How to Turn Your Condo Unit Into an Income-Generating Rental Property
Are you thinking about purchasing a condo unit as a long-term property investment? Or maybe you’re waiting for your property to mature before listing it for sale? Whichever situation you are in, consider converting your newly acquired condo unit into a rental property. It can be a profitable venture that can utilize your idle property and cover your overhead costs.
It’s undeniable that there is a real estate boom. With the surge of IT-BPO companies in the country and the rise of Philippines Offshore Gaming Operators (POGO) industry, the country is seeing a rise in demand for properties, both for office and residential spaces. The demand is further bolstered by the current administration’s Build, Build, Build (BBB) Program, consisting of 75 flagship infrastructures across the country. As of Q3 2018, the nationwide residential real estate price index rose by 4.4% with a 6.8% residential property price increase in the National Capital Region. In terms of online searches, Quezon City was the topmost searched city for residential properties, but for condos for rent, Makati had larger figures.
As this outlook continues, now is the opportunity to capitalize on your unit. With that said, keep in mind that transforming your condo unit into a rental property doesn’t happen overnight. Below are the steps you need to take to ensure that you are fully prepared and maximize your gains from renting out your unit.
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