Suggestion Buying Property (What is Realistic?)

250k additional fees, taxes and so on can be considered normal if it is clearly stated that all these have to be shouldered by the buyer. But that amount is for a lot or lot and house costing 2.5 mio PHP. Land titling alone can costs up to US$ 750.-

 

I think there is much logic in renting: 1) Rental fees seem to be less than what one would gain in interest by putting the money not spent on buying in a savings account; 2) Renting involves no repair costs to the property (for example, can property here be insured against earthquakes?); 3) Whoever the neighbours are at present, they can change and then life could be a misery (I heard of a foreigner who has a neighbour who plays loud music until 4 a.m. .... but because of the neighbour's job the foreigner can do nothing) - the foreigner now hates his life here ; 4) The future is always uncertain for a foreigner and the need for flexibility is crucial - this could mean a sudden change of country and in that case there could be a wholesale 'dumping' of foreign-owned property onto the market, with few buyers at a fair price. I know this is very pessimistic but evaluating the downside is natural to me. Also, I am aware there are various arguments against the buy/rent choice in terms of long-term value. It may not suit everyone but if circumstances change I could be in, for example, Davao in just a few days or even in another country such as Cambodia. It suits me to have that freedom.

 

A major consideration when buying here is that it is very hard to find a buyer if you decide to sell, particularly for expensive homes. In my case I built a house 7 years ago and now want to downsize house and lot. The problems are most foreigners coming here either don't have the cash to buy a house and/or don't want to put property in their partner's name.
Btw, I know 6 foreigners here with houses in the 20M peso range, 1 not even on the beach.

 

It is not about leaving land to your SO; it is about her having her own place, which is very important to her as well as a place to live the rest of her life and pass on to the kid. It should not be seen as an investment, I know I went into building a house with full knowledge I would never get my money back but again have no plan to ever be in a position that we would need to sell it and I paid cash for everything, we owe no money to anyone.

Not everyone has the "American dream", there are Filipinas that are quite happy living in their home country. We picked Tanjay to be close to her family, which goes against most things expats say but her family's support is worth it and yes, we do deal with folks needing "help" with things but my wife is sharp enough to prioritize what she decides to do. I personally have not lived in the US in over 20 years and foresee no reason I would move back. The thing to "leave behind" is a business/income source, money in the bank and a place to live.

The decision to build/buy a house in the PI is a difficult one, dropping 6 figures on a house in a 3rd world country does not sit well. You could rent a "decent" place for 30+ years in what you spent on a home. Plus upkeep... Then again you have a place that is to your specifications, my background is construction so I know I have a solid house. Everyone is different on their thoughts, I have no regrets we built.

As mentioned in an earlier post many folks are not comfortable spending money on something that will not be in their name. The way I see it, if you had a house in the US and got divorced most likely she'd get it so what is really the difference?

I look at things realistically and do not wear the rose colored glasses many folks seem to have; living in another country takes a lot of forethought and if you decide to spend your life with someone you need to have the right person that is truly a partner. The horror stories are there and I personally know folks that got royally screwed over. But there are success stories and happy folks, usually the ones that live a bit under the radar.

Just my opinion/experience so take it for what it is.

Shawn

 

I do not disagree with any of you; it is a choice (opinion) but not a fact. We know the BEST choices ONLY by hindsight.

 

I totally agree with everything you say Shawn, my wife and Daughter have absolutely NO interest in living abroad, they would like to visit, but live there, no! And to live abroad, I would not like them to experience life there full time, not live the life I lived and the life my kids have to live there working their asses off getting nowhere fast.

We bought 2000m2 close by but do not plan to build a house there, it is purely to one day build Pig Sty's and hopefully generate an income one day where we can buy a house in a more convenient location, so basically I want to leave my Wife and Daughter something that can generate an income for them and provide for their future after I am gone. As you stated if I was in the West and things go belly up I would stand to lose most everything anyways, so like before, if it does go that way I will simply pick myself up, move on and start again... I have no problem with that.

I have the benefit of hindsight (in the West) which I have have learnt a big lesson from and carefully put to good use in my decision in my life to marry my Wife here and live here (in the East) I am taking everything one step at a time, I have a plan and we are slowly achieving what it is we are setting out to do as a team instead of me being the only one doing all of the work like before.

I have been watching/speaking with some other expats here and the ignorance and arrogance factor of some amaze me! They wonder why they are doing it tough here and for me they are getting exactly what they deserve! Believing that they are superior to, greater than, mightier than, smarter than, know everything and ridicule anyone else's suggestions because they know better, yet are grovelling to make it work here, I have resigned myself to zip my lips, turn my back, and let them self destruct! Who am I to worry what they think or do... My Wife and Daughter are my ONLY concern.