Innovative Ways To Make Profits Out Of Your Home in SingaporeLiving & Lifestyle
5 minutes read
Yes, it's the same old chestnut about the rising cost of living in Singapore yet again! It's not exactly news any more, but it remains just as true as it has ever been. Food prices, property taxes, price of COEs, ERP rates – you name it.
Still a beautiful country, nonetheless
As practical Singaporeans, we'd naturally find ways of generating additional income to match our growing expenses. And it’s only logical that we make our one significant asset – our homes – double as an income stream.
But how? No, we're not talking about the Lease Buyback Scheme either; that's not for millennials like you and me, and even some of our parents have yet to qualify for that one. To get you started, here are a few ideas on how you can turn your home into a money-making machine.
Rent Out Your Rooms
Ah, the old standby. Singaporeans have been renting out parts or even the whole of their property for additional income ever since the HDB started building them, and it's still the most straightforward way to profit from your home even today.
Of course, the rules and regulations have only gotten stricter over the years, so you'll have to keep yourself up-to-date on them. You can do so at the HDB website here. The gist of it is that your flat has to be 3-room or bigger, and you have to register with HDB within seven days from the start of the renting period.
But, Hold Your Horses!
Of course, it's not as simple as handing some random fellow the spare keys to your property, and waiting to get your hands on that sweet, sweet rent.
First things first, there's a lot of consideration and preparation that goes into making your home rent-worthy; how much are you willing to furnish your home? Who's responsible for wear and tear, and how will you determine that? How are you going to find potential tenants in the first place, or are you going to pay a property agent to do that for you?
And don't forget to check the backgrounds of your candidates too. If not, you might end up with an unsavoury type on your hands, or even appear on the news for unwittingly harbouring an overstayer or illegal immigrant. And that would be an embarrassing talking subject amongst your relatives, wouldn’t it?
An Even More Temporary Solution
You can even participate in AirBnb, and rent your room out on a short-term basis to tourists from overseas looking for an authentic Singaporean experience! Since it's only for a matter of days or weeks, this would be a relatively fuss-free way of profiting from subletting a part of your home. It's only legal for private property though, so I'm afraid the typical HDB flat owner is plain out of luck here.
Food is not the only way to have a true Singaporean experience
Whole New Meaning To 'Working From Home'
If you don't really care to have strangers intruding upon your living space, there's still the option of making your home double as a premise for your own business! Offering in-demand services from the comfort of your own home is yet another time-honoured tradition for earning extra income in Singapore, as many of us who have had private tutors and music teachers in our childhood can attest to.
Naturally, those pesky rules and regulations could trip you up again, so pay attention before you make the leap into your brand of entrepreneurship! Take a look at some of HDB's guidelines for the Home Based Small Scale Business Scheme here.
Private Tuition and Music Lessons
Now that we've gotten that out of the way, what are some ways we can use our homes to make some extra money? As mentioned earlier, giving private tuition or music lessons is always a solid idea, since the demand for them will never fall thanks to kiasu Singaporean parents. These days, you could even offer your tuition services entirely online; an option only available because everyone is connected to the Internet these days. You'll need to be good at social media marketing if you want to get anywhere with that, though.
All you need is a laptop. And maybe some caffeine
Speaking of the Internet, these days it has certainly opened up other opportunities for working from home that weren't available before. With websites and applications catered to freelancers such as Fiverr and Odesk, you could consider offering your services as an online marketer or graphic designer, or just about any other work that can be undertaken with an Internet connection. Even if it's as simple as having a way with words, you could even freelance as a copywriter for hire!
Made From Home
Another possible way to profit from your home is to outright make it your home base for your budding retail business. If you're fond of using your hands, and the homemade handicrafts lying around your house is testament to that, Etsy is where you're sure to find a market for your creations.
Bring the convenience to people
The blogshop craze that swept Singapore some years ago may be a distant memory, but make no mistake; they remain a very viable choice of online entrepreneurship. Successful blogshops like Love, Bonito and Dressabelle prove this concept can be highly profitable with the proper management and a little luck. It's just as much work as running a real business, so I hope you're mentally prepared for that.
Sell Pre-loved Items
Your trash can be someone else's treasure!
Perhaps you're not really planning to run a business, and simply want to know if you can turn your unwanted, second-hand stuff into cold, hard cash? You certainly can! Everyone knows you can hawk your stuff on eBay, and it remains the portal of choice if you want to target what you're selling to an international audience.
For items that you think may appeal to the millennials, consider the ‘eBay for Smartphones’, Carousell! Its top-notch application interface and sheer accessibility on mobile device is sure to make reaching your target demographic of young people a breeze.
Our Very Own Renotalk Portal
Literally a click away!
Or, if there's some well-loved but still serviceable furniture that you think could find a new home, don't fret about where you can get the best deal for them. Make a listing on our portal at Renotalk today, and get a great offer from one of our interested buyers in no time at all!
PreviousRenovation Story: 24k Gold-powdered Platform in an Executive Maisonette
NextRenovation Story: An Industrial-themed Transformation