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Friday, 4 August 2017

Houses for sale! Stands for sale ! - Are Zimbabweans prohibited to own more than one house or stand?

Lovely house for sale in Greystone Park, Harare.
There is an idea resident in some Zimbabweans' minds that there is a prohibition against owning more than one stand or house. What ever its origins this thinking is a root of a life of poverty hallmarked by a lack of ambition or drive. Meaningful financial prosperity must be based on owning at least two houses because this is the only way of beginning to do away with a life in which if one is to go on vacation his or her income would also do the same. The rational behind owning at least two houses is that one of the two will be your residence whilst the other a source of passive rental income. Residential properties to let are the best  because the need for a roof above the head is one that will never be quenched. With a rented house you do not need to do much in order to have income and if you are incapacitated your income will continue coming without any interruption. The idea that people are prohibited to own more than one immovable property is therefore a myth. This article will however, look into two factors that might have fertilized the conception of such a thinking.


City council housing laws.

Home ownership opportunities provided by the city or rural council that are offered under concessionary conditions are meant for home seekers so naturally the council becomes adverse to people with more than one house or stand who would want to purchase property from council schemes like housing cooperatives rather than from the open market. As a result by-laws that prohibit individuals who already have immovable properties elsewhere to buy property being sold under its schemes at concessionary rates were made. This however, does not mean an individual is prohibited to buy as much properties as possible in the open market.


Life style audits.

There are people for reasons best know by themselves who fear that they can fall foul of life style audits therefore, prefer to put the ownership of immovable property they purchase be it flats, stands houses in the name of an investment company or some trusted member of the extended family. I believe that some people might have construed this to imply that multiple property ownership is prohibited in the country. This however, is not so.

DISCLAIMER: THIS ARTICLE DOES NOT REPLACE THE ADVICE YOU SHOULD GET FROM YOUR REAL ESTATE ADVISERS.


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