How to Turn Your Condo into an Investment Property: 3 Tips

condominium building

Buying a condo in the Philippines is one of the best ways to own a home, even as a foreigner.  One of the places you should consider is Quezon City. In that area, land costs an average of P122, 000 per square meter. That is more affordable compared to other areas in Metro Manila.

So, if you come across a condo near Ateneo in Katipunan, Quezon City, do consider buying it. The proximity of such property to the Ateneo de Manila University makes it a worthy real estate investment. Here’s how you can turn such a condo into an investment:

   1. Turn it into a rental home

If you don’t want to live in the condo you bought, you should consider becoming a landlord. Turn your home into a rental property. There is usually a demand for accommodation in areas near academic institutions like the Ateneo de Manila University. Both students and staff may be willing to pay what you charge as rent just to live within the university area and avoid dealing with heavy traffic every day. This will give you a steady source of income you can use to meet your monthly expenses or finance other real estate investments.

   2. Turn it into corporate housing

How about if you want to stay in the condo unit you purchased from time to time? It would be impossible for you to rent out the entire space. But that does not mean you should give up your dreams of turning your condo into an investment property. You can still turn your condo into corporate housing.

Corporate housing refers to fully-furnished homes that people rent out to those that need the space. It is usually a good alternative for those who would have needed to stay in a hotel for an extended period. Your condo can be useful for housing staff associated with the university who are not sure of where they want to live yet after relocating to the area.

While they search for the perfect home for themselves, they can stay in your condo, which would be fully furnished with your things. You can charge more for this reason, because the people who stay in the condo will have most of the things they need to feel at home.

There are also students, perhaps married couples, who would like to live together in a home environment. They would be willing to consider corporate housing when the semester is in session.

So think about turning your condo into corporate housing during the months you are not living in it. The higher amount of money you generate by renting out your fully furnished home can help you pay down your mortgage faster.

   3. Turn it into a vacation rental

luxurious bedroom

The Philippines is quite popular with visitors from around the world. In 2019 alone, the country received 8.26 million tourists. That means you have the option of turning your condo in Katipunan into a vacation rental.

In addition to academic institutions, the area has plenty of other attractions that tourists to Quezon City will find interesting. These include art galleries and museums, churches and shrines, war memorials, shopping malls, botanical gardens, and parks.

For a home away from home, many tourists would be willing to pay to use your property. And that will enable you to generate extra income for other things.

Even if you don’t have the money upfront to buy a condo, do consider getting a mortgage. The condo that you buy can be a  good long-term investment. It will generate money for a long time to come even as it appreciates. And you can sell it afterward if that is what you prefer.

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