HOW TO EARN PASSIVE INCOME FROM YOUR CONDO HOMEJune 20, 2022
Prices of properties in the Metro are sky-high. The scarcity of land is evident because every piece of available land is being utilized for something useful. However, owning an address in the city is possible by buying a condo home. A condominium is also a good investment for those who have extra cash. But the question is, how will you get your money back in this kind of investment? How can this create income for you? Is it really possible to earn from owning a condo home?
The answer is Yes! It is possible to earn thru reselling or flipping; if you are not into it, the BEST ANSWER is thru RENTAL. You get to own the unit and earn from it. Let me enlighten you on ways how you can make extra moolah from condo home rental. I will also list down things you can consider before jumping on the condo rental bandwagon.
The demand for city living is very high. With this up in the air, you maychoose a property rental to bring home the bacon. You now have to decide if you will rent out the whole condo home, or will you share space with your renter? From here, you will be able to figure out your next step.
Before anything else, you need to check your condominium guidelines regarding renting your condo home and its parking. Is this allowed, or are there rules to be followed? Do you need to register your tenant? Are they allowed to use the amenities? All these should be checked with your property admin to ensure you are not breaching any rules.
Now that you have the clarification to rent out your unit, it is time to make your own rules and regulations for your renters. Cleanliness and the privacy of you and your renter should also be detailed in the rules and regulations you will make. If you need legal assistance or help from a broker leasing agent, make sure all is clear, and in black and white.
As part of getting ready for the next step, open a separate bank account that will hold all your earnings from your rental business. Keep track of this to ensure this is a good income for you and not an additional expense. If you choose the monthly, weekly, or vacation rental, do the math. Compute for the monthly amortization, association dues, utilities, future renovation, cleaning expenses, and additional services such as breakfast or snacks. This is done to identify your rental fee.
Here comes the fun part. You need to fix up your place to attract the right clients. Make it as homey as possible for travelers. A cozy weekend getaway for families and friends. A home away from home for yuppies and students. And make it a convenient staycation place to go to and enjoy the amenities your condo home offer. Ensure that there is enough sleeping space and extra mattresses for additional guests. A common area or nook to mingle and catch up with your tenants is a spectacular way to make friends and start a conversation. And a must is a clean bathroom to freshen up after a day of going around and shopping.
The next fun part is advertising your place. Take amazing photos of the unit together with the neighborhood. Do not forget to take a snapshot of the amenities your guests can enjoy during their stay. You may post on Social Media sites such as Facebook and Instagram and on vacation rental sites. You may use your own account or create a new one for your condo home rental business. When posting on Social Media, you are somehow selling your place thru your photos and description. So, there should be a lot of good quality and clear photos for you to upload. The description of your condo home should include what can be seen around the area where you are located and the convenience and comfort it can bring to travelers.
The last part is choosing your tenants. For long-term leasing or rental, you may opt to do a background check on your tenant. Make sure they have the capacity to pay and are good people. You wouldn’t want to find out your unit is being used for illegal purposes.
Now you are ready to earn extra revenue from your condo home. Rental is the key to making your condo home a source of passive income. Let us help you. Make us your choice when you make your condo home investment. Register your interest with us today.