Owning a condo as your home in the heart of a prime commercial spot is a dream for many. As an urban professional, acquiring a unit as your temporary or permanent residence has many advantages, including its nearness to its office, many amenities, and security, among others.
But while residing in this property is a much-needed sanctuary for most city workers, condo investment is also one of the most profitable passive income ideas you can seize. By doing this, you can earn from your property even while keeping yourself busy in your day-to-day job.
Condo as an investment
Here are some ways to turn it into one of your passive income streams.
Rent out for students/workers
Students and professionals wish to free themselves from commute hell, particularly in Metro Manila and other key cities in the country. They want to save time, money, and energy from the long queues, traffic jams, and crowded public transportation. Seize the condo for rent earning opportunity by offering monthly or any other rental terms. Just make sure to check the background of your potential renters to avoid problems in the future.
List on Airbnb
You can also register your unit on Airbnb and other websites or social media group chats catering to tourists looking for lodging. Many tourists prefer staying in a condo rather than a hotel because of its cheaper and cozier atmosphere, especially if it is near tourist destinations and has many amenities.
Find a co-owner
If you have a limited budget but are eager to earn from property acquisition, you can own a spacious condo with a friend or family member and rent it out. Of course, your income is split depending on the percentage of your “share” in the investment. This method is excellent for beginning investors who want to tap the growing demand for condo rentals and has close friends who are more experienced or have more money and time to invest.
Hire a property management professional
Many potential investors are holding back from these passive earning opportunities because they need more time and property management skills. If this is your case, you can find a competent person to handle your investment. You can also find a reliable person within your family, circle of friends, or professional network who can do the selling, paperwork, and other day-to-day tasks.
With a wide range of available passive income opportunities for property investment, you can add more sources of income for your financial future. To succeed in this endeavor, you need to choose the hottest and most profitable ones. Buying a condo is a good investment, especially if you acquire it from a leading residential property developer like DMCI Homes.
Seize this great income opportunity to meet the needs of the ever-rising demand for residential space for students, professionals, and tourists. But keep in mind that condo investment comes with huge risks, like any other business venture. It would be best to equip yourself with education and lots of research about due diligence, marketing, and financial management, as well as other information on generating a steady flow of income without leaving your current job.