Stop Wasting Money: Why Building a Retirement Home While Living Abroad Is a Bad Idea
As more Africans living abroad invest in building large retirement homes back home, many are starting to question whether these grand projects are truly worth the expense. With caretakers becoming the primary beneficiaries of these properties, critics argue that building lavish mansions while living abroad is impractical and financially wasteful.
The Hidden Beneficiaries of Retirement Homes
For many Africans abroad, the dream of building a large home in their home country is deeply ingrained. But for most, this dream comes with an unintended consequence: the caretaker left in charge often becomes the real user of the property.
The legal owner, who spends most of their time abroad, only visits the property once a year for a few weeks. Meanwhile, the caretaker enjoys the home year-round, often reaping the benefits of a newly built and pristine property.
“The caretaker enjoys the house in its prime condition, while the actual owner may only return years later when the house is outdated and in need of maintenance,” one analyst remarked. “By then, the style and appeal may have faded, leaving the owner with a shell of what they initially envisioned.”
A Financial Drain
Many critics are pointing out the impracticality of building large homes that go unused for most of the year. There are numerous cases where owners have poured money into constructing massive homes that remain empty for years, sometimes even decades.
One such story involves an individual who has been building a 12-bedroom mansion for the last nine years. While the project is far from completion, the owner is currently renting a small room in the United States, with no immediate plans to return home.
Experts warn that these projects often take far longer to complete than anticipated, and by the time they are finished, the designs are often outdated. “What was once a stylish and modern home becomes obsolete, leaving the owner with the difficult decision of whether to renovate or settle for less,” one architect commented.
A Cautionary Tale
In 2018, a 43-year-old man living in the U.S. tragically passed away from a heart attack. He had been working 16-hour days to fund the construction of a 9-bedroom house in his home country.
Unfortunately, he never lived to see it completed. His family later sold the property because it was too large for them to maintain. This story is not unique—many Africans abroad work tirelessly to build these large homes, only for their families to sell them after their passing.
The Psychological Impact of Building for ‘Status’
Psychologists suggest that many Africans abroad feel pressured to build large homes to maintain a certain social status back home. However, the result is often a life lived in financial strain abroad, with the dream of one day retiring in luxury. “Many are so focused on the future that they forget to live in the present,” one financial advisor noted. “They invest in these massive homes but sacrifice their quality of life while abroad.”
The Wisdom of Downsizing
In contrast, retirees in the Western world often downsize to smaller, more manageable homes as they age. The question being asked now is why Africans abroad continue to build large homes that they may never fully enjoy.
“It’s about time we rethink our approach to retirement and consider more practical and financially sound options,” said one critic. “Instead of building mansions, why not invest in experiences, or smaller, more functional homes?”
While planning for the future is essential, experts warn that it should not come at the expense of living in the present. Investing in retirement homes while living abroad may not be the best use of one’s resources, especially when those homes are left empty for most of the year. As one financial advisor put it, “The future is a probability, but the present is all we truly have.”
As more Africans abroad reconsider their long-term investments, the trend of building large, unused retirement homes may soon become a thing of the past.
