Renovating An Old Home In Makati and Leasing to Expats

On December 30, 2007 by noemi

BEFORE

old_makati_house.jpg
Old Makati House before moving in 1998

Renovating old homes are difficult. There is the attachment to the old design. An old house has character. If you look at our old house in Makati, the arch windows are no longer the trend but there is beauty in the old Victorian look. The balcony is so pretty that Nescafe wanted to use it for their commercial.

Having lived here didn’t make sense anymore for a family of four. The girls stayed at dorms in Quezon City. Maintenance cost ran high. The forty year old house was in dire need of repairs. We began hearing haunted noises which I attribute to the creaking wood. Lastly, it made more sense to move out and have it rented to expats at the attractive market rates.

The problem was renovation is expensive. We also had to consider the marketability of the house. Most expats preferred to have a swimming pool in their rented homes. This old house didn’t have any pool.

We solved the money problem by hiring the services of a Property Management Company where they took charge of all the renovation expenses. The catch is they get the rentals for at least two years. The following years till the 5th year, there will be income sharing of the lease. The problem of the pool was solved when they suggested that the balcony portion of the house (on the left side) be torn down.

After all the agreement was set in stone, the renovation took only three months. Here is the end result.

AFTER
makati_house.jpg
Renovated Makati House as of December 2007

When we finally visited our old home with the kids, they were dismayed. My kids were terribly disappointed at the new look of the house they lived for nine years. According to them, the house design looked too “ZEN’ which didn’t suit the round part of the house.

But as they say, we need to let go of the past in place of new experiences. Our new home is definitely more cozy and manageable.

9 Responses to “Renovating An Old Home In Makati and Leasing to Expats”

  • I agree with the girls. I like the “vintage” look of the house. It has that hacienda aura. The renovated version looks beautiful but there’s just something about an old house. But that’s just me :) .

  • Hi there,
    I’m an avid reader of your Wifely Steps blog & stumbled into this other blog site only today.
    My family & I are migrating to Perth in the next year or two. We live in an ancestral house in Fairview, QC with 2 studio & 2 apartment units within the compound. At first, my husband & I were contemplating of getting relatives to move in our house & manage the rentals for us. But on second thought, that idea might just end up in family squabbles. So I am now thinking of having a property management company handle it for us. Would you know of a property management company who would be interested in a QC property with a potential income of P600K per annum? I would like to start scouting for one. Thanks & Happy New Year!

  • Ooopps, sorry I meant your Touched by an Angel blog site.

  • @dexie- I agree too. no choice but to follow the market or else the house will rot and crumble.

    @joji- this property management company I know handles Makati Villages only. I will research and let you know.

  • im looking for home renovation orhome improvement services, like painting and kitchen re looking pls any idea!! you a great site here!!

    happy new year !!!

    :)

  • How much did the renovation cost? Did you have to replace ceilings, etc?

  • wow! nice house you have there. ^_^

  • very expensive. like the cost of your planned home purchase.

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