Advice needed buying and building

[Scooter]

Moving to the Philippines end of this month. I just got back from spending 2 months there island jumping. I found a nice property on Bohol. I'd like to buy and build on. Of course I'll go through an agent.  I'm just curious about buying procedures compared to america and also about building . Procedures and codes /processes. Does anyone know a good link or a good agent on Bohol? 

[scott h]

Welcome Scooter.

I am going to assume that you are married to a Filipina. Because if you are not you as an American citizen cannot LEGALLY  own property (unless it is a condo). 

[Scooter]

2 minutes ago, scott h said:

Welcome Scooter.

I am going to assume that you are married to a Filipina. Because if you are not you as an American citizen cannot LEGALLY  own property (unless it is a condo). 

 I was told I could lease the property for something like 50 years if unmarried.  But need to marry to purchase. Is this correct? 

[Mike J]

Welcome to the forum Scooter.  You will probably get quite a few a

Just now, Scooter said:

 I was told I could lease the property for something like 50 years if unmarried.  But need to marry to purchase. Is this correct? 

Yes you can lease property and then build on it.  Only Philippine citizens can buy and own land so if married the land is owned by "wife's name" married to "husband's name an American citizen".  Foreigners are allowed to buy a condo if that appeals to you at all.   Buying land here is a challenge and so is building a house.  As far a buying land a friend of mine offered good advice.  Look for a bank willing to finance the purchase.  They will do all the legal work to make sure everything is legal and above board because they want to protect their investment in case you should ever default on the loan.  Make sure the load allow you pay it off early with no, or very little penalty.  Then just pay off the load as interest rates here are high.  When building BE ON SITE EVERY DAY!    I am sure you will get lots of answers and advice here.   

[Dave Hounddriver]

21 minutes ago, Scooter said:

I was told I could lease the property for something like 50 years if unmarried.  But need to marry to purchase. Is this correct? 

Yes, there are ways like that.  Not the most secure way of purchasing property but we foreigners are limited in our options so best of luck and it will probably work out fine.

[BrettGC]

11 minutes ago, Mike J said:

  When building BE ON SITE EVERY DAY!    

This is great advice and can't be emphasised enough.  We renovated our place while I was still in Australia and The Minister for Finance and War (wife) was working in another city.  Her brother, while his heart is in the right place, didn't really have the knowledge to supervise and QC properly. 7 years on we now find ourselves in the position of basically gutting the renovation and starting again mainly due to poor quality materials and workmanship.  We added a floor and we basically have to redo all the internals.  The  roof and external walls are fine thankfully.  We're moving up there to keep an eye on it all.  

Welcome to the forum Scooter 

 

Edited July 12, 2022 by BrettGC

[Scooter]

Thank you for input everyone and welcoming me. I was going to look for a realtor to make sure everything is legit. But I like your idea about the loan through the bank as well. I'm not sure if the agent would be liable if something was missed. Going through the bank it would be on them. Then when papers are complete I can pay it off In full. Great advice! Any banks you'd recommend that are on Bohol? 

[CebuAndy]

1 hour ago, Scooter said:

I just got back from spending 2 months there island jumping. I found a nice property on Bohol. I'd like to buy and build on. 

How long time have you totally spent in the Philippines?

Most of my expat friends since 2011 had left the country long before 2019, so what seems like paradise now might not be so in a few years time, and you also will move on. When you got a good grip of daily life, and frustrations, it's not for everyone. Renting 1 year is safer than signing a lease for many years. The safety, danger and legality of a leasehold of land for foreigners, only a good attorney of law can give you the true answers. Don't invest more than you can afford to walk away from, without regrets.

Golden rule: stay in country 3-5 years before spending big amount on anything.

Getting a loan ?

Have you got a bank account yet?

Have you asked bank manager if a unmarried foreigner on tourist visa can get a loan? I doubt it.

There are good and bad Agents, be careful, many are not licensed and even if they are, their knowledge are often lacking. They mostly work alone, not for a company with a office. Not comparable with what we used to back home. You find them on facebook and different websites for renting and buying properties.

"You want to buy and build on" ...  the fact that you don't know we foreigners can't buy land, tells me you need more time and experience in the country, and read all you can in this forum, first. Talk with a good attorney before anything else.

Leasing land also comes with possible future danger. Ask a attorney. Example, extended family later claim the land actually was owned by them, and not the person you delt with. Was a story like this many years ago.

Conclusion, stay 3-5 years in country. Talk with bank manager. Talk with attorney. If you must buy, buy a condo and be prepared that it often takes years to sell the condo later.

Welcome to the forum.

 

[Scooter]

2 minutes ago, CebuAndy said:

How long time have you totally spent in the Philippines?

Most of my expat friends since 2011 had left the country long before 2019, so what seems like paradise now might not be so in a few years time, and you also will move on. When you got a good grip of daily life, and frustrations, it's not for everyone. Renting 1 year is safer than signing a lease for many years. The safety, danger and legality of a leasehold of land for foreigners, only a good attorney of law can give you the true answers. Don't invest more than you can afford to walk away from, without regrets.

Golden rule: stay in country 3-5 years before spending big amount on anything.

Getting a loan ?

Have you got a bank account yet?

Have you asked bank manager if a unmarried foreigner on tourist visa can get a loan? I doubt it.

There are good and bad Agents, be careful, many are not licensed and even if they are, their knowledge are often lacking. They mostly work alone, not for a company with a office. Not comparable with what we used to back home. You find them on facebook and different websites for renting and buying properties.

"You want to buy and build on" ...  the fact that you don't know we foreigners can't buy land, tells me you need more time and experience in the country, and read all you can in this forum, first. Talk with a good attorney before anything else.

Leasing land also comes with possible future danger. Ask a attorney. Example, extended family later claim the land actually was owned by them, and not the person you delt with. Was a story like this many years ago.

Conclusion, stay 3-5 years in country. Talk with bank manager. Talk with attorney. If you must buy, buy a condo and be prepared that it often takes years to sell the condo later.

Welcome to the forum.

 

I appreciate your input. On my trip was mainly scoping things out any input was from a source not reliable and trying to talk me into buying right now. Which wasn't going to happen. I am definitely in it for the long haul. Though not married yet . I will be within a year most likely. The property I'm interested in is a great price but still no amount is small enough to want to just walk away from. So I will be verifying every way possible. So thank you for your input . Added a few people I hadn't thought of checking with 

[CebuAndy]

14 minutes ago, Scooter said:

Though not married yet . I will be within a year most likely

 

If when you already married and get a 'proper married visa',  things like import of household and other things get so much easier and cheaper. This forums has tons of information, use the search function.

Some also get a SRRV if you qualify for that, and have the money required.