Sometimes the reasons for moving sound reasonable. We built our house with four bedrooms 3 baths when our two girls were in school. But both are married now and the house is too large for just Mayang and me.
First thing in my head was to sell it and re-build close by, but then I remembered I’m not working anymore and it would burn through a chunk of our savings.
If we sell our house and build the new one, where do we live during the interim? Aha dilemma for sure, even finding a buyer with the money to make the purchase and not a Peso down and the chase is one type of deal that is so popular here. Or something down and a lot of monthly gives until it’s paid off.
I have found that it’s like owning a large car; there was a time when I might have needed that monster SUV, the one that was so much fun to park. Now I find that a small car is all I need. If the need to haul more folk, like to a beach or something, I can hire a special Jeepney. Or if the distance is involved, for a few thousand Pesos’ I can hire a van and a driver. These types of needs come up a couple of times during the year.
In the states I have never owned a Pickup truck, the need for one was never there, If a person carries a lot of cargo that is the way to go, but otherwise why would I drive around with eight feet of empty space behind me? That person with his pick-up truck might feel my 1958 Austin Healy Bug Eyed Sprite was not practical for them. No two of us on planet earth think the same. We might agree on a lot of things but not everything.
So while we were discussing the selling of the House debate, it ended rather quickly, when I glanced down and saw one foot belonging to my wife tapping. *Thank god the second foot was not moving.) As she stood up and calmly said; “Honey Ko, there is no way I’ll ever agree to sell my house, I designed it, and our daughters grew up there.” I was reasonability sure this discussion had ended.
We have another master bedroom with on suite bathroom on the first floor. So as I age and the stairs become a problem, we’ll move downstairs as the space is identical.
Well, now that I know the answer to the moving question, our savings will remain stable and I’ll renew my house insurance.
As much as some things change, the more they’ll stay the same.
The truth is I’m pleased as to how the conversation turned out because now that I’ve thought about it I’m as happy as a clam here on that mountain in Bataan.
Hi Paul,
Not sure why, but I received an email from Gerry saying he is unable to post a comment. So, here is his comment:
I shall be building a bungalow for my lady and son ( no stairs for me in my old age ).
Could you kindly give me information on who you insure with. The type of insurance cover you have and most importantly if you have made a claim how did the insurance company handle it.
Thanks.
Gerry;
Home Insurance and my car insurance are from the same agent, knowing where you live is important as to which company to use. Google Home Insurance in your are. I have yet to file a claim, but my friend whose house went under water and he also lost his two new cars, was paid within weeks with no muss or fuss. the cat section replaced one within a week, and rebuilt his Chevy Truck. If you live in Olongapo City I’ll bring you to my agent and introduce you.
Testing. Possible duplicate:
Hi Paul,
Great stuff as always. Funny because I have a brother and sister-in-law about our age who own a very nice home in a desirable area of Quezon City who are feeling the “empty nest” syndrome also.
My brother-in-law is a well-qualified professional engineer who has had a long career here in the Philippines and made good money most of his life, but at 72, he has to stop working someday. He’s earned a pension under the GSIS, (similar to the US Social Security retirement system), but as many readers here already know, the actually monthly payment is pitifully small.
They’s been thinking a lot about selling their large home and buying something smaller for heir old age, but when you work out the numbers it might take years to result in any real savings.
The biggest negative in the equation is finding anyone who can actually buy their home for cash, or with some sort of financing which will pay them off before the reach 100 years of age.
I bought and then enlarged and rebuilt our home here in Bulacan and on paper it’s probably worth a lot, but even though it’s bigger than we need, I doubt I’d ever think of selling it.
The real estate market and the financing options here in the Philippines are just too different from the picture most Americans have in their mind.
Be happy with what you have, that’s my motto.
