To Rent or to Buy in The Philippines?

To Rent or to Buy in The Philippines?

To rent or to buy in the Philippines it’s a common question I get asked all the time that being said in today’s video we’re diving into the pros and cons of renting wish is buying in the Philippines and what you should opt for and enough said let’s hop straight into

This first things first yes I’m aware that foreigners aren’t legally allowed to own property in the Philippines and the only way around this is by putting it under your spouse’s name or putting it under a corporation so in the context of when I talk about buying here I’m exclusively talking about owning condos

All right because that is the only property type that foreigners are legally permitted to own now that that’s out of the way should you rent or should you buy well you should first consider your own personal situation my rule of thumb is if you haven’t lived long

Enough yet in the Philippines I’d highly and I mean highly advise against you buying here it goes without saying but plunging a decent chunk of change into a property without having a feel and sense for the country isn’t the most sensible thing to do because at the end of the

Day and I’ve seen it firsthand there’s so many variables you have to take into account have you familiarized yourself with the location are there any ongoing issues with the property are the neighboring condos priced reasonably or are they more expensive how are the amenities so as for General consensus

Until you’ve spent at least 6 months to a year within a specific location in the Philippines you should only be renting better yet what I personally advise the majority of my clients is that they should hop around for a bit maybe spend two two weeks airbn being in BGC another

2 weeks in maati and another two in Sabu for example because let me tell you there are usually two non-residential types of individuals that will come out to the Philippines on one side of the coin you have the tourists coming here on vacation they have the intent to

Splurge on hotels perhaps and enjoy their time while out here before going back home to their home country but on the flip side of the coin you may have individuals like yourself more likely than not you’ve been exploring the idea for a while now to either retire live

Full-time or split time while out here in the Philippines and with that you might have considered coming out here to do a quick one month scouting trip just to get a feel for the place and see how things are and if that’s the case for you I’d highly recommend that you book

An Airbnb instead of a hotel just to get the true raw experience in living in one of the Cities within the Philippines if you do this you can ask yourself questions like what is it like to live in a condo within Manila did you find that things were constantly breaking

Down how far was a walk from the nearest grocery store how did staff treat you in that particular building you’ve been eyeing up were the units too small for your liking these are the kind of questions that you get to answer yourself by lodging in an Airbnb as

Opposed to a hotel like a normal tourist would with that being said that now brings us to the question of when should you buy in the Philippines well first things first we need to understand one thing and that is how much are you willing to spend decide first what your

Budget is and what in detail you want with your investment that you put down because I’ll say many foreigners have this preconceived notion that the Philippines is dirt cheap and yes while you can spend 20 to 30k USD out in the bundook in the middle of nowhere or

Within These sketchy areas outside of the city that’s most definitely not the case with the nicer and safer parts of Manila because let’s keep in mind this move for you is quite literally a new chapter of your life you’re going to be meeting new people on a daily basis

You’re going to constantly be experiencing ing new environments and settings and not to mention all while doing that and with all this change hitting you at once I’d highly doubt that you’d want to be worrying about where the nearest hospital is God forbid something goes south why the Wi-Fi is so

Slow or when the next blackout is going to occur because let’s take into account that the Philippines is still a developing country and I get it while the alert of being able to spend far less for a property here compared to the West is there at the end of the day it

Does come with its own cons as well so if you’re going to buy please do decide on two things where do you want to live and how much do you want to spend just as a reference a couple months ago I interviewed a friend on the channel

Michael haing from California and he’s a friend of mine who bought a condo here in BGC and just for a one-bedroom unit here he spent 200k USD which was pretty close to the Heart of the City so do set the expectation if you are spending these large sums of money out here in

The Philippines it’s because because you’re paying for three things one scarcity very few places in the Philippines offer the kind of amenities that BGC does have to offer two convenience nearly everything and anything is within a 15 to 20 minute walking distance for anything you could

Possibly want or need and I get a lot of these comments Evan you’re being very snobby about BGC but then again the majority of this channel is xats that are retiring and I could only imagine if you’re retiring you want scarcity and you want safety but also number three

The last thing that you’re paying for is safety when you come out to the Philippines specifically to BGC you’re paying for peace of mind that you’re living within a safe and highly secured City that being said the only time you should buy in the Philippines is when you’re highly familiarized with that

City and also of course when you do have the capital to afford what you’re looking for and lastly of course which I haven’t mentioned yet if you do have plans of buying out here it should be with the intent of you knowing have clearcut plans of retiring and staying

Longterm out in the Philippines so if you’re now in a place of life where you don’t want to constantly be picking up your bags and going around you just want a place you can call home then buying of course would be a good option for you but what I’ve personally seen with the

Majority of my clients they buy more so for investment purposes because with them seeing that the Philippines and actually southeast Asia in general is an upcoming Market they put their money out here to work for them within the real estate in southeast Asia now before we get into when you should actually rent

