BUYING A CONDO IN THE PHILIPPINES? TODD SHARES HIS EXPERIENCE AND ADVICE
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- เผยแพร่เมื่อ 6 มี.ค. 2020
- Buying a condo in the Philippines can be a good real estate investment or a home longterm. Todd bought one in Mactan Newtown, Mactan, Cebu, the Philippines and shares his experience.
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Thank you Todd for your service. It’s heart warming to see retired vets doing well. Thanks also to our vlogger. Nice interview/channel
Thankyou Joseph.
Great information Rod. You're inching up towards 20K. Way to go!!
Thanks Tom. It is quite the wild ride.
Good day sir! :) There are lots of condo units to invest here in Cebu, Philippines, good thing you can rent it while paying your monthly amortization. Prices of condo units are cheap even if it's near the city. If you are interested I'll refer you to our realty company where you can trust. You want details? Comment below or email me alimoren.business@gmail.com
thank you for this amazing information. keep up the good work
Thanks Pawel and Reeza. It was a learning experience for me also.
More good info. Thanks Rod
Thanks Peter.
Good Info, Thanks for the video!
Thanks James. It was a learning experience for me also.
Good interview.
Thanks Michael. It was a learning experience for me also.
Great video Rod. I'd assume there are a awful lot of people that are interested in this kind of information.
My wife and I are also still living outside the Philippines at present, but got in on a pre-sell at Azure North in San Fernando, Pampanga and are currently waiting for our condo turn over.
It seems like Century Properties does things a little bit different after listening to this, but we look forward to the day we can enjoy our own little piece of paradise too.
Thanks and good luck with your plans.
Hey, you're a good interviewer too. Interesting to learn about other countries business ways. The dryer that won't dry. See if its the heating element, sounds like it
Thank you very much Lyn. Hopefully, there is an easy fix for the dryer.
Good day sir! :) There are lots of condo units to invest here in Cebu, Philippines, good thing you can rent it while paying your monthly amortization. Prices of condo units are cheap even if it's near the city. If you are interested I'll refer you to our realty company where you can trust. You want details? Comment below or email me alimoren.business@gmail.com
Very good mr. ROD...ANOTHER GOLD STAR.
Thanks Jim. It was a learning experience for me also.
Beware! When you buy a condo you are stuck with your neighbours and the whole condo development. If you rent you can move away, if you buy you are stuck. Condo developments get run down very quickly, poor maintenance and careless owners. Whilst the development is new the developer has a duty to remedy this stuff but after it is handed over to the owners this can quickly get very bad. When you want to sell you will have difficulty finding a customer with cash. There are endless new condo developments where they can go into a brand new unit on installments. With women I always found it's better to rent than buy, same with condos.
You make some good points Bob but much the same goes with housing if you don't like your neighbors and many of the housing developments are not maintained as we might be used to.
@@AmazingPhilippines1 You are quite right. I have owned three condos and one house and lot. Another point I failed to make is that property does not automatically increase in value as time goes on and many Filipinos buy a property for that property to remain in their family for a lifetime. On average if you buy a second hand property you will have to completely remodel the whole thing, it will be trashed. However with my house and lot I am lucky as all the surrounding units are empty and although my neighbours are far from ideal they could be a lot worse.
Keep renting. People like you is what makes us Landlords wealthy
@@robocop581 I bought three condos and had trouble with each, it was really hard to sell them. Now I live in a house and lot I bought but of course it's my wife who owns it.
Are speaking from your experience in the Philippines or the US …. Thats sounds more like the US
Nice and very informative 😊
Thanks Lyka.
WOW 725 is steep for SEA. You can get a super nice condo with all the bells and whistles for 400 - 500 in BKK, less if you shop around and have a Thai friend you can trust to help you navigate the process. Great info on the prefinish sales.
Thanks JC. This is a high end area and the lady renting was a corporate account who was transferred back to Manila after a month. I just watched a video about the hotels and resorts being very empty in Thailand with the new rules and the virus is causing less travel all over the world including the Philippines so I suspect one can find many very good deals soon.
I have been in Manila since May 2018, my Filipina Wife and I moved from Dubai to be here to start a new Life as we had been in Dubai for 10 years which was 9 years too long, we have looked at buying Land and buying House and Lot but the Prices here are crazy, 500 square meters of just Land will set you back $300,000 and then you have to build the House, my biggest concern in buying here is if you have to move away from PH quickly you will not be able to sell your property quickly, it is not like the Western world here as the whole selling process is so slow, on a few occasions we were close to sign on the dotted line to buy Land or House and Lot and I am so Happy I decided not to, on a positive side I am now 54 years old and semi retired and it is so cheap to Live here apart from the High Rental and Real Estate Price
Thanks for sharing your thoughts and experience A. Good luck with your plans going forward.
Thanks for your video.....very interesting video because I'm buying land now but I am facing some difficulty with the papers, titles....I have posted videos about it
For me , it's better to buy a small piece of land and then build your dream house instead of buying a condominium. Thanks for this video sir
Thanks Roni. There are advantages to a house but foreigners cannot own land here.
Just for information
"Housing and Land Use Regulatory Board" (quote) ...
BEFORE BUYING
Check if the Project has a Certificate of Registration and License to Sell.
