⌛ Greedy Landlords

I'm sorry, I just cant have much sympathy for anyone paying 40k a month for rent on Negros island.

At least not after he's had enough time in the area to see how ridiculously high that is.

The landlord must figure he's got a live one, might as well make it pay.

 

Marky

You got that right!
I didn't want to say any thing because he runs this board.
I did tell Maria that he could have rented a place here in Alaska or Hawaii for that much money. I figured he came from New York City thinking that that was a good deal.

Jim

 

Hi Swany we lived in torremolinos, not far from Malaga airport, had a small cafe bar, and rented a two bedroom apartment. Typical of the Spanish manana, manana, they do repairs always tomorrow. I have been to Estepona for a visit only, very nice. Sold the bar few years back, the costa del sol very expensive now.

 

No leak

I dont know exactly what your construction situation is, but concrete roof being prone to rain leaks is not true at all. Shoddy construction work leading to leaks (in any types of roofs) definitely are. I dont know why you are having doubts, as the architect should have made the situation very clear to you as to your options. If the current architect is not doing that, get a second opinion(there arePLENTY). Consultation should cost you peanuts.
Good luck!

 

Not trying to argue here but want to point out that THere is a SLIGHT miscalculation to your observation. FIrst of all, the correct statement is: the rent is costing you EXTRA 160,000pesos per year (the amount you DIDNT have to pay if you BUILT your own).
But more serious flaw is: If someone BUILDS a house for a total of 4mil, they would VALUE IT (not real appraisted value but imaginary--probably got it by comparing other internet prices!!) at 8mil or so. (4mil house is a very expensive house in terms of construction materials and labor--and i am assuming reasonable plot of land, not like hectors). So, the lessor would want at least 7% return on the VALUE of this property. So that would be 560,000pesos per year or about 47,000 per month. So, your opportunity cost as you stated at 5% is 200,000pesos per year. So, you are paying EXTRA of 360,000 pesos. Big chunk of change to rent/live in just a decent house...
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Consider Dane's house. I would venture to guess that the owner wants 7% return. And he wants 45,000 per month or about 560,000/year per above scenario. So my estimate is that the owner values the property at about 8mil pesos, which means he probably put down 4mil at MOST for lot and building (probably a LOT less).
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So if Dane decides to continue renting that house, he would be paying 360,000 pesos EXTRA per month for the privilage living in the WOW house. This is sad reflection of the current situation. Only in philippine do you see rental prices at 7%+ of value of house, while the "value" is not the real APPRAISED VALUE like in the states, but something created in the mind of the owner in his masterbatory state of mind...

 

Debate..

I think it should be rent-buy-BUILD debate...

 

heller!!

Heller!
In new york (manhattan) you pay only about 3.5% of the appraised value (price that you could actually sell) of the property. $1million 1 bedroom rents for about $3,000 per month or 36,000 per year. This is 3.6%, HALF of what philippine rates are (7~10% here!!).
PESO is cheap, because there is SOOOOOO MUCH PESO NOTES PRINTED/FLOATING AROUND. Too bad for expats who have to convert uncontrolled hardcurrency with controlled (i.e. nearly worthless currency outside philippines) pesos to buy anything here... huhuhu :(

 

yes jss I see your point but a property is only worth what it sells for. and most owners who want to sell land or property are chasing the limited number of foreigners who are prepared to pay these prices, it is not just a financial argument either, the hassle of land title's the building period, maybe I want to move to another area, I came here to retire I am not interested in property here, I have property in the uk that I own, you can not even have the property in your own name here.

 

What a very sad story about renting or buying property in dumaguete. First of all there is no law about real estate in duma, thats why loads of this so called rouge or con mert agents can charged what they want. Here in the uk agents charged at the maximum of 2% of the value of your property,thats for selling it. in dumaguete this so called agents charged you at 30 to 40% bloody hell what a cheeky agents......hehe want to get rich quick....mmm vey clever... As for dane's house renting i feel sorry for him, i would never do any maintenace in the garden nor the house thats the responsible of the landlord, if you think there is any maintenace doing it tell the landlord. Dane when you rented your house did you sign any agreement? My advice to anybody who wants to rent aproperty in dumaguete is ASK THE LANDLORD SOME CONTRACT, SO IF THEY CHANGED HIS OR HER MIND YOU CAN TAKE THEM TO COURT. AND DONT FORGET TO READ THE SMALL PRINT

 

Contract???

Well, its not just duma, but just about anywhere nowadays in philippines (well, thailand and other SEAsian "hotspots" for that matter).

Regarding the contract issue...You can take them to court all you want, but they have MANY ways to make your life miserable at your rented house and make you want to get the hell out quick. You want a few examples?
*Showing up unannounced with a few really nasty looking boys carrying guns. No direct threats. Just plenty of indirect threat intended.
*Showing up VERY FREQUENTLY to check the house (prior notice provide of course, but such clause dont specify how many times per day...and for how many hours at a time for that matter...).
*Doing "construction work" at the property under the name of improving the premises. But if fact its designed to make all kinds of bang/clang/thump noises at all time of day and night.
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Of course this is a nightmare scenario, but i just illustrated here what landlords can do (all perfectly legal) to kick you out if you dont behave and PAY!