# rent or own



## bairdlander (May 23, 2012)

My goal in the near future (2-3 years) is to work in Canada 7 months and live in PI for 5 months ( cant take these winters working outside).Is it better to just rent an apartment/condo or better to buy a condo?


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## jon1 (Mar 18, 2012)

1 bedroom Condos in Manila (can't speak for Cebu) are going for 3.2M-5M php ($80-$120K) depending on location. It will be very hard to find a landlord to rent for only 5 months (typical leases are for 1 year, some 6 months). Also, being a non-resident (tourist) you will most likely not be able to finance the loan. Real Estate loans here typically require 50% down and paid in 10 years (interest paid irregardless of early payout). So if you go the purchase route you will most likely have to pay in full. I do not recommend buying a condo under construction (the price will be significantly lower) as most do not meet build schedule if they even finish at all (usually due to the project being underfunded or a scam)...


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## richardsinger (Oct 30, 2012)

I wouldn't advise buying anything like a condo without being here long enough to understand the market rates, scout locations, inspect properties, etc. Whether buying or selling, you can find great deals here as long as you are in no hurry.

So renting is your safer bet. As jon1 said, 5 months is an awkward lease term. You should be able to get a 6 month lease fairly easily, depending on your needs of course. On your next visit you could seek out a couple of housing agents, they can keep you in touch which what is available when you are planning your next winter trip.

Richard.


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## Glen48 (Jul 6, 2012)

Word is there is a bubble forming on condos here and going by the amount going up and agents in shopping centers i reckon it might be true.


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## richardsinger (Oct 30, 2012)

Glen48 said:


> Word is there is a bubble forming on condos here and going by the amount going up and agents in shopping centers i reckon it might be true.


It definitely looks that way. If the economy hits a severe downturn there could be a lot of unfinished developments sitting around for years. But I suppose if you regard property as a long term investment it should pick up eventually.

Richard


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## Glen48 (Jul 6, 2012)

Another thing a lot of unfinished building around got no idea if they are worth it to finished but could be something to consider.


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## Glen48 (Jul 6, 2012)

Yes nothing repeats like history USA has a depression coming on and 2.5 mill houses to go on the market next yr yet here they think they are immune, here and other areas will boom for a good few yrs as each empire lasts about 200 yrs USA has had their time now is the next cab off the rank.
But a property is no different than owning a car both are consumables.


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## richardsinger (Oct 30, 2012)

Glen48 said:


> But a property is no different than owning a car both are consumables.


Well, hopefully the property will have a longer life span than the car. 

BTW, land and property seem to get passed down through generations here, and gets divided and sub-divided over time. Which leads to many discrepancies between what the property looks like and what is written on the title deed. Caveat emptor!

Richard


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## proudpinay (Dec 6, 2012)

Glen48 said:


> Yes nothing repeats like history USA has a depression coming on and 2.5 mill houses to go on the market next yr yet here they think they are immune, here and other areas will boom for a good few yrs as each empire lasts about 200 yrs USA has had their time now is the next cab off the rank.
> But a property is no different than owning a car both are consumables.


The reason why we are less prone to property bubble is because of our bank loan restrictions. One of the reasons why USA suffered from it is because bank systems are not very strict with loaning. Anyone can just do the purchase left and right. Philippines is far more strict, that's why banks require bigger down payment.

And, even if there are many residential developments around, there are 11 Million Filipino expatriates who still doesn't own a home, so we are still safe


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## proudpinay (Dec 6, 2012)

bairdlander said:


> My goal in the near future (2-3 years) is to work in Canada 7 months and live in PI for 5 months ( cant take these winters working outside).Is it better to just rent an apartment/condo or better to buy a condo?


Hmmmm... 5 months of lease is awkward, but could be worked out if you are lucky. Practice here is minimum of 6mos. Otherwise, you will be better off with living in a hotel 

Rent or buy depends on your plans. Pointless to do a purchase if you only intend to be here for a short time


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## Glen48 (Jul 6, 2012)

12.5 million USA home owners said the same thing before their property was foreclosed.
 A million's of others around the world said the same thing.
This won't affect us, house p[rices rise due to a bubble no other reason.


