Anyone who’s looking for additional income may feel discouraged by the prospect of taking on a second job or going out to look for a new job with better pay. Who wants to lose precious leisure time with friends and family, or switch jobs when the job you’ve already got is fun and fantastic?

For those who own real estate, the answer to supplementing your income is right in front of you: make your property work for you!

Maximise The Value of Your Singapore Property: Rent Out a Room

Obviously, not everyone in Singapore can afford to buy their own place. Even pulling together the rent for an apartment, flat or house can be an unrealistic prospect for many people these days.

Property prices here have been falling in the last few months. However, that doesn’t mean that everyone can afford to climb those first rungs of the property-ownership ladder. In fact, property costs remain one of the biggest headaches for a lot of people living here.

The room rental market is a big business in Singapore just now, and it could offer you a fairly simple way of making some extra money. There are many sites where you can advertise your spare room to potential tenants online.

The rent you can demand for your spare room will depend on upon factors such as its location and size. You can get yourself started by checking out the prices currently charged by owners of similar nearby properties.

Generally speaking, a room rental in a private apartment in a sought-after area of Singapore can cost between SGD 800 and SGD 1,800 monthly. A room in an HDB flat can fluctuate between maybe SGD 500 and SGD 800, which still represents excellent potential to supplement your income from your property.

Sharing your property in Singapore with a tenant may sometimes compromise your current lifestyle a bit, but it can also earn you good money. If you get lucky, you may even find a tenant who is good company and doesn’t inconvenience you in any way.

Singapore Real Estate 101: All You Need To Know

Maximise The Value of Your Singapore Property: Rent Out Your Parking Space

If you have a car parking space that you don’t need, renting it out to others can bring in some nice extra income each month. Perhaps you don’t drive, or you don’t currently have a car, or you have an alternative space that you can use when needed.

You may come up against some roadblocks, however, if you live in a condo and want to rent out your parking or garage space. Unauthorised parking by non-residents is usually strictly forbidden.

Make Your Home Work for You - Maximise The Value of Your Singapore Property

In any other case, however, you may find this to be a fine way of pulling in some extra cash each month. There are many car owners in desperate need of a parking space and they’d be more than happy to pay for one.

Again, you can advertise your parking space on the internet to more easily find a suitable “tenant”. The price you can ask will mostly depend upon the location of the space. However, bearing in mind the high cost of parking in Singapore and the overwhelming demand, it would be a real easy way to earn some money.

Maximise The Value of Your Singapore Property: Rent out Storage Space

Another big problem faced by many people these days is a lack of storage space at home. The size of the average home has fallen in recent years, meaning that space is really at a premium in a high percentage of homes.

By renting out, for example, your empty garage, you can help someone store their stuff at the same time you’re pulling in some extra income. Or it might be a small business looking for somewhere to warehouse their products that rents out your storage space.

You can expect to bring in between SGD 100 and SGD 300 per month doing this. It may not be a huge amount of money, but it is still a good way to earn something from a resource that would otherwise be sitting empty and unused.

Even if your garage has some junk in it at the moment, this could be a good incentive for you to clean it out!

Maximise The Value of Your Singapore Property: Turn Your Home into a Business Location

It may also be possible for you to turn your home into a business location. This could mean running your own business from there or else renting out part of it to someone else to do so.

The process of applying for a permit is now easy and cheap, although you need to be aware of the types of businesses that are acceptable and those that aren’t. A residence-based business, for example, may not deal with anything that might have a negative effect on the neighbourhood.

A residence-based location is ideal for housing one of many kinds of service-based businesses offering financial advice, architectural services or similar.

As for the amount that you can look to earn in this way, this is likely to vary according to the size of the space on offer, the location and the quality of the space. By checking out the price of commercial rentals near you, you’ll be able to get an idea of how much you can earn in this way.

With this money-making idea, you can either look for a tenant yourself online or else commission a commercial property agent to do the contracting on your behalf.

The commercial rental market is booming in Singapore right now, meaning that there are plenty of opportunities out there. Having a small office or retail space in a good location to offer for rent could be just what you need to earn some useful rental income on a regular basis.

Don’t let any extra space in your home go to waste when it is something that could help you to boost your income so easily.

Singapore Housing Cycle and Property Measures– Where Are We?

 

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C.E.O @ The New Savvy
Anna Haotanto is passionate about finance, education, women empowerment and children’s issues. Anna has been featured in CNBC, Forbes, The Straits Times, Business Insider, INC and The Peak Singapore. She was nominated and selected for FORTUNE Most Powerful Women conference in 2016 (Asia) and 2015 (San Francisco, Next Gen). Anna has 10 years of experience in the financial sector and is currently a Director in Tera Capital. Her previous work experience includes positions at Citigroup, United Overseas Bank, a regional role in Business Monitor and a boutique private equity firm based in Shanghai. She graduated from Singapore Management University (Finance and Quantitative Finance).