YOU may have heard so many discouraging stories about people who have been conned out of their life savings, but my advice to the Zimbabwean Diaspora is that brick and mortar still represents a viable investment option back home.

If you struggled with dy over dx when you were in high school, then like Warren Buffet, you are best advised to stay away from what he called “Weapons of Mass Destruction” which masquerade as the derivative markets.

There is something novel about an investment you can behold, touch and feel. Remember every investment has some risk associated with it. Just ask the various individuals and British pension funds that are invested in than monstrous oil company, BP. Within a few weeks of the oil leak in the Gulf of Mexico, 40 billion pounds was wiped off the market capitalisation of the company.

Risk in property development should just be managed like any other investment. If you are one of those Zimbabweans who went into the Diaspora to achieve certain economic objectives, remembering why you are there keeps you focused, even if everyone around you is engaging in conspicuous consumption frenzy.

For those who did not have access to large bank a loan, building your own house is not rocket science and still presents a viable wealth accumulation mechanism which beats most savings plans.

It is well and good to aspire to live the rest of your life in Borrowdale in Harare when all you can only afford right now is Seke Unit 4/Budiriro/Mufakose. Or desire to be in Morningside/Matsheumhlope/Burnside in Bulawayo when your current earning station is screaming Nkulumane/Njube/Magwegwe/Luveve.

Dreaming is good, but start with what you can afford to do now given your present levels of income. If you are coming from far away with no means to verify everything before purchase, stay away from un-serviced stands, they are cheap for a reason.

To manage risk, use transparent legal processes. When you purchase your stand, you could save yourself an additional 30% extra expenses agony if you just have an affordable quick soil test done to determine whether you are going to need a special foundation or not. Since we muddled up ZISCO as a nation, steel which is required for special foundations has become quite pricy.

Use a professional to estimate the quantities of materials you will require to complete your house. This would allow you to budget for it and have saving targets. There is nothing like specific goals to inspire a saving plan.

Once an architect has done your housing plan and the council has approved it, you can get the ball rolling by contracting out the setting and digging in your absence. You can also procure bricks from any of the major supplies in your absence. The quantities are pretty easy to validate. Put a double temporary wooden structure on site, one room for the supplies and the other room for the caretaker. Split your building project into manageable phases. Procure your supplies per phase to be completed, it minimizes pilfering.

If you must employ a project manager, pay them also for time-bound delivered milestones. I have seen some Diasporans making the fatal mistake of pouring thousands of dollars into a contractor’s account and hoping for the best. Throwing money at problems is the fastest way to heart ache.

You should structure your contract with the builder to pay for completed phases not fixed monthly payments. You are not the United Nations, so do not try to carry Zimbabwe’s unemployment problem all on your shoulders. Reward them extra for delivering the assignment in the agreed quality and time period. Penalise them for missing the agreed targets.

Concrete pouring and footing is a major genesis of your project and it is an activity and milestone you should plan to be present for if you can. This is where the major chicanery starts. Most people lose money in the procurement and transportation of three quarter stones, pit and river sand.

In Harare, we used to find transporters with seven cubic metres capacity lorries offering 10 cubic metres of sand or stone. By the time you have received 10 loads, you have paid for 30 cubic metres you did not receive. If you have no idea what 10 cubic look like, and you are in a major centre like Harare or Bulawayo, you can simultaneously order from three suppliers and ask them to deliver at the same time. They can make three separate heaps so you can terminate the relationship with the supplier with the smallest heap immediately. It would also forewarn the others that you are serious about receiving what you pay for. Mark all your cement bags and you can request them to keep all used bags.

There is nothing to inspire the contractor troops than having the client present for the three to five days that the concrete slab is completed. Once you have completed this phase, you can go back wherever you are based and strategise for the next phase.

If you are consistent and persistent, within three to five years you can complete all the key phases and end up with an asset which when valued can beat most savings plans.

If your uncle does not oversee the disbursements of empowerment funds, and you are not in the upper echelons of our political system then believe me, you will need some asset to participate in the economic activities of our nation. Imagine just a 100 people with an entry level property valued at US$30,000 can mobilise seed capital of US$3 million which can see them become a genuine player in the economy.

The best political system will be beneficial for everyone, but for many they will remain observers outside the economic system. Make good choices now and you can become a player.