Diving and Living in the Philippines.

[SeaFlea]

Greetings all, I am asking for some info about the Philippines and couldn't think of any ways to communicate directly with Filipinos. Firstly I'm a diver and have had three dive trips to the Philippines. I was married, and still am, to a lovely Filipina in 1999 in her hometown of Solano, in Neuva Vizcaya. We would like to retire in the Philippines and I'm interested in the Tagaytay area with its close proximity to the water and some awesome diving.

I know this is unusual but could anyone give me some help in finding some realty companies that market properties in and around Tagaytay? I've tried using email links on some of the realtors websites I found but never received a reply. We're planning a trip in Jan of 16 to spend some time looking at the area but I wanted to try and get as much done as possible before we arrive.

if anyone could PM me with some info, email addr, or company names I would be very grateful. Most of my adult life I've wanted to live near the ocean where I could go diving anytime I wanted. No planes, just a short drive. I hope we can make that a reality.

Thanks to all very much.

SeaFlea

 

[rob1967]

As you probably already know, foreigners cannot own property in the Philippines with the exception that they can own one condo. So any land purchase would be through your wife.

What is the rush to buy property? Why not move to Philippines first, then rent a place for a while, and get familiar with your surroundings before contemplating a real estate purchase.

One big advantage of renting is that if there is some problem with the property (and trust me, there are many problems that can arise), then you can simply walk away. There are many stories of foreigners loosing their house through marriage breakup, fraudulent land titles, failure to pay taxes (but never receiving tax bills), shoddy construction, in-law take-overs, and the list goes on.

 

[Joe Cool]

Rob1967's advice is practical. It is best to rent a house in Tagaytay and then figure out if Tagaytay is the place for you. I have read in the local news that Tagaytay is experiencing a severe water shortage due to rapid development of both housing (townhouses, condo's and gated communities) and commercial establishments. You can read all about it here.

One thing you should know is that Tagaytay is home to the second most active volcano in the Philippines named Taal. Certain spots in Tagaytay have priceless views of it. However, if that thing blows up, I think you'd like to be far away from it. Here is a Wikipedia article about it. While Tagaytay is one of Manila's quick get-away vacation and recreation place, I recommend to look at some other places such as Batangas or Cebu as potential retirement destinations with easy access to diving and other land or water activities.

What Rob1967 said about land ownership is correct. What couples like you do is form a Philippine corporation where you own 40% and your wife 60%. Then acquire a property through this corporation. I am assuming that you wife is a naturalized US citizen. If your wife has not applied for her Filipino citizenship, it is best to do so at the nearest Philippine consulate. If she already has done it then you're OK. Here's the FAQ page of the Philippine Consulate in Chicago concerning Dual Citizenship and other immigration related matters. Obviously, setting up a corporation brings in additional responsibilities such as yearly reports to the SEC as well as filing corporate taxes. It is best to consult a lawyer and an accountant if you chose to take this route.

All the concerns of property ownership that Rob1967 are valid. However, if you do your homework properly and have some foresight to deal with potential issues that would threaten your ownership of the property or relationships with the locals then you should be OK. When in the Philippines, you need to think like a Filipino so you know how to deal with those around you.

One of the best websites to visit to look for real estate or property (for sale or rent) is OLX.ph. OLX.ph is similar to Craigslist. In the search bar, it says, 'Ano Hanap Mo'. Translated, it means, 'What are you searching for.' Just type in, for example, 'real estate Tagaytay' to search for Tagaytay properties.

The best way to contact sellers in OLX or other Philippine Classified Ads is to call them directly. It is very rare that your email inquiries will get an immediate or timely response. So, be prepared to spend for some long-distance calls to the Philippines.

OLX will give you an idea of property prices in many parts of the Philippines.

Hopefully, some locals or expats would chime in to this thread and share some of their actual experiences to you. There's so much to learn about property ownership in the Philippines and the local culture. It will take a book to let you know how to navigate the do's and don'ts of purchasing property. I do not profess to be the 'know it all' guy nor am I a lawyer but I do know some stuff.

I wish you luck in your future plans. You can PM me if you want to chat further.

 

[GavinO]

I have found living here that typically businesses are not so e mail savvy , telephone is still very much the main source of communication.

Also to echo what the others are saying here about meeting people in person and getting a literal and metaphorical feel of the land. Just remember legal disputes take a long time to get solved here so best to reduce those chances of anything happening as best you can.

 

[kevinl4270]

I would also advise you to wait until you get here and really take your time. In my very humble opinion prices are over blown here and may be in for a correction. I am starting to see places advertised for sale with little down and no interest, some for up to three years. To me that says buyers are becoming more scarce at the current price points.

I hate paying some one else's mortgage, but right now it makes sense. There is a huge disconnect between rent and mortgage. My rent is roughly half what the mortgage would be. Plus I have no property taxes and zero maintenance costs. And I have really gotten a better feel for the area. There is a BIG difference between being here on vacation and living here full time. My wife and I made 12 trips here prior to moving here permanently . We still love it, but it can be challenging. Island time is cute when you are here on vacation, it sucks if you are trying to do any kind of business.

Check Beautiful Properties Philippines | Real Estate For Sale / Rent - Houses, Lots, Beachfronts, Islands, Condos, Residential Homes, Farm Lands | Manila, Makati, Cebu real estate, Cebu houses for sale. I have had some success with emails through brokers on that site.

Best of luck.

 

[SeaFlea]

Wow! Thank you for your time and input. I think everyone makes good points definetly worth consideration. I have heard stories about hidden land agreements between relatives causing major headaches after the sale. And I agree the "internet" offered properties are vastly over priced. Example a 500 SqM lot in a new, not yet developed community going for $167,000.00 USD, Choke!!!! The more I think about our plans and the situation of a foreign national living in the PI, I realize purchasing a lot and house may not be the best overall decision. But I do agree I need to spend some time in the prospective areas I'm interested in and get REAL understanding of the pros and cons.

Joe Cool, thanks. I wasn't aware of water shortages due to increased developement. That could turn into a major issue.

Kevinl4270, thank you for the links and your perspective. I agree with you thoughts. The $$ between rent and mortgage needs to be considered.

Thank you all. SeaFlea.