Is investing in real estate worth it? According to Ernest Bwambale, 66, a retired headteacher, the answer is most definitely yes!
Mr. Bwambale lives a comfortable life in Karugutu North Village, Ntoroko District. He has found joy in farming and real estate, as the Daily Monitor reports.
Serving as a headteacher and a part-time teacher in different schools, he saved enough to acquire a piece of land in Kasese as a retirement plan.
According to the Daily Monitor, Mr. Bwambale practised subsistence farming. He planted matooke, tomatoes, and beans on his fertile land. He sold the produce to his fellow staff, which helped him raise more money to buy more land and pay tuition for the kids.
“In 1995, I was teaching at Rwenzori. I was married with three children. My wife advised me to start a restaurant near the school. I would earn USh750,000 per term from cooking for students. I used the money to buy another plot of land and built a rental house,” he says.
Before retirement, the former headteacher told the Daily Monitor he had built rental houses in Karugutu, Kasese, and was also doing large-scale farming, from which he still earns.
He used part of his pension to purchase more land at USh5.5 million. He currently has approximately 3.5 acres of land that he cultivates. He grazes cattle in Karugutu, owns rental houses on two plots, and the other three plots he plans to develop in the future.
According to the Daily Monitor, he is still constructing more rental houses in Bundibugyo and Karugutu Town Council.
Investing in real estate in Uganda pays off because many people are looking for houses to rent, Mr. Bwambale says.
The teacher turned entrepreneur earns USh5.8 million from rentals annually. From his sales of cocoa in Bundibugyo and Karugutu, he earns USh4.2 million annually.
“People these days earn a lot of money. However, some of them spend it on luxury, such as expensive cars, that do not generate profits.” Young people learn to plan accordingly because the future is expensive,” Bwambale urges.
REAM MORE LIKE THIS: