Condo life is what many people are aspiring for. You need to save up money to have it, just like what you will do should you want to buy a suburban home. And once you get a taste of that condo life, you will realize that it is a comfortable life that you want to experience. A condo unit is not just a living space for some; it is an investment, and just like what you do to other types of investment, you will surely want to maximize it. Some people do not have an idea of how to make the most of this investment. But it should all boil down to two Ps: practicality and profit.
There are some ways you may want to do if you want to maximize your condo unit, whether it is a unit in Cebu or a condominium at The Vantage in Kapitolyo in Pasig for sale. Some of them may need some capital at first, but you have to remember that you are an investor here. So here goes:
Rent it out
One easy way to make the most of your condo as an investment instrument is by renting it out. You can rent it out in two ways: short-term and long-term. For short-term rentals, you can advertise your space on websites that offer shared hospitality—you can go for Airbnb and Agoda. This is much easier if your condo is located in vacation destinations and CBDs. For long-term rentals, you can find a tenant that will rent your home for a year. The income you get from this can be used to pay your monthly amortization or save them up to pay for the principal.
Go for long-term leasing
Still on rental, you may decide to go for long-term leasing. This is practical for those who have already the entire ownership over the property, meaning it is fully paid. It is also practical for people who have bought it but are overseas for work. If a long-term lease is your plan, you may want to work with a leasing agency that will take care of your paperwork, your income, and your property’s condition.
Up its resale value
Living in a condo is sure an obvious way to make use of what you have bought; after all, that is one of the reasons you have invested in it. What you can do is up the property’s resale value by doing modifications. You can have additional rooms, or you may change the flooring if you like.
Some investors buy condos and then resell them at a higher price. This is a practical move if you have the capital. It will always be a wise move to buy condos at a pre-selling price and then sell these properties once the community around the complex is already thriving. Sellers have the advantage to sell the units at a higher price.
These are only some of the things to keep in mind if you want to invest in a condo. With the right strategy, you can turn your purchase into business or a source of steady income.