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## Bluesdude (Jun 30, 2012)

Renting gives a person a lot more options. It's easier to just pick up and move on. If your neighbor opens up a karaoke bar, you can just pack up and leave. By renting, you can live in one area for a year and then decide to go move somewhere else and see something new. In my case, I've been married to my wife now for 30 years so there's no big risk involved with buying property but as you know, you can't put property in your name if you're not a citizen. That means you better be really comfortable with your wife. You better be sure she loves you and won't kick you out the first time things aren't going perfect. I've seen your guys lose their life savings that way. 

If you decide to buy, at least give your self some time to get acclimated before putting down your life savings on a place and then find out you don't like it there.


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## Glen48 (Jul 6, 2012)

Fully agree , I built a house had run-in with my Aussie mate and had to move out ..sold the place for 1/5 th of what it cost and since moved 4 times in 3 yrs.
Even if you did trust your wife how do you know she won't change, my First wife took 20yr to decide i was a dud and also your wife's relations may talk her into tapping you on the head.

Another thing would be to sleep outside the place you are looking at for a few night to see what goes on, I found my next door did the washing and washing up at 12 -2 am ????


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## Asian Spirit (Mar 1, 2010)

Another important factor in "buying" a single house/home. It is a good idea to buy only during a good storm during the rainy season. It's the only sure way to know if it will flood or if perhaps you will need to invest in a new roof. Many areas look just fine during most of the year. But the first time 10 people "water the weeds" during a party, you can be knee deep in water; not to mention during a typhoon.

I'v been married to my wife and living here in the islands for 10 years. Trust is a two way street and the way I look at it, if my wife decided to put me outa "her" misery, it would most likely be because I deserved it. Hmmm- come to think about it, she has been complaining about my snoring at night lately-Hahaha!!!


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## oldguy (Jan 13, 2013)

i was lookng also , depends IMHO if you need in house finance or your going to pay cash , as the in house finance is really expensive!


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## Guest (Feb 9, 2013)

Yeah, What Proud Pinay said, rent a room at the SoGo hotel chain. About 20,000 for a month and it includes electricity/ A/C TV etc etc and you can walk away anytime.


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## Asian Spirit (Mar 1, 2010)

Munchie said:


> Yeah, What Proud Pinay said, rent a room at the SoGo hotel chain. About 20,000 for a month and it includes electricity/ A/C TV etc etc and you can walk away anytime.


Those So-Go hotels really are a good budget deal. However, it would be ill-advised staying long term in the new one they have in Dau by Angeles City. That location in particular, makes it basically a "short time" (by the hour) place and because it is in the Angeles area, will likely make a person a natural target of even the police setups.
Just another reminder that we live in a not so safe place.


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## jon1 (Mar 18, 2012)

debiburns said:


> Third option... buy a sailboat and live in a marina. Get tired of one part of the Philippines, move on.


Some of the soundest advice I have heard in quite a while. Brilliant idea!!!


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## M.C.A. (Feb 24, 2013)

If youre okay with living in the country area's, they do have malls and restaurants, I live quite a ways out but still within 30 minutes of Malls, KFC, Pizza Hut, McDonald's and one very large market along with all the banks and money changers.

I have run into men from mainly Australia and the occasional Mormon, we sometimes talk but I can count on both hands how many westerner's I have witnessed in 5 years and out of that 3 conversations. 

It's very cheap here to rent a spot, even better once you meet people and can live in the barangays for less than 1,000 peso's a month, there's many ways to save money and live large.


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## mariaaa009 (Mar 30, 2013)

Hi bairdlander,

You are having or you already have a family right. So it is better to own than to rent. Also don't buy a condo, buying a house and lot is much better as the price increases over time.


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## M.C.A. (Feb 24, 2013)

Munchie said:


> Yeah, What Proud Pinay said, rent a room at the SoGo hotel chain. About 20,000 for a month and it includes electricity/ A/C TV etc etc and you can walk away anytime.




