The Curse of the big house
In retirement a lot of people want to build a little castle for themselves in the Philippines something to leave for a partner in the future after they are gone. But there is something most people overlook the reality of things are a house is a bit like a white elephant project as once your gone its unlikely to be maintainable by your loved one(s) due to its costs aswell as the fact it may take years to sell if sold at all. Then there are the other complications the house also draws in unwanted interest from undesirables and also extended family members seeing a family member married to a rich foreigner which then leads to even more complications as many people assume you will help every family in some form in some cases. But either way low key is safer and at the end of the day your in a developing nation living it up there is simply rubbing peoples nose in the fact there is a huge rich and poor gap.
So what would I do in planning for the future? Firstly I would look for members of family I can trust aswell as what my partner can do in business. A small business venture earning maybe P15,000 a month may not sound a lot to you but several of them operated by several people on a performance basis you can achieve a sustainable income for yourself and those around you. If you pass on your wife would inherit the lions share of the businesses and likely she is already an owner on the setup of the companies literally just increasing her share stake.
There is also the fact if you looked to invest in property initially buying houses around the P1m – P2m mark or a small apartment complex you could easily be bringing in P50,000 a month with multiple properties which you would have invested totally in your initial main home. The type of business to do with property depends on your location and budget restraints e.g. having condos in the business districts will bring in business clients with higher rents but likely you will operate via an agent. But if you live in a more “local” environment such as the provinces maybe a small apartment block or chalets would be the way to go if you can gather the interest from potential tenants. Which you will collect or direct money transfer yourself the rents.
The list can go on and on but I just wanted to reinstate the fact a big house is more of a headache than its worth. The money is better of invested abroad or locally. But the most important thing is looking after your loved ones.