For owners and those of you thinking of investing in Sunshine Beach holiday rentals – are you thinking about how to keep, or make your holiday home profitable?
If you already own an investment holiday rental, get ahead by enhancing the overall return on your investment in preparation for this financial year’s tax return.
And, if you’re yet to decide on investing in a holiday home, our tips and advice might help you make the leap!
Planning now for holiday rental investment benefits
Holiday home improvements planned now and completed before 30 June 2021, will be tax-deductible according to your taxation depreciation schedule.
Improvements are a great way to maintain and enhance the value of your holiday rental. This will go a long way in attracting guests and will protect a property asset’s longevity.
Getting more guest bookings for our Sunshine Beach holiday homeowners is our priority, so we’ve listed some tips to keep the value of your property strong.
- Get the best advice from your accountant
Plan early and speak to your accountant to make sure you’re getting the best advice to benefit from as many deductions as possible and capitalising on every opportunity.
- Don’t miss out on tax benefits for newly purchased properties
If you’ve bought an existing Sunshine Beach holiday rental in the current financial year, or plan to do so, there may be taxation benefits available. This is because the Australian Taxation Office (ATO) recognises that the property you bought / buy may come with existing depreciable benefits.
Talk to a quantity surveyor to make sure you are claiming every benefit available to you.
- Book trade services early
Many trade businesses are very busy because of federal government Covid-19 stimuluses. The housing market is hot, as is the demand for all trades for new construction and renovation.
Planning early may help avoid disappointment if you’re aiming to get some improvements completed by 30 June.
- Home improvement will increase your Sunshine Beach holiday rentals’ value
Whether it’s a simple refresh with a lick of paint, or removing a wall to open up the space, the following home improvements will increase the value of your holiday rental. Depending on the season and when you are booked with guests, we recommend doing the following updates or fixes.
The ideal time to improve and maintain your Queensland property
It’s up to you when you make any updates or repairs to your holiday rental. However, an ideal time to make any improvements can be weather dependent, especially in Queensland! Here are some suggestions of the ideal season to make some holiday home improvements, which will help keep your property safe and looking fresh!
- Summer –Keeping your garden clear of leaves, and plants cut back will minimise fire risk. Cleaning your solar panels will make sure they stay working effectively.
- Autumn – It’s the ideal time to clean gutters of any debris that has collected due to the summer storms. Now the weather is dryer it’s a good time to oil external woodwork and repair fencing.
- Winter – You should test your smoke alarm every 12 months and make sure that it’s compliant. Fence repairs and general outdoor works are ideal in winter as the weather is dry, sunny and cooler. Repair damaged fly screens when there are less insects around.
- Spring – It’s a good time to prune gardens and trees, before their growth spurt begins and clean the gutters before heavy rainfall. Servicing a/c units will get them working well before the summer heat. This is also the time to make any preparations for the storm and fire season, like fixing any roof leaks.
Helping you maintain your holiday rental
We offer our Sunshine Beach holiday homeowners a maintenance service to keep their property in tip-top shape. So, if you don’t live in the area, or don’t have the time, rest assured that your properties’ in safe hands.
Your guests will be kept safe, comfortable and happy too!
We can arrange regular servicing and maintenance of the following:
Smoke alarm compliance
It’s vital to have functioning smoke alarms, which have to be checked regularly.
From January 2022, investment holiday homes will need to comply with new Smoke Alarm Legislation in Queensland.
Regular air conditioning servicing
Your AC unit needs regular servicing to ensure it runs at peak efficiency. Therefore, you should aim to have your cooling system serviced at least once a year.
We all love attractive, inviting and peaceful outdoor spaces! Therefore, a well-maintained garden, or patio area will help keep the value of your property.
Repair or replace fences
A new fence can improve security and make your home more attractive. As a physical barrier to your property, a fence is prone to weather damage, dents and scratches over time. So, if it’s badly damaged it should be replaced, otherwise it should be stained every 2-3 years to preserve the look and function.
Protect exterior wooden structures
Exterior timber is exposed to UV radiation, moisture and fungal growth that can have a degrading effect on the appearance and performance of timber. So coating timber with oil or stain will provide protection and help extend the life of timber and enhance the aesthetic.
Keeping your garden in check
Trimming back high trees and hedges that can fall over in strong wind is essential for guest safety and to avoid risking damaging your property.
Flyscreen installation or replacement
Flyscreens are preferable in Queensland due to the humidity and keeping out insects. This will make your property far more attractive and comfortable for guests. Damage from UV light exposure will happen in around 10 years, where they will bleach, become brittle and tear. When this happens, they should be replaced.
Fixes and improvements to increase the return on Sunshine Beach holiday rentals
If you want to increase the return on your holiday rental investment, then renovations or improvements to any worn or dated areas of your property will help increase its value.
We’ve made some suggestions to get you started!
Repaint your property inside and out
Rendering or painting the outside of your property will make it instantly more appealing and inviting to guests. This will drastically revitalise dated brickwork or weathered walls.
No one likes grubby walls, or tired wallpaper, so brightening up the inside of your property with fresh, warm and neutral tones will really help increase its value.
Replace floors and carpets
After a few years of consistent use, polished floorboards can start to look worn and carpets can become threadbare in places. A sand, polish and carpet replacement can often work wonders in renewing any property.
Update or replace your kitchen and bathrooms
The kitchen and bathrooms are the rooms that can show wear and tear sooner than others, due to their more intensive use. Areas that can age quickly are benchtops, tiles and any fixtures.
So, whether you refresh a small area, or replace the entire room, this will go a long way in improving the attractiveness and value of any holiday rental.
Adding or redesigning decks and walls
Have you thought about what you can creatively do with the spaces in your holiday rental?
A deck overlooking a peaceful aspect or garden can drastically increase the value of any property to a new level!
As our lifestyles and tastes have firmly moved towards open plan living, removing a wall to create more interior space and light can be a cost-effective trick to add value.
Fix or replace your roof and gutters
With the heavy rainfall, storms and heat that come with living in the sub-tropics, it’s essential that your roof and gutters are sound. Checking for leaks and replacing tiles, or cracked gutters will make sure no long-term damage is caused.
Get expert Sunshine Beach holiday rental advice tailored to you
We proudly belong to the Aspire Property Management Group, offering bespoke, high-quality property management services to owners of Sunshine Beach, Noosa and district holiday homes.
We provide all owners of Sunshine Beach rentals with tailored recommendations for improvements from our regular property inspections.
If you need an expert property manager that understands the Sunshine Beach and Noosa region property market, then contact us and we will be happy to help.
To find out how you could get higher returns on your holiday rental –