Condo In Tipolo

[SNIXX]

 

If you are just thinking about taking the leap, then you definitely want to rent.  Why?  

 

Decide not to take that leap - better off renting.

Decide the young lady is not the one for you?  Better off renting.

like the country but not the neighbourhood?  better off renting

karaoke starts at 6 am and ends at 3 am?  better off renting

been married for a few years, have a great life and get along well with the inlaws, decide you want to stay forever and the lot next door to where you are now is for sale and has a clear title?  sometimes you are still better off renting but this you could check out for buying.

 

I am Bob, you can get dozens of opinions about the subject but what you said seems to be a baseline recommendation. There's obviously something to it.

 

I'm past the island paradise that I can move to for 600 USD a month and meet a Filipina that loves me for me phase, not that I was ever in that phase in the first place. 

 

What I still can't process is a 3rd world country that prices out appartelle's, condo's, etc. 400-1000+ USD a month? 

 

I can get a massage 20x cheaper in Cebu and rent a car 10x cheaper but housing is half or more as in a western country? I personally don't get it.

 

My only thought, and therefore reason for the OP, was buying something very basic in cash would get me off the hook for monthly rent expenses.

 

Tricky subject.

 

You will find real estate to be the trickiest question out there.  Let's look at Cebu though you can say this for many different cities in the country.  You can stop and look at a building and it will be P50,000 a month rent.  Go 2 blocks and see a similar building and it might be P25,000 a month.  Head away from the more popular areas and you might see the same building one more time for P12,000 or so.  Now if you don't have to stay in Cebu itself, you can go to one of the smaller cities nearby and still get cheaper rent than you would in Cebu.  Some different provinces are much cheaper than Cebu.  It's all getting there, looking around and finding out what is suitable for you and your situation.  

 

I am bob- I am planning a 60 day visit to pre-screen locations for the very details you noted. Now the girl being relatively poor is like a pit pull finding better deals. She goes with me.

 

dhound - I'm with your point about 1m condo. I am more inclined to be cautious. I noticed 1.5 and up seems to be more legit from what I now see.

[Dave Hounddriver]

Now the girl being relatively poor is like a pit pull finding better deals. She goes with me.

I almost did not write this but thought it was wise to be sure you know:

 

The girl who accompanies you will almost certainly be offered a deal in her language at any location you look at.  The deal will be that she gets a secret commission if she helps the vendor to sell his unit to the 'kano'.  Many girls will go for it.  And its not just girls.  If you take any filipino along with you they will get the same or similar offer, in their language and not to be made known to you.  If the person you go with does not tell you they got an offer like that then it is a red flag.

[SNIXX]

Now the girl being relatively poor is like a pit pull finding better deals. She goes with me.

I almost did not write this but thought it was wise to be sure you know:

 

The girl who accompanies you will almost certainly be offered a deal in her language at any location you look at.  The deal will be that she gets a secret commission if she helps the vendor to sell his unit to the 'kano'.  Many girls will go for it.  And its not just girls.  If you take any filipino along with you they will get the same or similar offer, in their language and not to be made known to you.  If the person you go with does not tell you they got an offer like that then it is a red flag.

 

lol.... I will add that to my list of magic Filipino tricks.

 

Realistically I can not afford to buy anything and I keep noticing the owning vs renting scale is out of whack. For example, if you want a rental it can be found cheap and it is not an anchor. Owning (condo) is expensive and not very liquid and there is the added bonus of dealing with a country that doesn't apply or even think they should apply equal rights to a foreigner in a dispute. Maybe I'm over my head here but they seem like a culture where the rational facts of a dispute are less important then if they perceive you have insulted them or made them look bad. Maybe it's none of my business but if I decide to buy something it would then become my business. But once again, the OP was about a 1m condo in Cebu and that does sound attractive before factoring in the risks.

[SNIXX]

Regarding my OP and hoping I have not overplayed this topic into meaningless drivel: 

 

I found units in completed buildings renting at 9 to 10k.

 

The new units in the under construction buildings  sell for 1m  (and any potential hidden insanity that is not immediately known.)

