Buying a Condo

@Tariq1983 as a foreigner you are NOT allowed to own land or houses.  There are ways to protect yourself but you really need a honest lawyer (lol)

HillbillyPhilippines asked need help with a buy a condo
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Hi Taiq,

When the initial building plans are released is the best time to buy, as unit costs increase closer to commissioning. Wealthy investors purchase prime apartments off the plan (Ayala et al.), and resell them for good profit often before the site opens.

Pros

- If you plan to remain single you'll keep your financial independence - property solely in your name.

- Possibly make money on capital appreciation as Philippines is increasingly recognised as expat living destination.

- No land-related issues, garden maintenance required.

- Possibly can sublet, like AirBnB make profit if away

- Security staff, so you can travel abroad and lock up without worrying too much

- Can control relatives moving in.

- Perhaps amenities like pool/gym/bar

- City/urban life options.

Cons

- High-rise condos very expensive cost/space compared to owning house/lot outside of city

- Not suitable if you want to expand family

- Very high (monthly) body-corporate and running fees

- Pay additional for allocated parking space

- If the management is bad you're stuck with them

- Close neighbors above and below. Possible noises.

- Small compact designs, little storage etc

- @gsturdee

So I have been living in the Philippines roughly 3 months and I have to say I have found the place I want to settle.  I love the hot weather friendly people beautiful women beaches mountains etc. my next step is to start looking into buying a condo by end of 2023 or 2024. I know I can buy a house or lot if I get married but I’m just not there yet I still have trust issues. I’m curious is the process of buying property as a foreigner similar to the USA or are there more hoops I have to jump through?

- @Tariq1983

Don't even bother to look into buying property if the requirement is to be married first.
been there, done that. never again.  at least not for a few years when I'm much more older and wiser!

- @kristopherryanwatson

But it isnt a requirement 

Actualy its partly BIGER protection of property legal wice for a foreigner if NOT being married   if looking at the lease part,

So I have been living in the Philippines roughly 3 months and I have to say I have found the place I want to settle.  I love the hot weather friendly people beautiful women beaches mountains etc. my next step is to start looking into buying a condo by end of 2023 or 2024. I know I can buy a house or lot if I get married but I’m just not there yet I still have trust issues. I’m curious is the process of buying property as a foreigner similar to the USA or are there more hoops I have to jump through?

- @Tariq1983

Here's a youtube video on how to own property in the Philippines, what type of properties you can own, and what to avoid or be wary of.

https://www.youtube.com/watch?v=PSjUi3nAbc4

- @FilAmericanMom

A very good video, telling all details very good 

He said "might" be illegal, Its SURE illegal, but perhaps he just said it polite   

A very informative video. Tks for posting- @Lotus Eater

Did you notice it say SAME as I have said a lot of times during many years... ? 

@Tariq1983

Condos are way overpriced in PH - but, if you have lots of salami/salapi, then by all means. Investment?  Depends. if you are young jump in. 50 post , think and think again. Condos do not appreciate the same as in the West.

Hello everyone,

Please note that some off-topic posts were removed from this thread.
I would like to hear from Tariq (the initiator) ... what are your views about everything members have posted so far ?
Helpful ?
All the very best,Bhavna

-@Bhavna

Yes. Take your time though Tariq - we know you've got a hectic schedule in Angeles.

@Dane Juju whether a property is overpriced or not is determined by the market. Many years ago we considered buying a unit at Serendra, but looking at its build quality which is not too good, the price seemed too high. But 15 years later, it has gained many times.

@Tariq1983

Welcome!

At the now 7? month mark you're still a newbe, I'm about 1.5 years and am just now getting comfortable.

My advice - rent a house that is at least partially furnished so you don't accumulate too much stuff right away. This makes it simpler and cheaper to move, and odds are you will a couple of times.

Do Not buy anything with a door or window until you have been here for at least  a couple of years!!

No ref, no car and certainly not a condo.

We are on our 4th place and are only now looking for a long term (>2 years) place to stay.

Goodluck and enjoy.

