We all want to live in mansions isn’t it? Imagine a triple storey house with 10 bedrooms, 2 kitchens, tennis court, basketball court, entrance hall, swimming pools, theatre rooms etc.
Who would turn down such luxuries? Eeeh be honest lol
So those who speak against mansions just do not have the money right? To a great extent YES. A case of sour grapes, if you cannot afford it, then speak ill of it!
However within our community of ZBIN, we have a good number of rising entrepreneurs in different sectors of the economy with the fastest rising entrepreneurs involved in mining. So give the forum a few years and many will have joined the multi millionaire band wagon.
So to future millionaires, is a mansion a worthwhile investment?
For bragging rights Yes, however;
- You cannot rent it out,
- It’s difficult to resale as those who can afford to buy it prefer building own mansions,
- Mansions are costly to maintain and quickly lose value when poorly maintained,
- It’s tricky for banks to accept mansions as surety given that they are difficult to sell and recoup lost funds in case of default,
So in essence a multimillion dollar mansion can be a liability which only satisfy your ego but in real sense wasted monies.
High Rental Income Zones
Simple 4-5 bedrooms in Chisipite, Groombridge, Alex Park, Mt Pleasant and Highlands can earn rentals of 10% per annum with most coming from expats and company executives. The close location to private schools, shops and other amenities makes these areas more attractive. However they are unlikely to rent in mansions worth $1m and above.
Investment Options
- Can your mansion be turned into offices in future?
- Can it be converted into a lodge?
- Can it be a conference centre?
- Can it be converted into a school or college?
In the developed world, mansions especially those owned by celebrities are easily sold, but in Zimbabwe, there is no such a market. So think carefully about this when your time to splurge on a dream mansion comes.
Make sure you have budgeted enough funds to complete the mansion for if you fail to complete it, it can take you decades to sell it.
The author holds no grudges against the wealthy, infact the message is congrats and enjoy your funds.
