Building something for your own use? Or, building something for profit purposes?  The services of a construction company in the Philippines continue to be in demand because of overflowing opportunities that are awaiting to be exploited by business-minded people.

Chris, 31, has a 932 square meter house and lot but is undermaximized.  He lives alone and is now planning to convert a portion of his property into a rental business.

Chris is only one of the people who have the resources to earn from having their property available for rental.  Overseas Filipino Workers are also very eager to purchase a piece of land and invest millions of pesos in constructing multi-door apartments. Sounds like a retirement plan!

What fuels such a phenomenon?

Sunshine economy:  Rental Business

According to MarketPlace.org, single-family home construction projects in the United States declined, citing data from the Commerce Department.  According to predictions, the demand for new apartments will continue to increase.

Although no data is available for the Philippine market, we may expect the same trend as in the US. The increasing number of families, employees transferring to urban areas where opportunities are said to be abundant, and college students who are studying in places far from their homes–all these contribute to the demand for space or apartment for rent.  

Planning to enter the apartment business?

The capital may be mind-blowing, but the return of investment is almost guaranteed!  Here are some tips on how to start an apartment business in the Philippines.

• Finalize a Philippine house design and cost

Clean slate, start with a house design that is responsive to the needs of your prospective tenants.  Once the design is finalized, the cost for materials and labor will then be  identified.  Make sure you start this well by hiring a professional contractor that is adept at creating home design in the Philippines.

• Acquire necessary permits

The apartment may be situated at your personal property but make sure to process necessary permits as it is a business.

• Register the business

Needless to say, you need to register the business in order to operate legally.

• Get insurance for the property

Partly a requirement for the business, insuring the property will give you and your tenants a sense of security.

• Establish a lease contract with every tenant

This is business; an agreement has to be inked between you and the tenant.

Who would have thought that a simple house design in the Philippines could create a very good passive income?  If you have the land space and the money to use for materials and labor costs, why not call your construction company in the Philippines to get you started with an exciting journey?