 

1m +  vs 10k per month to rent.

[Bruce]

Regarding my OP and hoping I have not overplayed this topic into meaningless drivel: 

 

I found units in completed buildings renting at 9 to 10k.

 

The new units in the under construction buildings  sell for 1m  (and any potential hidden insanity that is not immediately known.)

 

1m +  vs 10k per month to rent.

 

OK, well said, we are all in agreement that renting is a better option than buying for the foreseeable future.

[i am bob]

Now if we were talking about a house in a beautiful scenic spot...  Oh, right...  Condo.

 

:mocking:

[SNIXX]

I actually went to the site and looked at units. The are up to about #17 sold of the 20 scheduled buildings. My concerns were population density and that ten plus people and a rooster would end up living next door. Somehow three years in a sari sari would appear in my hallway. The remaining buildings are far from the main road. They are in the very back and there is 80 units per each of the 20 buildings. I think the relatively affordable nature of the units will lower the standard of living, but I have no way of  really knowing that. Still 1m once and done makes the idea of purchasing interesting but in the end I imagine it would be a tough crowd to live with. Perhaps I am wrong. It is in a great location. It would be nice to avoid rent but I'm staying away I think. I even went to the associated "8990" main office behind Ayala and not near the site. Everything at least looks legit. The purchase contract looked pretty standard but I have a feeling you would have absolutely zero chance against a connected filipino company with high powered filipino attornies, if there was an issue. They require an orientation as part of the requirements to purchase and the room was packed. I happened to be there when an orientation was in progress. The process seemed fair and professional from viewing a unit to seeing the office. So yeah 1 million- great location- no rent- sounds good but I can't feel good about it.

[Bruce]

I actually went to the site and looked at units. The are up to about #17 sold of the 20 scheduled buildings. My concerns were population density and that ten plus people and a rooster would end up living next door. Somehow three years in a sari sari would appear in my hallway. The remaining buildings are far from the main road. They are in the very back and there is 80 units per each of the 20 buildings. I think the relatively affordable nature of the units will lower the standard of living, but I have no way of  really knowing that. Still 1m once and done makes the idea of purchasing interesting but in the end I imagine it would be a tough crowd to live with. Perhaps I am wrong. It is in a great location. It would be nice to avoid rent but I'm staying away I think. I even went to the associated "8990" main office behind Ayala and not near the site. Everything at least looks legit. The purchase contract looked pretty standard but I have a feeling you would have absolutely zero chance against a connected filipino company with high powered filipino attornies, if there was an issue. They require an orientation as part of the requirements to purchase and the room was packed. I happened to be there when an orientation was in progress. The process seemed fair and professional from viewing a unit to seeing the office. So yeah 1 million- great location- no rent- sounds good but I can't feel good about it.

 

I would expect a high turn over rate in 3-4 years as the real estate business is based on payments and not actual cost or length of contract.

 

If you look on the internet and in print ads, you see many ads about buying your dream condo for ONLY 12,000p a month (+-). This is the hook they use to sell to the local pinoy. However, it is really financing the down payment only. After the 24 months to 36 months, the down payment is finished and then the buyer then needs to finance the 80% of the selling price! OOPS!

 

Most people think they can buy and then resell in 24-36 months at a profit..... they are counting on that and are often then in forclosure. So unless it is a building 5+ yrs old, I would expect new neighbors every so often.... again and again.

[i am bob]

For those who aren't aware, Real Estate in the Philippines is a very tricky business and not like you will see anywhere else!

 

When you said you weren't sure and walked away?  Best thing to do.  Only purchase when you are ready and willing!

 

:thumbsup:

[Jake]

Regarding my OP and hoping I have not overplayed this topic into meaningless drivel: 

 

I found units in completed buildings renting at 9 to 10k.

 

The new units in the under construction buildings  sell for 1m  (and any potential hidden insanity that is not immediately known.)

 

1m +  vs 10k per month to rent.

Perhaps you can contact our resident expert: member Geoff Thomas of http://cebucityproperty.com/.

His advertisement banner is authorized by the forum owner.

 

Good luck and good hunting -- Jake