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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

 

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).

.......... I looked into setting up a corpoation. The taxes you got to pay even if the corporation doesn't make money, makes it not worth it. If you have a Nevada corporation you bettter live in and do business in Nevada. Edited by tomaw
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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

tomaw

 

In the Philippines - rent

......... In California-rent.
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littlePP

......... In California-rent.

 

 

I can go on with numbers as to how you would have more money if you invested in stocks while renting versus buying a house, but I'm too tired to google all that research up. Many variables, The where - bringing in all sorts of new variables such as property tax, the length of a loan, interest rate and time frame - but basics - if you took a 30 year fixed loan and added up all the costs of owning as house, plus the extra costs such as maintaining it, the interest of the loan, taxes, insurance ect - numbers have clearly shown renting while investing in the market as creating more money. This is, of course the USA - and I owned as i raised my kids - only to lose the house in that 60% chance called divorce. I now own again, but for investment purposes - like a shark I fed at the silly low prices in the southwest as the democrats popped the bubble.

 

Thanks Barney Frank! :rose:

 

It's the real estate agents and Clinton who said we should all buy - great investment. :lol:

 

What a crock of bullshit.

 

Guess what? That house mom and dad bought for 15 grand worth 300 today? It cost them that in interest, upkeep and taxes.

 

Comparing the Philippines and an expats situation vs the USA/west - well  - it's the freaking Philippines for sanity sake, no way in hell would I ever buy a house here. Some serious whipping going on if I see an expat "stuck" with a house in his wifes name in this "developing" mess. :) What's even worse, aside from all the not in your name, exchange rates, laws, corruption, red tape, building materials, codes, poor schools, nasty health care - tropical weather, quakes, volcanos, typoons, slides, rain, humidity all year round, electric costs to keep a house cool for your 'shit" to not peel, or wear out - such as all electronical crap - and 5000 family members hanging about, visits - that married foreigners suddenly love and are willing to share with - is the fact it's a UP market now. Imagine that? The cost of buying a place now is on a peak - at least if you are to buy - wait until the "market' - if you can call it that - falls, so all those houses that are used and never sell, will keep some face on these people to let it go for less.

 

Make Robert an offer he can't refuse. :)

 

Did I mention the fact it's the Philippines?

 

BTW, I use the word market weakly, as that would mean trading - buying AND selling - used homes. I don't see that too much - new developments sure - but I see a lot of used houses sitting empty - or rented at a cheaper then 10:1 variable - IOW, most speculators or investors in real estate want a house they can rent at a 10 to 1 rate - buy a house at 100 grand - rent it at 1000 a month. Here I see houses selling for 150 grand, and renting for 500 (exchange rated) - not a good rental investment.

If you are going to buy, reading your situation - await for the prices to drop, and stick to your plan for a few more years.

 

Just my opinion - yours may differ, but I like your original idea - if you must buy. :cheers:

 

Oh, lots of good intelligent info in this thread - great advice from some people who know the laws and the been there, done thats.

Edited by littlePP
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smokey

I can go on with numbers as to how you would have more money if you invested in stocks while renting versus buying a house, but I'm too tired to google all that research up. Many variables, The where - bringing in all sorts of new variables such as property tax, the length of a loan, interest rate and time frame - but basics - if you took a 30 year fixed loan and added up all the costs of owning as house, plus the extra costs such as maintaining it, the interest of the loan, taxes, insurance ect - numbers have clearly shown renting while investing in the market as creating more money. This is, of course the USA - and I owned as i raised my kids - only to lose the house in that 60% chance called divorce. I now own again, but for investment purposes - like a shark I fed at the silly low prices in the southwest as the democrats popped the bubble.

 

Thanks Barney Frank! :rose:

 

It's the real estate agents and Clinton who said we should all buy - great investment. :lol:

 

What a crock of bullshit.

 

Guess what? That house mom and dad bought for 15 grand worth 300 today? It cost them that in interest, upkeep and taxes.

 

Comparing the Philippines and an expats situation vs the USA/west - well  - it's the freaking Philippines for sanity sake, no way in hell would I ever buy a house here. Some serious whipping going on if I see an expat "stuck" with a house in his wifes name in this "developing" mess. :) What's even worse, aside from all the not in your name, exchange rates, laws, corruption, red tape, building materials, codes, poor schools, nasty health care - tropical weather, quakes, volcanos, typoons, slides, rain, humidity all year round, electric costs to keep a house cool for your 'shit" to not peel, or wear out - such as all electronical crap - and 5000 family members hanging about, visits - that married foreigners suddenly love and are willing to share with - is the fact it's a UP market now. Imagine that? The cost of buying a place now is on a peak - at least if you are to buy - wait until the "market' - if you can call it that - falls, so all those houses that are used and never sell, will keep some face on these people to let it go for less.

 

Make Robert an offer he can't refuse. :)

 

Did I mention the fact it's the Philippines?

