One of the things that can grow a marriage is looking for opportunities to indulge in things that make both parties happy. Buying a new home can be some of the most expensive spendings that happens in an individual’s life, so it’s important to feel secure with the decision that’s being made. You have to make sure that your decision to invest in getting a house doesn’t alter your long-term obligations. As newlyweds, you want to go for that house that will benefit your taste. Nothing beats the joy of meeting friendly new neighbors in a serene environment that will now become your neighborhood. Here are a few tips as you go through the process.
Considering Financial Strength
It is essential to consider your financial strength as a couple before taking on a project of this magnitude. Newlyweds usually have a bucket list of cost implications on projects they want to embark on together. They may have even drawn a scale of preference. It would be best if you were confident that getting that dream home will not hamper your other financial obligations, else the joy that came with getting the house could get sour soon.
Prioritize
Getting the wrong home or one in a neighborhood that would later not appeal to you can infect your happy marriage with sadness for years. You can’t compare purchasing a home and buying electronic appliances because, unlike the former, you can quickly return the electronics if there are issues or replace them altogether. Getting a house is cost-intensive, and you need to explore before diving into just any option. The first step in getting a home is to determine what your priorities are. Some of the things to consider are:
The size and design:
Newlyweds hoping to build a big family will go for a bigger size.
How commutable the road is to your office or good schools for your children.
Are there other friendly kids in the neighborhood?
What perception of the general environment do you get as a first impression?
Are the taxes on properties low here?
How about crime rates in the area?
The newlyweds need to make a detailed list of what they want in an ideal home and narrow their search accordingly.
Doing your research
After making a detailed list of your preferences, the next step is to do some finding out. You can get pretty much all the information you need online. Many real-estate sites collect information on properties globally for your research purposes. Some of the pieces of information they give amongst others for each house are:
The pictures of the interiors, exterior, siding, and surroundings;
The actual sizes of what you see in the picture, and
The potential cost of the home.
Check out for long-term value
Sometimes, after all the care put in place to get the ideal house as newlyweds, you discover that what you settled for was not exactly what it seemed during the research process. Having an aura of happiness around your home with your wife is key to making the marriage bond stronger. So, if your new house isn’t offering you what you need, maybe it is time to think of moving out before you start having issues in your marriage. There is a way the discomfort can rub off on minor family issues, and things quickly get aggravated. When buying your first house, you need to make sure it has a long-term value if you have to sell it again. Reselling a home doesn’t necessarily mean you are having issues there. It is possible that your job is relocating you to another country or you need a change of environment after some years.
One of the things that can grow a marriage is looking for opportunities to indulge in things that make both parties happy. Buying a new home can be some of the most expensive spendings that happens in an individual’s life, so it’s important to feel secure with the decision that’s being made. You have to make sure that your decision to invest in getting a house doesn’t alter your long-term obligations. As newlyweds, you want to go for that house that will benefit your taste. Nothing beats the joy of meeting friendly new neighbors in a serene environment that will now become your neighborhood. Here are a few tips as you go through the process.
Considering Financial Strength
It is essential to consider your financial strength as a couple before taking on a project of this magnitude. Newlyweds usually have a bucket list of cost implications on projects they want to embark on together. They may have even drawn a scale of preference. It would be best if you were confident that getting that dream home will not hamper your other financial obligations, else the joy that came with getting the house could get sour soon.
Prioritize
Getting the wrong home or one in a neighborhood that would later not appeal to you can infect your happy marriage with sadness for years. You can’t compare purchasing a home and buying electronic appliances because, unlike the former, you can quickly return the electronics if there are issues or replace them altogether. Getting a house is cost-intensive, and you need to explore before diving into just any option. The first step in getting a home is to determine what your priorities are. Some of the things to consider are:
The size and design:
Newlyweds hoping to build a big family will go for a bigger size.
How commutable the road is to your office or good schools for your children.
Are there other friendly kids in the neighborhood?
What perception of the general environment do you get as a first impression?
Are the taxes on properties low here?
How about crime rates in the area?
The newlyweds need to make a detailed list of what they want in an ideal home and narrow their search accordingly.
Doing your research
After making a detailed list of your preferences, the next step is to do some finding out. You can get pretty much all the information you need online. Many real-estate sites collect information on properties globally for your research purposes. Some of the pieces of information they give amongst others for each house are:
The pictures of the interiors, exterior, siding, and surroundings;
The actual sizes of what you see in the picture, and
The potential cost of the home.
Check out for long-term value
Sometimes, after all the care put in place to get the ideal house as newlyweds, you discover that what you settled for was not exactly what it seemed during the research process. Having an aura of happiness around your home with your wife is key to making the marriage bond stronger. So, if your new house isn’t offering you what you need, maybe it is time to think of moving out before you start having issues in your marriage. There is a way the discomfort can rub off on minor family issues, and things quickly get aggravated. When buying your first house, you need to make sure it has a long-term value if you have to sell it again. Reselling a home doesn’t necessarily mean you are having issues there. It is possible that your job is relocating you to another country or you need a change of environment after some years.
