Investing in a property is one of the smartest decisions you can make. There will always be a demand for real estate, with the value for these fixed assets only expected to appreciate over time. Unlike stocks, properties have intrinsic value and are not prone to drastic fluctuations.
There are different ways to maximize your investment’s property value. If you’re looking for a self-liquidating asset that will earn you more immediate returns, leasing your property is a sound way to create a steady passive income stream. Condominiums in prime locations with a secure and exclusive community are always in demand, as people want to maintain a certain quality of life while being close to work and other conveniences.
Acquiring properties with the idea of leasing them to tenants can drive smart investments. Here’s what you need to consider when investing in properties for leasing.
Smart Property Investments 101: What to Know About Leasing Your Property
The key to making good investment decisions is having a strategy for these properties. Are you looking to earn from long-term tenants or short-term stays? These will help you decide on the property that suits your needs.
Properties in strategic locations, such as those within or near a central business district, with top-tier indoor and outdoor amenities offer high appeal for potential tenants. Being enclosed in a diverse and exclusive community, along with access to other conveniences such as schools, malls, hospitals, and restaurants makes your property much more attractive for long-term leasing. These qualities also help raise the value for rental, as opposed to other developments.
Meanwhile, the market for upscale short-term stays has grown in recent years. These days, the most coveted properties offer the same hospitality standards as hotels while providing a unique, personalized touch. To attract prospective guests, your unit must have desirable features to offer such as a fully appointed space, luxurious recreational amenities, and impeccable service.
For elegant living spaces that offer high-end amenities, consider properties such as Proscenium at Rockwell and other premium Rockwell properties that offer spacious cuts, well-appointed interiors, and state-of-the-art features.
Maintenance and Upkeep
When deciding on a property investment, bear in mind that there are costs that extend beyond the amount you pay upfront. In order to ensure that you earn the right rental income, it’s important to account for other costs with maintenance and upkeep.
Your investment may come with regular management fees that help maintain the property’s pristine condition. Be prepared to handle other maintenance costs that come with your unit’s natural wear and tear as well. Before turning over your space to a tenant, inspect utilities such as sinks, toilets, and showers heads. Make sure that pipes aren’t clogged, your fire alarm is working, there are no leaks from the ceiling nor paint peeling off the walls. You can also check if all of your windows and door knobs are working.
Keeping your space in tip-top shape can attract potential tenants willing to pay premium rates for your condominium. If you’ve had your unit for a while now, it could benefit from a fresh coat of paint and some furniture updates.
Understand Your Target Tenant
One factor that can also drive your investment strategy is the type of tenant that you are trying to aim for. What a businessman or a corporate executive may find valuable in a unit may be different from what families look for in a property.
It’s important to know the kind of tenant you want to attract before deciding on a property to invest in. Study the foot traffic within the property’s location, as well as the areas near it. Are there schools nearby? Are hospitals, groceries, and banks easily accessible?
Knowing your prospective tenant can also help you improve your unit’s features. Families may look for apartments with two or three bedrooms, along with open areas that provide safe places for their children to roam around. Solo residents or couples may appreciate a good view of the city skyline from their window or balcony.
Different kinds of tenants may also be drawn to different parts of the metro. While executives will benefit from being near a central business district, families with kids in school will want to be situated near top universities, as well as an environment conducive for learning and growth.
Why It’s Smart To Lease Your Unit
Although leasing your unit can incur some additional costs compared to simply waiting for its value to appreciate, it can ensure a sizable steady income. With its elegant spaces, desirable locations, and a signature exclusive lifestyle, Rockwell’s range of condo units allow tenants to live in utmost comfort and style. These attractive features allow investors to earn lucrative returns on their properties, with a potential income of between 6M to 12M Php annually.
A highly valued property from a real estate developer is also strategic for diversifying one’s portfolio, as its credibility minimizes risk and ensures its likelihood to result in capital gains in the future.
You can secure your future through smart property investments. Once you have made your decision, let Rockwell Leasing be your investment partner. With a dedicated team of leasing and home specialists, Rockwell Leasing can provide you with full assistance and support in setting up your units for leasing, managing your property, and helping you find the right tenants who match your vision for your space. Register your units with us today and offer an extraordinary living experience to others. Visit us at leaseatrockwell.com to get in touch.