There is this general notion that your personal house is a liability and not an asset. This may be true elsewhere, but in developing countries like ours, your personal house is also an asset.
Below are some of the steps to convert your personal house to become an asset that can earn you money.
- Ensure you have all the necessary papers such as Certificate of Occupancy etc.
- Find out what should be the ideal rent on such a house, if you were to rent it.
- Place this rent on your house and compel yourself to pay this rent to yourself on a yearly or quarterly or monthly basis as it is convenient for you.
- Deduct this rent from your monthly income as if you still pay rent. The joy is that, this time, you are paying to yourself.
- Invest this money in shares, or use it to develop another property.
- You can also use your house to obtain a loan and invest that loan in profitable ventures. This step is not advisable for anybody (working or retired) who cannot manage such funds profitably.