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33 Comments
Owning a home is the best ever decision we ever did as a new couple . We put our wedding gifts plus our saving as a down payment to buy a house. Our low income by then was just enough to cover the mortgage, utilities and basic needs. Friends said we are over our head in buying a house. We are celebrating our 25th year anniversary this year with a lot better financial situation because of that house.
The housing crash of the Great Recession changed my perspective on the risk associated with owning. Owning requires some astuteness (as you put it) as well. The timing and awareness of a housing crash, slower than the stock market, but hidden until after the financial damage is already caused. I say either pay cash and be willing to keep it very long term
orfinance (and refinance) as much of the equity as possible and be willing to walk away from it and suffer the credit hit and other consequences.I had lots of houses back in the States and the money drain never ends. Plus maintence, tools rising taxes.
You can rent a decent house way cheaper, install some modern plumbing yourself and just relax
And, landlords fix nothing here, Wala!
Still much cheaper to rent and you can go when you want
…but at the end of the day, you still own the property which you can sell anytime with a higher market value , particularly the land.
hi, Danny. Happy New Year!!
The money that i make from my investments pays for the rent in the Philippines.
What I've been starting to think about is if I have a house and other financial assets in the USA, what kind of estate plan can be created to eventually transfer these to family in the Philippines. If you have any ideas about this, I think it would make a great video!
Grandpa first of all how are you buying a house is the best we ever did in the 31 yrs of my marriage true its kinda expensive but its all good in the long run we have 2 acres n we r able to do what we like to do like plant vegs n etc my hubby us very efficient in handling our
So my opinion is much better to own a house n enjoy the blessings thank u Grandpa more blogs n Gb btw our house now is paid off because we used the money that we've fr the old house thank u Grandpa enjoy your day 😀😁
Hi Grandpa.
We have both. We own property in the provence and we are renting near the city at the same time. We bought a lot in the provence years ago and we slowly builded hour house on that. Yes, we had to invest some money, but when we sell the place, we will benifit big time.
Now what you are telling about renting is true. But you also may concider that no mather how many years you rent a house, you will never own it and therefor will never be able to sell it with profits when the vallue of the houses getting higher. And currently prices are increasing in a (ridiculous) high rate in the Philippines.
A better, third option, witch you left out is rent to own. Here you have the benifits of both.
The place where we rent are all rent to own houses witch are mostly rented out for the same amount of rent as the owner has to pay on his mortgage.
So basicly they don't pay anything for their mortgage, but still are the owner of the house. Witch they can sell at any time with profits.
So we are waiting right now for a rent to own house to become available in the place where we are renting now.
Love your show. Have a nice day.
Ty
Good day sorry for out of topic 8 just want to know,
I'm natural born Filipino,born in US By both Filipino parents,I been living in Philippines since 1996,but know I'm leaving the Philippines,my Application for Dual citizenship is Granted.
Now I'm leaving the philippines,, I don't have Philippine passport.is it OK if only my DUAL CITIZENSHIP DOCUMENTS AND MY US PASSPORT WILL I PRESENT WHEN leaving the philippines.?
and Also as a dual citizen will I going to pay Tax?
Thankyou
Grandpa blogger I've been following you for I have a bit with my wife that you would never live in your condo
Thank you !
What if you buy the condo, (and receive a retirement visa) while the dollar is high, then sell when the dollar is weak? btw it is nice having a grandpa again. Your videos have been a great help…
Granpa, what's killing us is the Tax that's going up every year. And now that we are older it's harder to maintain a house especially in a cold weather State like where we live. The problem is the amount that you pay if we rent is almost the same as our mortgage likewise moving to a Condo because of the association fee. So we are contemplating what we gonna do but we are leaning more on selling our house and moving to a Condo because it's harder for us to do all the maintainance now that we are older. And it's only me and my wife now since my kids decided to have their own place.
renting or owning a house in philippines is dumb, it's a third-world and politically and economically unstable country that is dominated by uncivilized corrupt citizenry who urinate in public places, blocking/parking on your driveway, and littering everywhere.
If you want to live the rest of your life in the Philippines and has local family that will inherit the property, go ahead buy a house. If not, it’s not worth it with all the troubles, headaches you will go through, not to mention the corruption and red tape!
I have a house in bAyawan but the lot is my girlfriend parents I’m a foreigner 🤭
Very good breakdown. I wasn’t clear if you were speaking of ownership in general or in the US. I believe US. There are a few variables with regards to property ownership in the Philippines. Property taxes are very low in Philippines. I’m not even sure home owners insurance is typical in Philippines and most I believe pay cash for their homes.
I have owned many homes over the years in multiple states. I still own two current and don’t have a loan on either which is also a game changer as it removes a large portion of you monthly expenses. I understand the money I used to pay for the homes could have generated income from other sources. I have actually been think or evaluating if I should sell the home we live in and just travel and rent in the place we choose to visit. This would give us great flexibility and mobility provided we can stop accumulating stuff. Not sure if my wife would go along because her 100 pairs of shoes are important to her! Haha also because of my age I am not a able or interested in maintaining a property. It’s become hard work and I struggle to think of paying someone to do it because I’ve always done my own. I think a persons age is also an important consideration. Enjoyed this topic.
Not sure how to send you a message. What news or information do you have regarding new US Military Bases being built in Philippines?
Also A close Filipinos friend of mine got Covid while visiting there provincial home in Zambales. She told me was hospitalized In Iba where a new hospital was built. Nothing exciting about that but then she told me that hospital accepted Medicare. That surprised me. I know you discussed advantage plan but her supplemental insurance is United Health Care. I didn’t think Medicare could be billed for use in Philippines.
Thank you Grand Pa for the advice po❤
I thoroughly enjoy your videos 😊
One of the largest costs to buying a home is mortgage interest….. but what if you have cash to buy or build with NO mortgage? Now it seems that the other costs that are unique to owning are not that much at all… and then recuperating your money plus appreciation becomes quite attractive.
Another consideration is for those retiring. If you have the cash to buy a home or build one outright. Then a small retirement becomes a big retirement if you aren't paying a monthly rent. Likely this person doesn't care about getting his investment back because he plans on leaving this world eventually… and would want the home to go to his Pinay.
$400 to rent
$73,000 to build
For some reason it takes 2 years to build
Foreigner can't own land or houses
If you buy a condo
The management company will take over the property as you own monthly fees
And when you die no one pays fees
The property will go to your philapeans girlfriend rather than your children
Nothing at all first give the foraigner own a house or lot if not we not come there anymore end
I prepare to buy a house. Because owning a house gives you the freedom for your money and flexibility. And the beauty of the real estate state is you can live with it, rent it, manage it, and sell it for appreciation.
Do the math people. You know your budget. If you’re a foreigner or former Filipino does your kids can easily inherit your property?
Any chance you can do a video on how or if a foreigner such as an American citizen can purchase a property, home or condo in the Philippines? Or have you already done such a video?
Great topic!
As a foreign citizen Pinoy, it's better to rent, than owning since you will occupy the house for a short period of time. besides. if you have relatives not owning a house, they might ask to "rent" your place when you are away. Then,later on you will have difficulty "removing' your relatives occupying your house.
It’s best to rent than buy!
You summarized Renting vs Owning in a nutshell. Btw, your condo in the Philippines. Can the association/building management look after your condo while you are away in the states?