⌛ Greedy Landlords

RENT or BUILDING is better than BUYING...

I would NEVER BUY a house. The asking prices are ridiculous. I have NEVER encountered sales price equal to 10years rental or less (not in provinces, not in manila--I challenge ANYONE to tell me otherwise). In most cases, the owners of nice houses are people WITH money, so they are not in hurry to sell the property. So they set unreasonable price and wait for the idiot to bite. So, if renting is not a good option for a variety of reasons, I would BUILD a house. Its a lot simpler than people think...

 

As I said already, choices are personal, it is everyone's choice, but "never" is a big word.
1. Yes, the asking prices are ridiculous, I did not say they are easy to find.
2. Yes, I know someone who got a good price, he is even member of this forum;
3. Yes, mostly they are people with money, but also sometimes they want to sell quickly. Hurry costs money, and idiots enough.
4. Yes, building yourself is financial the best option (but they also ask rediculous prices of the lots), but careful with landtitles and you need trustable family, so not very simple. My house was built for less than 2 million 2 years ago and I would not rent it out for 15000 P and not sell it for 2.5 in 2 years (anyway, it is not for sale, exept idot bids of course :D ) .

 

I agree

Yap. I wasnt disagreeing with you. I agree in fact.
Since you built your house, i think you will probably agree that, looking around you, your house is worth a lot more than 2mil (relative to the asking prices of comparative houses) you paid to construct it.
And you are not willing of course to sell it anywhere near 2 mil you originally paid. Why should you?
That was simply my point. I would NEVER BUY because there are no houses that are fairly valued and priced at the moment. Another reason i wouldnt buy is because most of the houses that are constructed are done poorly (i.e. looks well worn even after only a year).
Good thing you built...

 

Hi jss iam building a house in Dums at the moment, and was considering
having a concrete roof. trying to visualize the finished house. seems a good idea, but worried about all the rain fall. btw iam building the house over several years using local labour to keep cost down.

 

YOu will have no problem with concrete roofing w respect to rainfall (why did you think that?)... Most commercial buildings have concrete roofing. You just need to make sure you "rain proof" it (low cost simple treatments that all construction workers know). If you are going with concrete roofing, I suggest that you design the concrete posts for 2 floor building (in case you want to build 2nd floor later--this will also make the house more attractive to buyers in future should you want to sell). No too much additional cost.
Yeah, spreading out building in philippine does not add to the total cost too much because here you dont use any heavy machinery that you have to rent--all manual labor.
Good luck!

 

I would never pay 800 usd for a rental house better buy a lot through ur wife after dressing her up in the oldest clothes u have and build ur self. Yes it is maybe equal to 11 - 20 yrs of rent but atleast if ur 6 ft under its still ur wives, girlfriends, bakla lover or whatever.

The value increases and it will be the pension plan for whoever above mentioned u leave behind

Renting is throwing money down the drain

 

The reason I thought of the rain leaking through concrete roofs, is that I have had experience of leaks in apartments in Spain.
Spanish builders are not the best in the world, could double the "rain proof".
Have already got three solid floors and the post for a roof, can't make my mind up, We was going to use the third floor, for recoration purpose.
Three walls open and the back wall is a fire wall.
thanks. Jim

 

Hi jim, where were you in Spain ? The reason why I'm asking is, we used to live in Spain (Estepona at costa del sol)). We rented an apartment with a faucet (in bath tub) keeping as awake at night because of the loud leak sound (fortunately it's not the roof!). The landlord kept saying "I'll be there to fix the leak first thing in the morning", but did not fix it until we were ready to move out, but we did not like the apartment and the furnishing, so we bought a condo (this is back in 1989) and we liked it. One thing I liked it though, we did not have to pay the security deposit like in the US. But I'm sure now, they have to have the security deposit at hand incase of some problems.

 

You know what the real problem is? The fact is, whether you either buy or rent, the locals generally jack up their prices because you are foreigners. They think that because you are an expat, you can afford their price quotations! Being a Filipina, I feel sad about this. The rental rates and the prices that you mentioned are so overpriced!

 

anothor point to consider in the renting or buying debate, is if it costs say 4m peso to build a house including the plot, if you put that money in a savings account at say 5% you will get 200.000 peso a year interest, say you rent a house for 30.000 peso a month, that is 360.000 peso a year, so rental is costing you 160.000 a year or 15-16000 a month in real terms