 

BTW, I use the word market weakly, as that would mean trading - buying AND selling - used homes. I don't see that too much - new developments sure - but I see a lot of used houses sitting empty - or rented at a cheaper then 10:1 variable - IOW, most speculators or investors in real estate want a house they can rent at a 10 to 1 rate - buy a house at 100 grand - rent it at 1000 a month. Here I see houses selling for 150 grand, and renting for 500 (exchange rated) - not a good rental investment.

If you are going to buy, reading your situation - await for the prices to drop, and stick to your plan for a few more years.

 

Just my opinion - yours may differ, but I like your original idea - if you must buy. :cheers:

 

Oh, lots of good intelligent info in this thread - great advice from some people who know the laws and the been there, done thats.

oh if only i was desperate but alas i am not.... if i had to do it over again i would of build much smaller say 150 sq meters at most... and less museum type interior them ceilings are way too much , i will say once you start be ready to finish no matter what problem comes up.... i have to admit it cost me more then i expected to build a pure western house in the philippines 

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tomaw

I can go on with numbers as to how you would have more money if you invested in stocks while renting versus buying a house, but I'm too tired to google all that research up. Many variables, The where - bringing in all sorts of new variables such as property tax, the length of a loan, interest rate and time frame - but basics - if you took a 30 year fixed loan and added up all the costs of owning as house, plus the extra costs such as maintaining it, the interest of the loan, taxes, insurance ect - numbers have clearly shown renting while investing in the market as creating more money. This is, of course the USA - and I owned as i raised my kids - only to lose the house in that 60% chance called divorce. I now own again, but for investment purposes - like a shark I fed at the silly low prices in the southwest as the democrats popped the bubble.

 

Thanks Barney Frank! :rose:

 

It's the real estate agents and Clinton who said we should all buy - great investment. :lol:

 

What a crock of bullshit.

 

Guess what? That house mom and dad bought for 15 grand worth 300 today? It cost them that in interest, upkeep and taxes.

 

Comparing the Philippines and an expats situation vs the USA/west - well - it's the freaking Philippines for sanity sake, no way in hell would I ever buy a house here. Some serious whipping going on if I see an expat "stuck" with a house in his wifes name in this "developing" mess. :) What's even worse, aside from all the not in your name, exchange rates, laws, corruption, red tape, building materials, codes, poor schools, nasty health care - tropical weather, quakes, volcanos, typoons, slides, rain, humidity all year round, electric costs to keep a house cool for your 'shit" to not peel, or wear out - such as all electronical crap - and 5000 family members hanging about, visits - that married foreigners suddenly love and are willing to share with - is the fact it's a UP market now. Imagine that? The cost of buying a place now is on a peak - at least if you are to buy - wait until the "market' - if you can call it that - falls, so all those houses that are used and never sell, will keep some face on these people to let it go for less.

 

Make Robert an offer he can't refuse. :)

 

Did I mention the fact it's the Philippines?

 

BTW, I use the word market weakly, as that would mean trading - buying AND selling - used homes. I don't see that too much - new developments sure - but I see a lot of used houses sitting empty - or rented at a cheaper then 10:1 variable - IOW, most speculators or investors in real estate want a house they can rent at a 10 to 1 rate - buy a house at 100 grand - rent it at 1000 a month. Here I see houses selling for 150 grand, and renting for 500 (exchange rated) - not a good rental investment.

If you are going to buy, reading your situation - await for the prices to drop, and stick to your plan for a few more years.

 

Just my opinion - yours may differ, but I like your original idea - if you must buy. :cheers:

 

Oh, lots of good intelligent info in this thread - great advice from some people who know the laws and the been there, done thats.

........ Most of what you said I agree with but applies to California not The Philippines. When you talk about a 30 year mortgage and home values droping to haof of what they were bought for, THAT'S California. As I have said over and over again I want HOME in The Philippines that will be fully paid for when we move into it.
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littlePP

........ Most of what you said I agree with but applies to California not The Philippines. When you talk about a 30 year mortgage and home values droping to haof of what they were bought for, THAT'S California. As I have said over and over again I want HOME in The Philippines that will be fully paid for when we move into it.

 

 

 I'm just responding to the entire topic and theme of the thread - rent or own. I could not compare without using the USA - as I expanded on my view on renting vs buying anywhere as a whole - and then specifics towards this place.

 

I simply don't believe it's a wise investment - but if you are in love, and going to die here - and don't mind the culture and do not believe it will get to you in time, and have no reasons for keeping an easy "escape' - go for it.

 

I also gave my opinion as to your specefic situation - and believe if you are going to buy - wait.

 

Either way - whatever you choose - good luck and God speed. I only wish you the best, and success with your decision. :cheers:

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tomaw

I'm just responding to the entire topic and theme of the thread - rent or own. I could not compare without using the USA - as I expanded on my view on renting vs buying anywhere as a whole - and then specifics towards this place.

 

I simply don't believe it's a wise investment - but if you are in love, and going to die here - and don't mind the culture and do not believe it will get to you in time, and have no reasons for keeping an easy "escape' - go for it.