I would never pay that much money monthly for a room, Oh my God if you spend time here you will find out that's way to much money to throw away by about 16,000 peso's there's always a spot or room to rent, there's no shortage of internet cafe's that charge you 20 pesos an hr or 1000 pesos a month for your own connection and if you need an air-conditioned buy one and take it with you because a good air-conditioned "Carrier"here will run you about 20,000, you could squat some where? Rent a room for $1000 peso's max a month, I don't know where for you but your partner could find a spot and probably build a small concrete structure for 20,000 peso's on her family land, squatter area to heck with dealing with realtors and lawyers they all just eat you alive here, such friendly people with so much advice, no way been there done that, we earned our pensions these snakes can live well just on taking some of it from us by selling us homes or lots, you can find remote lots for I think 100,000 peso's in a scenic area around Pagsanjuan next to the lake and it don't flood in this area, or I think the motels or hotels here are so affordable that you could live in them, I think one spot here in Sta Cruz Laguna was about 5,000 peso's with air conditioning and internet and continental breakfast, I'm going to Sta Cruz tomorrow and will check the daily or monthly fees of a room.


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## Phil_expat (Jan 3, 2011)

If for a short period it could be a good idea, No contact and obligations. I did that when I first arrive in the Philippines. It gave me security of my processions while I travel and the ability to move instantly. I stayed in a high price tourist area so it was expensive even thou I got a 50% discount on their monthly charge. The key here is no obligations until finding where one wants to live.


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## Guest (Mar 31, 2013)

4000 per month. Could get you a door in a dorm, or bed space, maybe a roach motel. come on, your going to haul a fricken air conditioner every time u move around, (if it is still there when you return to your bed spacer)





mcalleyboy said:


> I would never pay that much money monthly for a room, Oh my God if you spend time here you will find out that's way to much money to throw away by about 16,000 peso's there's always a spot or room to rent, there's no shortage of internet cafe's that charge you 20 pesos an hr or 1000 pesos a month for your own connection and if you need an air-conditioned buy one and take it with you because a good air-conditioned "Carrier"here will run you about 20,000, you could squat some where? Rent a room for $1000 peso's max a month, I don't know where for you but your partner could find a spot and probably build a small concrete structure for 20,000 peso's on her family land, squatter area to heck with dealing with realtors and lawyers they all just eat you alive here, such friendly people with so much advice, no way been there done that, we earned our pensions these snakes can live well just on taking some of it from us by selling us homes or lots, you can find remote lots for I think 100,000 peso's in a scenic area around Pagsanjuan next to the lake and it don't flood in this area, or I think the motels or hotels here are so affordable that you could live in them, I think one spot here in Sta Cruz Laguna was about 5,000 peso's with air conditioning and internet and continental breakfast, I'm going to Sta Cruz tomorrow and will check the daily or monthly fees of a room.


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## Phil_expat (Jan 3, 2011)

Glen48 said:


> 12.5 million USA home owners said the same thing before their property was foreclosed.
> A million's of others around the world said the same thing.
> This won't affect us, house p[rices rise due to a bubble no other reason.


The US government commission reported that the world recession was caused by the USA housing crises. Banks had or thought they had no liability because of leverage. They were lending to anyone. Others were buying the bank’s liabilities in the form of CDOs and AIG insured their liabilities. Europe bought a lot too! Iceland became one of the highest income countries when the recession hit its wealth fell to one of the lowliest. In the days before this banks loan money to home buyers and banks had to be paid back. They were concern of their liabilities. There is no leverage, CDOs or AIG in the Philippine, banks do not use these. The same thing would not happen here. I still do not totally trust the banks for other reasons.


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## M.C.A. (Feb 24, 2013)

Munchie said:


> 4000 per month. Could get you a door in a dorm, or bed space, maybe a roach motel. come on, your going to haul a fricken air conditioner every time u move around, (if it is still there when you return to your bed spacer)



Only thing I can think of is you must be living in a very expensive tourist spot or close to one, this is the Philippines you don't have to haul anything yourself or install it, the workers are dirt cheap and always willing.

Like I posted earlier I will try to check the hotel/motel prices in my area, they are really cheap and offer allot, there's also a group of Australian men down in this area, I have talked with a few times and they invited me for talk and drinks in Pagsanjuan Falls area, can't remember the name of the club, Sta Cruz Laguna is real close to that area and has the hotels, motels banks, resturants ect.. 

but if you are blessed with vast amounts of money and don't mind spending 20,000 a month on rent I would keep doing it.


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## Phil_expat (Jan 3, 2011)

I have a friend that has built hotels, large commercial buildings and numerous homes for his friends. He advised me on the best way to acquire land for a home here and said he would build it for me. His advice was do not do it! He said they are easy to buy but hard to get rid of. He said there are too many advantages of renting here and lots of rentals to chose from (owner could not sell them).


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