Hi all,
We are thinking of buying a 1 bedroom apartment in Sydney and turn it into a fully furnished executive apartment for short term rent. The main reasons are to have a place to stay when we are in Sydney for 4-6 weeks a year, and to have a small income from the investment. We have a million questions; here are a few, anyone with any experience on this market:
1. what size apartment is easiest to rent out?
2. What areas are better than others? We are thinking of Milsons Point.
3. How many days a year can you hope to have tenants in the flat? (We would list it wit han agency)
4. What are tax laws regarding the income from tenants?, (We would lend 60% of the investment.)
5. How much extra maintenance will be required to the flat as a result of the short term tenants?
6. Any good and reliable agancies to manage your flat in Sydney?
Grateful for any inputSwede
Still in the same general area, possibly a shade cheaper but with just as much (or more) demand – somewhere around Greenwich/St Leonards/Crows Nest ie close to either RNSH/North Shore Private Hospital or the Mater Hospital. It would provide an alternative to the few hotels in the area (Greenwich Inn & Ibis).
Best size – depends on who your research shows up but possibly set up as a 1 bedroom with a sofabed (ie 2 -3 people).
Pricing would have to be higher than it would normally be for long term tenants due to higher turnover of tenants (additional cleans, linen, maintenance etc).
Not sure if anyone specialises in the management of this type of short-stay accommodation but be prepared to pay additional for the intensive style of management (possibly 15-20%).
The provision of this type of accommodation is generally treated as residential, so it would be input taxed (ie you can't charge gst on top of the rate).
You must be logged in to reply to this topic. If you don't have an account, you can register here.
