Rent, Buy or build?

[Harry T]

What would the preferred choice be of forum members who were living in the Philippines? The area would be Bukidnon Maramag, Malabalay area. Originally my thoughts were to Buy or Build, but with the uncertainty in Marawi I'm not too sure now.

[Tawi2]

Long term on Mindanao? I would rent. :wink: IS are seeking to establish a foothold. They are going to fail in Marawi, but it's setting a trend. Islamists want Mindanao as a Muslim state. Look at ARMM. :wink:

[fred]

Harry..I assume you know we can't own land...Right?

[Harry T]

Yes, that's my concern Tawi. I'm not one for the big city lights, much more of a province guy. I knew foreigners couldn't own a House Fred, only a condo. Jan's mother owns some land, and we have briefly spoken about where we would prefer. I don't mind Malabalay but the land near Maramag is free. Well,
it is for Jan :biggrin:.

[Maurice]

Generally speaking, is there a shortage of apartments for rent in the Philippines?

[grahamw48]

Not that I'm aware of.

[Maurice]

Could somebody please give me an idea about being a tenant in the Philippines.
Basically, what is (majorly) different from renting in the UK?

[grahamw48]

It's not majorly different. Very straightforward.

Allow for a month in advance and maybe a couple of months deposit. Initial rental term is usually for a year. Rent can be reviewed after that, but increases are regulated (last time I looked... not more than 10 per cent increase per year).

Deposits also needed for power and water. Not a lot of money though.

They don't need to know the far end of a fart about you as with the (expensive and greedy) UK property agents.

Best way is to stay in a hotel or Airbnb, and cruise around areas you fancy, looking for 'To Let' notices on gates... plus family word of mouth, etc.

Most places seem to be unfurnished, but there are exceptions...at higher rent of course.

[Maurice]

:smile:

Thank you Graham. Great advice, much appreciated.

[grahamw48]

You're welcome Maurice. :xxgrinning--00xx3:

Be prepared to negotiate on the asking price too.

It may well have been artificially increased at the sight of a 'poriner' face. :cwm25: