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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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Bill H

Rent!  I have a great house, and it too only costs me 8,000 a month.  Remember, selling houses here is no easy task and can be almost impossible depending on your location.  Building here is also a challenge because the quality of workmanship is frequently poor and the basic materials even poorer.  If I were going to buy any property, it would probably be a farm so I could grow things, but even then I don't think I would build a house.

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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

Wolfpack

I have been married twice before and survived those.

It was sort of like going to war, you come out a little less trusting, more wary and a bit jumpy/shell shocked.

 

well, you trusted the woman you are married to now enough to have a child with her...so IMO, both your wife and child are worthy of having a house to be called home...again, I am NOT suggesting spending every peso on a house...but buying something, as opposed to renting, is surely in your best interests...

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Bill H

 

well, you trusted the woman you are married to now enough to have a child with her...so IMO, both your wife and child are worthy of having a house to be called home...again, I am NOT suggesting spending every peso on a house...but buying something, as opposed to renting, is surely in your best interests...

 

Where is it written a house you rent can't be called your home?

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Brucewayne

well, you trusted the woman you are married to now enough to have a child with her...so IMO, both your wife and child are worthy of having a house to be called home...again, I am NOT suggesting spending every peso on a house...but buying something, as opposed to renting, is surely in your best interests...

 

Yes, but this is money I promised myself to keep invested until my retirement at age 65.

If I dip into it now, it will all be gone in a year or two.

It isn't that I don't trust the wife (up to a reasonable point), but the dollar is low, there is growth in the states that should close the gap on what was lost in the next few years and I really want to be able to leave this planet knowing I actually built my dream house on the right property, was able to enjoy it and still leave something behind for my family to enjoy for years to come.

My wife is impatient, that is the reason she would never make it in a business.

She simply wants what she wants , when she wants it and the way she wants it.

If a person doesn't make a fortune in their first year of business, she thinks they are a failure and I am trying to groom her to run a small business even now.

I plan to help her start a legal lending business with a license and all by the end of this year and already have her dabbling in it (underground) with a few of her friends as clients.

There have been a few slow payers, but mostly they are paying her back and her capital is growing a little at a time, but she wants to be rich in a month, not in a few years or more from now.

She is too used to getting what she wants and even as a child her family says she was used to getting her way because she was the runt of the litter.

At 36 years of age, it is time for her to grow up, as I have seen that our daughter is starting to act the same as her Mother and I want the Mother to start setting a better example so our girl won't be so impatient and unhappy in life.

I like sitting around daydreaming about what might be and can be ready for action at any time, but I find that plans are easier to change before they are executed.

If I buy the wrong lot, or change my mind about something concerning my house, it would be hard to change after I have bought and built and I have changed my mind several times in the last few years.

I now have 3 sets of plans that I would be happy with and each one would be designed for a different type of lot, but the one I like best is a farm house design with either a screened porch that goes all around the house, or a mountain style house with a screened porch at each end.

One must also consider whether they want the master bedroom to face the South or the East and for me that is a hard decision to make.

In other words, I am just not ready yet in any sense of the word, I just know that if I buy or build the first chance I get, I will suffer buyers remorse and I do know that others who have built here have no chance in Hell of selling their nice homes for the money they have in them.

Never seen anyone make their money back, I could be wrong, but I see a lot of my friends trying to sell even at a loss and it just isn't happening.

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broden

you have reason to rent for now ..it's really that simple

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tomaw

I am sure you are right, my wife is a cute little Pinay and it is hard to say no to her at times,but so far I have held out on the house thing.

I mean, the U.S. economy is just now starting to improve and the USD is finally starting to go up, so why waste what I could receive by rushing into anything?

............... As someone else pointed out, the value ( and cost) of real estate in The Philippines around Cebu continues to go up. Therefore, the longer you wait the more it will cost you.
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Brucewayne

............... As someone else pointed out, the value ( and cost) of real estate in The Philippines around Cebu continues to go up. Therefore, the longer you wait the more it will cost you.

Nah, with everything moving North from here, I can still buy at less than P1,000 per sq.m as long as I stay a few kilometers ahead of the towns that are growing.

As far building materials are concerned, they are a commodity and can be compensated for by raises in one's personal financial growth which should keep up or grow faster than the rate of inflation, actually causing said commodities to be less expensive at a higher price.

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tomaw

I think you might be over thinking this a bit...or I am missing something...

 

You do not have to spend every peso on a house...you can buy a simple house for under 500,000 pesos...as someone else said, don't put all your eggs in one basket...

........ Also house payments come to an end at some point, rent goes on forever. Edited by tomaw
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Wolfpack

Yes, but this is money I promised myself to keep invested until my retirement at age 65.

If I dip into it now, it will all be gone in a year or two.

It isn't that I don't trust the wife (up to a reasonable point), but the dollar is low, there is growth in the states that should close the gap on what was lost in the next few years and I really want to be able to leave this planet knowing I actually built my dream house on the right property, was able to enjoy it and still leave something behind for my family to enjoy for years to come.

