My response to the @Indiaunited Contest Theme- : "My Best Financial Decision"
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That's true, through our life we keep making good and bad choices about everything and that also includes finance. We do not always make good decision with money, though money being important we end up making bad decisions. For me I have always suffered with my investments in stock market and made many bad decisions in stock market. So I am very skeptical with my financial decisions as such.
A couple of years back me and hubby decided to build a holiday house. My idea was to use it as a holiday home for self and also put it up on Airbnb. So with that idea, I wanted to make it big. Hubby and Son were not much in favor of it. They were not against my idea, but they thought it would not work and that it would be waste investing that additional amount. I somewhere felt that it will do well and it will be our family business.
As a family, we brainstormed on the pros and cons, I made a detailed clear plan on return of investments against putting up on Airbnb or keeping it just for personal use, which then would be small and the money invested would also be less. Finally after many discussions, both of them agreed to go ahead. It is now 2 years that my holiday home is running on Airbnb, and it's become a source of income for me. If I would have built it just for self, I would have had to bear the regular maintenance cost from my pocket, plus the investment of constructing it. Now that's it's on rentals, I recover my maintenance completely from the rentals and also make some additional profit. It will take some years for me to recover the complete cost of the building, but somewhere I will recover.
As a family we now all agree that this has been a good financial decision we have made. We are getting a regular income of it, plus the maintenance is taken care from the rentals, we are not incurring any additional expense from our regular income on it. We also have a holiday home whenever we want to use it personally. Property appreciation is there which is also profit for us. In future if ever we want to sell it, we will have profit, because the place is upcoming, when I purchased there was barely anything here, and now the place is building up.
At that time I was also thinking if my decision is right or wrong. With this success, I am already thinking if I should have one more property investment :-)
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