Sign up with GoogleHey smart people of mBB (always start with a complement, I have been taught 
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So, I have this house in Gauteng located De Deur Estates (opposite Meyerton, the other side of the R59), that is costing a bucket load of money every month. The place has been standing empty since I relocated to Western Cape at the end of November last year. I have tried selling it, and the estate agent has had a fair amount of people come to look at it, but it's half a year later and no-one's biting (thank you interest rate hike?).
Since this is costing me an arm and a leg every month (about R8k pm), would it make sense to try to turn it into a self-catering holiday unit? It doesn't matter if I don't make R8k a month on it, I just need to get in at least as much as the additional running costs of turning this into a business venture will be.
Additional info:
- 4 bedroom house
- has a pool (currently not active but everything worked the last time I used it)
- my gardener and his wife live on the property, in a servant's quarters about 100m from the main house
- my gardener maintains the grounds
- has a maintained under-cover vegetable garden (also used and maintain by my gardener)
- gardener's wife can be employed as a cleaning lady to service the unit (she was my maid while I was still living there)
- property is on a 2 acre plot
- enclosed by wall in the section where the main house is, and by fence where the gardener's unit is
- I'm not entirely sure, but I think the area is zoned as residential
So... possible options are:
1. Drop the selling price even lower. At the current price point, I get R100k less back than what I paid for it.
2. Rent the place out.
3. Turn it into a self-catering unit.
4. I don't know what else. But something has got to change!
If I do go with Option 3 (if it is even wise), what steps would I need to follow to accomplish this? Any advice will be dearly appreciated. Oh, and I am also open to partnering up with someone who is a little more business savvy than I am.
Basically, this is a desperate cry for HELP!
)So, I have this house in Gauteng located De Deur Estates (opposite Meyerton, the other side of the R59), that is costing a bucket load of money every month. The place has been standing empty since I relocated to Western Cape at the end of November last year. I have tried selling it, and the estate agent has had a fair amount of people come to look at it, but it's half a year later and no-one's biting (thank you interest rate hike?).
Since this is costing me an arm and a leg every month (about R8k pm), would it make sense to try to turn it into a self-catering holiday unit? It doesn't matter if I don't make R8k a month on it, I just need to get in at least as much as the additional running costs of turning this into a business venture will be.
Additional info:
- 4 bedroom house
- has a pool (currently not active but everything worked the last time I used it)
- my gardener and his wife live on the property, in a servant's quarters about 100m from the main house
- my gardener maintains the grounds
- has a maintained under-cover vegetable garden (also used and maintain by my gardener)
- gardener's wife can be employed as a cleaning lady to service the unit (she was my maid while I was still living there)
- property is on a 2 acre plot
- enclosed by wall in the section where the main house is, and by fence where the gardener's unit is
- I'm not entirely sure, but I think the area is zoned as residential
So... possible options are:
1. Drop the selling price even lower. At the current price point, I get R100k less back than what I paid for it.
2. Rent the place out.
3. Turn it into a self-catering unit.
4. I don't know what else. But something has got to change!
If I do go with Option 3 (if it is even wise), what steps would I need to follow to accomplish this? Any advice will be dearly appreciated. Oh, and I am also open to partnering up with someone who is a little more business savvy than I am.
Basically, this is a desperate cry for HELP!
