For suburbs like Noosa Heads, Noosaville, Tweed Heads, statistics show that the rent demand is high with a rental yield of 3.5% to 5%. This is an indication that you can reap big from an investment around the Sunshine Coast. If you already have invested in Noosa real estate, you can still create additional income for yourself. This article gives tips on things you can do to add additional income to your property.
Build a granny flat
Granny flats are the dwellings that are secondary to the main property on a single block. They have their own entrance, are self-contained and are completely separate in terms of amenities from the main house. When you add a granny flat to your Noosa real estate investment, you will be significantly adding to your rental yield. This is a great move, especially when you are not up for subdividing your rental property. Another option that you could consider is converting part of your house into a granny flat.
Transform your spare room into a boutique hotel
While most people don’t fancy the idea of having a total stranger stuck with them long-term in their property, you can rent out spare rooms to tourists as it is seasonal. There were an estimated 674500 tourist arrivals in Australia in March 2015 which when compared to the same time periods of the previous year was an increase by 13.3 percent. What does this mean? You can cash in from your Tewantin real estate investment by adding and converting your spare rooms into something productive like a boutique hotel.
Create an additional bedroom
Your Doonan real estate rental income can be dramatically increased when an extra room is added. You could convert a living that you don’t utilize into a bedroom. You could also close up an already existing roofed area outside your house and make it a room.When you rent out these rooms, you will be increasing your Noosa real estate rental audience.
Move out of your master bedroom
As much as this may be an uncomfortable decision, it’s the best you will ever make if you are looking forward to making additional income with your coastal property. Leaving your master ensuite for tourists will also be convenient as then you will not have to share amenities like the bathroom with strangers. Besides having the largest room in the house rented will undoubtedly increase the rental income.
Renting your carport
If your Noosaville real estate investment is near the central business district or near public transport, you could make extra income by renting out your parking spot when you are not around. You can begin by talking to friends and family to get clients. The returns can be more than you would have imagined. Besides you will have nothing to lose as you only rent it out when you are away.
In a country with as high living standards as Australia, making an extra dollar is something everyone aspires to do. Pick a tip from one of the discussed ways of making this possible.