{UAH} Italian homes

Frank Mujabi,

Do you remember I wrote here about how I became a victim of the housing collapse when the Spanish developer I had bought a house from collapsed before the house could be completed? It took almost 5 years of intense campaigning and court action to get the Spanish government to compensate us.

 Since then, I had given up on investing in property.

But this week, I have got tempted again by a programme I have watched on property investment in Italy. There are really very beautiful seaside  houses selling for £70,000 - 150,000. I am seriously thinking of buying one and may go to Italy next week to view.

The idea behind this is to use the house mainly as a holiday home, renting it out to holiday makers, especially during the summer Months. The going rate for a holiday home is circa £350-500 per week. If the house is rented for half a year, ie 25 weeks, it can earn anything between £7,000-15,000 per annum, meaning I can recover my capital investment and break even in 7-10 years. This is impossible here in the UK and completely impossible in Uganda. And in 7-10 years, the value of the house would have gone up, probably doubled by current trends and projections. 

Investing in property was badly hit by the bank collapse which triggered the housing crisis, but I think the situation has stabilised and property is once more the less risky avenue for investing.

I wasted a lot of money when I was younger, but now I am beginning to think of investments that will earn me a regular income when I am retired. I don't want to rely on the state pension alone. 

Bobby. 

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