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Given the choice, would you own or rent?


Rent or own property  

44 members have voted

  1. 1. Would you rent a house rather than building one if you could stay for life at a set monthly rent of P8,000?

    • Yes, please explain
    • No, please explain
  2. 2. Would you buy a property and build a house if you intended to stay in the Philippines for life and were able to do so?

    • Yes, please explain
    • No, please explain


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Brucewayne

My vote is rent while keeping an open mind regarding the 'rolling overseas' of your investments. 

I spent many years stumbling around the islands looking for a decent place to live/buy.  7 years for me

I apologize if I seem harsh, but I've seen so many dudes stressed and broke from the building blues. 

And I don't know enough about you to relate appropriately.  Sorry. 

I'm a rehaber, not a builder...and  I don't have to be a child's role model. 

I bought in for my wife but she earned the money stateside.

She always saves money and has learned investing.

I made her wait so long that she was shocked when I finally OK'd our Philippine purchases. 

I think you should determine why your wife wants the house.  I think it is pride, we would have more security if she would wait.

Does she have the experience to build and allocate funds, stand in lines for titling....or will that be your job.

Do you want that job?  Do you have an attorney/friend to help?  If not, stay where it's fun for you. I have a CPA who can walk me through the process, saving attorney fees.

Don't rush in. Rent until you find the perfect house/lot that passes all the tests. Still looking, came close, but not quite.

Ideally you can have local friends check out the community, tell them your story and be invited in. 

Don't sacrifice mobility for a crowded, loud institution.  Know what you both want. 

Girls love shopping. Many have the 'how much we can spend' mentality. There is the problem, she loves to spend, then cry when she is broke.

Then there's the status thing....there's no end to that. 

It's a great ego trip...watching a kano build your house. 

Stay in control.  Don't be worth more dead than alive. 

I've seen so many build experiences not end well because of health or strife. 

Seems to be more crying than boasting. 

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I have always rented in Asia. I have never purchased any land, homes, apartments or condos. I have no intentions of ever doing so, either. I do not wish to buy an apartment / condo, so that would only

well, the money will be gone once u buy.   u spend 96000 per year on rent (are there utilities?)   if you spend 2 million on building, then u spend about the same as 20 years of rent (plus u need

People say what if she does this or does that, it's the same in the west even when your name is on the property. I know guys who married American women, had families only to later to get divorced and

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broden

maybe it's cause i grew up in apartment building owned by true slumlords .. if i am some place i intend to stay i prefer to own

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Brucewayne

I completely understand that, I'd love about an acre but I'll settle for 400+, I can't imagine trying to live on an 80-100m lot which is almost invariably what we find for sale here.

 

In your specific situation I'd keep renting.  You know more about your investments then I do but the chance to reap a 100% increase in a few years is pretty worthwhile unless there are obvious deficiencies to your current situation she can deal with it.  Isn't being close to you the most important part?  God forbid something happens to you between now and then she can cash out and buy/build a house exactly where she wants it and not have to fight you over location. And you found her problem, if anything happens to me, only my sister can draw the money and Sis has directions to keep it for my daughter until she is 18.

It is in the States and can only be accessed there by myself or an appointed executor (my sister) in the event of my untimely death .

Maybe the wife doesn't trust my sister, but there is no reason for her not to trust her.

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Dolsos

 

And you found her problem, if anything happens to me, only my sister can draw the money and Sis has directions to keep it for my daughter until she is 18. It is in the States and can only be accessed there by myself or an appointed executor (my sister) in the event of my untimely death . Maybe the wife doesn't trust my sister, but there is no reason for her not to trust her.

 

 

Well i think that answers your question.  She's motivated by personal gain not your best interests.  i'd tell her you've made the decision and you're going to do what it takes to make sure your baby is taken care of after you and that means waiting.

 

I'd also suggest looking into life insurance just in case something bad happens or if your investments take a dive, but I know it can be extremely costly.

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Brucewayne

Well i think that answers your question.  She's motivated by personal gain not your best interests.  i'd tell her you've made the decision and you're going to do what it takes to make sure your baby is taken care of after you and that means waiting.

 

I'd also suggest looking into life insurance just in case something bad happens or if your investments take a dive, but I know it can be extremely costly.

 

Yes, I think so too.

Thanks to all who answered and offered advice, I was worried that I wasn't thinking right, but apparently I was.

Life insurance might be a good idea, but I don't trust any spouse as beneficiary, maybe that will be my next great dilemma.

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Dolsos

Yes, I think so too.

Thanks to all who answered and offered advice, I was worried that I wasn't thinking right, but apparently I was.

Life insurance might be a good idea, but I don't trust any spouse as beneficiary, maybe that will be my next great dilemma.

 

 

Set it up so it goes into a trust for your child, then your wife can have whatever assets you leave and the baby is still set for college/school expenses and maybe a little extra.

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Paul

I want to set aside $100,000 for my daughter's future in a trust account which she can only draw dividends off of for 20 years, then do as she pleases at age 38.

