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lugubregondola
Joined: 01 Sep 2016
Posts: 92
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 Posted: Fri Sep 09, 2016 5:03 pm Post subject: how much is a house |
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| how much is a house to buy in the Philippines? |
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rioux
Joined: 26 Apr 2012
Posts: 880
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| Posted: Fri Sep 09, 2016 11:00 pm Post subject: |
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It depends on where and what kind of house.
2 million pesos would be good I guess. |
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btsmrtfan
Joined: 01 Jul 2010
Posts: 193
Location: GPS Not Working
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| Posted: Fri Sep 09, 2016 11:24 pm Post subject: |
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Why buy? There are distinct pluses for the owner (and not you) to be responsible for all taxes, repairs, maintenance, etc.
In my case, I live in a brand new well built house (first occupant) that is located on a very large corner lot surrounded by high security fencing and exterior lighting with lots and lots of space inside and outside the house. The house is fully furnished including A/Cs, 3 BRs and 2 CRs. Price of house is 5.5M.
Monthly rent exclusive of electricity, water, Internet and cable tv is 18,000 php. |
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lugubregondola
Joined: 01 Sep 2016
Posts: 92
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| Posted: Sat Sep 10, 2016 1:14 am Post subject: |
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| 18000 pisos is nearly £300 a month. That would be what the mortgage would be to buy a house. What taxes? What repairs? I have never repaired a home. How do you guys live in the Philippines and work? I'm in Korea but it's not much fun really. Just work and no play. You need a wife don't you to buy a house in the Philippines? You can only buy a condo otherwise I think and what happens if she divorces you to the house? Do you lose it all? |
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suphanburi
Joined: 20 Mar 2014
Posts: 916
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| Posted: Sat Sep 10, 2016 1:54 am Post subject: |
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| lugubregondola wrote: |
| 18000 pisos is nearly £300 a month. That would be what the mortgage would be to buy a house. What taxes? What repairs? I have never repaired a home. How do you guys live in the Philippines and work? I'm in Korea but it's not much fun really. Just work and no play. You need a wife don't you to buy a house in the Philippines? You can only buy a condo otherwise I think and what happens if she divorces you to the house? Do you lose it all? |
Foreigners cannot own land in the Philippines.
If you are married your wife can own the house. You lose all if you divorce her or she separates from you.
The cost of a house will vary a lot depending on the where:
Metro Manila, 2-5 million pesos.
Metro Cebu, 1.5-3 million.
Our in the province: I have a 5 hectare farm that we bought for 240k pesos and it cost me another 500k to build a 120 sq,m bungalow on it.
As a foreigner, forget about buying anything. Due to issues with property titles and the land office, it is NOT worth it and the chances of losing money rather than appreciation are significant.
Owning land, or any "real property" in the Philippines or anywhere else in ASEAN is NOT like back home. Save your money and pay cash for a piece of dirt at home when you are ready.
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lugubregondola
Joined: 01 Sep 2016
Posts: 92
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| Posted: Sat Sep 10, 2016 3:56 pm Post subject: |
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| You just said you can own a house if you are married, or your wife owns it that is. I can't buy a house in the UK. It will take me 5 years just to save up a deposit. I already have a house in the UK I share it though with my brother. I was thinking of saving up 15000uSd and then getting a loan/mortgage and buying a house in the Philippines. |
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nomad soul
Joined: 31 Jan 2010
Posts: 11454
Location: The real world
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| Posted: Sat Sep 10, 2016 4:08 pm Post subject: |
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| lugubregondola wrote: |
| I was thinking of saving up 15000uSd and then getting a loan/mortgage and buying a house in the Philippines. |
Not a smart plan, especially since you have had trouble securing stable work. |
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lugubregondola
Joined: 01 Sep 2016
Posts: 92
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| Posted: Sat Sep 10, 2016 4:49 pm Post subject: |
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| Yeh I know but it seems stable now I think. I think I was just being overcautious. If I got the property, I would rent it out to ensure the mortgage payment was covered until it was paid off. anyway I don't have 15000USD, just about 6k so not enough. |
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suphanburi
Joined: 20 Mar 2014
Posts: 916
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| Posted: Mon Sep 12, 2016 8:21 am Post subject: |
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| lugubregondola wrote: |
| Yeh I know but it seems stable now I think. I think I was just being overcautious. If I got the property, I would rent it out to ensure the mortgage payment was covered until it was paid off. anyway I don't have 15000USD, just about 6k so not enough. |
Land and look in the neighborhood you want to be in if you are foolish enough to give it a go.
You might want to do some research on Torrens titles as well as tax deeds and property laws as they relate to foreigners.
Being an absentee landlord is just a good way to turn $15k into $0k with no return and loses payable by you.
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lugubregondola
Joined: 01 Sep 2016
Posts: 92
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| Posted: Wed Sep 14, 2016 3:19 am Post subject: |
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| Being an absentee landlord means getting a letting agency over there to take care of the property you are buying....the property you own (Not rent). Rent is money down the drain |
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suphanburi
Joined: 20 Mar 2014
Posts: 916
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| Posted: Wed Sep 14, 2016 5:40 am Post subject: |
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| lugubregondola wrote: |
| Being an absentee landlord means getting a letting agency over there to take care of the property you are buying....the property you own (Not rent). Rent is money down the drain |
A fool and his money are soon parted.
This is NOT the UK, land rights are not entrenched nor are protections. There are no landlord tenant acts.
Getting an "agent" to work for you with you being an absentee landlord in the Phils is just stupid and what you don't know will cost you 150% of your investment but don't take my word for it. Form a company with a 51% Pinoy partner (required) and see how long it takes for you to lose it all.
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lugubregondola
Joined: 01 Sep 2016
Posts: 92
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| Posted: Wed Sep 14, 2016 10:55 am Post subject: |
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| Nah. I changed my mind. I might buy a condo in Thailand instead. |
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suphanburi
Joined: 20 Mar 2014
Posts: 916
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| Posted: Wed Sep 14, 2016 10:41 pm Post subject: |
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| lugubregondola wrote: |
| Nah. I changed my mind. I might buy a condo in Thailand instead. |
You might want to do some research on that one too...lol.
Pattaya nosedive.....
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bigdurian
Joined: 05 Feb 2014
Posts: 401
Location: Flashing my lights right behind you!
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| Posted: Wed Sep 28, 2016 12:09 pm Post subject: |
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| suphanburi wrote: |
| lugubregondola wrote: |
| Nah. I changed my mind. I might buy a condo in Thailand instead. |
You might want to do some research on that one too...lol.
Pattaya nosedive.....
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Pattaya nosebag surely....... |
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rioux
Joined: 26 Apr 2012
Posts: 880
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| Posted: Sat Oct 01, 2016 11:54 pm Post subject: |
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| lugubregondola wrote: |
| Nah. I changed my mind. I might buy a condo in Thailand instead. |
Why there and not in the Philippines? |
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