Clear space at home and rent it out
More and more South Africans are using services like Airbnb to rent out extra space in their homes, to rent out second homes or even to rent out garages they’ve remodelled as living spaces. Offering a room or even a full home to tourists can be a lucrative side business.
There’s also very high demand for longer-term rental of rooms, with students and single professionals competing for limited accommodation in central areas.
If you have a garage, do you really need it? What about that home office or study, or the spare room that’s seldom used? Perhaps you have children who’ve now flown the nest.
You can monetise spare space by clearing it and renting it out. Simply get rid of items you no longer want, but other items – from tools to books to furniture, photo albums, sports gear and seasonal clothing – can go into self-storage. They’ll be out the way, but you can still access them when you want to.
Rent out spare office space
If you own business premises or rent but have a lease that allows subletting, you may be able to defray business costs by renting out spare office space. Businesses that share space may enjoy other kinds of cost savings too, for example by buying bulk supplies at lower cost and sharing these.
Businesses: save on warehousing costs
Nearly all retail and service-orientated businesses, big and small, need space to accommodate stock, equipment and supplies. That may mean paying exorbitant warehousing rates – money that could otherwise be used to grow your business.
For e-commerce retail businesses, distances between storage depots and customers can also add to delays in deliveries.
Instead, you can choose to store inventory, equipment and supplies at self-storage facilities located near your main customer bases, or close to your office premises.
Rent or buy a smaller home or office
In homes and offices, a lot of space may be taken up by items you use only very occasionally (or sometimes not at all).
Some examples are:
- paper business documents kept for regulatory or historical purposes
- business and personal tax records
- vinyl and CD/ DVD collections
- spare office furniture
- tools, from angle grinders to painting equipment
- personal photo albums and books you love but have already read
- baby items and children’s artwork, kept for nostalgic reasons
- bulky surfboards, bikes and fitness equipment
- heaters, coats and boots in summer, and electric fans in winter.
Opt to store items you don’t often need in self-storage, and you may be able to rent or buy a smaller home, or smaller business premises. Given current, high property costs, this could translate to significant savings.
If you’re a homeowner, downsizing from a large property to a smaller, more affordable one could even mean you’ll be bond-free for the first time in your life.
Improve security of business equipment and documents
In a South African context, loss of equipment due to theft is a significant concern and can put a dent in business budgets. Physical documents that are damaged or stolen may also be used for fraudulent purposes.
At XtraSpace, all our self-storage facilities feature access control, security guards and 24/7 CCTV monitoring.
This means that small businesses can benefit from high-end security that they otherwise might not be able to afford – an added way that self-storage can save you money.
You can access items in storage at any time during work hours (or even outside work hours, by arrangement).