The empty house or condo is a situation that many OFWs face. Lured by property agents, some of our OFWs end up acquiring their “dream” homes through big ticket housing loans with the hope that this “investment” will generate regular income for them through long-term rent.
Unfortunately, many of these hopes do not translate into money right away. Leaving the house unoccupied for several months or even years.
Imagine the monthly amortization you are paying plus the other expenses and costs that incurs regularly since purchasing it.
So if you have a tenant who has just moved out and for whatever reason there isn’t a new one moving in, what can you do as a landlord to make money from your empty house? Here are some of my recommendations.
Renting it out to Film Location Managers
Depending on the type of your house or condo, you may be able to rent it to a TV or a film crew to use in their production. Film production a growing industry globally and this is even thriving in the Philippines. Many movies, commercial ads, and telenovelas use ordinary homes as sets and production crews find it cheaper to rent a house than spend for a construction of a new set.
You may get in touch with location managers of various companies like ABS-CBN, Viva Entertainment, GMA Films, ABC Development Corporation, Film Armada, etc. You may also look for Location Managers on LinkedIn and propose your house to them as a film set.
This option is good if your property is in a good location. Although some filmmakers do not mind the location as long as they like the house for their production.
Short Term Rentals
Houses and condos can now be rented for short term rentals via the now increasingly popular web platforms such as Airbnb or Booking.com.
Instead of renting out your house to someone as their “permanent” home for months or years with a fixed amount, you can rent it to someone staying in your house for a day, week or a few weeks.
The main disadvantage of short term rentals is that there is no real guarantee of regular renters of your property but it can be a risk worth taking.
One of the units I am renting out via Airbnb has been earning at least P20,000 a month. And this average is mostly from weekend bookings only.
Of course, you will need to furnish your house with at least some basic furniture and appliances to attract guests.
Rent it Out as A Workshop or Seminar Venue
Your condo unit or even your house can be a good alternative venue for workshops or seminars.
One my friends and Pepot and Dora co-author Des Feliciano, uses the home of her aunt for her art workshops. Not only is the house more comfortable for this type of workshop, it is also way cheaper than renting a venue in a business district.
Another friend of mine, who’s also the publisher of my books The Adventures of Pepot Kuripot and Dora Gastadora and Cyberpreneur Philippines, has converted their condo unit into an art studio. He and his wife Anne rent out the Pagejump Media studio for various small group events and workshops. It also serves as a video and photoshoot studio for film producers, visual artists, photographers, etc. You may get in touch with Pagejump via their Facebook page for details.
Rent Out Your House, Garage, or Garden as a Wedding Reception Venue
Have you spent a lot of money already on the aesthetics of your home. Don’t worry, that might be the best investment you have made yet for your property. Many wedding organizers and event planners look out for wedding reception venues or for photo/video shoot of their clients.
We personally met an entrepreneur in Marikina who has a fairly big house with a very nice garden. It has a big garage as well. Realizing that the garage is spacious enough to hold parties, they decided to rent it out for wedding receptions. Their nice garden has also become a favorite place for pre-nuptial photoshoots.
It Doesn’t End Here…
The options to make money from your property are not limited to these. There are surely many other ways for your property to generate both active and passive income for you. You may just need to do more research and apply some creativity to discover them.
Do you have any other suggestions to earn money from unoccupied or unutilized real estate property? Share them to your fellow readers by commenting below.
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I know someone who lives near a mall, walking distance. Her kids moved out so the house was too big for her and her husband. She rented out 3-4 rooms to employees working in the mall, plus children of her friends looking for a place to rent.