by Ricky Publico, on category "Personal Finance"
November 25, 2019
They say you can always make money in the Philippines if you’re smart about it. That can’t be farther from the truth. You can start a small business or invest on something profitable while you’re working a full-time job, like most adults do. You can also earn passive income by converting your home into countless property investment opportunities out there.
That’s right—your lovely home can provide you with extra income. If you have been blessed to own a large home, a condominium, or any piece of property, there are more ways to use them than just living on it. Make your home work for you with these worthwhile opportunities.
The most common property investment out there is to let someone share it with you. Tenants are always on the lookout for places to live, especially in business hubs like Ayala and Ortigas. If you have a property in those areas, take this opportunity to earn passive income by welcoming bedspacers to your spacious home. The more the merrier, as they say.
Of course, screen your tenants before accommodating them. They will stay with you for a long time, so it’s best to establish at least a casual relationship with them.
If you don’t like the idea of having a tenant for a long time, choose to house short-term tenants. How? By becoming an Airbnb host and having your lovely home listed as a temporary paradise for travelers. Hotels and motels can get really expensive, that’s why Airbnb listings have become a popular property investment in the Philippines since they launched in 2012 (1).
Many homeowners have already converted their spare homes and properties into Airbnb listings, mainly because it’s easy to apply as an Airbnb host. You can set your own prices and the number of days and guests that are allowed to stay in your place. You can also set ground rules on how they should use your amenities. In short, you’re in charge.
Plus, you’re sure to get quality guests since Airbnb users are required to verify their identities. No random stranger will stay on your Airbnb home. If you’re still on the fence, you can use the Airbnb calculator to see how much you can earn from being an Airbnb host.
Read more: 8 Tips for First-Time Hosts on Airbnb App
Another great property investment is to rent your property to business and startup owners. If you have a spare garage, you can have the space rented out and let a business set up shop there. If you have a spacious condominium, let startup founders rent it so they can conduct their business there. You can probably get freebies from them if you play your cards right.
It’s a great way to earn passive income, mainly because you can see how they’re earning their payment every month. It’s like you’re part of their success, and you also benefit from it.
People are always on the lookout for places where they can host events and gatherings. Put your property investment in the hat by listing your beautiful home or condominium as an event place. Your property may not hold a hundred people, but it can probably accommodate a big group. That’s good enough for large groups like a book club or a gaming event.
Just make sure your home is wide enough to receive at least 20 people. Don’t overload your house with large crowds because they might end up costing you more in house repairs.
What if you have a skill that’s worth sharing to others? Share your knowledge to others while charging them money by hosting seminars and training on your property. Hosting students and trainees in your home is a great property investment since you have the space to facilitate their learning while also nourishing their minds with wisdom and skill.
Start investing on learning materials like school supplies, blackboards, a projector, and other learning materials specific to the skill you want to teach.
Since the Telecommuting Act (2), coworking spaces have become a popular trend in Metro Manila. Why not convert your property into one and house freelancers and entrepreneurs looking for great working spaces? You’ll definitely get patronage if you live in a crowded city like BGC or Pasig. You’ll also get a huge demand if your property is located in the province.
All you have to do is provide a lightning fast internet connection and some basic amenities like free coffee and smoking areas. Watch your coworking space become a massive hit.
You can also rent out your home to professional and aspiring filmmakers, especially if your property is located in a secluded or tourist-y area. Try offering your home to various scouting managers, especially if your property investment is located in the heart of a busy street or a bustling subdivision. These are ideal locations for soap operas and local movies.
If you can manage to pull the right strings, you might see your home in a future episode of Ang Probinsyano. Because honestly, that show will probably run forever.
This one will definitely pool in profit after DILG announced that they will ask Congress to make a “no garage, no car” legislation (3). If you have an extra space for another car on your garage, you can rent it out to those who don’t have one. If you live near a mall, you can also use your front yard or garage as a parking space for mall goers looking for cheaper parking rates.
Property investment in the Philippines can get lucrative real fast. It’s best to know when to capitalize and how you can adapt to trends. Give these property investment opportunities a try and you’ll definitely earn as much money as you want without spending too much effort and money. Be smart about your investments and most of all, enjoy the ride.
This article was created in partnership with Airbnb. Sign up as an Airbnb host or visit their website at www.airbnb.com to learn more!