@yiqipo No the market does not determine the value of a condo. The market is the currently imagined price, mostly the wet dream of a sales price - finding the real price at which it is sold is so much more difficult as this data is almost nowhere available.

And looking at the "market price" is not giving you any answer about a resale price in the future.  You need a lot of environmental knowledge to judge if a condo is overpriced. I don't think it is very hard to decide in the case of the Philippines, it is not. We saw a 15% downfall in prices in 2021 and a 10% in this year. So we are 25% down already. And consider that lots of condos were bought by chinese and they have their own apocalypse now its save to say we are still in a huge Condo/Real Estate price bubble.

Tariq, you open topics then you don't acknowledge the good people of expat.com that contributed to your forum.

How are you?

@Tariq1983 Good morning, I am a Property Consultant here in the Philippines.. As a foreigner, you can purchase a condominium unit with 100% ownership. And if you are planning to purchase a property with land, there is a loophole in it that can apply for foreigners. 1.) You can purchase a property if you have a corporation here in the Philippines or you can buy a property if the developer offers a title the same title of the condominium.

@Jessy Goder

The poster Tariq 1983 has returned to the states.

Previously a post of yours was removed because it was spam.

Oct. 18, 2022

@Enzyte Bob

Yes indeed. Quite a sad story really. A bar girl in Angeles popped his balloon and cleaned him out. He is now back in New York state truck driving.

I know this subject has been beat into the ground, but about buying property and staying protected. Can a foreigner be designated as "Special Power of Attorney" over property?

Regards

Keith

I know this subject has been beat into the ground, but about buying property and staying protected. Can a foreigner be designated as "Special Power of Attorney" over property?
Regards
Keith
-@Kampkos104

Interesting question, perhaps consult your attorney as we do, depending on your situation. My Sis in Oz has power of attorney over my long term lease and buildings here in PH as well as encumbering the title with the lease, land can't be sold unless I or upon my demise My sis holds all the cards, research and research again.

Cheers, Steve.

I know this subject has been beat into the ground, but about buying property and staying protected. Can a foreigner be designated as "Special Power of Attorney" over property?
Regards
Keith
-@Kampkos104

Interesting question, perhaps consult your attorney as we do, depending on your situation. My Sis in Oz has power of attorney over my long term lease and buildings here in PH as well as encumbering the title with the lease, land can't be sold unless I or upon my demise My sis holds all the cards, research and research again.

Cheers, Steve.
-@bigpearl

Thanks Steve, "research and research again" is solid advice. I have a real estate lawyer that I have worked with.

I know this subject has been beat into the ground, but about buying property and staying protected. Can a foreigner be designated as "Special Power of Attorney" over property?
Regards
Keith
-@Kampkos104

Interesting question, perhaps consult your attorney as we do, depending on your situation. My Sis in Oz has power of attorney over my long term lease and buildings here in PH as well as encumbering the title with the lease, land can't be sold unless I or upon my demise My sis holds all the cards, research and research again.

Cheers, Steve.
-@bigpearl
Thanks Steve, "research and research again" is solid advice. I have a real estate lawyer that I have worked with.
-@Kampkos104

Make sure if you buy a condo you have the appropriate title, CTC or what ever the other one is called are 2 different things, also remember that the condo you purchase from new will probably be demolished in 40 to 50 years to make way for "apparently modern".

Good luck.

Cheers, Steve.

I know this subject has been beat into the ground, but about buying property and staying protected. Can a foreigner be designated as "Special Power of Attorney" over property?
Regards
Keith
-@Kampkos104

Interesting question, perhaps consult your attorney as we do, depending on your situation. My Sis in Oz has power of attorney over my long term lease and buildings here in PH as well as encumbering the title with the lease, land can't be sold unless I or upon my demise My sis holds all the cards, research and research again.

Cheers, Steve.
-@bigpearl
Thanks Steve, "research and research again" is solid advice. I have a real estate lawyer that I have worked with.
-@Kampkos104

Make sure if you buy a condo you have the appropriate title, CTC or what ever the other one is called are 2 different things, also remember that the condo you purchase from new will probably be demolished in 40 to 50 years to make way for "apparently modern".