 

I also gave my opinion as to your specefic situation - and believe if you are going to buy - wait.

 

Either way - whatever you choose - good luck and God speed. I only wish you the best, and success with your decision. :cheers:

.......... Thanks. I plan on having a house or condo in The U.S. as well. I can have a nice house in Cebu PLUS a nice house in Las Vegas, Texas or Arizona that together would be LESS THAN HALF the price of a house in California! As far as waiting goes I'm going to have to wait anyway. It will be another two years before I collect SS and semi retire. Edited by tomaw
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USMC-Retired

Just watching Robert when he returned for two months after being gone for 6. He spent the first 30 days making repairs. Painting faded cracked paint, Calcium Lime water taps, rotted wood over hang, dead lizard in breaker box, buckled floor and the drum goes on. Maintaing a house here is a full time job. There are half a dozen things now that will await his return. The quality of construction here is so poor and materials so poor that you can not stop this cycle of repair. Plus they also tend to use what is available which is not always the right material for the job.

 

Sent from my A919i using Tapatalk 2

 

 

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smokey

Just watching Robert when he returned for two months after being gone for 6. He spent the first 30 days making repairs. Painting faded cracked paint, Calcium Lime water taps, rotted wood over hang, dead lizard in breaker box, buckled floor and the drum goes on. Maintaing a house here is a full time job. There are half a dozen things now that will await his return. The quality of construction here is so poor and materials so poor that you can not stop this cycle of repair. Plus they also tend to use what is available which is not always the right material for the job.

 

Sent from my A919i using Tapatalk 2

at least we got the plumbing tied up tight with the shoe laces we FOUND 

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Bill H

 

......... In California-rent.

 

If in California......move someplace else.  Oregon, Montana, Nevada, Wyoming, Texas anywhere else would be better than California!

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RogerDuMond

If in California......move someplace else.  Oregon, Montana, Nevada, Wyoming, Texas anywhere else would be better than California!

If you are going to have a residence in both places, pick a state in the US with no state income taxes and low property taxes.

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passingby

A lot of factors here - your marital status and the relationship would be key.  As said "i trust my wife and I have my in laws and family  ''under control''.  GREAT! but there are cases where this trust is NOT 100%.  SO is it worth the gamble?  BUT consider condo ownership in YOUR name purchased before you were married.  IF not married condo ownership seems the way to go with NO monthly lost rental payments (after 5 years of renting what do you have)?  I prefer the purchase of property and at least you have something YOU can sell at a later date if you have decided here is where you want to be for life or at least a long time.  Purchase of property / house with any even the smallest doubt of the relationship is playing with fire.

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msmith524

The wife wants me to buy a property and build her a house, but I would prefer to stay in the rental house we are in until I am at least 65 years old as I had originally planned.

I have been here for 6-1/2 years at P8,000 per month with a freeze for as long as we stay, even for life if the house survives that long.

My problem with cashing in at this time is the stocks I have are growing and I feel that I could retire on a pile of money if I waited and could leave my daughter with a nice inheritance if I waited for six more years, but my wife seems to think that it would be better to buy and build with what I have now.

I am not so sure just what to do and am hoping to see anyone's opinion on this.

I am also willing to answer questions concerning this matter if I haven't posted enough information for you to give my request proper consideration.

Your asking on the internet what you should do about your wife's request? Women want security, especially filipinas.

She wants a house in case ur gone, my guess.

 

Renting is not such a good deal here, even considering that you cannot own a house or land as a foreigner. That will belong to your wife, and she can kick you out anytime she wants.

 

Renting is not such a good deal either. Try finding an honest, reliable and good landlord. Very difficult if not impossible and rents here for liveable places are not that much cheaper than cheaper cities in the U.S. or elsewhere.

 

I am trying to find land to rent on long years lease. Not sure it's possible. That way you can write the contract so they cannot kick you off the land (supposedly) and can build on that land, but the house still is not urs, its ur wifes.

 

Just depends on how much money you have and how much u trust ur wife, i guess.

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Brucewayne

Your asking on the internet what you should do about your wife's request? Women want security, especially filipinas.

She wants a house in case ur gone, my guess.

 

Renting is not such a good deal here, even considering that you cannot own a house or land as a foreigner. That will belong to your wife, and she can kick you out anytime she wants.

 

Renting is not such a good deal either. Try finding an honest, reliable and good landlord. Very difficult if not impossible and rents here for liveable places are not that much cheaper than cheaper cities in the U.S. or elsewhere.

 

I am trying to find land to rent on long years lease. Not sure it's possible. That way you can write the contract so they cannot kick you off the land (supposedly) and can build on that land, but the house still is not urs, its ur wifes.

 

Just depends on how much money you have and how much u trust ur wife, i guess.

No, you can own the house, but not the property, but it is hard to find anyone who will give you a fair deal on a land lease.

The best I have seen so far is P10 per sq.m per month and on 1,000 sq.m, that comes to what? P10,000 per month?

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dc3driver

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

Can you do trusts like that in the Philippines?

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