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How to get started with renting out a property

( | Updated September 8, 2016 - 12:54pm

  Renting out a property is a great income opportunity. clncy Project/CC BY 2.0

MANILA, Philippines – Renting out a house or a condo makes sense because it is a great way to earn good passive income. Who wouldn’t want to earn money without practically doing that much?

It’s not also that difficult. For one, investing in a property has become easy on the pocket with competitive prices and attractive payment schemes that real estate developers are offering in the market these days.

It’s also convenient to advertise a rental property. You can just simply go online and get in touch with a property listing website where people can easily find your property.

But there are things you need to consider as you get started with this business. Here are a few:
1. Are you ready to be a landlord?

While earning passively through a rental property often looks easy, being a landlord is not as simple. You will have responsibilities and need to carve out some time from your routine to fulfill your obligations.

As a landlord, your responsibilities include maintaining your property, building rapport with your tenants, arranging the paperwork and collecting payments. But if you don’t have enough time to take care of these things but still want to make money from a rental property, consider having someone—a family member, relative, friend or a professional property manager—take care of the business for you.

2. Does your property look good?

The look and feel of your house, apartment or condo can make or break the deal. So, to make sure your property will attract the right tenants, make some preparations (and be ready to spend some money for this purpose).

Clean up, de-clutter, decorate or do some repairs before advertising your rental space. Are there leaks? Are the doors and locks working properly? Are there any cracks on the walls and ceilings? If the property is old, you might want to consider renovating it to make it an attractive livable space again.

And if you’re looking at buying a brand new space to let, consider location and value for money. For example, you can already make an investment for as low as P30,000 down payment with Deca Homes without compromising quality and comfort.

Just remember to factor into the rental fee the monthly payment and all your expenses on prepping your rental space, along with the upkeep and the cost of possible missed payments.

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