My wife is impatient, that is the reason she would never make it in a business.

She simply wants what she wants , when she wants it and the way she wants it.

If a person doesn't make a fortune in their first year of business, she thinks they are a failure and I am trying to groom her to run a small business even now.

I plan to help her start a legal lending business with a license and all by the end of this year and already have her dabbling in it (underground) with a few of her friends as clients.

There have been a few slow payers, but mostly they are paying her back and her capital is growing a little at a time, but she wants to be rich in a month, not in a few years or more from now.

She is too used to getting what she wants and even as a child her family says she was used to getting her way because she was the runt of the litter.

At 36 years of age, it is time for her to grow up, as I have seen that our daughter is starting to act the same as her Mother and I want the Mother to start setting a better example so our girl won't be so impatient and unhappy in life.

I like sitting around daydreaming about what might be and can be ready for action at any time, but I find that plans are easier to change before they are executed.

If I buy the wrong lot, or change my mind about something concerning my house, it would be hard to change after I have bought and built and I have changed my mind several times in the last few years.

I now have 3 sets of plans that I would be happy with and each one would be designed for a different type of lot, but the one I like best is a farm house design with either a screened porch that goes all around the house, or a mountain style house with a screened porch at each end.

One must also consider whether they want the master bedroom to face the South or the East and for me that is a hard decision to make.

In other words, I am just not ready yet in any sense of the word, I just know that if I buy or build the first chance I get, I will suffer buyers remorse and I do know that others who have built here have no chance in Hell of selling their nice homes for the money they have in them.

Never seen anyone make their money back, I could be wrong, but I see a lot of my friends trying to sell even at a loss and it just isn't happening.

 

I have always said, the profit is in the purchase...and when is comes to real estate, the old saying goes...location, location, location...

 

I bought a house here in 2005...I could sell it any time I want for 3 times what I paid...

 

It is great you are making plans...just don't over think the situation or be quick to second guess yourself...enjoy the process...

 

Keep in mind, you said your wife is in her 30's...you did not marry some random 18 year old...she likely has never experienced home ownership...no matter how big or small a house...a person has a special feeling regarding their own place...I enjoy the little improvements my wife makes in our home...I love to see her taking pride in our home...it just is not the same with a rental...

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tomaw

I tried a subdivision, just rented and ran for dear life after only 2 months.

I would rather be in a nursing home or dead than to live in another one of those places, no place to stretch, play park your car plus the cars of visitors, television wars with everyone turning up the volume as high as possible to drown out the neighbors, the smell of rotted fish burning on the grill and on and on.

..... I almost bought in one several years ago and lost it due to problems with my job at home. It was nothing like what you described. The ones I'm looking at now have swiming pools, basketball courts, tennis courts, play grounds and parks.
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Wolfpack

..... I almost bought in one several years ago and lost it due to problems with my job at home. It was nothing like what you described. The ones I'm looking at now have swiming pools, basketball courts, tennis courts, play grounds and parks.

 

NO basketball courts!!! That is as bad as a karaoke machine next door...people playing basketball at 5 am and as late as midnight...

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Sven

I am sure you are right, my wife is a cute little Pinay and it is hard to say no to her at times,but so far I have held out on the house thing.

 

I mean, the U.S. economy is just now starting to improve and the USD is finally starting to go up, so why waste what I could receive by rushing into anything?

............... As someone else pointed out, the value ( and cost) of real estate in The Philippines around Cebu continues to go up. Therefore, the longer you wait the more it will cost you.

Although this maybe seems likely, I feel you should not express this with such certainty. Property prices can go up as well as down, depending on a messy web of various factors.

 

Sven

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Sven

well, you trusted the woman you are married to now enough to have a child with her...so IMO, both your wife and child are worthy of having a house to be called home...again, I am NOT suggesting spending every peso on a house...but buying something, as opposed to renting, is surely in your best interests...

Yes, but this is money I promised myself to keep invested until my retirement at age 65.

If I dip into it now, it will all be gone in a year or two..

That does not have to be the case. For example, you can make a new promise to yourself that a lower amount (a certain fraction) will stay invested the old way, and the difference be invested in property. It is really just a rebalancing of a portfolio.

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Rocketman

 

house values continuely go up in The Philippines

  Always?  Forever?  Equal to other investments?  It HAS been that way a long time and we're in a boom now.  No one knows the future, but with your projected investment gains - RENT!
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ellenbrook2001

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.

 

hmm well did you have experienced around you foreigners been kick out of they own house they did build?????? i know 2 of them or lost all happen last year. then how many PHILIPPINAS got a visa abroad marry the guy then 2 years later divorce then try too get all the money ,house,car,saving etc would love too know the percentage???? a have been trough all that the funny thing was my ex wife philippina knew more the me what shes could get from the divorce all her mafia philippina friends did advised her too try too clean me up i hope and pray for you it will never happen too you?

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