Good luck.

Cheers, Steve.
-@bigpearl

Too late Steve, I have already purchased 1.6 hectars in Claveria.  Her son is actual title owner and she is Power of attorney. Yes, a real leap of faith, but I can recover if things do go sideways. She won't take a dime from me, I even offered to pay for the annulment. She has done all the paperwork, clean title, taxes everything. I got lucky, "best damn woman that I've ever seen". (AC/DC).

Regards

Keith

@Kampkos104

"best damn woman that I've ever seen"

They all are Keith

@Lotus Eater whaaaaaaat!!!!????

Are you serious😳😳😳😳.

I know this is a old post, but I'm new here in this forum

Welcome to the Forum Antonio

@Lotus Eater 🙋‍♂️🙂Hello.. I'm curious what happened to the expat Tariq1983 in Angeles??

@antonioggriffin

Let's just say Antonio (and not to put too fine a point on it) that he dipped his pecker into the honeypot once too often..

antonioggriffin asked Lotus Eater . . . .  I'm curious what happened to the expat Tariq1983 in Angeles??

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It seemed Tariq1983 moved to the Philippines with limited savings and used monthly student loans (US) to live in the Philippines. He attempted to have a Youtube blog which had no subscribers and no income.

Living in Angeles City he succumbed.

@Enzyte Bob

Living in Angeles City he succumbed.

Indeed Bob. "Watch and pray that you may not enter into temptation. The spirit indeed is willing, but the flesh is weak.”

Matthew 26:41

God Bless

@Enzyte Bob

It seemed Tariq1983 moved to the Philippines with limited savings and used monthly student loans (US)

The recent US Supreme Court ruling means he will have to pay these loans back.

Poor lad. He’s been shafted by the worlds oldest profession and one of the most hallowed institutions in the world.

So I guess it’s over to Eddie Kendricks (ex front man for the Temptations)

https://www.youtube.com/watch?v=Eke-oF3Vh6s

I (Enzyte Bob) said . . .It seemed Tariq1983 moved to the Philippines with limited savings and used monthly student loans (US)

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Lotus Eater replied. . . The recent US Supreme Court ruling means he will have to pay these loans back. Poor lad. He’s been shafted by the worlds oldest profession and one of the most hallowed institutions in the world. So I guess it’s over to Eddie Kendricks (ex front man for the Temptations)https://www.youtube.com/watch?v=Eke-oF3Vh6s

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I replied to Lotus Eater . . . .The current administration is trying to get a portion of student loans forgiven.

The student loan thing is administered so poorly, the money is paid to the student. I've heard of students buying cars and on a popular TV judge show the plaintiff promised to pay back the cost of an I-Phone when her student loan came through.

Student loan debt surpasses all the money owed on charge cards.

Student Loan Debt: $1,500,000,000 (1.5 Trillion)

Credit Card Debt: $986,000,000 (986 Billion)

I (Enzyte Bob) said . . .It seemed Tariq1983 moved to the Philippines with limited savings and used monthly student loans (US)

*********************************************

Lotus Eater replied. . . The recent US Supreme Court ruling means he will have to pay these loans back. Poor lad. He’s been shafted by the worlds oldest profession and one of the most hallowed institutions in the world. So I guess it’s over to Eddie Kendricks (ex front man for the Temptations)https://www.youtube.com/watch?v=Eke-oF3Vh6s

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I replied to Lotus Eater . . . .The current administration is trying to get a portion of student loans forgiven.

The student loan thing is administered so poorly, the money is paid to the student. I've heard of students buying cars and on a popular TV judge show the plaintiff promised to pay back the cost of an I-Phone when her student loan came through. Student loan debt surpasses all the money owed on charge cards.

Student Loan Debt: $1,500,000,000 (1.5 Trillion)

Credit Card Debt: $986,000,000 (986 Billion)       

I think that Tariq was a trucker back in the States so maybe he has returned and was able to get his rig back.