You should ask the broker/agent of the owner/developer if the project is registered and has a License to Sell issued by HLURB:
* This can be verified at the On-line Queries/HLURB website (www.hlurb.gov.ph) for the list of projects covered with Certificate of Registration and License to Sell as well as any encumbrance thereon, e.g. Cease and Desist Order, Suspension of License, etc.;
* Or you may visit or call the nearest HLURB Regional Office for this information.
Visit the subdivision/condominium, where the house and lot or condo unit to be purchased is located to know its natural topography, viz: susceptibility to landslide, flooding, erosion, etc.;
If the project is covered with a License to Sell, you may already enter into a Contract with the owner/developer. However, there are things which must be checked:
The date of completion of the project as indicated in the License to Sell;
If the property is mortgaged, it should have a Clearance to Mortgage from the HLURB;
The facilities and amenities represented in the advertisement flyers/ brochures are in accordance with the approved subdivision and condominium plan on file with HLURB.
WHEN BUYING
Check if the broker/agent is registered with HLURB/DTI;
Verify if the property has not been sold to other buyers with the Register of Deeds;
Check into your source of income whether you can afford to pay the equity and the monthly installments;
Check if the materials of the house or condo unit conform with the development standards and approved construction specifications submitted to HLURB;
Check whether the developer would payfor the water and electric meters, the subdivision perimeter fence, etc;.
Check who would eventually operate the subdivision/condominium water system.
BEFORE SIGNING THE CONTRACT TO SELL
Don’t sign any blank form of the Contract;
Read thoroughly all the contents of the Contract more especially the terms and conditions in fine print;
Secure a copy of the Contract and all other documents that you have signed;
Make sure that the Contract would be registered by the owner/developer to the Register of Deeds;
Pay directly to the owner/developer or the marketing agent authorized by said owner/developer only; and
Ask an official receipt on all payments for your file.
RIGHT TO A CLEAN TITLE
The buyer of a subdivision lot or condominium unit shall have a right to a clean title of said lot or unit upon the full payment of the purchase price.
If the lot or unit is mortgaged, the owner/developer shall redeem the mortgage within six months from full payment so that the title could be delivered to the buyer. The only fee collectible from the buyer is the registration fee for the deed of sale in the Registry of Deeds.
Realty taxes can be assessed on the buyer if he has actually taken possession and occupied the lot or unit prior to the transfer of the title in his name.
These are so provided under Sections 25 and 26 of PD 957, Subdivision and Condominium Buyers Protective Decree, thus:
“SECTION 25. Issuance of Title. - The owner or developer shall deliver the title of the lot or unit to the buyer upon full payment of the lot or unit. No fees, except those required for the registration of the deed of sale in the Registry of Deeds, shall be collected for the issuance of such title. In the event a mortgage over the lot or unit is outstanding at the time of the issuance of the title to the buyer, the owner or developer shall redeem the mortgage or the corresponding portion thereof within six months from such issuance in order that the title over any fully paid lot or unit may be secured and delivered to the buyer in accordance herewith.
“SECTION 26. Realty Tax. - Real estate tax and assessment on a lot or unit shall be paid by the owner or developer without recourse to the buyer for as long as the title has not passed to the buyer; Provided, however, that if the buyer has actually taken possession of and occupied the lot or unit, he shall be liable to the owner or developer for such tax and assessment effective the year following such taking of possession and occupancy.”
NON-FORFEITURE OF PAYMENTS
A buyer’s payment for a subdivision lot or condominium unit cannot be forfeited by the owner or developer when he desists paying on the ground that the project is not develop per approved plans and within the time limit for development. He must, however, notify the owner or developer of his decision to suspend payments.
The said buyer has the option to demand a refund of the total amount paid with legal interest. The total amount includes amortization interest but delinquency interest is excluded. Section 23 of PD 957 Subdivision and Condominium Buyers Protective Decree provides, thus:
SECTION 23. Non-Forfeiture of Payments. - No installment payment made by a buyer in a subdivision or condominium project for the lot or unit he contracted to buy shall be forfeited in favor of the owner or developer when the buyer, after due notice to the owner or developer, desist from further payment due to the failure of the owner or developer to develop he subdivision or condominium project according to the approved plans and within the time limit for complying with the same. Such buyer, may at his option, be reimbursed the total amount paid including amortization interest but excluding delinquency interest, with interest thereon at the legal rate.
FAILURE TO PAY INSTALLMENTS
In case the buyer fails to pay his installments for other reasons not attributable to the non-development of the project i.e. he failed to raise the needed money, he may avail of his rights under Republic Act 6552, Realty Installment Buyer Protection Act. This is so provided under Section 24 of PD 957, thus:
SECTION 24. Failure to Pay Installment. - The rights of the buyer in the event of his failure to pay the installment due for reason other than the failure of the owner or developer to develop the project shall be governed by Republic Act No. 6552.
Where the transaction or contract was entered into prior to the effectivity of Republic Act No. 6552 on August 26, 1972, the defaulting buyer shall be entitled to the corresponding refund based on the installments paid after the effectivity of the law in the absence of any provision in the contract to the contrary.
hlurb.gov.ph/services/buyers/
Thanks for that lamberko.
