Are you eyeing the possibility of investing in a condominium unit? One of the more effective ways to make the most of your extra room is to rent it out. Nowadays, you can opt to choose from these kinds of tenants:
1. The Backpacker
This is one of the newer kinds of possible renters, and one with the shortest stays. As long as you have something they can sleep on, they’re willing to pay for an overnight stay or more. An advantage for this kind of renter is that you can take them in only when you want to or when you feel the need for income. There may be a possible security risk, but that can easily be resolved by using only secured online travel apps and rental sites to promote your condo for rent in Cebu.
2. The Lessee
This is the most common kind of tenants these days. Normally, they’re either students or employees who pay to stay for at least six months. Their monthly payments will require a deposit, an advance, and proper documents. Unlike an overnight traveler, you can acquire a more stable income from this, but at the expense of your own privacy. This can be solved by creating practical house rules.
3. The Prod Team
Ever wondered how photo and video production companies shoot indoor scenes? Sometimes, they rent actual rooms, buildings, and houses. You can offer your condo to production firms, but make sure they take care of your possessions and everything else in your home. Also, ask that they pay for your temporary board and lodging elsewhere while they’re in your condo unit. This should be apart from the payment you receive from their use of your space.
Keep in mind that you’re still the owner of the unit, so whoever stays is up to you. You have the right to require documentation and paperwork, but you are also responsible for maintaining cleanliness and advertising vacancies in between tenants. Having these options for earnings can make condo ownership a truly wise investment.