Fully furnished or in storage ?

[Deltaberry]

Students and backpackers are generally a tough market to be in and these are the sort of people who want fully furnished. They're fickle and move in very easily.

The short-term is an issue because you might have a high degree of vacancies versus having a stable tenant. At best it might work out to be approx the same outcome, but you have much more stress and wasted time.

 

[Alex P Keaton]

I arranged for rental appraisals - Around $300

I rang up a few PM's and have rental appraisal appointments set up for early next week. The general consencis is that they think I should be able to get somewhere between $300 - $400 for fully furnished.

It all depends on factors including:

1. Depends on the size of my studio.

2. The quality of my furniture

3. Air con

4. WM and dryer
I should get a bit more for this as a bonus convenience.

5. Security of complex

6. Parking (tick) I have a carpark and also visitors parking on street.


One PM said she rented out a 1 bed in lincoln street and beaufort st highate recently for $320 per week and they didn't have a WM or dryer.

I was conservative in that I budgeted for $250 per week. So I'd be stoked if I could get $300 !! Any more than $300 is an added bonus.

If I got $1200 per month rental that would cover my $1000 mortgage payment and some of my regular ip expenses. It would be NG. But paying just the $200 per week board even though my ppor would be NG I would still be able to save a massive amount per month.

 

[our obsession]

Sounding good APK!

 

[Alex P Keaton]

I've got a furnished place where I am, and charge double the going rate for a non-furnished place in Orange.
That's a good enough reason to do it! I also get depreciation on furniture.
I only spent 7k on furniture/whitegoods, etc, so that's a pretty good return, 7k for an extra $300 per week.

In your case Alex, you could just about replace your furniture (or better) with the extra rent/write-offs.

As long as there is a demand...

Wow thats incredible... Double the going rate compared to un furnished.

My PM said that I'd only get an extra $30 or something for furnished.

 

[Alex P Keaton]

Should I get depreciation report - Just for 1 year ?

So far 8 people are interested. Sounds positive! The ad went online late Wednesday evening. The 1st viewing is on Wednesday. I hope it goes well!

Its an exciting time!

Do you think I should get a depreciation report drawn up even if I only intend to lease it for 1 year?

 

[jaycee]

Depreciation report might be worht looking into.

Give someone a call and they may suggest to you how to best handle your particular scenario baased on age etc and they might advise on the best way forward - for 1 of my properties, it wasn;t worth them coming out etc as it would cost too much, so I coudl fill out a form and send photos, on the other 2 newer properties, they did a full inspection as the amunts cliamable were worht it and a more accurate (and probably higher) amoutn couldd be determined.

Good luck !

 

[Alex P Keaton]

thanks

Yeah I'll give Depreciator a call. I have a renovated kitchen so it could be worth it. The guy visited at my number 1 IP a couple of years ago and that property had a renovated kitchen too so i'm thinking based on that then he will come round to my (ppor AKA ip2) and do a visual.

 

[jaycee]

I'm sure Depreciator will sort you out.