Feeling the pinch of the ever-increasing cost of living? As daily expenses rise, you should look at smart investments that can offset your household expenses. A house has the potential to be more than just a place to call home. In fact, the right income-generating asset could be the key to not only covering its own costs but also contributing to your overall financial well-being. There are plenty of ways to bring in the green with real estate provided you meet local regulations and gain any required permits or licenses.
Flip a property for profit: While not a get-rich-quick effort, fixing up neglected properties in sought-after locations is a time-tested strategy. Be sure to have expert help for finding the right property and renovating it.
Rent out your entire property: Rentals still remain popular with those on the home hunt. If you have a well-maintained property in a sought-after area, you can let out your property for the long term and downsize to a smaller space.
Rent out part of your space: If you have extra space in your home, you can rent out a spare room or granny cottage on platforms like Airbnb. A traditional long-term lease can also bring in a steady stream of income while short-term rentals can cater to business people or tourists if you live in a commercial hub or holiday-friendly area.
Turn unused corners into cash: You can rent out your garage, basement, or extra storage space for people looking to store their belongings.
Jump on the WFH trend: Since COVID, remote working has become more popular. If you have an extra room or unused outbuilding, you can rent it out as a home office. This is a good option if you don't want people living with you or need someone to be present at home while you're at work.
Get paid for that parking: If you have an extra parking space or a large driveway, you can rent it out to individuals or commuters in need of safe parking.
Cook up an extra income: If you're a culinary whiz or simply want to profit from your kitchen space, ghost kitchens are a great option. These delivery-only restaurants create meals that are enjoyed off-site and have been given a boost by food delivery apps like Uber Eats and Mr D Food.
Sow seeds of success: Your garden space can easily become a mini farm for organic fruits and vegetables. Not only will you cut down on grocery costs but you can also supply your neighbourhood or sell at markets.
House a start-up business: That extra room or garage would be perfect for businesses like marketing consultants, laundromats, art studios, or therapy spaces. If your property comes with a workshop, you can even manufacture products on a small scale.
Let your home play host: If you have a scenic, beautifully designed, feature-rich, or spacious home, you can let it out for weddings, parties, or corporate gatherings. You can also rent it out for workshops, classes, or fitness sessions.
Lights, camera, income: Attractive, unique, or even just well-maintained properties are desirable for film or photo shoots. You can list your property with websites like Perfect Hideaways or Cherrypicked Locations to generate some passive income occasionally.
Make it an outdoor escape: If your property is near natural attractions, you can offer outdoor activities like camping, hiking, or fishing. Properties on smallholdings or farms can be a source of agritourism for farm tours, fruit picking, or game drives.
Bring brands to your doorstep: Homes or land close to a highway, busy street or visible crossing have fantastic potential for outdoor advertising. Businesses like Face First Media, Brand IQ, and Go Big Media, for example, specialise in using home spaces for billboard advertising.
Put utilities in your backyard: If you're eligible, consider leasing a portion of your property for cell towers, solar panels, or wind turbines.
Maximise your space's potential: You can subdivide and sell part of your land or develop it into a sectional title scheme with a second dwelling on the same property to sell or rent out.
Unlock your earnings in Krugersdorp
The West Rand city offers incredible opportunities for income-generating properties. From townhouses, apartments, simplexes, vacant land, smallholdings, to farms, there's a range of options to invest in and start boosting your income. To get started, view our properties for sale and reach out to our team to find an investment that matches your goals and preferences.