7 Ways You Can Earn Passive Income from Your Condo
Having a passive income is everyone’s ultimate goal. Who does not want to earn money even as they sleep? A growing number of entrepreneurs are turning to real estate for a sustainable source of passive income.
If you already own a condo unit, then you should be all set. The Philippines’ booming economy and thriving tourism has made it a hotbed for rental income.
Read on for income ideas that will help you profit from your property.
Rent Your Condo Out To Students
A condo property located near top universities have proven to be highly profitable, as a good number of students live away from their home in the province to study in a good college.
These transient urban dwellers are on the lookout for a temporary home in the city and would appreciate the convenience of condo living. Modern young adults will love the accessibility of hangout areas. Moreover, they need to be in close proximity to their university to make up for a hectic schedule filled with classes, exams, social events, and many more.
Condo owners can also get reliable tenancies and attractive yields from an ever-growing number of international students coming to the Philippines to study, as the country has attracted a myriad of nationalities looking to improve their English language skills in an affordable location.
Rent Your Space Out To Urban Professionals
The Philippines has been experiencing a real estate boom. This is especially true for condominiums located in hotspots like tourist destinations and central business districts.
Urban professionals, for one, have been a highly lucrative tenancy market. These working adults, young or old, love the condos’ close proximity to their office and favorite places to unwind.
They also love the convenient amenities located right in the building such as gyms, recreational areas, pools, atriums, and the like.
They are also especially appreciative of the serene, resort-like ambience the properties provide, which help ease their stressful work life.
Moreover, these professionals have most likely invested in their own cars, and will find the available parking space very helpful. They may have already invested in expensive gadgets as well, making the added security in condo buildings highly essential.
Rent Out Your Parking Space
Did you know that you can rent out your parking space? If you have no car, or if you are leasing out your condominium unit to tenants who do not own one, you may opt to rent out your parking space separately.
You can even offer your parking space to your neighbors in the condo building. There are condo owners who cannot afford to buy a parking space just yet, and would rather just rent one for the time being.
You may inquire with the administrator’s office if there are tenants on the lookout for one. Just check with the property developer if they allow parking space rentals.
Join Condo Community Projects
Top property builders like DMCI Homes take the extra effort to make sure they don’t just sell properties, but that they provide condo communities that go beyond business goals.
Type A developers often aim to provide a better quality of living in the city, choosing to forego what would otherwise be an opportunity to sell additional units, allocating a large proportion of property sites to open spaces.
These are used for wellness-promoting amenities like landscaped gardens, basketball courts, playgrounds, gyms, and swimming pools.
In their efforts to become builders of communities, they also promote activities like bazaars and parties. These bazaars can become an opportunity for you to come up with an income-generating project of your own.
Rent It Out As A Vacation Home
You may have bought your condo as a second home or a halfway home in the city, so you don’t use it very often. Or you may have bought it as a retirement home, and it’s going to be a long time before you may actually need it. Or you may be living abroad and bought it as a vacation home, and would love to get some help paying for it.
If any of the scenarios mentioned above matches your situation, then you may want to consider renting your condo unit out for transient occupants.
Many people looking to stay in a city for a couple of days are more interested in having what feels like a second home, a place where they could cook and do the laundry and other such things. Or they prefer a place that offers more than just a room, and is complete with a living room and a kitchen, but still at the price of a basic hotel stay or even cheaper. Condo rentals are the answer, much more so because it also comes with the same hotel-like amenities such as swimming pools, landscaped gardens, and comfortable lounge areas.
Now put your resort-style condo to good use.
Sign Up On AirBNB
Another great way you can earn from your condo while you are not using it is by signing up with AirBNB. More than just making a profit, you also get to help other travelers. Plus, you get to open up your city to people who would like to explore it!
Listing your home is easy, and AirBNB will practically hold your hand throughout the process. The system will even help you figure out how much to charge. And you can have complete control over when you’d prefer to have your place rented out, with a calendar that lets you block out dates.
Make sure you fill out your profile with very detailed info. This will help you build trust with prospective renters.
You should also add a clear photo of yourself and get your account verified. And take the time to list down the amenities offered at your condo.
Condos rarely run short of great amenities, take full advantage of this.
Rent Out Your Couch
You can market your place out to travelers even while you live in it. Budget travelers are always on the lookout for an inexpensive place to sleep. And they won’t care if it’s on a couch, especially if it is offered in a welcoming home.
If you can spare a mattress and a sofa, you don’t only get to help these travelers out, you also get to earn extra income. AirBNB will allow you to list this service for free, arrange availability, and pick your guests. You can also sign up with Rentasofa.
More than just earning a profit, you also get a chance to meet interesting people.
About the author:
Jason Garcia has a niche blog for property leasing and real estate investment (investmentdad.com). He's been writing articles and advising readers how to secure and invest in homes and business and also has a varied background in real estate brokerage.