The rising trend and affordability of living in a condo in the Philippines attracts many foreign residents. This rings in, especially on older people, who are hunting for their dream retirement home. For many foreign residents, particularly those originating from Great Britain, Australia and the United States, retirement is something to look forward to and prepare for. For many foreign residents, low interest rates and high costs of daily living in their home countries make pension dependent living difficult. And, a lot of these retirees do not look forward to lowering their standards of living just to get by.
As a foreigner who is getting close to reaching your 60’s, you would need to ask yourself if your priorities match with the type of lifestyle that you envision after you retire. Would you prefer to live in your home country, surrounded by family and other loved ones, but be deprived of the general standard of living you really want? Or, would you rather retire in a foreign country with lower or reasonable costs of living, but leave behind your loved ones back home?
If you answer yes to the latter question, you may want to explore having the option of retirement in the Philippines. The Philippines offers a considerable low cost of living. The Philippine peso exchange rate is approximately 48 Philippine pesos to 1 US dollar or 70 Philippine pesos to 1 Great British Pound. Housing, food and labor costs range in quite reasonable prices and almost every person in the Philippines speaks English. This would make you feel at home in no time once you settle in!
Your dollars are powerful in the Philippines
You may probably be aware of the power of the US dollar over the Philippine peso. When you bring in your dollars to the country, it yields a massive spending power. This likewise applies when you choose to have a condo as a retirement home.
You can actually buy a one bedroom condominium in the Philippines for US $100,000 or GBP 55,000. On the other hand, you can buy a studio unit for only US $ 60,000 or GBP 35,000. You can enjoy a delicious meal at a three star restaurant in the country and spend less than 500 pesos. Cable television, high-speed internet and satellite communication fees are quite cheap.
A taxi fare for eight hours costs less than $30. A Philippine presidential under-secretary cabinet earns a monthly salary of 45,000 pesos a month. With all these figures calculated in your head, you can just clearly see that your retirement income of US $1500-$2000 or 70,000 to 90,000 Philippine pesos per month makes you live like a king in the country! You would just be amazed to see your savings grow as you get increasing financial resources that you can spend on home and miscellaneous retirement cost!
The elevator trend in Philippine condos
It is quite expected that when you are old and gray, your body immune systems become weak, too. According to an article by Dr. Susan Blumenthal in the Huffington Post, in the United States alone, over a million Americans die each year due to chronic illnesses arising out of unhealthy lifestyles that they have been dealing with since their younger years.
When considering to build a retirement home in a foreign country, particularly, the Philippines, you need to weigh in the toll your choice would have in your health. You may be suffering from mobility problems. If this is the case, you may want to consider home premises in the country that have elevators. Most condominiums in the Philippines have elevators, hence, provides convenience to their residents. You would not have to worry about your health problem being a hindrance when going up and down the floors of your home. The elevators would do the works in providing you a safe journey to and from your condo unit without any issues.
Security guards are looking out after you
Unlike in other countries, security guards at the condo premises is a common thing in the Philippines. By retiring in this country, you would not need to worry about not having people to protect you against impending danger that may escape your awareness. Expect a security guard at your condo to not let strangers and unwanted visitors set foot in your condo without your approval.
Buzz up with emergency buzzers
Of course, if there are security guards, you would also have emergency buzzers at your condo. As a senior citizen, you may find that you encounter medical and other emergencies all too often. Buzzing in your buzzer alerts the security guards at the condo premises of any urgent situations in no time.
Condo lifestyle calms your mood
As a retiree who is new to a condo life Philippine style, you would need to face the essentials of dealing with condo lifestyle to easily adjust to your new permanent home. This means that you would need to open up to the enjoyments that the facilities of your condo offers. Enjoying these facilities would help in making you forget about missing your family and other loved ones back home. Take a dip at the condo’s pool, or enjoy a game or two of tennis and golf. You would then see how quickly time passes by without any lonesome moments.
On the other hand, when you are thinking about having condo as retirement home in the Philippines, you will also need to consider your customized individual needs. Consider the degree of the overall impact that condo living in a foreign country will have for the rest of your life. Remember that retiring overseas is a big step that you would take in your life, hence, it should be decided upon with utmost seriousness.
When repairs and maintenance need to be done
You may not be ready to adjust to the fact that the schedule of repairs and maintenance do not always conform to your desired schedule. You would need to think if you would be ready to face this inconvenience on your part.
Because condo units are constructed very close on one another, it is not uncommon to be bothered by loud noises when you are in bed. If you usually go to bed very early, you may want to reconsider if these noises would stop you from getting the sleep that you need.
The pain of missing your old home and loved ones
Although it is very convenient to live your retirement years in the Philippines, you would need to think it over if you can bear missing living in a house back in your home country, and of course, your family and friends. You would need to think how you would feel everyday without the presence of your old home and the people you love before making the big decision.
It is not unusual for an average retiree to seek a community for retirement that is customized to his personal needs and wants. Widening your choices for a retirement home gives you the opportunity to collect and select. Remember to always keep in mind to want the best choice that you can ever make.
The decision you make in your life after retirement will have considerable impacts in your future. Do not be hasty when making a decision. You should think twice, if not thrice, before making a final decision.