Woaw ! That's so useful ! Thanks !
Very useful information. Thanks for sharing.
Daniel
More than verification with HLURB (now DHSUD since HLURB and HUDCC got consolidated), please verify with Professional Regulation Commission onlineverification.prc.gov.ph/ to verify if you're transacting with a legal real estate service practitioner :)
How about money back if the property doesnt meet its date of completion? Any rights ro the buyer?
I bought a condo. It is all fun and games until you try to sell. There is no MLS. Transaction costs are 10%. Virtually all of the condos are for sale or rent or both. Your only market is expats or OFW's. The guy in the video alluded to it, but there are a lot of headaches that come with real estate transactions in the PI. I'd recommend just renting, especially with the cap rate so low. Most condos can be had for .5% of the purchase price per month. This also gives you much more flexibility if you want to move either in the PI or go back home.
Thanks for sharing your thoughts and experiences Steven. I have an Australian friend with 5 units. He sold 1 for cash and rents the others out while looking for buyers but I am not sure how his rentals are going.
Just to add to the discussion.
There is no realtor in the Philippines. The recognized professions in the Philippines are the following:
1. Licensed Real Estate Consultant (10 years real estate broker or 5 years appraiser)
2. Licensed Real Estate Appraiser
3. Licensed Real Estate Broker ( the only profession authorized to get commission | neither family nor friends of owners not having real estate brokerage license may do so)
4. Accredited Real Estate Salesperson
When Buying a Preselling Condo
Even if a salesperson is employed under the developer, check with him/her if he/she is working in the company for a long time. Chances are he won't leave the company anytime soon and he/she would be able to assist you until turnover. So it's good that Todd got a salesperson who is high up on the corporate ladder. Another option is to get a licensed real estate broker accredited with the real estate developer selling the project you are interested in.
When Buying a Resale or Ready for Occupancy
Only transact with PRC licensed real estate brokers or accredited salespersons working under the supervision of a licensed real estate broker. This is to ensure that the transaction isn't only smooth but it's also safe and secure. When you seek the assistance of colorum brokers, there is the possibility of being scammed and/or they'll just sell to you the property but they won't guide you with the documentation process which may end up the property title not being transferred to your name.
To verify if a real estate broker is listed in the Registry Books of the PRC, you may use the following procedure:
Step 1 - Visit the “Verification of Professional Licenses” page at PRC’s website:onlineverification.prc.gov.ph/ and use the VERIFICATION OF LICENSE (By Name)
Step 2 - From the list in the “Profession” box, select the REAL ESTATE BROKER.
Step 3 - On the “First Name” box, enter the first name of the real estate broker whose license you want to validate.
Step 4 - On the “Last Name” box, enter the last name or surname of the real estate broker whose license you want to validate
.
Step 5 - Click on the orange “Verify” button:
Step 6 - The verification result will be displayed at the bottom of the page
and you should see that the name is listed.
When Leasing a Property
Also, transact with licensed real estate brokers, not colorum brokers to ensure it's not subleasing.
Indeed, foreigners are not allowed to own land in the Philippines. I'll create a video soon on my channel to discuss more about it.
For my fellow Filipinos who are considering buying a condo in the Philippines, here is a video whereby I shared tips that might be of help th-cam.com/video/HsaHnMy0vyw/w-d-xo.html.
1. Assess your Financial Capacity
2. Location Matters
3. Reputation of Developer
Thanks for sharing that info.
I want to ask about buying condo unit makati vs bgc for the foreigners who want to buy condo unit what’s your opinion .or for those who bought already.
Where did u get your property manager ? Im looking for a condo in cebu in that area
I sometimes am glad we bought our property and built the house ourself. We did run into some issues as mentioned with all the signatures needed on a gazillion forms.
Thanks for sharing your experience Steve. The paperwork could be a bit of a challenge.
What a nice guy. Hes got that SoCal laidback way.
Thanks and I enjoyed chatting with Todd.
I'd like to see a video about the various payment schemes they have in the Philippines, especially how long it takes to pay them off.
payment scheme in Cebu City philippines 10% downpayment for 6 months and 90% bank financing up yo 15 years
I did a little bit of a video about that 3 years ago or so. Some offer in-house financing. Some offer different discounts at various down payment levels. Some offer "rent to own" options, but in the end one usually needs to pay a certain equity amount before you can move in. Many take advantage of the rent to own and move in for a year or 2 with low payments and then bail out of the deal.
Good day sir! :) There are lots of condo units to invest here in Cebu, Philippines, good thing you can rent it while paying your monthly amortization. Prices of condo units are cheap even if it's near the city. If you are interested I'll refer you to our realty company where you can trust. You want details? Comment below or email me alimoren.business@gmail.com
i just wish you had showed more of the condo and the view of the condo out the windows.
Thanks Mark. I have done other videos in Mactan Newtown also here: th-cam.com/video/WPB681Fe6k8/w-d-xo.html
Thank you Rod and your guest, good and informative video. I have question about "rent to own" condos.
Is it allowed for foreigners to rent to own condos in the Philippines?
What are the precautions and measures someone should know about before doing that?
Is it recommended?
Thank you in advanced, if any one knows or have experience like this please share with us.
