Homeownership is one of the biggest investments Filipinos make in their lifetime. Apart from investing in the future, owning a property today can also provide a steady source of income.
This is what’s called passive income. Earning money this way is extremely important because while Filipinos are hardworking, it still feels better to earn without breaking your back.
Many Filipinos seem to be realizing the fact that you can monetize your condo. According to Lamudi Philippines, condo units were the second-most searched-for property online, after traditional houses.
So, how exactly can you profit from your condo? Here are five ways:
Rent Your Condo Out to Students
Any type of rental property located near major universities is highly-profitable. Many students live away from their home to go to good schools, especially those located in major Philippine cities, so they need a place to stay. You can look into condos for sale in Makati, Quezon City, and Manila if you are interested in this type of rental income.
Most condominium buildings today boast modern spaces, which college-aged people would enjoy. With hectic school schedules and various social engagements, a comfortable and accessible place to call home is a nice reprieve.
Once you rent your condo out to college students, you’ll get reliable tenancies semester after semester. The fact that some schools start in June and some in August assures you a steady influx of tenants, year round.
Find Long-Term Lease Takers
One of the sure-fire ways you can ensure a steady stream of income is by finding a tenant who’s ready to sign a long-term lease. Typically, a long-term lease lasts for at least a year.
With a long-term tenant, you don’t have to worry about finding a new one every few months and going through the screening process over and over. Additionally, people who’ll be staying in one place for some time are more likely to take good care of the property they’re staying in. After all, they’ll be living there into the foreseeable future.
Rent Your Place Out to Young Professionals
If your condo unit is located in one of the country’s central business districts, you’re in luck. Young professionals are a highly-lucrative market for tenancy. These people know how valuable proximity to the workplace is when it comes to where they’ll be staying.
The deal is sweeter for tenants, what with many buildings offering convenient amenities, such as gyms, pool areas, and parking. Renting out your unit to the working population is clearly a smart choice that will earn you money.
Rent Out Your Parking Space
Most condominiums in the Philippines do not offer a condo unit plus parking space package. Instead, they’re offered separately and have different titles. This is because not everyone who owns or rents a unit has a car.
Property developers recognize this, so they have limited parking space. If you happen to have snagged one along with your unit, you may opt to rent it out. If your current tenant does not have a car, no worries there, either. You can rent your parking space out to those living in the same building and do not have their own parking but need one.
Fix and Flip Your Unit
The value of properties depreciate over time, so you might not earn as much as you did when your unit was new. One way to curb this and increase your asking price is by making home improvements and providing extra perks.
Most units are turned over bare, so adding shelves and furniture makes your unit more attractive. You may be surprised that people are willing to pay higher rent just to save them the trouble of shopping for furniture and appliances. Additionally, you should also make sure that your plumbing, electricals, and other vital systems are working properly.
List Your Unit on Airbnb
Much like renting your home to monthly tenants, being an Airbnb host is a lucrative move that will generate passive income. Established in 2008, Airbnb is now a global online community and marketplace that connects people with rental places to people looking for accommodations.
As the Philippine tourism industry continues to grow, hosting tenants like foreign tourists will generate a large income. Most Airbnb hosts charge per night or week. As a result, you’ll earn more than if you have regular or repeat tenants, especially if your unit is managed and advertised properly. If these things are done right, you can have your unit fully booked throughout the year.
If you don’t feel like hosting or need your unit for personal reasons, you may also opt to block dates so you won’t get tenants at specific times. This flexibility allows you to still have a life outside of being a rental property owner.
By learning how to monetize your condo unit, you’re turning a fixed asset into something liquid and lucrative. With all the options available to you, you can earn through your property and experience how rewarding this kind of investment really is.