3 Things to Consider Before Renting Out Your Condo Unit for Extra IncomeAugust 3, 2021
What are the things to consider before renting out a condo unit for extra income?
- Ensure your condo has a strategic location
- Make your unit stand out in the market
- Choose the right tenant
Investing in a condo to earn extra income is always deemed a smart move by many. Condo living provides a solution for many issues faced by residents such as traffic congestion, being far away from essential establishments, and security. If you move into the property offerings of the best condo developers in the Philippines, you will also benefit from easy access to premium amenities such as fitness gyms, swimming pools, and landscaped greeneries. As an owner placing your investment in the market, it’s imperative you know about the things to consider before renting out a condo unit for extra income.
Buying one of the top condos in the Philippines is one thing, but becoming a condo landlord is another. Once you decide to become a landlord, you’ll discover that it involves more than just collecting rent every month. You will have to exert efforts continuously to ensure your unit garners income. Below are some tips to maximize renting out your condo unit for extra income.
Ensure Your Condo Has a Strategic Location
Not every condo is made equal. Aside from having better amenity offerings, some condo units are located better. It is crucial to evaluate if your condo is strategically located because tenants will prefer renting a unit that will provide this daily living convenience more than those that do not.
When a condo has a strategic location, residents will find it easier to head to all kinds of essential establishments such as malls, groceries, schools, workplaces, hospitals, banks, and transportation hubs.
Take the Kingsquare Residential Suites by Megaworld Manila. Given that it is located at San Lazaro Tourism and Business Park, Manila, it will attract a wide target market like students and university employees who need to be nearby the Manila University Belt, employees who need to be near the LRT and major city highways, and families that want to be nearby malls (SM San Lazaro) and hospitals (Chinese General Hospital, UST Hospital, Metropolitan Medical Center) for sudden medical emergencies.
If you have a condo with a strategic location like Kingsquare Residential Suites, you will attract more tenants and increase the chances of earning a bigger income.
Make Your Unit Stand Out in The Market
More and more are people recognizing the excellent investment potential of renting out a condo unit for gaining extra income. For this reason, tenants are faced with many options when they explore the condominium rental market. Unfortunately, this creates a ripple effect of increased market competition. Now more than ever, tenants are more meticulous about choosing a rental condo unit, weighting out plenty of factors such as location, price, and design.
To boost your condo’s ability to earn extra income, consider sprucing it up to meet the needs of your target market. Think carefully about whether your target market is students, employees, retirees, or families. Afterward, consider what they would want in a condo unit.
In general, students would prefer reasonably-priced units that are fully furnished with bunk beds, study tables, and a stable internet connection. Families may prefer bare units because they typically have their furniture and want to design their homes according to their liking. Employees are more likely to go for semi or fully furnished units to save time from furniture shopping.
Make sure your condo unit is maintained, cleaned, and designed well to help it stand out in the market. You’ll find that tenants are willing to pay more for a condo that meets their specific needs.
Choose The Right Tenant
After sprucing up your condo unit, it is now time to evaluate your potential tenants. As an owner, you are letting people into your property. This also means you are responsible for everything they do while occupying your unit. Establishing a good landlord-tenant relationship is crucial if you want to earn extra income from your unit and save yourself from costly problems.
One of the most common disputes between condo landowners and tenants involves rental payments and property damages. You must assess if your tenant is willing to dutifully pay their rent every month. In addition, take the time to safeguard yourself from suffering from property damages. In the contract signing, make sure you negotiate about who is responsible for maintenance and repairs.
While it’s true that condos are a no-fail investment choice, there are also things to consider before renting out a condo unit for extra income. These are the keys to maximize your unit’s profitability.
If you want to invest in the top condos in the Philippines that are poised to help unit owners earn more, Megaworld Manila condos are the best choice! With years of experience in the real estate industry, we make sure our property owners get the most out of their investments.