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5 ways to make more money from your holiday property

January 19, 2021 Leave a Comment

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If you read this blog, aesthetics are probably one of your key drivers in booking a holiday property, but when it comes to running one as a business, it’s about more than just being Insta-worthy if you want to maximise your investment.

Noa by the beach in Noosa

Mike Mortlock of MCG Quantity Surveyors, says some holiday home buyers are overlooking five key strategies which can turn their costly lifestyle investment into a money-making asset.

He said anyone whoโ€™s impulse bought a holiday home over Christmas must get serious about making it profitable. โ€œAustralians invariably get caught up in the holiday romance of buying a weekender and some will act on impulse while on vacation. Often investors reason that by renting to holidaymakers when they arenโ€™t using it, the assetโ€™s maintenance and holding costs will be covered, but thatโ€™s rarely the case.โ€

Mr Mortlock said instead, holiday home buyers must seek maximum rental income and depreciation benefits to make the investment viable. โ€œMost are buying emotionally and discover that higher-than-normal vacancies make their investment returns marginal at best. But smart investors know there are moves which can turn the numbers around.โ€

Mike shares five key rent boosters that also deliver great depreciation benefits.

Climate control

Ensuring your holiday home is airconditioned is essential for attracting holiday makers. Vacationers will spend plenty of time relaxing at your short-stay, and theyโ€™ll want their comfort levels to be spot on.

Guaranteeing your home has split system air-conditioning and insulation not only helps improve the holiday experience for renters, but delivers tax benefits too.

Pet appeal

โ€œHoliday homes that are pet friendly command a premium, as pet owners look to take their โ€˜fur-babiesโ€™ on holiday which saves on the cost and stress of kennelling.

But improvements which help create pet-friendly rentals also provide depreciation benefits. Think boundary fencing, hardwood floors, pet proof landscaping. Even items such as an external doghouse can be depreciated.

Outdoor entertaining

Holidays are built for family barbeques and lounging in a shady spot.

The addition of a roofed outdoor relaxation and entertainment area will drive holidaymakers to your home. They are also filled with depreciation opportunities such as ceiling fans, built in barbeques and benchtops.

Pools

Even when near a beachside holiday spot, thereโ€™s no denying the appeal of a pool when holidaying.

SOUL of Gerringong

If youโ€™ve been fortunate to buy a home with a pool, donโ€™t forget to claim depreciation benefits on the fencing and filtration system.

Wifi and entertainment

Providing unlimited wifi has become pretty much mandatory for holiday homes. Access to streaming services, scrolling through websites on local hotspots or checking in on updated weather alerts and surf conditions make web access a must.

Simple elements such as supplying a television can improve your tax deductions. For example, televisions have an eight-year effective life, so under the diminishing value method, a $2,000 TV will provide $500 in deductions in the first full year of claim.

While depreciation rules for computer equipment are currently found within the commercial sections of the tax legislation, itโ€™s likely that computer equipment will become a residential plant and equipment item in time. Either way, routers and range extenders will always attract deductions.

–MCG Quantity Surveyors is a national firm founded in 2011 that specialises in construction cost estimating and property depreciation schedules.

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The holiday property market has grown exponentially with the arrival of Airbnb and similar sites, so it stands to reason that many people are, with little or no experience, becoming…

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While we featured a gloriously colourful home on M While we featured a gloriously colourful home on Monday, this one is a masterclass in serene neutrals! And how good is this bunk room?!

Take the tour on the blog now. Via link in bio.

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Washable rugs, eco-friendly play mats, reversible Washable rugs, eco-friendly play mats, reversible linen, gorgeous wallpaper and the chance to win a beautiful bouclรฉ recliner chair!

Today's kids room roundup is full of loveliness if we don't say ourselves!

Via link in bio now.

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A glass shower screen is not the only option! In A glass shower screen is not the only option!

In this 80s villa reno, @trentinidesign took inspiration from an archway typical of the era and used it throughout the home.

