For our kababayans here in Qatar who want to start a passive income, starting an apartment business is one way to do it. But it can be overwhelming if we have no idea how it’s done.
To succeed in your goal of putting up an apartment properly, make sure to do your research and deal with reputable contractors. Working with legitimate and licensed professionals will give you peace of mind, especially if you are still abroad. While these may be more costly, you know that the outcome will be worth the expense.
Disclaimer: The information posted here is based on the personal experiences that the OFW shared on the video. Please let this post serve as a guide only. If you have specific questions, you may ask the OFW by commenting on their video on their accounts.
Get Valuable Information Before Starting an Apartment Business
By now, most OFWs realize the income that they can generate by putting up an apartment. So, it should not come as a surprise that some of us are saving up to start an apartment business.
In this YouTube video by Janice, you can get useful tips on building an apartment no matter what stage you are at. By knowing these nuggets of wisdom, you can prevent delays or waste as you begin your apartment business.
Take a look at these tips:
Know the land where you will put up an apartment
If you are planning to buy land or have an existing property, you should determine whether it is appropriate for building an apartment. The location should be convenient and near a place of work, school, or public transportation.
Should you own a piece of farmland, you should understand that it might not be viable since it is quite far from the commercial areas.
Do your research
You need to know all aspects as much as possible before you start an apartment business. For one, you could find out if there is a big demand for apartments in your area. You should also be aware of the regulations regarding the building code and have an idea of the design that will allow you to maximize your budget. Before you start the construction, you should also get to know potential contractors because they will be the ones who bring your dream apartment to fruition. Make sure to hire reputable contractors. They might be more expensive, but the quality of their work will be worth it.
Be ready for the expenses
Constructing an apartment will require that you shell out money. This includes paying your contractor on time. After all, they will also need some funds to start the project. Thus, it is important that you monitor their work. If they deliver according to schedule, then your payment should also be on time. But if they are always delayed, then you should consider your options.
It is also important to note that the money you set aside for building the apartment should not be used for other expenses.
Hire A Consultant
If your budget permits, you can hire a consultant to make sure that the construction goes according to plan. You can get an engineer to check the quality of the work, especially if no one in the family is knowledgeable about construction. The consultant can oversee the critical aspects of the construction and will also check the work before turning it over to you.
Do a Dry Run
Once the project is turned over to you, it is recommended that you live there for a few days. Doing so will help you get a feel for the place. You will have an idea if there are certain aspects that need to be improved, such as an additional canopy or ventilation. In addition, you are assured that everything in the apartment is in good working condition.
If you cannot do the task personally, you can ask someone else that you trust to do it for you. What’s important is that you have assessed the livability of the unit before you offer it to a tenant.
Get the necessary permits
Some of the permits that you need are a building permit and the mayor’s permit. These are important, so you can avoid getting penalized. Ask your contractor for the building permit, while you as the apartment owner will obtain the mayor’s permit.
Even before you start the construction, you can also visit the city or municipal hall so you can get an idea about the requirements you need. You will also be able to prepare for the corresponding cost of getting the permit.
Promote your apartment
While you are still working on the apartment, you can spread the word about it. Join community groups where you can announce your apartment’s availability. You can also take some time to learn how to get promotional shots of your apartment building so it looks good online.
When you start receiving inquiries about the apartment, you should also take this as a chance to screen your possible tenants. As much as possible, you don’t want to have problem tenants. You don’t want to get tenants who pay their rent late, cause drama with other tenants, or do not take care of the unit they are renting.
Inspect the unit before turnover
When you have found a tenant who meets your requirements, you need to accompany them to inspect the place before they move in. Prior to the turnover, you and your tenant should see the unit and check if everything is in good condition.
Always monitor your apartment business
Once you get a tenant for your apartment, you should remember that your work doesn’t stop there. Although your business generates passive income, you are still expected to stay on top of the situation. You should know how much you earn and how much you are spending to keep the apartment running. You should also know when maintenance is due or if there are repairs to be made.
Last but not least, the vlogger also reminds you to always pray for the success of your business. If you entrust your business and tenants to the Lord, they will grow and prosper.
If you are planning to put up your own apartment business, you can also ask other people you know about their experiences. In this way, you will have more ideas regarding the possible challenges and rewards that you will encounter.
You can watch the full video here: