors/ceilings? Is it thick enough that it pretty much insulates, or are you at your neighbours 'mercy' for peace n quiet?

[Freebie]

2 hours ago, Graywulf said:

Just a question, with the construction used there 'concrete' what is the noise transfer like between walls/floors/ceilings? Is it thick enough that it pretty much insulates, or are you at your neighbours 'mercy' for peace n quiet?

Im fortunate in that my neighbour ( only have one on one side ) is regularly away as am I.  I can hear small  noises from their unit but not so much .. unless they have a party once a year. But if they do, I contact security to ask them to visit the place and then things usually peaceful.

But its certainly worth testing for sound transfer when looking. I have much more noise from the street as the road outside my place is in a direct route to hospital so lots of wang wang/sirens... plus theres a 5 star hotel nearby where the Phil govt likes to put visiting Premiers etc... at which point theres 40 plus " outriders " who love to show how loud they can make their sirens.. but again, thats rare rather than every day.

[OnMyWay]

6 hours ago, Graywulf said:

am intending to bring one bike with me

Probably not advisable.  Do some research.  Duties and taxes will kill you.

[softail]

I have found renting to be the best choice for me. I sold my house in the US and have invested the equity from the sale, the proceeds from the investment more than pay the rent. Rent is paid for and I get to keep the equity from the sale as well as my money isn’t tied up in a house that is hard to sell in the event I choose to move.

[MotorSarge]

5 hours ago, OnMyWay said:

Probably not advisable.  Do some research.  Duties and taxes will kill you.

Yep, I believe it is %100 of the vehicles price when bought..

[MotorSarge]

1 minute ago, MotorSarge said:

Yep, I believe it is %100 of the vehicles price when bought..

Or unless you go the SRRV route which I believe they waive up to $7,000.00 usd.

 

[Mike J]

10 hours ago, OnMyWay said:

Probably not advisable.  Do some research.  Duties and taxes will kill you.

True for sure, same, maybe worse, for automobiles.  

Google "import duties large motorcycles Philippines"

<clip>

Whether brand-new or used, purchased or donated, the imported vehicle is subject to 40% Customs duty, 10% VAT and Ad Valorem Tax from 15% to 100% depending on its piston displacement. Its book value serves as the tax base and not the purchase price nor the acquisition cost.

<end clip>

[Freebie]

20 hours ago, Graywulf said:

Yes I am a lifetime motorcyclist, and am intending to bring one bike with me, It's 'big'? (not that big) a Suzuki C50T, but I'll also have a wee 125 or, for everyday stuff. I'm likely to want to trip round the islands, so a small bike is impractical for that, especially two up in the future

Ive been around a great many islands here and beleive it or not, a larger bike isnt going to help you versus a smaller bike.

Siquijor, Bantayan, Guimaras, Camotes, Romblon, Panglao, Puerto Galera, Southern Leyte,.. done all on small rented bikes, with a lady seated behind me. 

Would have preferred to have had my own smaller bike, vs a rented one but given that roads can be windy, potholed, dogs in street, the slower one goes, actually the safer one is.

Only had one accident in all my island visits, where there was a brownout one night, going down a hill with potholes, strong rain and dog runs into road..I left a lot of skin on that road, as did the girl I was with. Thankfully we both had our own helmets nut the cheap crap bike rental places provide.