The bathroom was transformed from a classic three-piece set up that included a shower, bath and vanity. Kathryn removed the bath and split the room in half and designed an arch to sit between the two zones. 

โ€œI wanted something spectacular. Rather than having a vanity with a piece of glass like you would typically see, I was really trying to push myself as a designer. It was costly but it worked out well and the feedback has been great."

Swipe for the before and follow the link in bio to see the rest of this home.

#bathroomdesignideas #bathroomtrends2023 #showerscreen #showerscreens #archways #apartmentrenovation #interiorsblogger #interiorsaccount #interiorsaddict #theinteriorsaddict #jenbishop #realreno
One half of popular parenting podcast @wedonthavet One half of popular parenting podcast @wedonthavetimeforthis, turns out former Neighbours actor @gemma_peanut is even more multi-talented than we thought! Will you check out the joyful and colourful reno of her holiday home (and airbnb) @yo_caba_caba?!

Head over to the blog via link in bio to read all about why she went bold and full of pattern in this project, which is a stark contrast to her zen and neutral Northern Beaches abode.

There's also plenty of details about where things are from etc.

"Iโ€™m not an interior designer so I just chose what I liked and followed my gut. Ultimately this home has been an opportunity to explore my alter ego โ€“ it allowed me to do things that I wouldnโ€™t normally do.โ€

๐Ÿ“ท @tanikablair_photography 

#interiorsblog #interiorsaddict #theinteriorsaddict #jenbishop #gemmapeanut #wedonthavetimeforthis #parentingpodcast #parentingpodcasts #holidayhousesofinstagram #cabaritabeach #airbnbstyle #airbnbstyling #colourandpattern #wallpapergoals #patternedtiles #featuretiles #poolgoals #sparkjoy #yocabacaba #boldinteriors #funinteriors #colourfulkitchen
Not many friends in life fall into the unofficial Not many friends in life fall into the unofficial family category and they're a special gift. So ends three weeks with @danisteve81 who left her husband and son in the UK (I'm forever grateful they lent her to me!) to come and cheer me up and help me in the most practical ways after I spent Christmas and New Year in hospital. There were tears and I miss her so much already but how amazing to have had all that time together as adults. Such a rare treat and would never have happened without having been through something so challenging. Silver linings and all that. So many other friends have also been incredibly thoughtful and kind. There aren't many times I'd say this without cringing but I am 100% blessed!

I still cannot believe we have been friends since we were 12! 12! Are you still close with your childhood besties?
The renovation of this 80s beach shack @camillo_ho The renovation of this 80s beach shack @camillo_house is a work of art and while almost every surface was updated, the decision to keep the original slate floor was genius if you ask us. 

Owner @clarehillier__ says: "With its purple, pink, red and brown tones, the slate was the starting point for our interior palette."

Come and check out the before and afters via link in bio now and read the reno story. It's a real beauty.

And you can book it for your next holiday too!

Blair Smith Architecture @kateshanasy

#slatefloor #slatefloors #80shouse #80sbeauty #camillohouse #interiorsblog #interiorsblogger #interiorsaddict #theinteriorsaddict #jenbishop #realreno #holidayhousesofinstagram #morningtonpeninsulahomes #morningtonpeninsula #morningtonpeninsulasmallbusiness #blairgowrie #blairgowriebeach #airbnbstyle
Me and my boys ๐Ÿ’— Me and my boys ๐Ÿ’—
Just a couple of dorks who've been friends for thr Just a couple of dorks who've been friends for three decades going out for a child-free dinner ๐Ÿ’“๐Ÿ˜
Excuse me while I die of a cute attack ๐Ÿฅฐ @damia Excuse me while I die of a cute attack ๐Ÿฅฐ @damianfrancis 

This doesn't happen often these days!
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About Jen Bishop

Jen Bishop is our owner and publisher and an experienced journalist and editor. Interiors Addict has been her full-time job for more than 8 years. She is married to Damian and mum to Sebastian and Charlie.

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