For those who've settled in the Philippines long term, which do you think is better: building your own home or renting?
If you've done either, how did it work out?
Would you build again, or do you think renting gives you more freedom and fewer headaches?
My opinion: never tie yourself down by buying in the later years of your life. Rent, and be free to move wherever and whenever you want 😎🏖️
We'll start building our third house next year. The main mistake with the first two was building to typical Philippine bungalow dimensions. We renovated and extended a beach house, and it turned out great. We bought the house next door and plan to tear it down to make room for parking, a lawn and a large gazebo. Building has definitely worked out for us, even though we've learned something from each project. Grounded wiring, plus solar and batteries covering 90% of our current home's usage, are the big changes for the new one next year.
My wife and I bought our retirement home in a gated community in 1991. When she passed away in 2013, our two children and I inherited the house and lot. I'm retired and live here permanently. In terms of appreciation, it's been one of my best investments. Judging by some of the comments, it's clear people don't fully understand Philippine inheritance law.
I see a lot of people who seem to be expats talking about owning a home. How, if foreigners can't own property? Did you put it in a Filipina's name? Do you lease the land and build on it? Please give me some context; I have questions about land and home ownership and want to make sure I fully understand how things work in the Philippines. Thanks in advance.
Build if you can. Renting is throwing money away; building a house is an investment.
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