We're looking at purchasing a studio/1 bed apartment in Potts Point/Darlinghurst area for $200-$300k. We'd be looking to do short-term rentals (probably through websites such as stayz or gumtree) as opposed to finding long term tenants as we'd like to use the property for our own use occassionally. We own (well are paying off a mortgage) our own home in the Wollongong area but are looking for an investment that we could also use as a Sydney base. Cleaning the property wouldn't be a problem as we work in Sydney.
I would love to get some feedback on some issues we should consider such as:
– do many buildings have strata laws prohibiting the use of short-term rentals?
– what are the tax implications if we use it ourselves as well?
– has anyone had any experience doing this type of thing?Yes – I own a few holiday rental properties, although mine are in Brisbane and Gold Coast.
Web sites we go on are stayz, takeabreak.com.au, totaltravel.com.au, realholidays.com.au
The main issue I guess is sorting out cleaning systems, standards, reliable people to help you, keeping up with the quotes, follow ups
We have had no issues with damage, found most people very good, clean, and have had minimal theft- maybe a few towels, and placemats, and some drinks coasters.
We supply what the market needs and have 95% occupancy so are very very happy, and our rates are decent, so always booked up. People require-
foxtel, net, office desk, chair, decent fridge/ tv, nice homely feeling, they are paying for a comfortable, safe, secure place, that has some sort of feeling of home or comfort, not just a cold clinical apartment, local info/ brochures to help them, we also supply tea/ coffee, milk, cold water, washing powder, dishwashing liquid, few books , magazines, hairdryer.Seems to work- give it a go and see
Kylie
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