Five tricks to own a house before your career ends
What you need to know:
- How about turning that attractive house you own but don’t live in into an Airbnb facility?
- Does that house sit on land that has a good view of a lake, a wildlife sanctuary and other physical features, or is it deep in the countryside where clients can retreat to unwind and make some memorable experiences?
- It could be along a hiking trail or in a place with a serene view. You don't have to break the bank to put up modern edifices as you convert it into an Airbnb.
Today, the internet is awash with young people in employment who are looking for financial advice. One of the most common questions is, how can I save enough to build that dream house or retirement home? Going by some media reports, it is easy to conclude that many people have pieces of land, but they have been unsuccessful in developing the land because they live from paycheck to paycheck.
Granted, the journey to homeownership is not easy. No wonder many have resorted to building in phases depending on availability of finances, especially when they are unable to secure loans. Here are a few ways you can realise your dream of owning a home.
If that piece of land is in a strategic place, it will certainly attract businesses of all kind. Suppose a firm is looking for a place to put up a godown, a depot or a franchise of their expanding business and you happen to own that place. Here, you'll be making money yearly without doing anything, and while doing so, your land will be appreciating in value. And because that firm is a popular brand, there's no doubt other businesses will be attracted to the place too. If your piece is in a place with erratic network connection, think of a telco company as your customer and lease it for that mobile phone tower. The returns are guaranteed to be on the high annually. Similarly, you can lease to religious organisations for places of worship, schools or other facilities.
Your piece could be bordering the highway or a busy route. How about turning it into a parking lot? Your target could be long distance transit vehicles or matatu saccos for overnight parking. You will be surprised to see this venture attract secondary businesses like carwash services, mechanical repairing and spare parts shops. And, what’s more, private parking fees are different, always higher, from what respective authorities would charge if such vehicles were parked within precincts of the authorities’ operation.
How about turning that attractive house you own but don’t live in into an Airbnb facility? Does that house sit on land that has a good view of a lake, a wildlife sanctuary and other physical features, or is it deep in the countryside where clients can retreat to unwind and make some memorable experiences? It could be along a hiking trail or in a place with a serene view. You don't have to break the bank to put up modern edifices as you convert it into an Airbnb. You can be creative in terms of furnishing and interior decor, and focus on selling it as a unique vacation home.
Think of a log cabin high up the trees or a unique African themed house that gives the visitor the unique blend of tradition and modernity in architecture. Your clients are looking for a home-away-from-home experience.
There's one thing that stands out about billboards along highways – they're designed to capture one's attention from far. If your parcel of land is not far from the main road or highway, think about approaching a company or corporation that specialises in outdoor advertising.
With arable land fast diminishing due to population growth, areas that were once food secure have become food deficient. In some rural areas, large farms have been parceled out into minuscule plots which have in turn been turned into residential estates. Consider doing research on innovative farming techniques for maximum yields. With technological innovation, an eighth of an acre can yield much more food produce than an acre. A greenhouse in a small piece holding would give much more than an acre of an open field. The trick is to know the market well and do value addition to your products.