Should You Buy a Condo in Cebu?

//Should You Buy a Condo in Cebu?

Should You Buy a Condo in Cebu?

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You’ll need a place to live wherever you decide is the best country to retire cheap. Foreigners cannot buy a house in the Philippines. You can put it in the name of a Philippino wife to get around that, but that just seems insane to me. With a divorce rate of 50 percent, that means you have a 50 percent chance of losing your house completely. One option to buy a home in the Philippines is to buy a condo. Many real estate companies will tell you that condos are a great deal, and that you can even rent them out.

I looked at some, and a 700 square foot condo was roughly $77000 (2,695,000). These are right in the heart of the city and near transit.

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Tiny but cute places, some came with kitchens others did not. If you’re used to something bigger you’ll want to look more on the outskirts of the cities. These condos are $600 a month to rent ($20 000), and a management company will take of them for you if you want to pay them. They charge the first months rent out of a 12 month lease.

I asked a real estate agent that I met whether or not condos were a good investment. She told me definitely not.  They are building way too many condos and too quickly. The market for condos as an investment definitely wasn’t going to look good. She told me that even expats are figuring this out and staying clear of them.

From what I saw, if you are looking to buy a place to live, you get more for your money buying than renting. That being said, if you do buy a condo in Cebu you are stuck in one city. So I wouldn’t recommend buying a condo, let the renting keep going and invest your money elsewhere.

2016-12-12T00:12:02+00:00

About the Author:

Samson Chui is the chief travel blogger behind Best Countries to Retire Cheap. His goal is to find the best country to retire for $1000.

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