In a thriving leasing market like Metro Manila, an increasing number of property investors are choosing to become landlords. However, not all properties (or people) are suitable for this. Here is some helpful advice you will need by the time you decide whether to lease or not.
Anticipate your expenses
Do the math. Calculate all of the expenses you will deduct from your rental income, such as mortgage payments, utilities, upkeep and repairs, condo fees, and so on. You must also deal with income tax as the owner of a rental property firm.
Furnished condos are very popular among expats and millennials, so you will need to spend some money on furnishings as well. You may be able to demand a greater rent for your property, but keep in mind that sofas and bed frames can become damaged, so you must bear the cost of repair.
Learn about your target market
Different tenants have different needs. It is simply a matter of knowing your potential renters so that you may properly prepare your rental home. Keep an eye out for families with kids, who usually only need a comfortable sofa and bed frames. And, because their children’s safety is their main priority, they will almost certainly urge you to remove breakable objects from your property nevertheless.
Make your listing eye-catching
A visually appealing listing might help you attract the best home tenants. You can post on social media platforms like Facebook Marketplace and Carousell, where properties are also being sold and advertised often today.
Get a property manager
Because managing the property yourself takes time, you may want to consider hiring a property manager. Condos typically have a property management office that can handle this for you for a fee of 10% of the monthly rent. It’s up to you to renegotiate. As long as the property is well managed and tidy, you don’t have to worry too much.
For more details and for your real estate needs, visit Elanvital Encalves or contact its sales at +63 9271440196.
