Raffin

I got the impression from your posts on another thread that you were a bit hesitant about buying per se, not so much about buying where you rent now. Was I right, and if so, have you decided you are Ok with buying any property in the near future?

Philosophical 11

Raffin,

I think wary would be the better description about buying a house. But I feel a lot more confident now that I have been here for over two years. However, caution still is the by-word. If I cannot buy, I wouldn't be too disappointed although I love this house and would hate to leave it. Will be difficult to find one just as nice in a beautiful location. Although the house next door is probably just as nice.

I am mindful that I would wish to leave my lovely lady a property when I am gone which gives her some sort of security. Also, paying rent each month is dead money if you excuse the pun!

I will take the best advice on the wording of the contract in a separate thread shortly.

Regards

quiltman

if you think you are renting to buy, then you must have a legal lease for this and be paying a premium over the rent. I know as my tenant wishes to change to rent to own later in year. here's a sample lease legal forms plus How Does Rent-to-Own Work in the Philippines? | ZipMatch

Hope this is of interest.
Gary

Gazza-d

Leaving the lovely lady a house is all well and good but could also be a white elephant if there's not the income to support it.

Raffin

One solution to that in the UK is to sell, then downsize to buy or rent elsewhere, or go into a care home.... but both from my own experience and general knowledge, selling property here is much more difficult. Maybe LL can qualify for some part of a UK pension, but in my case this would only be enough to pay for the monthly mandatory clubhouse sub and consumable!
Taking in a paying lodger could provide some extra income, but it's probably not a good idea in one's later years.
Continuing renting and trying to build up a large enough fund is also going to be difficult. Other spending priorities will come along.
However, LL seems to be resourceful and will find a way when the time comes. On this aspect the best advice is probably just not to buy any property too costly to maintain.

mikek1

Purchasing a house is definitely better than renting.i have to agree that it is unlikely that you would be granted a loan/mortgage. Unlike the U.K banks in the Philippines banks donn't tend to lend to the over 60s.it is possible if you have a good business relationship with the manager and have obviously put through a significant amount of money via current or other accounts.Your three pensions should easily be enough 'proof of income' however a healthy deposit would ease any lending decision. Interest rates are high on mortgages or loans compared to the U.K.
Our experiences with banks in the Philippines is they are just like the U.K. Banks, with the exception that any requests take a long time to process.Not having an appropriate visa (tourist visa not acceptable) will certainly be the end of any requests for borrowing.Expect numerous form filling and diligence regarding any financial documents you submit.I would say that the larger Philippines banks are far more diligent and conservative then U.K. Banks.

It took us 4 months to obtain BDO credit cards despite the local manger pre approving us.We had no forms to fill in, no proof of income, as it was sanctioned by the manger.We encountered a problem when trying to purchase a Philippine government treasury bond. The bank would not accept my name on the paperwork because I only have a balikbayan visa. My wife had to transfer the funds from our joint account to a new account in her name then the bank agreed to allow purchase of the bond in her name.
Regarding the potential purchase of the house you presently rent, make sure you get a property appraisal of the true worth. We have experience of house purchase in the Philippines and conclude that any house marketed is at least 25% overvalued. When negotiating you should deduct 25% off the asking price and try to get a further reduction.
Personally, if I were you I would look at several properties and buy the most appropriate with the main criteria that is is some distance from your lovely ladies family.

Philosophical 11

Greetings!

Yes, house purchase looks academic now...sadly. I did a quick trawl on the internet for UK loans and that drew a blank. But as I said, I have to go through the motions at some point.

The rent to buy agreement as previously mentioned was done on a nod and handshake. Cant remember the terms but a rebate of my previous modifications and repairs were to be rebated I think. But that appears history now. I would have got a valuation before purchase which I believe BPI insisted upon the loan application.