Thanks TravelLover and good question. One needs to be careful as some sales people will use the term "rent to own" loosely when all they mean is that you will make payments for a couple of years and then have to pay the total amount. There are companies offering in-house financing with longer term payments but you usually have to reach a certain level of equity before moving in, but not always. I know of people who "rented to own" for 1-2 years at the lower rate of 10-15,000 pesos/month and then bailed out when the total was due and the units went back up for sale.
Yes, foreigners are allowed to rent to own a condo in the Philippines but you should ensure that you have the financial capacity to really purchase the unit so as not to waste your investment.
The real "Rent to Own" is ready for occupancy units (units unsold during the preselling phase) whereby the "rent" you pay will be credited to the selling price if you decide to purchase the leased condominium after an agreed period of time. This is more expensive than rent since you'll have to pay 5% to 10% equity before you can move in.
If you want a lower monthly payment and more choices (unit view, floor level, and proximity to amenity area), purchase a preselling condominium project instead but make sure that you get it from a reputable real estate developer that has a good track record. You'll want your condominium to be delivered on time as well as the quality of the craftsmanship to be good.
Me-An Clemente
PRC Licensed Real Estate Broker and Condo Owner
Good day sir! :) There are lots of condo units to invest here in Cebu, Philippines, good thing you can rent it while paying your monthly amortization. Prices of condo units are cheap even if it's near the city. If you are interested I'll refer you to our realty company where you can trust. You want details? Comment below or email me alimoren.business@gmail.com
hi i spent 7 months in no 8 newtown in 2018 it was nice
Amazing Phillipines, does this guy have a TH-cam channel or Twitter. Seems like a useful person to know for an American visiting Cebu City soon.
Not that I am aware of GuitarGuy.
Informative video. I’m in the BPO business and Mactan Newtown is like being on the moon in Cebu. Too far from anything. Lot of speculative buyers thinking it may be the next IT Park which is in the city in Lahug. Maybe in 5-10 years it will be but still so much new building and nicer condo complexes in Cebu City. And I talk to too many foreigners I know are struggling to rent units in Mactan Newtown. That said if this gentleman is living there and is happy then god bless. I’m engaged to a Filipina so I’ll likely buy a house with her as opposed to buy a condo. Just my preference.
Thanks Chris. I know what you are saying. It has taken me a couple of years and a few trips over to visit friends on Mactan to get a new appreciation for the area.
Amazing Philippines The other issue is getting to Cebu City from here on either bridge. Traffic is horrendous. But if you are staying on Mactan all the time this location is fine and the units look nice. But real estate is all about location location location. I went there for an annual Mango Festival which was really nice but even then area felt a bit like a ghost town. Btw, love you videos on Condos all around Cebu. Thanks for sharing. Nice work.
proving once again, that its not what you know (although that helps) its WHO you know
Very good point especially here in the Philippines.
Hi Rod. Love to hear from your contacts to help us find the perfect buyers for our properties. We are selling 3 condos at a great discount at Mandani Bay in Cebu. Realtors are welcome to talk to us as well.
My email is amazingPhilippinesdoitnow@gmail.com
I’m vacationing in Mactan Island right now at Movinpick Resorts. I can see his condo from my room. Mactan Newtown is a nice Place.
@@tripprawlings9284 eat bats?
@@tripprawlings9284 same thing everyone does. But see your point, damn Chinese. MAGA
That whole area is being transformed with resorts like Movenpick and Mactan Newtown. You chose a nice resort Ray.
Under MECQ or ECQ, is swimming allowed in the condo swimming pool? Any restrictions? Thanks
You will have to contact the agent as each condo has their own rules, some much more strict than others. The categories don't seem to mean much anymore and each area "adjusts" the rules. "Gatherings" are not allowed but go on all the time.
Should have given a tour.
Can someone recommend a real estate lawyer in Manila?
May I ask if you find the "rent to own" policy in the 🇵🇭 a fair deal?
Won't your unit be turned back to the building corporation after 50 years,and they will decide what to do with it?
The 50 year rule pertains to all condos Alberto and depends of several factors.
Thank you.The 50-year policy is a Filipino thing as my 85k USD condo unit in northern Italy will be passed on to my heirs and further to theirs.
I wish I could figure out the pro's of "renting-to-own" VS "renting" as I personally see none.
With RTO,one pays say 15k/month+property taxes with no reassurance as to their condo unit after 50 yrs - heirs could be granted income OR peanuts,who knows.
With standard rental,one pays 15k/ month,no property taxes and peace of mind. The "perpetual ownership" label Pinoys love bragging about is quite misleading.
At this point,I would rather buy an older condo project Manila is full of,2M maximum and enjoy those 40 yrs I might be living :). Sorry for thinking out loud ^^ but every penny counts these days :) the truth is I am just jealous :)
Thanks for the video. If Todd is interested in renting his place for a couple weeks while he is in the USA, let me know how to get in touch with him.
He would be interested in renting for 6 months or a year Craig. My email is noisemasters@gmail.com if you are interested in the longer lease.
We bought a house n lot closed to mactan newton. Yaaaay! we are neighbors🤙🏼
Cool! Enjoy you place.
Im a Filipino and bought a condo in the Philippines and pain in 3 yrs .I didnt receive the Title ffrom Bureau of Lands 4 yrs,after paying it in full .It caused me a lot of stress and headaches,$$$$$,hundreds of phone calls from the USA and numerous trips by me and friends and family members to facilitate process .To this date ,they havent transferred the Title of ownership at the CITY Hall ,where i pay my real estate taxes yearly .They kept promising since 2015 .Name of Company is Suntrust .Any future buyers ,dont deal with them ,theyre crooks!
Thanks for sharing your experiences. One should do as much background checking on the companies involved as possible.
Rod,
Todd is an excellent source of information - same case as the gentleman at the immigration service. So, I guess you can buy a condo and resell it at a profit. The market in the Philippines is going to depend heavily upon the outcome of the Corona Virus Pandemic. ( I'm trying to not sound like I'm talking out of my ass , but common sense would lead you to believe that impact may be evident for at least in the short term 6 months - a year)
Daniel
Thanks Daniel. I know of a few expats who have sold properties for a profit and/or are obtaining good rental income from them. The virus is having an impact on the world including the Philippines with so many of the tourists coming from South Korea and China.
Only buy in a completed project. see what you are getting. some developers go broke and the buyer is left with nothing.
One should do their due diligence Tim. The best pricing is during pre-selling and most developers do complete their projects so know who you are dealing with.
Common practice in Manila is after the initial presale, the developer will raise the price by 2% to 3% per quarter. Condo projects take between 5 to 7 years so you can roughly calculate how much the price will be upon completion.
Condos in cebu city are a sucker bet. Overpriced shoe boxes. My Filipina wife and I bought a 3bed/2 bath house in Tungkil for 1/3 of the price of a condo in cebu city, with 3x the space. So much space that we are adding another bedroom, bathroom, and 2nd floor balcony. We take a taxi into cebu city about 10x a month. The total monthly fare is far less than the monthly payment for a car and all the costs associated with them. Don't buy an overpriced condo. There are far better housing options out there.
Absolutely process is so slow im frustrated with my condo - its move in ready its completed ! i made the deposit and the downpayment and they still wont let me move in until the management gives the OK im on my 4th month making payment and still haven’t received a move in date they told me 3 months and now they are dragging their feet …. It is suppose to be an Airbnb so the longer they delay this the more money loss for not generating an ROI
Welcome to the Philippines aftech.
Boom - almost.
LOL. Thanks Daniel.
For me they send me the DAS here in NYC to sign and consularized
Thanks for sharing that info Ignacio.
Through who did you buy ?
“Banks are a different world here?” You’re absolutely right. I bank at Robinsons Bank, making a draw from another Robinsons Bank charges 125 peso (?)
Thanks for the info Ray.
But on the plus side I looked at financing for a car and it was virtually the same to finance for 3 years as the sticker price. There's probably a discount for a cash purchase, but at least you're not paying an extra $4000 like you would in America.
I would like to know how much in all is how much it cost of buying a 2 2bedroom 2 bathrooms condos ?
They vary quite a bit William. My contact is arleneclavido613@gmail.com
2 Bedroom Classic 106 Sqm P15,768,000
Grand Corner Suite 134 Sqm P18.632,600
Alcove Suite 112 Sqm P19.831,000
Sky Suite 131 Sqm P25.011,150
Sky Villa 250 Sqm P48.760,500
Better rent apartment in cebu , bohol, CDO , near beaches, with fresh foods
Thanks Rene.
Most ppl should look at the law about inheritance in the Philippines.
It states that children get 50% ,remaing spouse gets 25% and the other 25% will go to who the person that die put on there Will to receive it .
So if your children what the money now they have the right to sell up everything to get their inheritance.
And condominium is the only thing a foreigner can have in his name and own 100%.
A house and lot can only be put in you philpina name and she will own it 100% no foreigner can own any land in the Philippines.
Thanks Stephen. You make some very good points and expats should understand these issues.
If you pay for a condo 1 payment in full does it take a long time for the paperwork to get sorted out?
Good question. I think it happens pretty quick in most cases but I will ask a realtor with more experience soon.
@@AmazingPhilippines1 yeh, here in the UK it takes around 2 weeks, but filipina time being what it is I would expect double that 😂😂
@@AmazingPhilippines1 by the way how is the properties paid for, is it a personal cheque or bank managers cheque?
If you're buying a preselling condominium project, time varies depending on the real estate developer. If you're buying a resale condominium, the documentation takes 2 to 3 months depending on the how quick the respective government offices are i.e. Bureau of Internal Revenue, City Treasurer, and Registry of Deeds :)
Do you have any examples of yearly property taxes and condo fees?
Real Estate taxes are presently very very low here so not really a concern. There has been some talk of raising them but no details. Condo fees average 70-100/sq meter. I have seen older units at 40 but poorly maintained. Some high end units are about 150pesos/sq meter Tony.
@@AmazingPhilippines1 So a 134 Sqm would cost P20,100 about $400. Is that a month or year? I hope a year!
I have a waterstation and now i start my second waterstation and is a good income monthly all my family work in it
Chris Bosschaert is it hard to start water station in the Philippines?
