Some innovative ways to turn your home into a cash cow this #KeDezemba

During these tough economic times, everyone is looking for ways to save and earn more money.

If you're a home-owner, you have the advantage of owning an asset that you can use to generate a passive income that you can either use to top up your bond and settle your home loan quickly or use to cushion the effects of the ever-rising cost of living.

Gone are the days where the options for generating an income from your home were limited to things like a garage or yard sale. These days, there are a number of creative ways  to make money from your home – and they can be surprisingly lucrative.

Here's how you can turn your home into a cash-cow:

Locations for film and photo shoots

Fancy earning R5 000-R10 000 per day?

You can, thanks to the country's booming film industry, which presents home-owners with a prime opportunity to make a decent amount of money over a short period of time by offering your home as a rentals for movies and photoshoots.

Remember that production companies have a wide range of location needs, so don't discount your property because you assume it's not high-end enough.

"The most important aspects that production companies look for tend to be light, space and a unique character as well as enough parking to accommodate their team," says Rawson Property Group MD Tony Clarke.

"If your home fits the bill, it's definitely worthwhile getting in touch with a location agent. Your property could bring in as much as R5 000-R10 000 a day if they decide to represent you."

Host pop-up dining experiences

If your cooking skills are on point, you could explore the idea of setting up  intimate pop-up dinning experiences from your home.

Depending on how successful you are, it could very well turn into fully fledged business down the line. If you did start food service business from home, Clarke warns that you would need to obtain a business permit.

"But it is a great way to earn income while meeting new people and maximising the use of your property. You could also venture into catering or home-baking in a similar way."

Short-term rentals 

South African Airbnb hosts are making a killing from renting their properties through the platform.

Last year alone, Airbnb hosts in the country generated around R3,8 billion in rental income.

The beauty of Airbnb over a traditional B&B is that you get to determine the terms.

Properties in Cape Town tend to fetch the highest rental rates on Airbnb, with rates ranging from R200 per night for a bed in a shared room, to over R70 000 per night for an entire, top-end, luxury property.

"If you have the extra space, or are planning on being away from home for a period of time, listing your property on Airbnb can bring in a considerable amount of cash," says Clarke.