This archive report was first published on 2 January 2020.
Published on January 2, 2020, by SYOVATA NDAMBUKI
Property ownership is often viewed as owning a goose that lays golden eggs in the African context. However, what if your investment is a constant source of stress, conflict, and financial woes?
Joseph Wambua, a property owner, found himself in such a situation after retirement. He had invested in several properties, including two homes in Nairobi and the village, but they had become a source of misery. Weeds had overgrown his village home, and encroachers had taken over his property, causing conflict with his neighbors.
According to Jackline Nyaga, a real estate professional, there are two types of value when it comes to property: monetary and sentimental. When people live in a house, they grow attached to it and develop sentimental feelings towards it. Selling a home or property that has sentimental value is a terrible idea, as it can lead to regrets in the long run.
Wambua agrees, stating that property with sentimental value bear your family history, your identity, and memories. Therefore, selling them can lead to broken families and a loss of identity.
However, there are situations that favor selling property. Market trends, for instance, can affect the sale of your property. Selling during an election year can be challenging and frustrating, as few people are willing to invest in property. In such scenarios, it's advisable to hold on to your property until the market offers better opportunities.
Jackline and Wambua also warn against selling property to solve problems. Some people turn to selling property every time a temporary problem presents itself, settling debts, educating children, and going on vacation. However, this can lead to a trap of selling everything off to solve problems that could have been solved otherwise.
It's essential to exercise discipline once you become a property owner. Holding onto property is easy, but letting go can be challenging. However, there are times when you're better off selling than keeping your golden goose. If you bought a land at Sh50,000 in the 90s, and its current value stands at Sh10 million, selling it may be a welcome thought if you do not intend to develop it or live in it.
Ultimately, property ownership requires careful consideration and planning. It's crucial to weigh the sentimental value, market trends, and potential returns before making a decision. As Wambua puts it, 'You're not only selling your identity, but you're also disregarding other shareholders involved.'