@@singnoi6275 to start it yes lots of papers once that is done u need customers so u go everywhere mall and so much other store to have your customers
Thanks Chris.
....That is my next goal...to buy a condo in the Philippines.....Hope I can find one cheap...
Good luck with your plans Lonnie. There are cheaper condos and mid-range and quality often varies by builder also. I have done videos about Deca Homes: th-cam.com/video/6hqNY6aB4yA/w-d-xo.html
There are a lot of cheap condo units in the Philippines. Lowest is selling at 200$ per month
Better if you buy them preselling. Otherwise theyll be quite expensive once the building is already standing on the ground.
What's there to do on mactan island?
It is a small island and there are lots of resorts, dive shops, and beaches Andrew. Some foreigners work at the resorts.
There is a condo building in Century City, Poblacion Makati in Manila that was 90% pre sold---the Stratford Residences---was going to be the tallest in Makati--the developer got into a few disputes and just walked away----it has been a 74 storey shell for the past 4 or more years. I have also been told that there is a 25 year law in the Philippines---that the building owner can demolish the building after 25 years and the condo owners have nothing and the owner can rebuild
Thanks Clyde. There is always risk involved with real estate. MegaWorld has finished every project they started so it is important to know who you are dealing with. I have seen a few projects be delayed here in Cebu City but they were each completed. I have seen one smaller one sitting for over 4 years.
I have friends where the contractor stole their deposit while building their house or the land title of a house was not from the original owner. There's risk in condos and homes, do your homework. Best advice is only buy from reputable developers. Shangri-la stopped development of a condo in Makati in the 90s due to the ACC. Buyers got their deposits back.
That information is not correct. Sorry.
The "life span" of a Philippines' condo-corperation is for 50 years (btw like every business corperation in the Philippines!) and after the 50 years the corporation can be renewed or the building destroyed (in that case the owners get a compensation for the land; based on its value then).
That depends on the final decision (votes) of the "majority" of the condo-owners, because - when they buy the condos - they become co-owners in that corporation. Like common shareholders.
Sounds complicate and "dangerous" or high risk, but it isn't.
The reason for that is, in the Philippines the business corporations have a life span for 50 years. If you ran a business, and after 50 years of hard work you're still alive, you can renew your corporation for the next 50 years. And so on. In theory for an eternity.
Means in the Philippines (when you register a corporation for doing business) it will have a limited (but renewable) life span of 50 years; right from the beginning.
And if you want to buy land and build a condo-skyscraper on that lot, that project will have to be registered as a "business" because for the reason of the responsibility. Means the projector/developer has to form a corporation. And we've learned: The life span of a corporation (in the Philippines) is 50 years.
Imho no reason to worry.
@@lamberko You totally got it right. Most Filipinos doesn't even know this information.
Wow, are you serious? I have been searching for a condo and been checking things out. I was just in Makati last month meeting realtors and not one mentioned anything like that. Wow, very eye opening!
It’s frustrating wife and I have a beach home in saiton area. It’s been a year with an attorney and we still don’t have the house in our name. I’m frustrated over how slow everyone is getting this completed been over a year. Been told it’s in Cebu office so hopefully this year.
Wow, that would be frustrating Peter. Good luck getting it done.
I'm not sure why the attorney is involved in the process. Licensed real estate brokers are the ones who help with the process. It should only take 2 to 3 months to process everything.
Own Property PH we used one and the people had bill of sale but never put it in there name. We find out after purchase. So we had to contact original family the owner was deceased. Thank god we come to find out it was a friend of my father in-law friend of brother. So we had to get his three siblings to agree and sign off and submit everything to Cebu from station. So I’m told it takes time. But know one can tell me how much time. So I wait before I rebuild this place.
From siaton
Peter Nickname Licensed ones usually do due diligence before selling the property. We get the Certified True Copy of the Certificate of Title and the Tax Declaration to verify so the buyer won’t have problems with the transfer of title later on.
If ever you really transacted with a licensed real estate broker, you can actually make them accountable and compel them to do everything in their power to help expedite everything e.g. Go to respective Cebu government offices 😊
Hello, MY name is Jeff, thank you for the condo videos. I have been trying to buy a condo in the Cebu area. my problem is I live in California and I am having difficulties finding an agent in Cebu and the process. can you please help me with any Information on builders and agents. thank you sooooo much
Thanks Jeff. I have met several realtors/brokers over about 5 years. Most seem to not have much training. Others are limited to one condo "in house" agent. I have been getting info from a broker with a large RE company with many listings across the Philippines. Her email is: arleneclavido613@gmail.com Good luck. There should be some good deals out there.
I can recommend you to my agent. He works for SMDC and has been very helpful to me as I dont know these things in the Philippines. Let me know if youre interested.
Useful info. Bottom line do your homework, look before you leap. Honestly tho $700/ USD. for a one bedroom seems high. Foreigners, EX Pat's paying this kind of money is squeezing the Philippines out of the market.
Thanks Joe. I think the lady who had rented it was a company executive who was recalled to Manila after a month, company paid the rent. This is a higher end market also.
When u go to sell. You would get a view of the real market. Easy to say it’s gone up 40k. But I’m actuality it hasn’t. You will have to firesale it
Thanks Gabe. He had good offers but now with the virus issue, it is a different story.