Landlords should often expend significant time and effort in other to build financial security and ensure their properties are providing a return on investment. This can be done if you enlist the help of a qualified and capable property manager, or by yourself if time and convenience permits.
Here are a few property management tips we recommend for landlords.
- Be meticulous about tenant selection
Ensure that you find the perfect candidate that can save you a significant amount of time and money later on because it is cheaper to keep a good-quality tenant long-term than it is to spend time and money on re-advertising your property and cleaning up after, or even evicting low-quality renters, not to mention the risk of having a property without income if a new occupant is not available immediately after a previous tenant has vacated the property. With this in mind, selecting tenants should be a significant priority for every successful landlord.
- Get the lease right
For complete peace of mind, have a professional draw up your lease in consultation with yourself; whether that professional be a lawyer or a property manager. A trusted professional will know the ins and outs of what is allowable and proper to ensure you’re not caught out during any future conflicts with your residents. Pay particular attention to the clauses that outline your rights and responsibilities.
- Be smart and responsive about property maintenance and repairs
Landlords are responsible for ensuring their properties are safe to live in, therefore being responsive to any concerns raised by the tenants will confirm to your tenants that you are willing to uphold your end of the lease, which makes them less likely to cause avoidable problems for you down the line.
- Find the right property manager
If choosing tenants is important, choosing the person who’ll be interacting with them is more so! A good property manager will provide you with regular reporting and clear communication and will be able to take you through the established protocol for any tenant-related situations that may arise.
What is a Short Let?
A short let is any property that is rented out for a specified period of time. Just as the name implies, it is usually let out for a short period of time which could range from weeks to months. It could include self-con rooms, two-bedroom or three-bedroom apartments, bungalows, and even duplexes.
Investing in a short-let apartment guarantees a consistent income from owned properties with the privilege to sell if need be. There is a massive gain from an increase in the property value over time due to changing demands in the area; even if the property does not undergo any changes, the value may rise significantly over a few years.
Let us delve into the benefits of owning a short let home in Nigeria. Property owners can make money without limits from short lets. There is a regular demand for it as there would always be business travelers in need of an affordable and comfortable place to stay while they are away from home. Short lets give property owners the opportunity of having an alternative source of income when they are not in the country or in the city for a period of time.
They can let out their apartment temporarily and make money from it until they return. The most significant benefit of owning a rental property is that the renters provide a direct income stream. There is no limit to how much money one can earn from owning a short-let home; depending on the season and time of the year, a three-bedroom duplex can fetch the owner as high as N150,000/ day, and that is being modest.
Short lets allow flexibility as the owner can decide how long he wants the tenants to occupy the property. Starting a short let business is a good investment opportunity for people looking to earn extra income from their property. It is a real estate investment plan that enables you to earn massive profit by investing in a real estate property, developing it, and letting it out for short periods of time.
The need to invest has been widely spread over the years, however, a good number of people still underrate the power of a good investment. To put it in context, the term “investment” is somewhat vague to people who believe they have nothing to do with handling large sums of money. A good number of people are not financially literate enough to know that they do not need to be rich to participate in investment plans.
An investment plan is like the cure to the ailment called “financial instability”. While growing up, I used to hear my parents’ friends talk a lot about buying shares in some companies for their children. Back then, they made it look like investing was only for the elite. I saw this as the reason why my parents never bought shares like their friends, my parents were comfortable, not elite.
Several years later, I took it upon myself to educate the masses on how to make investments as an average-class citizen or a low-income earner, because everyone deserves to earn from investments.
Before you read further, it is important you know that as a low-income earner, your plans must involve investing smartly in quality investments and not just quantity, in order words, search for investments that offer valuable returns instead of higher returns, this is a secret you don’t find just anywhere.
Now, as a low-income earner, there are three things you must do as a low-income investor;
1. Save: There are several reasons why you must save before investing. It is best to automate your savings so that you don’t forget to save a percentage regularly. Imbibing a saving culture can contribute massively to your investment plans as a low-income earner, you would not have to depend solely on your income to make investments and when you finally make an investment, you would not be terribly affected by a risky or low return investment.
2. Settle Debts: For better results upon investments, analyze your lifestyle and the things causing you debts. When you have identified them, figure out a way to manage them. When you receive your income, put away a certain percentage for your emergency saving, then settle some of your debts, that way, you have the freedom to invest without constraints and worries.
3. Consider Your Future: Naturally, every investment made is a plan towards the future. Your investments could be towards a relocation plan, a plan for your children’s academic fees, or even your retirement plan. Considering what you wish for your future will make it easier to know the percentage of your income you wish to invest.
With these simple and straightforward steps, investing even on a low budget can be made possible and achievable, it is never too early or too late.
We will be sharing platforms and other avenues you can invest in subsequent articles. Thanks for reading.
