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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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tomaw

 

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

........ You can call it whatever you want. The point is a rented home is not something you can leave your wife and kids, also rent never gets paid off. Think of all the money you could save if you didn't have to spend it on rent.
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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

smokey

Better than the other way around, don't you think?

not for me one is often more then enough i can only juggle two or more with a few cases of Advil you could go Muslim on us and get your own clubhouse of 4

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smokey

:ROFLMAO:  :ROFLMAO:  :ROFLMAO:

 

How tall do you think the walls are on "secure" subdivisions? We have friends who live in gated subdivisions. They have more problems than we do (we live in a small un-gated subdivision). If you don't want bad things happening when you live inside a gated subdivision, make sure your lot is NOT adjacent to a boundary wall. The squatters will build their shacks right up against the other side of the wall.

well we have been in vista now 8 years and still have no neighbors not even a squatter in sight ... 

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smokey

Well, yeah.

 

I do consider it odd that a man would count his speculative investments, organize a trust for a kid until the age of 38 (!)

 

...and then neglect the wife's emotional need for security.

 

Maybe he should deposit the cost of the house in her bank account and let her figure it out.

 

People spend more than the amounts quoted for a house just on an engagement ring.

control is the key word and i sure dont want to control anyone at times its hard for me to control myself 

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tomaw

 

How in the world is it reasonable to give your wife 1.5+ million pesos for a home you do not own? Reasonable is the fact he knows after he parts the money will vanish like a fart in the wind. So ensuring his daughter is entrusted a future education and benifits are of the most importance. My duty as a man is to care for the family via security and well being. Not some show piece of a house or part with gobs of money that could have more value. Man up we got married and if you feel bribing your wife with a house works well your man probally does not come up.

............... Lets forget about any place in The Philippines for a minute. Pretend you are now back in The U.S. Now how do you feel about buying a house for your family in Texas or anywhere else in The U.S. you want?
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tomaw

Two other possabilities to consider are foreclosures and lease options better known as rent to own. (1) Foreclosures: According to my wife there are lots of foreclosures in and around Cebu. I found a number of foreclosures as well as bank owned properties just browsing the internet. (2) Rent to own: I have seen a few of these in the Cebu area. I can't say how this works in Cebu but in California it works this way: You pay a certain amount for rent plus a bit more. That extra amount goes into a bank savings account that neither the tennant or landlord touch till it's time to buy or move on. If the tennant decides to buy that amount that's been saved up becomes the down payment for buying the place. If they decide to move on the tenant gets all the money back. It will take the signatures of both tennant and landlord to withdraw the money. This arrangement is good for people that can't decide between buying or renting or for people that want to buy but lack the down payment or credit. It is also good for the landlord in that he will have tenants that are more likely to take care of the place since they are considering owning it.

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USMC-Retired

............... Lets forget about any place in The Philippines for a minute. Pretend you are now back in The U.S. Now how do you feel about buying a house for your family in Texas or anywhere else in The U.S. you want?

we are not in Texas though and even if my wife were to buy me a house in Texas being the case of divorce or seperation we share equally under the law. In the philippines I am not buying a house for the family. Because I own no part of it and even in her death my home must be sold off. So you buy her and her family a home you get to reside in till they determine otherwise. My view at 44 and 30+ years still ahead is different then a guy at 65+
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Bill H

Wow, 8000 is a very good deal for a house. Where do you live and how big is the house?

 

Still, if you plan to live here the rest of your life and if you have family here, investing in an own property is better. Don't expect your stocks will go up forever. In a worst case szenario you should have a place to live that you own, where nobody can kick you out, ideally where you can sustain yourself to a certain level, where you can plant something in your garden and/or hold animals. You can't live in your stocks or eat them and if things go really worse, you may not even be able to cash in on your stocks so easily, if at all. You have family, small kid(s). Just consider they will need something for the next 80+ years. A very long time and anything can happen.

 

Lots of deals to be had in the Provinces, low crime, low pollution, better all around living conditions in my view.  Stay away from the resort towns and talk to people, even better find a local person and offer to pay them a finders fee, but only if you sign a lease on a property they find.  It works.

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tomaw

 

we are not in Texas though and even if my wife were to buy me a house in Texas being the case of divorce or seperation we share equally under the law. In the philippines I am not buying a house for the family. Because I own no part of it and even in her death my home must be sold off. So you buy her and her family a home you get to reside in till they determine otherwise. My view at 44 and 30+ years still ahead is different then a guy at 65+

........ Ok. That makes sense for you. I'm glad to see you don't say that applies to everybody. Just curious, what if your wife left the house to your children and they have dual citizenship. Couldn't they get the house regardless of their age? Edited by tomaw
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USMC-Retired

Actual if he built a house I would say build it in the daughters name and third party trust till she is 18. Thus ensuring her future because I assuming the child is Filipino and could be a solution to make all parties happy

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Sven

Actual if he built a house I would say build it in the daughters name and third party trust till she is 18. Thus ensuring her future because I assuming the child is Filipino and could be a solution to make all parties happy

That's a good thought... just be sure to have a plan for if there is another child or two coming :-)

 

See my outline above of setting up a company where the daughter could have shares... That's not unlike a trust but possibly gives more flexibility...

 

Sven

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Brucewayne

That's a good thought... just be sure to have a plan for if there is another child or two coming :-)

 

See my outline above of setting up a company where the daughter could have shares... That's not unlike a trust but possibly gives more flexibility...

 

Sven

 

No more children, I couldn't go through all of that stress again.

I am happy with what I have and that is that.

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Knowdafish

...... I totally agree. If these guys think they have a better chance of keeping the house in The U.S. I think they're in for a rude awakening.

It's easily done with a U.S. corporation, unlike the Philippines. Rich guys do it all the time. The corporation owns the house. Husband and wife get divorced the wife does NOT get the house (or the company car if set up that way). 

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tomaw

 

Actual if he built a house I would say build it in the daughters name and third party trust till she is 18. Thus ensuring her future because I assuming the child is Filipino and could be a solution to make all parties happy

............ That sounds like it would work.
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