What's up guys
In 2024 my mom is planning to own one so im just seeing whats up
Cool. There should be a downward correction in prices over the next year or so Dan.
Inform your bank about your situation that some checks may be coming from the Philippines.
Excellent point Mark.
I'll believe it when I see it..
Rod new town is nice but it is a bit secluded and pricey for what you get
Thanks Jim. It is a unique community somewhat similar to IT Park in that it incorporates commercial and residential condos together.
The thing I've seen is that financing is very cheap (not as good as cash, but nowhere near as bad as American financing). I'd also be very concerned about investing in a pre-built condo because things happen there and if it falls through or turns out badly it would seem impossible to get your money back. Also, you still have association fees there so I'm curious why not a house instead? If you're single and not a citizen yet then obviously there's a land issue, but if you have the chance to get your own house with no property taxes, why have neighbors on all sides in a building in the middle of the city instead of a home where you have some privacy?
As an investment property I can see it, but I'm not sure I'd go that way unless I had to as a place to live permanently (especially since I'm a musician and have no idea of the quality of sound insulation in a place like that). But I definitely am interested in getting more information on how to work with a GOOD real estate person. Love the channel.....keep it up!
Thanks S Des. Condos are often a lifestyle choice. Many developers have a good reputation here and finish their projects but on wants to check them out. An Australian friend of mine got money back from a large developer when the project was delayed through the help of an agent.
Noise...I paid dearly for 2 apartments in the USA that had "party walls" and I could still hear the neighbors alarm clock and phone. I would do my own soundproofing before moving in as that was may business in the USA for years. I have done a couple videos about it here: th-cam.com/video/DDnj6iUJgWY/w-d-xo.html
A condo is easy to secure. You lock it up and it's good. There are cameras in the elevators and guards at the entrance. A house he will need maids or people to stay there to safeguard his property while he's in the US. If you don't that house can easily be broken into. There are also amenities that a house normally doesn't have like a gym and pool. He can also ask the staff to help him if he needs assistance in emergencies like going to the hospital. Lastly a condo is usually in the city close to malls and hospitals. I can't say enough how important it is to be close to hospitals during retirement.
As for privacy, that condo has cement walls and most likely tile floors which is very good sound proofing. As for a house, foreigners also can't buy land but condos are good up to 40% of the units.
Financing through the developer is easy. Bank financing not so much. US is much better. You can get up to a 30 year loan in the 3's now.
A condo i will never buy i have my own house
Thanks Chris. There are advantages to a house.
@@evelinholmes6401 I can leave my condo and not have to worry about all my things going missing. We have both condos and a house and the only way to leave our house for months at a time is to have family moving in.
I thought expat can't own properties or Land in the Philippines???
Foreigners can own condos but not land Nicholas. If you build a house you can own the building but you have to lease the land.
Isn't 4.5 million pesos $90,000 USD? The 40 meter condo is about 400 sq ft.. If correct he paid $225 a sq ft.. My god. And we don't what know fees are. Any condo I seen keeps raising fees. I bought one & fees became almost as much as the payment. Like he said there's a slow dn do to Chinavirus. Maybe condo prices will crash like the PI stock market which was 900 & now 600.
Correct M S. This is a high end development with residential, commercial, retail, and school all on the same property with a nice beach and lagoon part of it. I would not be surprised if prices take a hit here and many parts of the world.
@@AmazingPhilippines1 When they take a hit I might buy at 1/2 price. I've heard tell that condos are way over built even before this Stock crash. PI Stock Markets Manila PCOMP 5,900, dn again to today 7%. Its said do to China Virus. As I said DJIA is going dn. May be to 18,000. Futures are at 22,250 tonight. It never should've went to 29,000. Nice vids.
Sure....the property has gone up 40K USD - what filipino wants to buy a used property that someone has already lived in? Next to nill.
Thanks. The resale market in real estate is huge all over the world.
@@AmazingPhilippines1 That means nothing in the context of the Philippines. Its apples to oranges. Thats like saying there are many efficient democracies in the world - still does not change the fact that the Philippines is not.
Doing business and buying in Philippines is such a headache.
They are trying to streamline the process a bit but it is taking longer than planned Ismail.
@Dubravko Majic I agree
Ismail Marsh Just like any other country.
Dubravko Majic You must be doing business wrong then if your money is going in the wind.
@@MarkZimmerman
In US or any other developed country, there is laws that work for anyone. Laws in PHP and other South East Asian countries; work only for locals or the corrupted. You know it's true
To each his own my filipina don't want to live in condo because of earthquakes
Thanks Gary and you are correct. Condos are a lifestyle choice. The condos held up well here in Cebu City area from the 7.2 that hit in 2013.
Gary Lafferty It’s very difficult to find a safe place if there’s a fire in the condo where you at higher floor it’s to scary you end up to jump to the ground when the fire is worsening.
What makes you think you're safer in a house during a typhoon, fire or earthquake?
any of those owners looking to sell out in a hurry?
I don't know the answer to that question Trent.