Dave;
It also seems to be my wife’s motto. I’ve yet to find a kano who sold his house under the plans here in the Philippines.As Mayang explained, we will die in your house and then our daughters get it. So now I know the plan, and flushed all others from my brain. (LOL)
Paul, I am sure you are fully aware that moving is a BIG BIG BIG hassle – everything put into a multitude of boxes (and we always discover that we have much more ‘stuff’ than we think), moved and taken out of boxes. Urghhhhh! If I could always stay in one place, I would. So I am with your wife on that one. But the problem is you have excess rooms now – or do you? What about when the children and grandchildren arrive for long holidays? However, if that is not an issue, you have set me thinking about what to do with those excess rooms. For what is is worth here are some ideas: Flood one and use it as a swimming pool (my best idea, I think); open a cinema, preferably with an iMAX screen (soon pays for itself); set up a call centre (for a very small company); open a museum to the US Navy, including a retired ship they would donate to you (that would be your personal favourite, I assume); open an indoor theme park (for very small people). A limited number of ideas, I know, but I decided only to list the most sensible and practical ones, else people will think I am an idiot (which actually would concur with my own opinion of myself 🙂 )
Mike;
Three empty rooms, but when wither daughters visit they use the extra master bedroom.but their lives are busy so that is not very often. But the pool is the best, close off the window ans the door. Line it, and access it by ripping out a section of the roof.. 12 foot deep with no shallow end.
What would be the advantage of a smaller house? If she doesn’t want to be caught then you ain’t-a-gona catcher her even in a Nipa hut. Stay where you are and enjoy it.
Loren,
I wanted to move up to Pogue Mountain and ride the new elevator, I’ll rent one of those small apt. (LOL)
From time to time the thought of moving has crossed my mind but I don’t really have that much of a reason to move. The people I bought my house from were planning to retire in this house but then decided to move to Florida. At times I have thought of instead of selling, buy another place and rent this one out but that could run into headaches also. Let’s see if this post makes it onto the website now.
Hey Paul. Don’t know if you remember me from the short time I wrote for Bob.
Anyway, after some back and forth to the US, I’ve decided I’m never leaving again and bought a house. It’s just a little one, we don’t need much, but we put some work into the outer wall and installing a nice kitchen. Doesn’t look like anymore children are coming along so it’s just the three of us in a small two-bedroom.
I’m sure I will retire in this house, but I have some time to think about that since I’m only going to be 50 this year. We still have the tiny car and I am happy.
You sound that way as well. I enjoyed your article!
Bob (NY)
Sir Bob fixed the problem and you are here. My folks move full time to the summer house on Cape Cod, and had to sell the Boston house to get my two younger brothers to move. Then a house in Florida and split the year in both places. .
Jason;
When I built this boheamouth, I was still sailing merchant seaman and had too much money and less common sense.But I think this is where I’ll stay. But little cars I agree with you, I hate parking those monsters I see on the road everywhere. People told me this was a poor country, but walk through any mall parking lot and ask yourself is it really? .
Paul, we got a real good deal on this house. If I said how much, and how much I spent fixing it up, people would say I was lying.
I agree with you and the big cars. Everybody here in Iloilo City either has a Ranger, Everest, or MUX and I putter around in my little Alto. There seems to be a lot of money here! I see BMW’s and Mustangs everywhere here as well. Makes for a lot of trouble parking at the mall, where there also seems to be an unbelievable amount of people spending money!
But, I kid! I love it here.
Jason
We have 2 malls within a 5 minutes walk I park in the cheaper lot. They have been open three years now and both malls seem to be making money, only by the fact they are still open. When I arrived here in 1994 a mall meant a trip to Manila now there are 7 within a 45 minute drive and they stay full. The times they are a changing
Paul,
I agree with you about not moving. Mainly because i dislike doing it. We broke down and bought a used Everest vs a new one. With the crazy driving here and me being new to driving here, i think it was a wise move. You do see a lot of big suv’s and pick-up’s everywhere, but more than likely most of them went into debt buying them.
PappaDuck
You can go into debt just paying the electric bill.;But, I have often wondered why the thing that us least dependable is the most expensive? Drive well and stay careful, you know I like old new cars. (LOL)
Hi Paul,
On your comment about malls being crowded a lot of the crowd is just walking around enjoying the free air conditioning, socializing and people watching. You know that actually happens in the USA, too and that is pretty much what I do in the malls in the Philippines and the USA. But your stronger point is they are making money and they are opening more. I am pretty sure the malls are not receiving government funding to give people a place to walk around, socialize and people watch.
Good luck with your home whatever you decide!
Peace
Jay
Jason,
Glad to see you comment here. How is your health doing?
Hey PapaDuck! I am doing well. Very busy because I have been doing some freelance writing, well, lots of it. I told Bob I was going to write a few articles, so if he likes them, you should see an update from me soon.
Thanks for asking!
Very nice house be proud of your castle.
Joseph;
Exactly what my wife said, I was going to build a small house with central Air/Con. Oh well! (LOL)
Hi you all I hate to butt into your talks but am thinking of a modest retirement in the Philippines & am wondering if I could live on or about $1500,00 a month & be comfortable? Thanks in advance for any replies(Dry in Texas)
Becky;
It dependents on your normal standard of living and what you need to be happy. If that is all you have meaning no start up cash to furnish a condo, rental or own a house. Because once that need is accomplished the $ 1,500.00 will carry you quite well. A car is nice to have, but not a requirement. But MEDICAL is very important you must plan for that no matter your age. I have three retirements and only need $1,500.00 per month but I completed the list above years ago. The best of luck to you.. .
Paul said it already, but it depends on the individual – ‘comfort is an attitude and some can be very happy (comfortable) on $1500 per month and others miserable (uncomfortable). $1500 is currently P78,000. Any prices I give below are based on a 3 bedroom house lived in by 2 adults and 1 teenager. It is quite easy to find a decent furnished rented house for P15,000 per month (not cities such as Manila or Cebu) and to manage without a car. So that leaves P63,000 for: food (relatively cheap if you use markets, eating out (sometimes cheaper than cooking for yourself), electricity (is expensive but even with 3 aircons my bill is often about P4,500 per month), gas for cooking (I manage on about P100 per month), water (maybe P350 per month), internet (depends on what you want but mine is P1600 per month), local transport (I guess about P1000 per month would allow for quite a few trike/jeepney/bus journeys), occasional travel (this of course can vary hugely depending on amount and distance of travel but I would say that if you cannot afford to travel then find happiness where you are … travel is not an essential), clothes (you may already have light clothing and try to bring it with you … but any extra is not that expensive to buy here). I have not included entertainment such as theatre/cinema/concerts as there are not many! But even including entertainments I am guesstimating that P40,000 would take care of most of the above. Then, as Paul says, you need to think about medical insurance and that is the BIG unknown. You could have surgery costing P3,000 or maybe P2 million – 2 million pesos would eat up your entire ANNUAL INCOME! So insurance is a must and I do not have figures for that. I feel that you CAN live comfortably on $1500 but there are other issues to consider also: Have you been here? Are you okay with some of the downsides? Will you have a Filipino family here and if so will they be a drain on your resources (they definitely can be if you allow it)? How is your health and those you will be bringing with you? Do you understand currency fluctuations and realise that your $1500 may be worth P78,000 (or more) but could fall much lower if the dollar v peso rate falls? Five years ago your $1500 would get you P61,000 and no-one knows the future. But my opinion for what it is worth: Give it a try – you may regret it and move back OR you may love it and think it the best thing you ever did. MOST who come here think the latter. And one final piece of important advice – if you are not familiar with the country then buy a copy of Bob Martin’s manual and read it cover to cover before you decide.
Hello Paul,
I agree with your decision to agree with Mrs. Thompson. That is usually the best course of action in matters of the home. Buying and selling improved property here is nothing at all like in the US. It’s very difficult to actually get the money. Best to stay put.
I’m somewhat fortunate in that Marlyn’s dream house is not yet built. She derives great pleasure in designing it. The first versions were multi level modern marvels. I pointed out that we were going to grow old in this house, and the difficulties her own mother was having negotiating stairs. The current version is a single level modern marvel. We are already empty nesters, but the extra bed and bath are must haves. The kids and grandkids must always have a place there.
Take care,
Pete
Hi Pete;
What the hell was I thinking? Last year there was talk of her mother moving in, which I was a champion of that plan, As I said there is a complete master bedroom and bath on the first floor that mirrors the one on the second deck. But she passed in January.
But I must agree with you, to get out of my wife’s way and let her rule her house and keep my dumb ideas to myself. (LOL)
The new plan is to rebuild the 20 year old master bathroom with modern stuff and move down there when the stairs become too much. (Way down the road!)