For owners and those of you thinking of investing in Noosa rentals - are you wondering how to keep, or make your holiday home more 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 home investment benefits
Holiday home improvements planned now and completed before 30 June 2023, will be tax-deductible according to your taxation depreciation schedule.
Improvements are a fantastic way to maintain and increase the value of your holiday rental. This will significantly help attract guests and will protect your property asset’s longevity.
Getting more guest bookings for our Noosa 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 all opportunities.
- Book trade services early
Many trade businesses are very busy due to federal government Covid-19 stimuluses. The housing market is hot, so is the demand for all trades for renovation and new construction.
Planning early could stop you from missing out, if you’re aiming to get improvements completed by 30 June.
- Don’t miss out on tax benefits for newly purchased properties
If you’ve bought an existing Noosa rental in the current financial year, or plan to, then there might be taxation benefits. This is because the Australian Taxation Office (ATO) recognises that the property you bought / buy might come with existing depreciable benefits.
Speak to a quantity surveyor to ensure you are claiming all benefits available to you.
- Home improvement will increase your Noosa 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 fixes or updates.
The ideal time to maintain and improve your Queensland property
It’s up to you when you make any repairs or updates to your holiday rental. However, an ideal time to make improvements can be weather dependent, especially in Queensland! We’ve put together some suggestions to make some holiday home improvements, depending on the season. This will help keep your property safe and looking fabulous!
- Summer –Keeping plants cut back and your garden clear of leaves will minimise fire risk. Cleaning your solar panels will ensure they stay working effectively.
- Autumn – It’s the ideal time to clean gutters of any debris that’s collected from the summer storms. Now the weather is dryer it’s a good time to repair fencing and oil external woodwork.
- 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 beacsue 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 trees and gardens before their growth spurt begins, and clean gutters before heavy rainfall. Servicing a/c units will get them functioning well before the summer heat. This is also the time to make any preparations for the fire and storm season, such as fixing any roof leaks.
Helping you maintain your holiday rental
We offer our Noosa rental homeowners a maintenance service to keep their property in excellent shape. So, if you don’t have the time or live in the area, rest assured that your properties’ in safe hands.
Your guests will be kept happy, safe and comfortable too!
We can arrange regular servicing and maintenance of the following:
Smoke alarm compliance
It’s essential to have functioning smoke alarms, which need to be checked regularly.
From January 2023, investment holiday rentals will need to comply with new Smoke Alarm Legislation in Queensland.
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.
Repair or replace fences
A new fence can improve security and make your home more appealing. As a physical barrier to your property, a fence is susceptible to weather damage, scratches and dents over time. So, if it’s seriously damaged it should be replaced, otherwise it should be stained every 2-3 years to preserve the function and look.
Protect exterior wooden structures
Exterior timber is exposed to moisture, UV radiation and fungal growth that can have a damaging effect on the performance and appearance of timber. So, coating timber with stain or oil will provide protection and help extend the life of timber and enrich 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.
Regular air conditioning servicingYour AC unit needs regular servicing to ensure it runs at maximum efficiency. Therefore, you should aim to have your air conditioning system serviced at least once a year.
We all love beautiful, welcoming and peaceful outdoor areas! Therefore, a well-maintained garden, or patio area will help keep the value of your property.
Improvements and fixes to increase the return on Noosa rentals
If you want to increase the return on your holiday rental investment, then renovations or improvements to any dated or worn areas of your property will help increase its value.
We’ve made some suggestions to get you started!
Replace floors and carpets
After a few years of consistent use, carpets can become threadbare in places and polished floorboards can start to look worn. A sand, polish and carpet replacement can often work miracles in renewing any property.
Update or replace your bathrooms and kitchen
The bathrooms and kitchen are rooms that can show wear and tear sooner than others, due to their more concentrated use. Areas that can age quickly are tiles, benchtops and fixtures.
So, whether you refresh a small area, or replace the entire room, this will go far in improving the desirability and value of any holiday rental.
Repaint your property inside and out
Painting or rendering the outside of your property will make it instantly more appealing and inviting to guests. This will hugely revitalise weathered walls or dated brickwork.
No one likes dirty walls, or peeling wallpaper, so freshening up the inside of your property with bright, warm and neutral tones will really help increase its value.
Adding or redesigning walls and decks
Have you thought about what you can imaginatively do with the spaces in your holiday rental?
A deck overlooking a serene aspect or garden can considerably increase the value of any property to new heights!
As our lifestyles and preferences have strongly moved towards open plan living, removing a wall to create more interior space and light can be cost-effective in adding value.
Fix or replace your roof and gutters
With the storms, heavy rainfall and heat that come with living in the sub-tropics, it’s vital 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 Noosa 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 Noosa holiday homes.
We provide all owners of Noosa rentals with tailored recommendations for improvements from our regular property inspections.
If you need an expert property manager that understands the Noosa 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 –