One of the best joint investment options for couples is real estate. There are many benefits that you can get when you opt for this decision with your partner. Here are some of them:
- It can provide consistent income. When investing as a couple, there are various things that you must consider. One can decide to purchase a home or land for the future. When buying land, you can build a residential home or use it for commercial purposes. In this way, the land purchased for commercial use with eventually generates income for both of you.
- Increase in value. Couples opting to invest in land eventually get to benefit since land appreciates in value and in turn, it might be a source of income for their family.
- Give you active investment control. Purchasing a property such as land helps couples control what they earn as they can save and store the money in form of investments which might come and save them in times of need in the future.
4. Protect you against economic risks such as inflation. Inflation increases the property value of land therefore in investing as a couple, you are able to buy land at much more affordable costs than in four or five years. Inflation may eventually cause the property’s value to rise, potentially resulting in more money being made when the couple decides to sell the property.
5. Partnering with your partner in investing is advantageous because it can raise your credit score, allowing you to qualify for a larger property purchase than you would if you applied for the loan alone.
6. You can open a joint savings bank account with your preferred banking partner as a couple. This facilitates budgeting and money management, as well as better management of your general finances.
According to clergyman, Bishop Anthony Ndichu, gives an example of a couple in which the wife is good with people and the husband is good with details. While the husband will use this characteristic to carefully analyze potential investments, the wife can use her people skills when negotiating contracts and signing up new clients or tenants.
“When the husband and wife do not share a common vision of what they want their lives to look like in the future, then any investment option suggested by either partner will fail due to lack of spousal support,” Bishop Anthony states.
“No matter how hard you try to convince your spouse to let you invest in real estate, their interests will always lie somewhere else if you lack a common vision,” he adds.
Couples should always strive to be transparent with each other in all of their investments and work together to create a shared investment vision.