In the Philippines I understand that making such a big transition comes with many unknown variables that’s why if you need someone with boots on the ground experience that can take care of the a toz logistics of your move I’m talking finding and securing your condo whether you’re renting or buying taking care of

Your Visa work getting your Healthcare sorted you name it I’m your boots on the ground guy who will get it all done on your behalf we’ve just opened up five more slots for the month of March so you can apply to work with me in the link

Down below and I’ll see if you’re a qualified fit to work together all right it’s time for us to address a question of when should you rent in the Philippines in short my answer would be almost in all cases if you’re not interested in investing if you want to

Be light and mobile able to pick up your bags and move and if you don’t want much time in financial commitment then renting would be the best route for you to take when you buy out here it of course comes with much more variables than just simply putting money down and

Purchasing a c at that point you’re going to also have to consider variables like how do you go about transferring your USD large sums of hundreds of thousands of dollars into the Philippines without it getting flagged is moneya laundering you’ll also be staying out here long term so you’ll

Also probably have to think about potentially getting a special resident retiree Visa not to mention who’s going to watch over your place while you’re gone so these are the kind of things that you really don’t have the baggage to think about when you’re renting as opposed to buying it’s easy you can

Always always renew your lease if you don’t like the place and it doesn’t require much capital investment for a solid 80 to 90% of you renting would be the most sensible route to take and I know I’ve already said it but please for the love of God only rent if you’ve

Barely experienced Philippines you might have already watched hundreds of Philippine videos that entices you with the alert of Philippine life and perhaps you might have even found a companion here that you want to stay longterm with but regardless of that do not buy unless you’re investing or unless you’re 100%

Sure that the Philippines will always be your home or to be frank with you unless buying a condo is chump change me personally here in BGC I’m doing a Renta owned contract I’m about 99% sure that the Philippines will always be my home at this point and I don’t really plan on

Going back to the us anytime soon and besides I will be continuing to stay in BGC so for my first 3 years of living in the Philippines I rented but as of last year when I found my new place I figured if I’m really going to call this place

Home I might as well put my rent towards something so if you’re like me rent to own contract is a common route to take as well while living out here now let’s talk about the pros and cons of renting versus buying first off renting the pros of renting is that moving physically is

Easy and moving money is easy what do I mean by that well of course after your lease expires you can always pick up and go and likewise moving money is easy because it’s not like you’re transferring huge sums of money within a single transaction it’s easy for me to

Get my money out of my BFA account through remitly or wise into my local Philippine bank account and from there paying rent is a piece of cake second Pro renting is that maintenance is provided having Personnel already provided for your Electrical Plumbing garbage disposal and security takes a

Lot of weight off of your shoulders and of course you have your amenities and the only cons that I can think of with renting is that number one decorations design and Furnishings are under your landlord’s proof if you’re like me that’s not a big issue and the second minor con of renting is

That you’re tied to a lease agreement but of course that just comes with renting other than that I couldn’t come up with any other Cons with the rental route now let’s discuss the pros and cons of buying the first and Main Pro of why you would buy is because it’s an

Appreciating asset every year the value of your unit can increase depending on the market the location and what upgrades you made over the years the third Pro is a sense of belonging in home it’s Priceless to have a home and to be integrated within a community of people that you can build lasting

Connections with and besides you do also have bragging rights to be one of the select few that actually outright own your place within a city the last Pro is you’re fully in charge be it the decor or the pink color that you fancy on your walls you don’t have to answer to anyone

As for the cons that’s of course the issue of transferring your money depending on your contract getting a lump sum of money into the Philippines could be a hassle and if I’m not mistaken anything over 10K USD or over 500,000 pesos will be flagged as moneya laundering here then of course you have

To go with the whole process that comes along with buying in the Philippines which you may not be familiar with next con everything falls upon your shoulders there’s a leak a broken pipe or an emergency that would be on you and the last con we have is that your property

Could potentially devalue from when you bought it but all in all those are the main pros and cons when you consider renting versus buying like I mentioned this decision all depends on your own personal situation and what moves you want to make in your transition here and

So there you have it 7x pads hopefully you have a better idea of whether you should consider renting versus buying in the Philippines once again if you need someone to guide you by the hand and get your move fully situated for you with boots on the ground experience and

Connections apply for a call with me down below if I do feel like I can help you and you’re qualified to work with me then we can move forward together other than that wishing you a great day from the Philippines and I’ll see you in the next one God Bless

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TIMESTAMPS:

0:00 To Rent or to Buy in The Philippines?
0:15 Consider Your Situation
2:43 When Should You Buy in the Philippines?
6:00 Expat Relocation Services (Link in Description)
6:35 When Should You Rent in The Philippines?
8:38 Pros & Cons of Renting vs. Buying
11:06 God Bless

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