Because of the expected inflation in 2023, RUMAWIP monthly payments may increase, and some RUMAWIP owners may be laid off due to the coming recession. The RUMAWIP unit costs a maximum of RM 300,000, and the monthly repayment is extremely low compared to a normal condominium. There are many ways to earn extra income in KL to help with the RUMAWIP loan repayment, and the best option for you will depend on your skills, interests, and availability. Some potential options for side income in this area might include:
- Freelancing: If you have a particular skill or expertise, you might consider offering your services as a freelancer. This could involve writing, design, web development, or any number of other services that can be provided remotely. There are many websites and platforms where you can find freelance work, such as Upwork, Freelancer, Fiverr, GoGet & many more platforms.
- Renting out a spare room: If you have a spare room in your home, you might consider renting it out on platforms like Airbnb or Homestay. This can be a good way to generate extra income, especially if you live in a popular tourist destination. Before you start renting out your spare room, you’ll want to make sure that within 10 years from your S&P stamped date your tenant is Malaysian! It is written in the Dasar Residensi Wilayah that RUMAWIP (now known as Residensi Wilayah Keluarga Malaysia) can only be rented out the Malaysian.
- Selling products online: There are many online marketplaces in Malaysia where you can sell products, such as Lazada, Shopee, and Mudah.my. You can sell a wide range of products, from handmade crafts and clothing to secondhand items and electronics. If you’re interested in selling products online, you’ll need to create an account on one of these platforms and list your products for sale.
- Teaching a skill or offering tutoring: If you have a particular skill or expertise, you might consider offering lessons or tutoring services. This could involve teaching music, language, or any number of other subjects. You can advertise your services through social media or through websites like MyPrivateTutor.
- Renting out your car: If you have a car that you don’t use all the time, you might consider renting it out on platforms like Trevo or Flux. This can be a good way to generate extra income, especially if you live in a city with high demand for car rentals. Before you start renting out your car, you’ll want to make sure you have the necessary insurance coverage and that your car is in good condition.
- Renting out your equipment: If you have equipment, such as cameras, musical instruments, or tools, that you don’t use all the time, you might consider renting it out to others. You can advertise your equipment for rent on platforms like RentMy or Fat Llama (not popular in Malaysia yet).
Overall, there are many opportunities for side income in Malaysia, and the best option for you will depend on your skills, interests, and availability. With a little bit of creativity and effort, you can find a way to earn extra money on the side. For example, today is December 28, 2022, and starting a Nasi Kerabu stall market as a Nasi Avatar would probably get some attention. After all these suggestion, we can conclude that servicing a RUMAWIP housing loan is really not that hard. Even if you are laid off, you may service an RUMAWIP loan by working as a Grab driver or Grab rider. Not to mention, there is AirAsia, ShopeeFood and many more platform if you ever need a temporary backup job!
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