As Raffin suggested she is quite resourceful. I believe she will get a proportion of my Military pension which I need to go into now that I am divorced. Not sure about my private pension. Doubtful. Something to check. She is also contributing to SSS and I have a Philam Pension plan in place for her. But if the house is bought, she can always sell it and downsize. But I suspect she will move her family in and all will share the burden. Her 2 brothers are earning as an example. Her business is thriving and I believe she makes a reasonable income from that which is mainly re-invested in Gold. Talk of expanding that with a web-site has at the moment been met with the look of a rabbit caught at night in headlights. But another option is to go back to Kuwait where her previous employer has offered her the equivalent of 32k php about 180kd if I remember correctly.

But I have to think what I want to do also. Maybe teaching on-line. Doesn't really appeal. But options are limited. I would need to use Skype which I have but internet might be a problem especially if I have 3 other people FB-ing or downloading videos. But theres a cure for that. I do not intend to up-grade at extra cost to accommodate us all. Indeed....why should I?

Regards

Raffin

Any scope where you are for traditional ie face to face English tutoring? Could you advertise anywhere? Do you have, or could you make, a place in your house where that could take place? You may have to develop an American accent though!

Philosophical 11

Raffin,

Thanks. I suspect that might just be violating employment laws in Philippines for foreigners. I understand on-line tuition gets around those regulations. Might just have to impose a curfew on the internet for the free-loaders here. Problem would be implementing it.

Regards

mikemike

DO NOT Teach live classes from home. one way of getting yourself set up for a huge big fall

teach from home on line and you will not have those issues.

If you have classes from home you will be expected to get a permit and pay associated costs. as you will be teaching you must have a residence permit not a tourist permit .

You will then need to register with BIR and submit oodles of paperwork. For this reason on line teaching using skype to classrooms is being used more and more.

Things start to go missing at home.....what then etc etc . ages of student being below 18 in your private residence...there are laws against that despite any good intent.

DO NOT teach live from Home, do it on line

Stokkevn

If they do not abide by your requirement for them not to use the internet when you require it. When you want exclusive use of the internet just change the password on the WiFi unit

Philosophical 11

Stokkevn,

True. My lovely lady asked me to do this a little while ago which you know. I think its because she isn't happy that our new lodger is using it and slowing down the speed. She doesn't know how much it slows down with 4 using the same modem. I will tell her next time the subject comes up. She uploads many photos for her on-line jewelry shop and gets a tad impatient if its not up-loaded in a milli-second. She messages a lot also (she has 3 phones now.....4 if you include mine. Mine appears to be the only one with load btw). But I cannot see her keeping a new password from her sister and bf. Might just cause a bit of friction. She has also given the password to all her family and friends who come to visit. I really cannot see her refusing to give out the new password. She has always said, if God has given you a gift, then you must share it. I presumes God has given us the wifi. But he is not paying for it.

Talking about the gift that must be shared. I still get irked when something is taken without any permission or notification. My mates truck which he parked here for a few weeks is a good example. I wrote about that a little while back. A few weeks ago my rat trap outside disappeared. Been using that almost daily and it disappeared. Found it at her familys house. Borrowed without a by your leave. Yesterday hunted around for a spade which I use now and then outside. Gone. Again God must have decreed that I share it. He needs to ask permission which is just a matter of courtesy. But I doubt if that is in the Illongo dictionary. But these things disappear when we are out of the house.....But I guess God moves in mysterious ways.

Regards

mikek1

Why do you have to put up with uninvited free loaders? Surly when you and your lovely lady get married you will want some privacy and quality time for yourselves? If you decide to purchase the house you will need to keep a tight rein on expenditure, having free loaders cannot be beneficial to increased household expenditures.
I made it quite clear to my wife that no uninvited will be living in our house for any period over two weeks.i need not have told my wife this because she already had the same thoughts as myself.

Philosophical 11

Mikek1,

And I agree with you. Fortunately my lovely lady has a fixed allowance to cover rent, utilities etc and the increase in water and electricity she pays for. If she asks for an increase to cover the extra costs then there will be an issue and will have to get it from a contribution from them. I have no idea how long this arrangement will go on for but they are not intruding on our privacy. They live in the small outhouse. Internet may be an issue if she realizes that she is getting quarter speed now when they are at "home". Fortunately, they do not spend much time here during the day and he has never been in our house. Waddly rarely pops in now.

Regards

Millhouse

we do!