We all have had some experience playing Monopoly in our lives, if we haven’t owned the board game itself, then we surely have come across this game, either in a family gathering, a party or at the back of a McDonalds order. You will find in British culture; Monopoly is the board game that lives in the heart of civilians! But have you ever wondered, what Monopoly in real life would look like for you? Stay with us as we discuss, what you need to consider when owning more than one property.
What It Means To Monopolize
In order for someone to Monopolize something, whether it be an area or niche, they must have full control. For example, imagine if a single landlord owned all housing in your city or a tech giant owned all social media platforms, they are what you call ‘Monopolizing’ in its entirety. Having all homes owned on a street is also the equivalent. Imagine having your eyes on a new-built area and wanting to be in possession of all homes that reside on the block, you would be Monopolizing too.
Fun Fact About Monopoly
Did you know that Monopoly was banned from the Queens time from being played by the Royal Family? Apparently, players become too ‘passionate’, causing a stir between King Charles’s III family members. I think we have all encountered a similar situation where arguments have unfolded at the game site with the winner ending the game by gathering all their money and making it rain as a means of satisfaction.
The Benefits Of Owning More Than One Property
By owning multiple properties, you become advantaged by financial stability. You are able to easily put your surplus properties on rent and have another form of income to rely on, sooner or later, if you keep up with real estate, you can Monopolize a certain market, always remember to reinvest the money back into your property project for better returns. You also become recession proof once you diverse your income, maybe you ought to open a corner shop or a car wash. By diversifying your income you no longer have all your eggs in one basket, the eggs representing your income. So, incase of an industry crash, you’ll be able to hold your fort longer than the average person.
Things To Look Out For When Being A Multiple Property Owner
Evry industry has its ups and downs. In Real Estate, owning properties and putting them up to rent comes with the responsibility of tenancy management. The responsibility for you to successfully collect your rent requires direct contact with tenants. Sometimes tenants can become difficult in the sense of paying rent late or not paying rent at all. Sadly, these situations fuel TV shows like “If you can’t pay, we’ll take it away.” Also, in the UK, the police are cracking down on more 6-month renters, who end up growing illegal drugs such as cannabis, orchestrating an entire factory under one roof. It is always recommended to check out the property in person every now and again to ensure nothing of such nature is occurring.
In Islam, Muslims are liable for all assets that they possess in order to keep themselves accountable of what they have been blessed with. There is a mandatory charity known as ‘Zakat’ that all Muslims are obligated to pay. You can click on our Zakat Calculator to understand the tax payable for the goods you hold.
As we are aware, owning more than one property has both it’s pros and cons. It is important to be responsible when being a homeowner, ensuring you abide by the government guidelines and the law of the land you wish to own a home in. planning permissions must be obtained if extensions are on the cards, noise must be kept at a minimum low to respect the neighborhood, and maintenance must be adhered to for a safer and cleaner environment.
So, whether you decide to own one property or 10, always know your legal rights and ensure you prepare to the fullest to avoid any unwanted surprises. For now, happy Monopolizing!
