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First time getting a home of your own, and clueless? - Get all the information you need on our Home Ownership 101 Guide.

You have slogged half of your life paying for your kids’ university fees. Now they have finally found their other halves and are moving into their very own love nest. Congrats, proud Papa and Mama!

With all that new, freed-up space in your house, what can you do with it? Short of selling your entire home and downgrading to a smaller apartment, there are many ways you can utilise this new space and earn some extra cash at the same time. 

Entertainment Room

Now you can finally have that movie room you always wanted with surround sound, cosy beanbag sofas and dark blinds. It will be the perfect place for your kids and their kids when they come visit to indulge in a family movie marathon without squeezing with the weekend crowd at the mall. And even better, rekindle the old courting days with your spouse snuggling with each other catching the latest movie on Netflix.

Talk about Netflix and Chill.

To up the entertainment factor for your grandkids, you can even get the latest virtual reality headset Oculus Rift for some wholesome family fun.

Walk-In Wardrobe

If storage of clothes and shoes have always been an issue, fret no more. You now have the option of revamping the now-empty room into a walk-in wardrobe complete with cabinets, mirrors and shelves to neatly compartmentalise your clothes, bags and shoes. At a glance, you know exactly what to pick for the occasion. Just remember to keep them cool and well-ventilated to prevent them from getting mouldy. 

Rent It Out

Your house could be a little too quiet for your liking. If you don’t mind sharing your home with strangers and set up a side income at the same time, consider signing up to be a host on Airbnb (generally on a short-term basis) or completely rent it out to tenants on a long-term basis. Your home, your say. You set the ground rules and you get to choose your tenants. Meet travellers from all over the world, trade life stories and anecdotes, and why not make a new friend or two, right? Just be sure to read through all the requirements, terms and conditions.

Whisky Bar

Convert your spare room into an exquisite whisky bar for the whisky connoisseur in you. Invite old friends over for a catch up over scotch, or put up a bookshelf and a comfortable armchair to catch up on some reading as you sip on that single malt. Now, that’s life, isn’t it?

Studio

Art studio, music studio, dance studio -- you can do one, or you can have the best of all worlds! Indulge in your long-time passion of painting, jamming or twerk with unrestrained fervour now, and you can invite your neighbours and friends to join you. It will also be a great place for your grandkids to pick up one of these hobbies – just be sure to soundproof the room if you are going to turn them into drumstick-wielding rock stars. You would not want your neighbours to lodge a complaint.

Meditation Room

Namaste! If your daily morning routine involves pretzel-like stretches, downward dogs or just sitting down to clear your head, you can try converting the room into a yoga studio of sorts. Instead of meandering past the hustle bustle of the morning peak hour to get to your yoga session, simply hop over to your new space to actually escape the hustle bustle. Throw in some floor cushions and potted plants if you like and you are all set. 

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