A rental property is a good way to generate passive income. Condominium units, in particular, are financial assets that can provide financial benefits for years to come. The available condos for sale in Makati are good opportunities for prospective condo owners to invest, advertise, and lease the unit. Condo owners can rent out their properties at a competitive rate and receive favorable returns.
Here’s how to maximize a condo investment:
Know the Market
One way condo owners can maximize an investment is to think about their target market and the best way to reach them. They should consider whether the condo is meant for families or business executives, as well as the generation of potential renters. This will affect the type of platforms and media forms used to advertise the unit.
Fix the Unit
A well-maintained and designed unit allows condo owners to ask for higher rental prices. Owners can refurbish and renovate an old unit showing signs of wear and tear. They can increase aesthetic appeal by fixing up a condo and making minor design changes. These include cleaning the place thoroughly and adding design touches like a vase, fresh flowers, and scented candles. Improving appearance is a worthy investment as it allows the unit to appeal to potential tenants more effectively.
Advertising the Unit
For effective advertising, owners should capture their space well. They should use a high-definition camera to take photos of their condo’s interior. This should include pictures of the amenities offered by the condo building, surrounding gardens, and landscaped pathways.
An owner should talk about the features of the unit and provide relevant anecdotes when giving an open house tour. Offering information like nearby popular restaurants and the traffic situation can help potential tenants imagine what it will be like for them to live in the area.
Here are the advantages of owning a condo:
Condo living is more attractive if a condo is located in a busy metropolitan area. Owners will find it relatively easier to find tenants for their units. For instance, there is demand for condo units in Makati as it is a financial hub with the country’s leading financial and central business district.
The city houses some of the biggest and most advanced corporate offices, commercial businesses, and institutions. There are tall buildings, food hubs, and accommodations structures located all over the city. This creates traffic and transportation problems and increases the appeal of a place centrally located within the city. Employees who live away from the metropolitan area may decide to move closer instead of having to travel long distances to get to work every day.
High Resale Value
Condos often have a high resale value in key cities like Makati because of rising property sale values, inflation, improvements to a building, and the continuing appeal of a condo’s prestige and location. This way, condo owners can sell their unit without experiencing large financial losses.
Condo owners should remember the money they spend on research and advertising is minimal compared to what they may lose if the unit remains vacant for a prolonged period of time.