Looking to diversify your portfolio and investing for your future? Financially savvy millennials are getting into the Philippine real estate market—and perhaps you should, too. Why not buy a condo unit for rent in Manila? It’s a great way to spend money to earn more money because it turns you into a landlord who collects rent payment monthly. To test the waters, you can buy one condo unit first and evaluate the return on your investment. Once you turn a profit, you can then reinvest your revenue into another condo unit and grow your rental business. There are many benefits to buying a single condo unit for rent in Manila:
You have a lot of potential clients
Manila is home to a total of 12.5 million Filipinos, according to the 2015 census. This does not include people who just go to Manila to work or to study. Buying a single condo unit for rent in Manila opens up a lot of opportunities for investors to earn a regular income.
The key here is choosing the right location. Where should you buy a condo unit? If you want to target office workers, then look for condominiums near business districts. If your market is aimed at students, choose condos situated near universities.
High monthly income
According to Zipmatch’s data science team, the average rental price for a condo unit in Manila ranges from P10,000 for studio units to as high as P600,000 monthly for larger units in upscale buildings. It all depends on the location and the quality of the development. The rent goes up as the condo gets closer to high-end business districts.
It has a high resale value
If you want to cash out on your investment later, you can sell your Manila condo unit at a higher price. The development around the building can dramatically impact a condo’s resale price. As more offices and commercial establishments are constructed in that particular area, the resale value of your single condo unit can go higher. You might also want to look at condos that are within walking distance of the new Manila Metro Rail Transit and Mega Manila Subway stations that are being constructed in the metropolis.
You can save money on pre-selling units
If you don’t have enough funds for a down payment, consider buying a unit in a development that is yet to be built or is still under construction. It will be less expensive compared to condo units that are ready to use. The only downside is that you have to wait a few more years before you can finally rent out your condo.
Buy condo unit for rent in Manila to grow your rental business and get a good return on your investment. With a fixed rental amount being deposited in your bank account each month, you can now tick off those bucket list items that you always wanted to do be it travelling, adventure sports, or buying that luxury watch.
About the Author:
This article is written by Aakanksha Sangtani, working as an International Business Analyst at Housal Inc., an online platform for real estate, addresses unfulfilled needs by harnessing technology and bringing all-related solutions under one roof. For buyers, tenants, sellers, brokers, agencies or developers, it encompasses all their answers from property matching, listings, management, analytics and much more. Housal Inc. is the evolution of the real estate process – empowering the real estate industry for the future.