Property uses that are top income earners.

As the local economy goes under many landlords are always looking for ideas that help them to make the most of their real estate.  Real estate gives great opportunities for making money the world over that is why some billionaires and millionaires are property owners. Iam pleased to share some of these ideas and hope they will go a long way in unlocking value in as far as property is concerned.

 1. Residential use

Residential use is the leading earner of income simply because it rides upon the basic need of billions which is the physiological need for shelter. If you don’t have better ideas about how to unlock value from property just stick with this one. When all else fail residential use will stand for you. Here are some of its advantages.

a. Regularity of income is guaranteed because tenants make monthly rent payment a top priority.

b. Payments are prepaid and this makes it easy to mitigate associated risk like defaults and physical damage.

2. Commercial use

Under commercial use we are talking about a building like a shop. The advantage that a shop has over residential property is branding whose firm can go beyond the building’s geographical boundaries. Machipisa in Highfields, Makobva in Glen View and Makoni in Chitungwiza are examples of great brands. These have been so great such that they have outlived the shops. A cardinal rule says property value is limited by location but well managed property brands can break the rules. A great name leads to higher rent and capital value because investors will feel that having their businesses associated with a good name is a wonderful marketing opportunity. After all it is the Bible that says a good name is more precious than jewels.

3. Bread and breakfast services

Abbreviated as BnB this is when a land lord offers space in a furnished house ranging from a single room to a full house. This use is more of hospitality and tourism as the target market basically comprises local and international travellers. Many tourists the world over prefer homely accommodation that enables them to experience the culture of locals as opposed to standard  hotel services. Furthermore, in a fast paced world many local people enjoy week end breaks for unwinding in a home away from home environment and the BnB service is more ideal for this. There is a lot of support about how to have your house as a BnB so properly managed this can be a good earner of foreign currency.

4. Coworking space

A coworking space is a facility that helps micro and small enterprises grow by offering shared strategic space, internet and other important things. This way costs are reduced and becomes affordable to individual businesses. People are emotionally tied to those who help them earn a living. The sustainability of a coworking space rides on this valuable connection. Furthermore, the coworking space can cross sell related services and products that are needed by small businesses and human beings in general. These ranges from document printing services to fast food outlets. The coworking space owner will not necessarily have to offer the services himself but he can enter into partnerships with subject matter experts who can supply these in a better way.