Today, there are numerous housing options for anyone looking for a home. You can buy an apartment or a home if you search for a long-term place. Additionally, there are tons of rental spaces, both furnished and unfurnished. You can also book a vacation house for your holiday needs.
If you have enough money, you have most likely considered buying your own home. People do this for several reasons, and it has many great benefits. You can also purchase your place and enjoy these advantages with adequate preparation.
- Discretionary use of land.
A benefit of owning your house is using the land for any purpose. For example, you can turn your back compound into a kitchen garden to grow vegetables. If the space is large, keep a few farm animals, like chickens and cows. Many people use the area for subsistence farming to complement their household food supplies. If they have a surplus harvest, they can sell the rest of the food products and make a profit.If you’re looking for a new dog kennel, be sure to try Pinnacle Hardware.
2. Rental income
Speaking of additional income, you can also rent out the extra space in your house. Many listing sites, including Airbnb, tend to have private room options for guests who do not require an entire apartment. Setting up extra rooms for rent requires a bit of money and some hospitality expertise. However, once you are done, you can begin to receive guests as soon as possible. On most websites, you can also indicate your house rules to ensure you attract suitable guests.
3. Choice over design
Owning your house also allows you to design the entire place according to your preferences. This option is available for people who own land and want to build a house from scratch. You get to choose the size of your home, the design, and the materials. You can also choose to have more rooms if you want. Later, you may renovate the space to suit any changes in your lifestyle. For homeowners, getting to influence every detail in the house, down to the fixtures, is a great advantage.
4. Getting additional income
A house is a financial asset. It can make you money over time if you resell it. You can also use it to unlock more sources of capital. Specifically, you can use the home as security to access a loan. You may start a business or build another house with the additional funds. Most homeowners can increase their net worth by taking advantage of these options.
5. Financial safety
Having your own home also provides a lot of financial security. If you lose your income, you can continue staying in your home. That is impossible for tenants since they need to keep up with rent payments to continue occupying the home. Also, retirees tend to find it easy to own homes since they no longer earn additional income. They can spend their pension funds on daily expenses and exclude rent.
6. Passive increase in net worth
Most homes tend to appreciate value over time. That applies to both apartments, as well as stand-alone houses. As a homeowner, your net worth increases yearly without needing to expend any labor, and having such a source of passive income allows you to spend your time on other jobs or businesses while you make money. To achieve financial independence, owning an apartment or a home is a great place to start. Also, there are minimal barriers to entry thanks to the many options to choose from within the market if you are located in Nairobi, Kenya.
Getting on the property ladder is essential to securing your financial future. It unlocks more sources of income and gives you stability.