OFW Condo Owner? Here’s How You Can Set Your Unit For Rent While Abroad
Overseas Filipino Workers (OFWs) spend months, if not years, abroad to work and earn enough for their family’s future. But as we all know, working overseas is not that easy and glamorous as we used to think. Just being away from our loved ones for long periods of time, not to mention having to work in a strange country, can eventually take its toll on anyone, especially for us Pinoys who are usually close-knit as a family.
That’s why many of our OFWs are constantly thinking of ways to earn on the side even if they are working abroad in the hopes that someday, they’ll be able to save enough, be financially stable, and be able to stay here in the country for good. And one of the money-making ventures many of our OFWs turn to is renting out a condo—which is actually not bad at all considering the high demand for condo rentals in recent years, thanks to the growing number of BPO workers wanting to live near their workplace, expats looking for a place to stay in the country, and “staycationers” looking for a posh place in the metro.
If you’re an OFW who owns a condo and you’re planning on renting out your pad while you’re abroad, here’s how you can set it up so that you can earn money on the side, and at the same time make sure that your investment is protected while you’re out of the country.
Know the developer. As you might have already noticed, condominium buildings are popping up everywhere in the metro every year. This only means that there are probably hundreds of developers out there — some are reputable, some are not, unfortunately. So make sure that your hard-earned money is invested in a property built by a developer like DMCI Homes that has an impeccable track record in the industry.
Location, location, location. As with all real estate investments, location is one of the most important factors in choosing a property. That’s because the location can greatly affect not only the value of your investment but also the attractiveness of your condo to potential renters. Some of the questions you should always ask yourself before investing in a condo unit include: Is it near a business district? Is it accessible to restaurants, banks, schools, supermarket, and transportation links, etc.? Does it have a scenic view? If the answer to most of these questions is yes, then you’re on the right track.
Know your market. As earlier mentioned, BPO workers, expats, and staycationers are some of the people who are aggressively hunting for condos to rent. So make sure that your condo is properly furnished according to your target market’s needs to make it more attractive.
Know the market value of your condo. So your condo is now ready to be leased or rented. The next step is to know how much people usually pay to rent a unit in your area. All you have to do is ask around — in your building or in your area — how much people usually pay to rent a unit. This way, you’d be able to determine how much you’d ask for the monthly rent and know how much money you’d earn.
Advertise your “product” on the Internet. Many potential renters and lessees rely heavily on the Internet to find a place. Take advantage of this and post your “product” on reputable market sites and social media pages. Remember to take clear pictures of your condo and highlight its best features. Also, create an engaging description so that you can lure in more potential tenants.
Prep your condo. Make sure that your unit is completely ready for occupancy before striking a deal with a tenant. With “ready for occupancy,” it means that everything is clean, the furniture are all set, and there are no damages (such as busted pipes, peeled wallpapers, squeaky floorboards, etc.) in the condo unit.
Consider short-term rentals. With the popularity of sites like Airbnb, short-term rentals are one of the hottest prospects for landowners nowadays as it can widen your target market. Foreign and local tourists, OFWs on vacation, and “staycationers” are just some of the potential clients if you consider short-term rentals.
Set aside a budget for maintenance. The good thing about renting out condos is that it’s not as costly to maintain as actual houses as you only have to worry about small things such as leaky pipes and burned out light bulbs. But still, as an OFW landlord, saving money for emergency maintenance is important so that you wouldn’t have to be burdened with unexpected repair costs, which commonly happens during the rent period.
Sign a lease agreement. You and your tenant should put everything — from payment terms to the duration of the lease — in writing where every aspect of your agreement is enumerated, and then sign it. This will protect you and your tenant from damages in cases of dispute or misunderstanding.
Save, save, save. The whole point of this business venture is for you to earn more and possibly save more so that you won’t have to go back overseas to work. So make sure to set aside even a bit of the earnings so you have something to fall back on financially once you decide to stay here in the country with your loved ones for good.
Owning a condo is definitely a good investment, especially for an OFW. It allows you to generate extra income even when you’re working abroad. If you’re looking to invest in a condo unit, DMCI Homes is definitely the best option. Located in strategic parts of the metro, you can be sure that everything is easily accessible. Plus, DMCI Homes Leasing’s platform can make renting easier and safer for you and your tenants.