Condo Prices In The Us For Less Than The Rp

[Mr Lee]

Forgot to ask before! If the market is depressed with a lot of really low prices on homes and condos, do the HOA and property taxes come down too proportionately or are present owners now are stuck with it without any future reassessments to adjust property taxes or HOA dues? Would anyone leave their younger spouses with high property taxes and HOAs to pay when they pass on someday? The owning of the two property situation in the RP and U.S. may take it's toll financially on the surviving spouse unless she is left with a sizable life insurance policy or have a good rental income property with a good positive cash flow! How much more will the recession affect the qualify of life in the U.S. and overseas? Will it improve or get worst? Still a scary thought, because it's getting to the point where it will be of equal living costs between the RP and stateside! If that's the case, more and more foreigners may consider moving back to their home land and screw the Philippines!

Some good points Art and I have seen HOA fees go up only slightly in the neighborhood we live in because there are so many homes and the small amount that have gone to foreclosure did not affect the overall costs, so the key is to be in a place that has many homes or condo units. Also HOA's can foreclose for non payment of dues so most owners know that and they do not wish to lose their units because of that, and the bank that has the mortgage would then pay the HOA because they would have more to lose in the long run, so in most cases the issues you brought up would not directly impact owners in larger developments but could impact owners in much smaller ones. The other side of the coin is that if the HOA forecloses on a unit that has no mortgage or has a very small mortgage still left on it, then the other home owners might benefit from the sale of said unit because its value would be much higher than the HOA fees and mortgage owed and I have seen that reported on the news, because it seems that  older condos or homes that have not been refinanced may have more units paid off or little money owed on them and some people do not know the laws and do not contact a lawyer to find out or believe that HOA can foreclose on them. So it can go both ways.

[Art2ro]

Just my pondering thoughts I would like to share with you. Even with the attraction of the low cost housing in the U.S. due to the recession, it still doesn't convince me it would be a good idea in the long run to have a second home or condo in the U.S.. I just wouldn't want my wife to be stuck with additional payments in the event I kick the bucket tomorrow and the mortgage isn't yet paid in full in the U.S. and she would still have to contend with the increasing cost of the monthly HOA dues and annual property tax and still have to pay HOA dues and property taxes on our primary home in the Philippines, which luckily is paid for. And plus the fact, that it may be difficult to sell the home or condo in the U.S. due to the recession! I think the chances of buying a second home or condo in the U.S. is slim to none just after weighing the pros and cons about our future! It just wouldn't be a practical move to do so in this stage of our lives when we are already settled in and set in our way of living here in the Philippines. And another thing to consider is her survivor's benefits, it would be drastically cut by more than half if I ever kicked the bucket before my time even though she will receive a small lump sum life insurance policy upon my death. Remember, the Life expectancy calculator only gives me 23 more years to live! Or not! Hey! We can just rent 3 to 4 weeks, 2 to 3 times a year, a vacation rest house, condo, bungalow or cottage with all the amenities by the seaside here in the Philippines! That's more doable for us, a fun vacation away from home and it's affordable too! :th_interesting:

[Jake]

Hey guys,Both Lee and Art have brought up some really good point-counter points regarding the maintenance of two households.As Art suggested however, my personal take on this is rather based on financial resources. Which at this time, can only support my long range plans of living in the Philippines. For the first time in my life, I could actually start saving at least 30-40% of my monthly income (military pension plus SS). Having a substantial savings account for medical emergencies, shopping trips to Hong Kong or just kick back at your favorite bungalow or beach resort would be conducive to a morehealthy and longer life. Respectfully -- Jake

[Mr Lee]

Art and others, I surely am not suggesting for anyone to do as we are doing, I have two pensions and will now have social security since I already turned 62 so I will be able to take my social security and repay some of the loans I have taken to do what we have done, and then hopefully be sitting pretty. Each of us has to choose our own route in life and I am also having a hard time dealing with our double life but luckily have some great friends in both places who are willing to look after our places when we are not in them, so it works for us but might not be doable for many others. The other problem is that I would miss some of those great friends and it would be much more expensive for us to come back to the US for visits than the way we are now doing it, so a small condo here might also be the answer and we are looking but both Nila and I are fussy about what we wish to own and where it is located, so so far nothing has been perfect. My original plan was to move full time to our condo in Cebu once I reached 62 and got my social security but with all the power outages and some other issues that have come up, I felt it better to keep doing what we are doing, at least until I catch up on some of the money spent and then decide. Taking life one day at a time is a lot less stressful for me.