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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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Rocketman

 

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...

  A nice rental, especially for a Filipino is a nice home.  I'm more of an analytical guy and this, to me, seems to be on a emotional level.  Which is fine as long as the future is understood.
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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

Rocketman

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.

If you have doubts in the future, just re-read this post!  Thanks for sharing your situation and I hope/think all will workout the way it should.  Good luck!

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Sven

With all respect, I now feel there are many flaws in your analysis. For example...

 

I got in before oil stocks were expensive...

With investments, you need to keep past and future separate. You have had a profit, great. Have some champagne! But then forget it. Every day you have a choice between selling a stock, or continue to sit on it. A single happy story does not make you a visionary with regards to the future.

 

If you feel the stocks are now expensive, of course sell.

 

since the US will be the largest oil exporter in a few more years, my money will only grow...

Big does not have to mean profitable. Your share price will likely depend on other factors, for example, competition, management, etc.

 

Our stocks are set to split sometime this year so more can be sold. That means we will have twice as many stocks at half value, but as those stocks sell out, ours will rise in value and possibly have to be split again.

 

Nonsense! Splits and the like are just technicalities... normally they do nothing for the value of your investment. I think you have been spending too much time listening to some sales people.

 

I hope to ride it to the top this time and jump off as it crests if at all possible.

That is the dream of every investor. But very few pull it off. You could just as well play poker.

 

Seriously, while I believe it is fine to keep an investment for the long term, you should not plan your future based on this sort of best-case scenarios and high hopes.

 

Finally, it looks to me as if your portfolio could do with some diversification. If you have all of your savings invested in one industry in one country, it means you have all your eggs in one basket. This is not wise, and can be corrected at virtually zero cost.... Just google "diversification".

 

Sven

Edited by Sven
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bahalina buong

I would have a hard time buying a house here.  I've moved 3 times in the past year due to lousy neighbors and the thought of being stuck long-term next to some trashy, inconsiderate jerks makes me cringe.  If I were ever to buy, it would probably have to be a whole island.

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Mandingo

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?

 

I am sorry it happened to you but.......I know a lot of guys that the same thing happened to that married western women. I realize some Filipinas are visa chasers that will divorce the foreigner as soon as she gets a green card (or whatever type of permanent residency the country has) or a home built for her but there are many western women that clean the man out after a few years of marriage too. A lot of times the reason the Filipina leaves the foreigner is just as much his fault as it is the woman's, not always 100% her fault and we always don't know all the story, just his side most of the time.

 

My point is, whether your married to a Filipina or to a western woman, it can happen. It would be a pretty sad life if I couldn't trust my wife and live like a husband and wife should.

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tomaw

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.

.......... Less than 1,000 per sq. meter? Sounds great but I take it that it's not in a subdivision. Is it a lot in a decent neighborhood at least or just raw land in the middle of nowhere?
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BossHog

Looking after your kids' future financial security is great.

 

When you get married you have that very same obligation to your wife.

 

Buying or building a house for your wife is a reasonable expectation on her part.

 

When you start a family then it's time to give every member of your immediate family financial security.

 

It is your duty as a man.

 

I can almost hear the frustration in your wife's attitude while you talk about million dollar future earnings while you live in a 200$ a month rental.

 

Time to man up.

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Headshot

For me, the decision to own is about what is best for me and my family (including my wife) and trust...rather than about money.

 

For me, owning a home and the property it sits on means I can do what I wish with it. I am adding onto my house this year, and next year we will put in a pool. If I rent, then whatever it is when I rent is what it will always be. If I rent, I likely can't make improvements...and even if I can, I won't own anything. Leases...especially those that are verbal (which most are after the first year)...are easy for landlords to break or change. By owning, I am able to make my home what I want it to be.

 

For my family, owning a home brings some security (especially here in the Philippines). Property taxes are very low here. Living expenses can be cut dramatically. But...rent never goes down and usually goes up. As long as there is some income for my family if I die (and there will be), then they will be OK. I am worth a lot more to my family alive than dead, but they could still be OK with the income they would have. However, if they didn't have a guaranteed place to live, then I would be worried.

 

It all boils down to trust. Do you trust your wife? If you do (and there are valid reasons for doing so), then there is nothing wrong with buying property and building a home. If you don't trust your wife enough to do that, then you have a lot bigger problems than just whether or not you should own property. If I didn't trust my wife (because she had given me reasons not to trust her), then I would not stay in the marriage. I don't know why anybody would. You can lose things that are worth a lot more than real estate.

 

Money you make in the stock market and money you make in the real estate are just numbers on paper until you actually sell them. Stock markets and real estate markets go down as well as up. In 2008 in the US, we saw both markets crash. It didn't make any difference where you had your money invested. If it was invested, then you probably lost money. The only ones that didn't were cashed out. It is very difficult to bail out of an investment at just the right time. You either bail when you think it has topped out and it keeps going up, or you hang on too long because you think you are just seeing a little dip. I don't base my decisions on that anymore. I just move money when I need to...for whatever reason. I have money in savings, stocks and real estate.