We, licensed real estate brokers, have listings from owners who are selling in a hurry :)
I don't want to spread false informations, but as far as I know the Philippines' law, a "professional" builder has to involve "independent" real estate brokers / agents for the marketing. If these brokers work just and only for that company, then they're not independent and therefore not permitted to get any percentage in form of a provision or compensation from the buyers!
Thanks lamberko. Many of the developers have their "in-house" agents that only sell their units but that doesn't exclude other brokers from selling also.
@@AmazingPhilippines1 Right.
But if you buy under the assistance of an independent broker, you'll have to pay a provision to him or her. But if that broker is not independent, indeed that guy is an "in house broker", a provision would be unlawful. That was my message.
Dont forget condo fees and condo board mismanagement of funds and maintenance going to shit. If the government cant manage federal affairs, provincial affairs, LGU affairs, Barangay affairs...what makes you think the 5th level of government (condo board) will be any different?
Good points. One want to check out a developers other projects to see how the maintenance is holding up. Megaworld has a good reputation and Mactan Newtown would lose considerable business if they would not maintain the property well.
Uhmm! How lucky you are that you got furnitures when they turn over the unit to you
My experience is that the furniture that is sometimes offered in an incentive isn't of high quality Riri, but it offers some convenience.
I lived in cebu city for 4 years, and have been visiting the Philippines for over 20 years. I would never buy anything in the Philppines, renting is so cheap and you are not committed. You never know when laws can change, or a new government is installed that is bad. I have rented many condos over the years, and the neighbors are so noisy. Most of the condos have no sound proofing, so many nights i could not sleep. After the condos are built, many of the HOA's do not keep the property in nice condition. Many of the condos are rented out as Airbnb, and these people are so noisy. Security lets almost anybody inside the building in some condos, so i have had problems with strangers in the halls and at night. Goodluck
You make some legitimate points Gene. I have moved a few times because of noise. Most of the security has been pretty good in my units though.
The buble is going to collapse now. When the world trade is stopped for a few month people have to sell their assets to pay bills. This is not a simple crisis. The prices will come down and the prices for the PH (or TH same thing) are so insane bloated beyond any real value. They should be at 25% to be a match for the value they offer.
We are living in interesting times Lothar. I have lived through several recessions and market collapses and hope to do the same during all of the future disruptions as well.
dont think it has collapsed, and this is 2021 now...
@@Larry-vc5qv Because there is no free market in real estate. The prices have not lowered but try to sell a dog house and you know the market is non existant.
Better look on facebook marketplace where you find the houses on offer what are really on sale, fire sales prices are down.
Really pay 8 million for a box.
Have a real estate attorney with you
Good point Ken. Thanks.
do they have 30 year mortgages in the philippines ? seems like all these condos are required to pay all cash . If this is the case it would seem impossible to sell them as you would need all cash buyers?
WildStar: It’s usually 5-10 years mortgages, depending on one’s age.
The average Filipino local does not earn enough to qualify for a loan at upscale locations. There are many condominium projects going up in the big cities, when salespersons pass out pamphlets, they normally give them out to foreigners.
I asked my salesman how many locals purchased a unit at the complex I purchased mine and he said only 2%. Sad, but true.
As it goes, when selling the unit, only foreigners can qualify. There are many rich locals, but they purchase penthouse’s for 50-150 million pesos.
My understanding is that if you are over 60 you will have a difficult time getting a mortgage unless you have substantial net worth or pensions and the length is much shorter. Cash buyers are out there or you could self finance which I know some do.
Thanks for sharing your info Ray. Most of the owners in 4 of 5 condos I have lived in have been Filipinos.
@@methemonkeyking I beg to differ. A local bought 10 units at 11 million pesos each at the Westin Residences several months ago. There are local cash buyers everywhere. My friend sold his house to a local for 25 million pesos all cash. Look up the houses being sold in subdivisions, local cash buyers abound. Another type of buyer are corporations. Jollibee bought several units for its executives at The Sapphire Bloc last year which is right beside the new Jollibee Tower in Ortigas
Mortgages exist in Philippines but would you want to pay 9% interest rates?
36000 a month, good luck with that
Lots of options here Ray with thousands of units empty for 18 months.
Nothing appreciates in the philippines but the new condos always increase in cost. Buyer beware in the philippines!
Ignorant comment
@@robocop581 don't get mad when it's the Truth
@@dbronze9622 Your truth? LOL. Like I said, ignorant comment
Ihome hahahaha. That should be interesting in a country with unusable internet hahahaha
Most buildings built in the last 4+ years have fiber and I always get the 15 mbs that I pay for so I am happy but once you get away from the cities it gets much more challenging.
Trust me, rent, rent and rent some more...............to many places to see here. For Example: For the people who are limited on funds, if you buy a condo you are pretty much stuck at that one place. What happens if you take a trip and find a place you fall in love with, well your stuck now paying on a condo. Renting is freedom to pack your bags and go to a new place every 6 months!
Thanks and good points. It happens often I am sure.
Haha a d rhen u can pay forever and cant leave for extended periods without paying for nothing and then need ro find a new place when returning and need ro store tour stuff. U ca rent the condo to others if you own and can pay the same amount. No increase. Rwnt cs own arguments always are funny
It's amazing how most of the comments I see are it's better to rent than buy. Landlords are just quietly chuckling in the background