Houses bought in Nairobi tend to be residential homes that the owners want to move into after the purchase. This is often due to work or school, especially if you have a family. However, this is not the only function or purpose that your home can serve. If you are considering buying a house in Nairobi, there are several other uses you can have for your home. A house is an investment because it requires a significant amount of money to buy. Therefore, it is likely to increase in value over time which makes it an asset. If you have bought houses in Nairobi or are planning to buy one, here are alternative uses to consider.
Personal residence
One of the best uses for a home in Nairobi is to actually live in the house. While living in the city definitely has some drawbacks, it also has many advantages that are difficult to ignore. For instance, it is the best option for people working within the city for they get to live close to their workplace. That way, they avoid a long and exhausting commute to the city and back home every day. Traffic jams tend to occur all over Nairobi during rush hour. This can cause long delays for people leaving the city which makes their commutes longer. If you live in Nairobi instead, it will take you less time to get home.
Long-term renting
You would also rent out your home if you prefer not to live inside the city. That is especially if you work outside the city, or prefer a life in the suburbs away from the city. You will easily find a tenant who needs to rent your home over a long period. Also, use a reputable real estate company to put your home on the market and advertise it to potential clients. By doing this, you can make extra money from the rent payments and enjoy the additional source of income.
Short-term leases
Not everyone who lives in Nairobi is looking to stay in the city for a long period. Some residents book short stays in various parts of Nairobi for different purposes. One reason is that they are in the city for short assignments and are in need of a place to stay for that duration. You can furnish your house in Nairobi and rent it out for short periods to these guests. Other clients who need Houses for a short amount of time are those who are in the city on vacation.
Just like those who visit for short work assignments, these types of residents are also not looking for a permanent place to stay. They also tend to prefer the flexibility and amount of space available in houses as compared to hotels. Making your home a vacation rental will need some initial investment in the beginning as well as funds for maintenance and any cleaning services. However, it will also make you some money over time.
Commercial renting
Renting out your Nairobi apartment does not have to be limited to residential purposes. Many companies and businesses tend to use furnished homes for commercial work like shooting adverts and other forms of content creation. Doing this is especially easy for people who have fully furnished their houses because the clients will find it easier to use a space that is already prepared. Some costs that may be incurred in such a venture would be hiring a property manager who can oversee proper use of the house to make sure it is well-maintained between shoots. Other than that, expenses are likely to be low and infrequent which increases one’s profits.
Financial equity
You can use your home as security for a loan or a mortgage with the bank. That tends to be the case for most homeowners who want additional funds to start other projects and increase their real estate portfolio. An asset like a house increases your mortgage or loan limit. This gives you access to more capital for other projects you are working on.
Conclusion
The city of Nairobi is found in a central location that is easily accessible from other parts of the country. Additionally, it is undergoing rapid growth in the market of real estate, making the field a lucrative one to invest in. The city attracts residents from all over the globe, some of whom are looking to find a good home to live in while they are in the country. The city is also a major tourist attraction and the first stop for tourists looking to visit a number of destinations in the country. As a result, you will find a variety of uses for houses bought in Nairobi.
