My husband and I are planning to built our own house and stop renting.my friend thinks this is not a smart choice and she believes that we should instead build houses to rent others.the house I have rented is not spacious enough .the land we own can only be built a residential house but not flats for renting.my husband is employed and for now he cant afford money to buy another land and build rental houses at the same time.do you think buiding our own house now is a bad idea or should we invest our money in an income generating project? I am 26years of age whereas my husband is 32 years and our son is 3 years of age.thanks
Keep in mind that renting to others means becoming a landlord, which could be a lot of responsibility. If something goes wrong in the middle of the night, you're tasked with fixing it. If someone can't pay, you're going to be stuck between a rock and a hard place, and might have to evict and sue. If someone's injured on your property or just really dissatisfied they could take you to court. It can be a lot more work than you might think.
Contracts are serious stuff and its easy to miss things that will come back and bite you in the behind. Build something for yourselves and be happy not having to be responsible for other people's actions.
I think you need to sit down and figure out what you can afford - if you can afford to build your own house, I say go for it. I think it would be a great experience for you and your husband, lots of choices for you to decide together and can improve your communication skills as a team. Just make sure you aren't going to be too tight with your budget though. Maybe you and your husband should sit down at the table and figure out the pros and cons of each option and take it from there. It's best that you two make the decision because you know whats right for you and what you *can* afford. Good luck! :)
I think you should build me a house.
Of course. For free... ^_^