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tomaw

 

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!

............ Looking at it purely as an investment you're right. However that is not the interest I have in it. I want this to be my home 100% paid for BEFORE moving to The Philippines. I also plan on having a house in The U.S. and working a few months a year as a realtor in The U.S. Edited by tomaw
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Headshot

.......... Less than 1,000 per sq. meter? Sounds great but I take it that it's not in a subdivision. Is it a lot in a decent neighborhood at least or just raw land in the middle of nowhere?

 

For less than 1000 pesos per square meter, you can buy tax declaration land (untitled) in the middle of nowhere. For titled land with nearby schools (other than public mountain schools) and services anywhere close to you, land will cost you a lot more than that. Look at what you need to live a comfortable life...and then decide where you need to live.

 

If you are happy living in the jungle with no power and culinary water (that you don't have to haul in), then you can possibly find something very cheap. However, you should remember that most untitled land is untitled for a reason. That reason could challenge you in court and take everything you've built on the property.

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tomaw

For me, the decision to own is about what is best for me and my family (including my wife) and trust...rather than about money.

 

For me, owning a home and the property it sits on means I can do what I wish with it. I am adding onto my house this year, and next year we will put in a pool. If I rent, then whatever it is when I rent is what it will always be. If I rent, I likely can't make improvements...and even if I can, I won't own anything. Leases...especially those that are verbal (which most are after the first year)...are easy for landlords to break or change. By owning, I am able to make my home what I want it to be.

 

For my family, owning a home brings some security (especially here in the Philippines). Property taxes are very low here. Living expenses can be cut dramatically. But...rent never goes down and usually goes up. As long as there is some income for my family if I die (and there will be), then they will be OK. I am worth a lot more to my family alive than dead, but they could still be OK with the income they would have. However, if they didn't have a guaranteed place to live, then I would be worried.

 

It all boils down to trust. Do you trust your wife? If you do (and there are valid reasons for doing so), then there is nothing wrong with buying property and building a home. If you don't trust your wife enough to do that, then you have a lot bigger problems than just whether or not you should own property. If I didn't trust my wife (because she had given me reasons not to trust her), then I would not stay in the marriage. I don't know why anybody would. You can lose things that are worth a lot more than real estate.

 

Money you make in the stock market and money you make in the real estate are just numbers on paper until you actually sell them. Stock markets and real estate markets go down as well as up. In 2008 in the US, we saw both markets crash. It didn't make any difference where you had your money invested. If it was invested, then you probably lost money. The only ones that didn't were cashed out. It is very difficult to bail out of an investment at just the right time. You either bail when you think it has topped out and it keeps going up, or you hang on too long because you think you are just seeing a little dip. I don't base my decisions on that anymore. I just move money when I need to...for whatever reason. I have money in savings, stocks and real estate.

. ....... Very well put. I couldn't agree more. Edited by tomaw
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tomaw

For less than 1000 pesos per square meter, you can buy tax declaration land (untitled) in the middle of nowhere. For titled land with nearby schools (other than public mountain schools) and services anywhere close to you, land will cost you a lot more than that. Look at what you need to live a comfortable life...and then decide where you need to live.

 

If you are happy living in the jungle with no power and culinary water (that you don't have to haul in), then you can possibly find something very cheap. However, you should remember that most untitled land is untitled for a reason. That reason could challenge you in court and take everything you've built on the property.

, .......... Thanks. That's what I thought.
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ellenbrook2001

..... 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.

 

 

very good a totally agree with you ,i am not going too put up with car noises beep beep those stupid pinoy driver only know how too beep beep for no reason?or someone in a bad mood ,put the volume higth or peoples around you in your place only speak Cebuano even you ask what are you talking about, oh nothing no respect ,no manners,then the dry fish smell yuk? so i am renting then if i have enough of the bad manners i kick out all but if a build a house they will be the one will kick me out ahahahah wise men one PHILIPPINA did cost me more the half million dollar that time no one will now take advantage of me no way until a dye after that they do what they want i am not here too see it

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RogerDuMond

 

For less than 1000 pesos per square meter, you can buy tax declaration land (untitled) in the middle of nowhere. For titled land with nearby schools (other than public mountain schools) and services anywhere close to you, land will cost you a lot more than that.

 

This is not true if you have patience. We bought one place of 200 sq meters on the main road in Asturias with the road on one side and the beach on the other for 750 pesos per sq. meter and one of 5700 sq meters on a paved road just off the main road for 22 pesos per sq meter. Both are near schools, are titled, and have water and electric.

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Dolsos

This is not true if you have patience. We bought one place of 200 sq meters on the main road in Asturias with the road on one side and the beach on the other for 750 pesos per sq. meter and one of 5700 sq meters on a paved road just off the main road for 22 pesos per sq meter. Both are near schools, are titled, and have water and electric.

 

 

Holy hell, 22p/meter and not in the boonies?  I wish I had your luck.  Whats the neighborhood like on that 5700 lot if you don't mind me asking?

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