 

Excellent idea. Unfortunately, they (Filipinos and other Asians) live for today, not for down the road. So, your wife has no clue. Or, she doesn't truly care about your future together. Either way, I would put my foot down about it right now. It will not be any easier down the road.

 

In fact, you may have given her a little more leeway in the past, which is why she is like this now? (Don't shoot me. I am just speculating here.)

 

 

Well i think that answers your question.  She's motivated by personal gain not your best interests.  i'd tell her you've made the decision and you're going to do what it takes to make sure your baby is taken care of after you and that means waiting.

 

I'd also suggest looking into life insurance just in case something bad happens or if your investments take a dive, but I know it can be extremely costly.

 

Definitely. I would, as I previously stated, let her know what is going to happen, and that you are only interested in making sure she is in good shape down the road. There again, you are looking into the future. She can only see just past her nose.

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ThomsonJr

Don't buy now because she wants you to... wait until you feel you are ready

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Wolfpack

Yes, I think so too.

Thanks to all who answered and offered advice, I was worried that I wasn't thinking right, but apparently I was.

Life insurance might be a good idea, but I don't trust any spouse as beneficiary, maybe that will be my next great dilemma.

 

I doubt she has any malice intentions...

 

The concerns I have always had with my filipina wife, is not what is in her head...but the heads of people that surround her...we can only do so much to provide for them now, and try to secure something for their future...but ultimately, when the day comes we are no longer here...they have to fend for themselves...we can only do so much...

 

I have been trying to surround my wife with new people...to teach her better ways of thinking...like meeting people at the LinC gathering last week...

 

The pre-school people my wife has been meeting has been helpful too...

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Mandingo

The thing is IF YOU ARE MARRIED I believe you are obligated to look beyond your current needs/situation and plan for what is best for your family after your gone, no different than what my dad did for my mom. In the west it's not even a question someone would ask, we are expected to do this so whats the difference just because your in the Philippines? Is your family any less valuable just because your not in the west? Yeah I know we can't own land but if you can't trust your wife then you married the wrong person.

 

 

 

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tomaw

Honestly I wouldn't bow to pressure from your wife to build a house "for her", if you build or buy a house it needs to be your choice knowing that you will most likely never see that money again in your lifetime and should (god forbid) something happen between you and your wife your rights to that house are nil.

 

If you would prefer staying in the rental then I think that is what you should do, why does she want a house built so bad? Is the rental rundown? In a bad area? Far from family? If thats the case maybe you can find a more suitable rental she will like better, may cost a little more but would probably be cheaper then building anything.

 

You could try to appease her and buy a lot now, telling her when you turn 65 you'll build a house there together.

.......... That last sentence sounds like a good plan. You have to buy the lot first anyway. I assume you mean a house in The Philippines. Where the house is and what it will cost I would think would have a big effect on your decision. In California most houses have a 30 year mortgage. In the area around Cebu you can get a house in a subdivision and have it paid off in just 5 years. Also your age is a factor. You said you want to builid when you are 65 which makes sense but when is that? How old are you now? As far as leaving something for your wife and daughter, it is hard to say what stocks or real estate will be worth in the coming years but at least with a house they'll have a place to live. Edited by tomaw
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ellenbrook2001

but.sure our wife are very sweet  also we have too consider after you  buy the house even on both name then shes realized you getting old grumpy or shes found a pinoy lover, shes may decided too kick out of the house then what would you do??????? here the court will give her an advantage, you be the loosed has usual? then you have only your eyes too cry all gone ,a see it too many times  other country you may end up 50/50 but here no way?they will screw you up or pay someone too put a bullet in your head?so think about it the good and the bad.that the way a think? maybe hes not fair, but i did work very hard for 54 years i wont let go easy then give too the lazy one,.or the sucker???????

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RogerDuMond

but.sure our wife are very sweet  also we have too consider after you  buy the house even on both name then shes realized you getting old grumpy or shes found a pinoy lover, shes may decided too kick out of the house then what would you do??????? here the court will give her an advantage, you be the loosed has usual? then you have only your eyes too cry all gone ,a see it too many times  other country you may end up 50/50 but here no way?they will screw you up or pay someone too put a bullet in your head?so think about it the good and the bad.that the way a think? maybe hes not fair, but i did work very hard for 54 years i wont let go easy then give too the lazy one,.or the sucker???????

This is all wrong in so many ways, but the final point he unintentionally makes is right. If you can't trust the woman you have chosen, then you have chosen the wrong woman.

 

We have built. The thing that throws the scale in favor of building rather than renting for me, is that you can do whatever you want on the land. We now have 15 meat goats and 2 beef cows. You can't easily do that at a rental.

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broden

 

We now have 15 meat goats and 2 beef cows. You can't easily do that at a rental.

 

you do have a very lenient condo board 

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smokey

seems there are two factors at work here...... the one with the gold makes the rules.... and this is a partnership but i am the President and CFO so its my way or the highway    ... is it true the one with the most money when the die wins?

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