Years in the condominium industry gave me an idea as to what people usually do with their Investments. More often than not, Condo-Owners purchase their property and never use it again until they decide to sell it. I have witnessed cases such as this and it really makes me think why don’t they just make a living out of it? I sure as heck would! Whatever their personal reason is for not taking advantage of an opportunity, Personal or not, Condominiums are a money making machine that most people forget to grab.
Here is a List of what you can do to make your Condominium Work for you:
Rent is the most common in this list, But it has been the bread and butter for most condominium owners. Depending on the area of your investment, Rental can reach as high as 2K/month. This is a cash cow for homeowners and an easy maintenance as well. Leasing your condominium usually has a minimum rental period which is around 6 months in some and 1 year in others.
2. Bread and Breakfast
Now this is the newest form of leasing your property. Not only does this make a huge load of money, but this can also be very beneficial for unit owners. To do this, you need to have your condominium be properly designed. This gives a hotel-like feeling for lessees. In the world of leasing, there is a gray area that lessors forget to explore. That is the short-term leases that majority of travelling businessman, back-packers, and expats tend to look for. Market your condominium to be like a hotel with better wi-fi and ambience in a price lower than a 5-star hotel? Surely, your unit will make wonders.
3. Office Space
Yes I know, Condominiums are meant to be used as a home. But to some, it is used as a place of work. Making your condominium as your own office is a cost effective way to avoid todays sky-rocketing office lease. This alone saves thousands of pesos for business owners; and who doesn’t want to just magically be in your office when you wake up. Beats driving hours to office.
4. Bed Space
This may take a lot of work to do, but depending on the location, this is a good way to make money. Students in prestigious schools are used to boarding homes, this is a great way to penetrate that market. Investors forget that there is money in students, well in this case, in their parents.
5. Beautify and Sell
If none of the option above can entice you into using your property. Then the best way is to make it the most beautiful place possible and sell it for a profit. A condominium is a property, and like any property, it is tangible. When you first purchase your condominium, you had a reason, and of those is that You never go wrong with property. Which is definitely correct, there will always be buyers of your condominium, you just have to target the right ones. With good interior and proper advertising, and investor will come and take the unit out of your hands.
The Philippines is a growing economy, and condominium is now the most ideal way of owning a home. All the list above will only work if you invested in the right areas, always remember, location is the key to Real-Estate. When an agent, broker, or specialist sells you a property; ask them the potential future of the area. Because that is key to every real-estate investment.