Since people can’t just wait for the upswing in the price of condominium properties, some ways help increase their value. This guide is to prevent investors from spending on the wrong things. The easiest way to profit from rental properties is to make sure that vacancy is avoided at all costs.
Increasing the value of any property is more than just making upgrades. Remember that the purchase is an investment that helps build wealth and financial freedom. It is apparent for an investor to feed the mind with multiple ways to increase their net worth and keep their portfolio with lucrative choices.
Maximize the space and condo design
Say someone invested in a ready for occupancy condo in Makati, Salcedo Square, it is way better to make sure that it is well-furnished so the unit owner will only worry about proper marketing. It saves a unit owner from getting renovation requests or design complaints from renters. It also keeps future tenants from negotiating their way to getting a much lower price.
Add or increase the storage space
If the condo is intended for a long-term stay, tenants will choose a place with enough storage to maintain cleanliness and order. Built-in cabinets and bigger closets are a plus to encourage a tenant to consider staying longer. A suitcase can’t replace the closet and plastic wares can’t replace drawers—temporary solutions will not make the place look good for the long-term as it would all just look like clutters.
Play on the light and fragrance
It makes it all enticing for people who are looking around to see a well-lit, and good-smelling space. It plays with the senses, which can influence their decision. People cannot see the beauty of the space when they are not shown and highlighted.
Invest in high-quality appliances
Durable appliances made by known brands save an investor some time, effort, and money. This prevents having to look for technicians who need to fix the Air-conditioner, paying maintenance charges, and saves them time in having to look for missing parts.
Revamping a rental property is more than just making it pleasing to one’s senses. It also justifies the price.
Market research
Thoroughly understanding market changes and trends helps a person gauge reasonable prices on property investment. This can be done proactively before a purchase. For example, the neighborhood demographics in Central Manila where there are thousands of students is different from Central Business hubs like Makati and Taguig City where mostly business professionals prefer to be located.
Keep in mind that rent is not easily increased. Appliances depreciate, annual property taxes increase, demand increases, and inflation happens. Fair price helps cushion an investor from losing revenue.
Usually, the increase will only happen after one duration of the lease agreement. Being up to date with the market price is a must to make sure that a property is fairly priced. Market research protects an investor from losses. So, studying the competitors in the area and gauging how the neighborhood is faring should allow an investor to get a better view of the economic health of the perimeter where the property is located.
Tenant Screening
Unit owners lose a lot of money when they come across bad tenants who do not keep their end of the bargain. Looking into a prospect’s ability to afford the value of the property is always a wise move. The risk falls on the investor when a system in choosing tenants is not in place, so requires a background check, proof of employment, and even a credit check. List the non-negotiable requirements including security deposits, and do not look past red flags like unstable employment history, criminal history, and even evictions. These need to be done especially when someone is looking to put a luxury property out in the market.
Screening tenants requires work, but it will avoid payment issues and mitigate financial risks—the wrong choice creates drama and poses a threat to a condo owner’s financial health. A tenant who has not paid for a month or two or rent is likely to do it again. It’s okay to give a person some time, but business is not about bleeding dry.
Look into shorter-term rental
This is not a wise move right now, but once the exodus from COVID-19 spots is over, short-term rentals will be in more demand because the Philippines is a country that attracts millions of tourists.
Others might shun this opportunity, but being open to short-term rental (e.g., 6-month lease or 1-month lease) can increase revenue to as much as 10%. One would put on a lot more effort when it comes to cleaning and maintenance, but the price is better than long-term rental.
This plan could happen conveniently since Vista Residences Leasing Services is there for investors to partner with. The team offers “worry-free leasing and management”.
Maintenance
Sometimes people overlook the simplest thing that can be done to put more value to something, and it’s about cleaning. This is all about preventive maintenance. In most condominium properties, smoking is not allowed.
Worst case, a smoker signed up as a tenant for 6 months. Scheduled maintenance allows the unit owner or property management to inspect the property and get a clear view of what’s happening inside. Cigarette smoking inside the condo brings no good to the property, the tenant’s health, and the next renter’s decision to choose the place for long-term or even short-term stay.
Ensuring the quality of paint, plumbing, pest control is a different story. In case the property management found a student as a tenant for a condo unit of Pine Crest in Quezon City, then cleaning services are a plus to ensure that the renter is well-taken care of.
Vista Residences Inc. already made sure that properties are in prime locations with a Property Management arm as partners for onshore or offshore investment. All the properties that have been built and are ongoing are state-of-the-art and built skillfully. Property depreciation will not happen fast, and the company is here from building to maintenance to ensure money’s worth.
Vista Residences is the condominium arm of the country’s largest homebuilder, Vista Land & Lifescapes, Inc. that offers ready for occupancy and pre-selling condominium projects in Manila, Makati, Mandaluyong, Quezon City, Ortigas, Baguio, Cebu, and CDO that are strategically located within major cities, in close proximity to premium universities, transit oriented locations and developed business districts.
At Vista Residences, unit owners can take advantage of the property’s centrality. The properties of Vista Residences are strategically located near the country’s premium universities and CBDs, making them an attractive investment for both local and foreign investors.
Living in Vista Residences enables you to enjoy convenience, where everything is pretty much within walking distance or a few minutes away from the property; comfort because the project features and amenities are designed to deliver comfort at all times, which makes condo living a worthy investment; security that is 24/7 and CCTV monitoring, which makes the residents safe and secure within the property.
In line with Vista Residences’ thrust to offer convenience among its residents, it also features an AllDay Convenience Store and Coffee Project in all its projects.
For more information on Vista Residences, email [email protected], follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.
