SHOULD YOU BUILD A HOME OR RENTALS?

Often times, many people find it difficult to decide on what to build on their plot of land. And the common question always is, should I build my home or rentals?
It’s a challenging choice to make, especially if you do not have good information regarding construction.
On the other hand, once you are equipped with enough knowledge on the available options, it will be easy deciding what you need, and consequently, planning on how to implement your wiches.
Below are a few factors to consider when faced with such a challenge.

Seek professional help
It is important you share all your construction ideas with your architect. Being a technical person, you will have a wide range of aspects to discuss that will lead you to a proper decision.

Costs involved
Get to understand the rough budget of each project you intend to build. If they are rentals or just a home, get to know how much each will consume in monetary terms.

Economic value
Rentals are built as a source of income, where by if they are complete, you expect to have at least monthly returns, so rentals in other words can generate you income that you can use to build your intended house.

Cultural and social values
There are cultures which consider it highly necessary to have a home before anything else, and besides culture there are still people who prefer building a home first, due to reasons such as privacy, comfort, prestige, social, political and family approval.

Location
The location will also give quick answers to what you can possibly build, a good example is: Rentals are of a high value in urban centres and the surrounding areas, and when built in villages, it will be a waste of money.
So take the issue of location and the surrounding seriously,
to make a decision that will be worthwhile.

Affordability
If you can afford what you intend to build, then it is easy to achieve it, so in this case, you need to know whether your construction desires are attainable or you need to build in phases to achieve these dreams.
After this assessment, you will be able to know what exactly you can afford and sometimes you will find the need to either scale down or upsize the intended project.

Size of land
This dictates the kind of structures you can build. If, for example, your plot is small, and you require many rental units, the solution will be building them storied and vice versa, so get to understand the size of your land in relation to your project description.
These pointers are not conclusive, but are meant to shade some light on the possible factors to look at before settling for a type of house to build.
However, there are several other factors that are not mentioned, and must you get caught up in this dilemma of deciding whether to build rentals or a residential house first take it easy and, look at all the aspects around you and where you will be in a few years ahead and determine what exactly you need.
editorial@ug.nationmedia.com

SOURCE: Daily Monitor

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