Ownership, they say, is nine-tenths of the law. This is simply because something in human nature inspires them to keep acquiring more, not necessarily having any real idea what to do with it. In Philippine real estate, this is also a possible scenario. Some have two properties when they only need one. Thankfully, as with anything else a person might potentially own, there are ways to make use of – or get rid of – a Makati condo that one no longer wants or needs.
Sub-leasing
For properties like a Makati condo, sub-leasing is a viable option. The owner still retains full ownership of the property and all the responsibilities that entails. In a sub-leasing option, he allows someone else to use the condo as living space, rather than let it go to waste. This other person essentially rents the property from the original owner. This can only be profitable in some exceptional cases, but most of the time, it lessens the burden of having to shoulder all of the costs of the condo unit. In many ways, this arrangement is no different than that of living in a Makati apartment. It’s also possible to use a house this way.
Sale
The other obvious option in dealing with unneeded property, be it a house in Makati or a vacant plot of land, is to sell it. The Philippine real estate market is always ready for new properties to be sold, and there are going to be buyers eventually. This counts even for a Makati condo, though sometimes that is more difficult to unload. This method provides the benefit of making a profit off of the property, which can be welcome for many in these difficult economic times.
Unusual uses
Some people find that using a Makati condo or apartment as storage space – as opposed to living space – is a workable solution. This is, of course, highly unusual since it seems like a waste of the unit or room. Some people who do this find it economical and space-saving for their own home. Another option is to keep them as spare living areas, for an instance when getting to one’s home proves difficult. This can be very useful for people living in one city but working in another, particularly during the rainy season in the Philippines.
Ultimately, there are a number of ways that someone with one Makati condo too many can handle the situation. Selling and sub-leasing are the obvious choices, but sometimes other ways to make use of them can be more practical, depending on one’s situation.
