Tuesday, May 1, 2007

"What does it cost to live/retire in the Philippines?"

I have mentioned certain Rural Banks in the Philippines that offer up to 20%pa. The monthly Interest from such, was instrumental in my being able to take 'Early Retirement' and Live in Paradise (Cebu) with a 'comfortable', enjoyable, lifestyle.

Many people ask
"What does it cost to live/retire in the Philippines?"

The answer to such a question is complex, because of many variables?

  • Is this a single person, a married couple, or a family with Children (if so what ages)?
  • Are you going to consider 'Renting' somewhere to live?
  • If married to a Filipina, you could consider purchase of lot, and have a house built.
  • What about 'Transport' - use of 'Buses' and 'Taxis', or 'Purchase' a vehicle?
  • What sort of 'Lifestyle' do you envisage?

    The cost of going out to Bars/Resteraunts, Clubs, Cinemas etc is a lot cheaper than the UK etc, However it obviously needs a higher budget, than buying food and drinks from Supermarkets, and cooking and entertaining at home. What sort of 'Sports' might you wish to follow? Golf is more affordable, but Membership to some Clubs can be costly. Sub Aqua is not that expensive to get trained up, if you dont already have dive qualifications. Buying you own gear is better long term than renting, but travelling to different parts of the Philippines to discover new Dive spots adds up, depending where and hjow often. Staying in Resort Hotels with Dive Boats for hire and Master Diver as guide, does increase the Budget you will need also.

Certainly if you have children, you need more 'income' to cover the cost of schooling. This increases, as the children get older, with High School, College, and perhaps University.

I would suggest 'Renting' a place - initially at any rate. This gives you a chance to get the feel for the selected area of the Philippines, the City/Town and the 'Banangay'.

If/when you come to considering buying a house/lot, is it best to have an individual Lot or a 'Subdivision' from a Developer? Do you choose a design from such a Developer with House/Lot purchase, or 'Lot Only' and have your own House designed and built just the way you want it.

Certainly the cost of having a custom house built here in the Philippines is a lot less that comparable properities say in the UK.

Our 3 storey (105 sq m) extension with the following:-

1st Floor: Reception, Lounge,fully fitted Kitchen and Dining room.
Garage, external entrance to Maids quarters.

2nd Floor: Master Bedroom with en-suite/common Bathroom and Terrace,
2nd Bedroom, hall, Terrace at Rear and stairs to 3rd Floor.

3rd Floor: Lounge area, Mini-Bar with Dartboard, store cupboard with access to loftspace,
Large Terrace (with impressive views of hills and land down to coast).

View a 'slideshow' of our Philippines Home
(built for just £13K, or $23.3K, 2.5 years ago)

The Bottom Line
A couple with no children, the house, and a car, already paid for, could have a 'comfortable' lifestyle on Php50-80,000 a month.


boostah said...

Nice view :)

Donat said...

Beautuful home. How is the security of having such a nice house in a finacialy challenged country.

john paul paquibot said...

Cebu is always a secure place to live in, dont have to make it as a problem.