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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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throttleplate

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.

 

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I was at an expats rented home yesterday and its a big 1 story 3 bedroom large living room huge kitchen and dining room all laid out nicely.As we talked and walked around the interior we noticed nothing was square and all concrete work was wavy and uneven.In one corner of the house the corner has a 1 inch break from ceiling to floor as it seems the walls are separating as the house settles into the foundation,this looks just frickin horrible along with smaller cracks in all the walls.The floor tiles are loose in certain areas and coming up as if the ground is pushing upwards on them.This is consistant with all the other houses I have been in.

 

I myself would never buy a house,even if I could own it in my name I wouldn't want a piece of shit like they build here.And then I have this other friend whom took his wife out of the usa after 10 years of living there together and it was his idea to come live in the ph,he never lived here before just visited and to get his wife to comply with his wishes,she told me she would rather be in the usa, he promised her a new house.

 

So far no house for her own but he went from wanting to get one built to his specs to looking at buying a repo, he is finding out that to get one built is harder than he thought as he doesn't even have any land yet.I see this guy fighting with his wife whenever we go out together as he can be a prick when he gets a few beers in him and she walks well in front of him to not be associated after he embarrasses her.My point of this is if he gets her a house she may just kick is ass out one day and then what?i seen him and I would kick his ass out to if he acted like that and I was married to him.I want to tell him my thoughts on this but will hold my tongue as I am sure he would be real pissed to hear that from me.

Edited by throttleplate
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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

I was at an expats rented home yesterday and its a big 1 story 3 bedroom large living room huge kitchen and dining room all laid out nicely.As we talked and walked around the interior we noticed nothing was square and all concrete work was wavy and uneven.In one corner of the house the corner has a 1 inch break from ceiling to floor as it seems the walls are separating as the house settles into the foundation,this looks just frickin horrible along with smaller cracks in all the walls.The floor tiles are loose in certain areas and coming up as if the ground is pushing upwards on them.This is consistant with all the other houses I have been in.

 

I myself would never buy a house,even if I could own it in my name I wouldn't want a piece of shit like they build here.And then I have this other friend whom took his wife out of the usa after 10 years of living there together and it was his idea to come live in the ph,he never lived here before just visited and to get his wife to comply with his wishes,she told me she would rather be in the usa, he promised her a new house.

 

So far no house for her own but he went from wanting to get one built to his specs to looking at buying a repo, he is finding out that to get one built is harder than he thought as he doesn't even have any land yet.I see this guy fighting with his wife whenever we go out together as he can be a prick when he gets a few beers in him and she walks well in front of him to not be associated after he embarrasses her.My point of this is if he gets her a house she may just kick is ass out one day and then whati seen him and I would kick his ass out to if he acted like that and I was married to him.I want to tell him my thoughts on this but will hold my tongue as I am sure he would be real pissed to hear that from me.

 

the tiles push up i think because sometimes they use cement instead of tile set... the crack in the wall .. steel to small to hold or cement to low in mix ... or maybe the rock is too big..my house has no cracks but i am a paint freak i cant stand paint chipped or peeling and that is often because the house was painted before the cement was dried out or the wrong paint is used... my wood rotting that was my fault i wanted real wood not cement that looks like real wood... the main difference between foreigners and locals is foreigners are used to doing preventive maint... locals use a method called local car and house maint.. with the car as long as it rolls they dont do anything its a day to day thing ...same with the house i have seen a way nice 50 million peso house with paint falling off cracked and dinged up and it stayed that way till the guy was going to sell then a quick coat of paint and whala 

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Brucewayne

the tiles push up i think because sometimes they use cement instead of tile set... the crack in the wall .. steel to small to hold or cement to low in mix ... or maybe the rock is too big..my house has no cracks but i am a paint freak i cant stand paint chipped or peeling and that is often because the house was painted before the cement was dried out or the wrong paint is used... my wood rotting that was my fault i wanted real wood not cement that looks like real wood... the main difference between foreigners and locals is foreigners are used to doing preventive maint... locals use a method called local car and house maint.. with the car as long as it rolls they dont do anything its a day to day thing ...same with the house i have seen a way nice 50 million peso house with paint falling off cracked and dinged up and it stayed that way till the guy was going to sell then a quick coat of paint and whala 

 

The paint normally peels because they don't like to "waste" money on cement sealer, which is necessary here.

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smokey

The paint normally peels because they don't like to "waste" money on cement sealer, which is necessary here.

well maybe when the day to apply the sealer came up there was a fiesta in town 

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  • 2 months later...
hchoate

At 36 years of age, it is time for her to grow up

 

Unlikely she will change much but I admire your optimism- gotta try.

 

 

money I promised myself to keep invested until my retirement at age 65.

 

Stick to the plan unless/until fundamentals change. One can dollar cost out as well as in ...

 

 

For less than 1000 pesos per square meter, you can buy tax declaration land (untitled) in the middle of nowhere

 

For less than 10p- as I learned on this forum. (at P40/U$1 P10/m2 is $1000/acre for those more accustomed to English measure)

 

 

Time to man up.

 

About the worst reason for any financial decision- essentially what the wife is saying in a 'different language'.

 

 

Were I you, I would stick to the plan but be constantly and actively on the lookout for the 'perfect' place to buy- fantastic deals come along, to someone else' distress, and you have plenty of time and the money to pounce- perfect positioning.

 

Maybe 'shopping' will engage the little lady- she may not now feel in her gut you are serious.

 

As for new construction, you know it will cost an arm and a leg with never a possibility of fire sale prices and be a huge amount of effort that you cannot delegate. (Ready for this http://www.rickcafe.com/buildinghouse.htm ?)

