Investment property owners who want to make the switch from long-term tenants to the lucrative short-term market are often faced with a dilemma: Spend money to upgrade and potentially increase your chances of getting a higher nightly rate OR continue with business as usual and endure the lackluster returns from long term tenants?
For most investment owners, the prospect to increase their investment property income by upgrading their property and styling it for the more discerning short term rental guest can be daunting. A lack of time, inspiration or a reluctance to invest ahead of the curve often put most landlords off making the switch.
However, with the right support and team behind you the results can pay dividends, as was the experience of Stephen Brooks when he engaged us here at MadeComfy to help him make the transition. We've assisted
In an ideal location opposite Central station, near the heart of Surry Hills and a short stroll via Hyde Park to the CBD, Stephen’s apartment was commanding a mere $400 a week. In desperate need of a makeover, the MadeComfy team advised on the improvements he would need to make to unlock the significant potential in the Short Term market.
Over the course of 6 weeks, our Stylist and team of handymen set about turning this inner city pad into a desirable and chic apartment befitting of it’s location. With two tone paint applied throughout the apartment, the rising damp taken care of, new floorboards installed to name but a few updates; the stylist Mireille Kilgour then set about re-designing the layout of the kitchen, living room and bathroom. By removing the overbearing fridge and installing hanging racks, this opened up the space. The living room got re-styled with a new entertainment unit, new furniture and also faux cow skinned stools.
To complete the revamp of the space’s style and character, candles, indoor plants, mirrors, artworks, bar stools and throws were added to transform the space into a comfortable oasis.
BEFORE AND AFTER SHOTS OF KITCHEN AND BATHROOM
In less than 6 weeks and for under $15k, the property was ready to list on the short term rental market.
With the home owner overseas for the entire process, the team at MadeComfy looked after the whole project from start to finish!
The result? The apartment has been an instant hit on Airbnb and is commanding upwards of $160 per night. With bookings being taken daily, it won’t be long until the apartment pays back the investment Stephen made.
Stephen’s thoughts on the result?
“Guys - wow. Freaking nailed it. Thanks so much. It looks absolutely amazing”
If you need some tax advice on whether to declare the rental income from your short-term rental, a good place to start is a blog we wrote on the topic.
MadeComfy provides an end-to-end property management service, which means property investors don’t need to do a thing when they hand over their keys. MadeComfy makes the process to increase your investment property income from short-term renting effortless, achieving up to 40% more than long-term rentals and self-managed Airbnb listings. Get in touch with us today to see how we can help!