It has been a dream for many people to have their own home sweet home, but with today’s unstable economy, even owning one (regardless if it is their dream home or not) becomes challenging.
This is why a number of them prefer to live in condominiums instead because they are relatively cheaper and are more convenient than buying or renting a house. Although there are association dues, they do not have to tend to their lawn or do some curb appeal maintenance because there are people assigned to do that job already. Moreover, they could have a nice view, especially if they got a higher unit.
Studies show that 69% of Filipinos prefer to rent than buy their own property, which is surprisingly quite a large target market. It is no wonder why many master-planned, high-rise development projects have sprouted in different parts of the capital, particularly in Makati, Mandaluyong, Quezon City, and those near business districts and major roads like EDSA.
If you are planning to purchase a property that you would want to post as a rental, then you need to put your best foot forward. Remember that you are not the only one who has thought of making passive income with condominiums. You have to make your unit more enticing to a possible tenant, so they would accept your terms.
Here are some factors that can affect the success of marketing your property and make it more appealing from the rest:
1. Study Up
Knowledge is power. The more you know about the market and its ups and downs, the better you can earn money from your future rental space. Make background checks about the condo’s developer and past projects. Find out which projects offer affordable units, but are located in areas that offer high rental rates. Remember that you are investing in a business and it is wise to be assured of a profit from the very beginning.
2. Keep Up with the Upkeep
Of course, proper maintenance and care can help with the promotion of your rental. There are instances you may need to conduct inspections to see what needs to be repaired.
Minor fixes, if left unchecked, may cause bigger troubles and eventually lead to greater loses. Some condo units in Quezon City noted that you should not be afraid to put money on such modifications since it will keep your earnings constant. Repairs could be a nuisance to your future tenant or could make you wait-list interested tenants since you have yet to do the repairs your unit need.
3. Seek the Masters
Professional advisers still have the better perspective of the current state of the Philippine real estate. They could give you an in-depth look at the market demographics for a better chance of profiting. Pick consultants who have the experience and expertise but are easy to talk to and offer affordable prices for their guidance. Ask real estate experts for advice.
Investments that are well thought and properly maintained are sure to bring in earnings. Just be brave enough to cruise the real estate market and be smart about your choices. Happy condo hunting and may your investments continually grow!