There it is. The keys to your shiny brand new condotel which your agent has just dropped into the palm of your hand. Finally, after years of hard work, the payoff is within your reach.
But wait, there’s more. As soon as you enter the reception and the front desk greets you, you realize that you have a wonderful opportunity in your hands. Keeping your condotel occupied all year round means potential benefits on your part. One good thing about a property that is always occupied is that it
Like any purchase, proper planning can lead you to maximizing the enjoyment of your property. So as a brand new owner of a condotel, here are a few tips on how to maximize your condotel use.
1) LIVE IN IT
Of course, the number one thing you can do to maximize your condotel is to actually live in it. Think of the many amenities that your condotel building has to offer. You can have 24/7 security to keep you safe, a fully furnished condotel unit your family can enjoy, a gym where you can keep healthy and a library where you children can learn.
And most condotels are located in premier destinations. You can enjoy majestic views and access to tourist locales that will make you the envy of other homeowners.
2) RENT IT OUT
The other side of the coin is to actually rent out your condotel. For example, you might love the idea of living in Tagaytay but you may need to still work in urban Manila. Do that your property gets used, you can put it up for rent so you receive rental income from your property.
You see, the same thing that attracted you to the property is probably the best selling point to would be renters of the place. The same amenities and destinations are what makes it a great option for renters. This is especially true for condotels in high traffic tourist destinations.
Imagine a weekend away from the hectic pace of Metro Manila. People crave that kind of thing. And because they crave it, they would pay good money for it.
3) USE YOUR CONDOTEL UNIT AS COLLATERAL
Need a quick infusion of cash? You can use your condotel unit as collateral so that you can have a quick line of credit from the banks. As any astute businessman will tell you, you cannot pay everything up front with cash. You are liable to lose out on great opportunities in the marketplace.
The great thing about condotels is that they are usually situated in prime locations and are well maintained and with those come better appraisals. This means you can get more money from your credit line, giving you better financial wiggle room.
4) USE IT AS AN INVESTMENT
Again, you have to reiterate the fact that condotels are in prime locations. This means that over time, the property’s value increases.
A few years down the road, something that you own might just be significantly more valuable for you to sell. Just check in every so often to check if your investment is still in good shape and you are good to go.
5) COMBINE ALL OF THEM
The great thing about it is that there is no one way you can go about this. You can stay during the season (or the off-season if you prefer) then rent it out while using it as collateral. All the while, your investment keeps growing and growing.
If you play it right, owning a condotel can be very profitable for you.
Whether you live in it, rent it out, use it as investment or collateral, or maybe even all of the above, owning a condotel is wonderful experience for you.
Good thing at Tagaytay Clifton Resort Suites, you can have your cake and eat it too. Be a proud owner of one of our condotels by contacting us today.