 

Frankly, the pictures I see of new construction make me leery. Maybe it's the lighting but it has a 'candy coated' look to it. I'd be much more comfortable with something of vintage because I could see how it had held up- of course, I am accustomed to places that have been through a hundred New England winters.

 

May you live long and prosper.

Edited by hchoate
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hyaku

Simple math. Look at what you consider your life expectancy to be in the Philippines. Now calculate your rent over that period. Is it lower or higher than what you would expect to pay in building? The price of materials is getting higher, but so is rent. I guess the main consideration is,are you happy enough with your relationship in the long term? Before we married I got a 30 year lease for security. You MUST register leases with the capitol.

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hyaku

P.S. Not to be there when they build is suicidal. They are really set in their "building methods" unless you push to get the job done right. I have an amazing carpenter that made beautiful frames for oil paintings. But it took ages to convince him he could fix legs to a coffee table without nailing through the top!

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Brucewayne

Simple math. Look at what you consider your life expectancy to be in the Philippines. Now calculate your rent over that period. Is it lower or higher than what you would expect to pay in building? The price of materials is getting higher, but so is rent. I guess the main consideration is,are you happy enough with your relationship in the long term? Before we married I got a 30 year lease for security. You MUST register leases with the capitol.

 

That's another thing, at 59 with a bad heart, I don't see myself living long enough to make building a house/buying a property could possibly be less expensive than P8,000 per month.

I could conceivably live up to 20 more years, but I really doubt that.

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ellenbrook2001

 Renting hes fine if you do not liked you can move somewhere else,now buy hes very good but where can you found a nice place quiet,not stupid traffic idiot driver beep the horn all days,or motorcycles without exhaust pips,or next door have karaoke specially if gay live near,or next door you have a vacant land where poor people live have many goat then the smell yuk,or a piggery near,or some idiot burning plastic i the middle of the night ,then you wake up all the sky cover with smoke., sure you can live in a subdivision but after while all run down cause no one care,so in my opinion very difficult too make a choice will rent all my life ..if my place too noisy then will move on but if you buy you stack there for ever grrrr.

a did visited many places but no one did impressed me yet the soon you get out of a nice subdivision then hes a slump next then back too the same crap.

now the construction PINOY style what a joke if we did have a bad earth tremor all gone ,unless you do have a very good honest ARCHITECT,maybe you can get away with it.but do not trust many of them ,i know the problems we had here in the luxury town house.but has they say if you do not liked here go back home ahahahaha

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it won't be literally gone, but just moved to another investment.

 

No---it will be gone---Look how many guys have built and now can't sell----what happens if you have to make an EMERGENCY exit---your back up money is gone--or at least tied up for a long period of time--and time is one thing you don't have in an Emergency

 

Bat Man---- only you know what to do for your personal situation--you inner voice will tell you if you listen :)

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Mandingo


 

Where will your wife and children live after you die? Do they just keep renting?



 

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SomeRandomGuy

ha  i love linc   as  i am once again  going thru the  do i buy   here  or do i rent here.....  I am 35 years old   retired      and was a carpenter   by trade....

 

some days  i think   wow renting is a waste of money    but in the  5 years i have lived here  i have moved  many many times        poor neighbors  has  always been the reason  in 2 cases  poor landlords...  

I was  just discussing with my partner this morning about maybe one of these subdivisions  that u pay off   but  then i went for a walk ( i am renting in a subdivision at the momment) and i looked at the way people contruct things here  and  nothing  scares me more then a concrete wall  falling in on me while i am sleeping....

 

renting is cheap       at the momment       there is a property bubble       everything is over priced    nothing is made here     this can not continue....

 

instead of buying a house to live in    look around for a cheap one  to rent out    atleast that way  in 5 years time  it has only cost you  your deposit         get a lease  for 25 years          keeps  her happy    keeps her head up around her "friends"  

 

mind u    once a month  for 5 years  i have looked into this option    25 times a month   for 5 years  i have decided against buying     

 

trust    ha      none to be had here  unless u found a good woman         listen to your gut         dont listen to your wife          hmmmm  mind u     today i am going to go and look at a subdivision  in house finacing  option    to buy then rent out   why?     buggered if i know   probably will decide against it( see above)   but alteast it keeps the mind ticking.....

 

i think i am still stuck in the western view  that    renting is dead money          but  looking around   seeing other people  and what they have gone thru  on not just buying  but also leasing    hmmmmm           damned if u do  and  damned  if u dont 

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hchoate

 

No---it will be gone

 

It won't be gone but it won't be liquid. Again, keep on the lookout for a deal too good to pass up and ... don't.

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hyaku

That's another thing, at 59 with a bad heart, I don't see myself living long enough to make building a house/buying a property could possibly be less expensive than P8,000 per month.

I could conceivably live up to 20 more years, but I really doubt that.

Well when I first worked it out ten years was the pivot. But then again I chose the province. There's a big difference. I got a 4 bedroom house in 800 sq mtrs that needed finishing for 350 thou. Out in the sticks but things are changing so quick we don't need shopping runs to the city any more.

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Rocketman

renting is dead money

 

Not necessarily.  If you buy, what are you using to fund the purchase?  If it's your investment capitol, you are essentially trading investment income, whatever it is, into an investment of Philippine property.  Which one do you think will increase during a given timeframe?  Are we in a bubble here?  So many say real-estate is a good investment here, and maybe it has been, but how long will it continue?  I've seen many friends selling their condos over the past year and only 1 has made money (and this is during the "good" real-estate investment years) - but the devaluation of the Australian dollar took the increase away from him.  Back home, I could borrow at a cheap rate, invest at a higher rate, and write-off the interest as well as taxes.  It was easier to use it as an investment.  Here, not so much IMHO.

Edited by Rocketman
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