Move in, renovate or lease out

first_imgThe two-bedroom cottage at 24 Terrace St, New Farm. Picture: Supplied.THIS character cottage is in such a prime location that it has been an Airbnb gold mine for its current owners. Stuart Harris and Kellie Tinson opted to put the two-bedroom property at 24 Terrace St, New Farm on Airbnb when they realised they could earn far above the normal rental return. “The rental appraisal for a normal six or 12 month lease was $550 per week,” Mr Harris said.“On average we were getting about $800 through Airbnb and we had somewhere in the mid 80 per cent in terms of occupancy.”That’s conservatively more than $35,000 a year. “Obviously it was more challenging being a short term rental but it was more economically viable,” Mr Harris said. The main bedroom opens to the front porch. Picture: Supplied.The post-war cottage has timber floors, VJ walls and ornate breezeways as well as a modern bathroom, an updated kitchen, a front veranda and a back deck. There is airconditioning throughout, security screens on the windows, and a car port at the front of the home. Mr Harris said the home would suit investors, downsizers, professional couples or buyers looking to take on a project. “We always thought if we were to lift the house and bring forward it would double the space and give more backyard,” he said. The property is 500m to Howard Smith Wharves and close to shops, cafes and public transport. The kitchen and bathrooms have been updated. Picture: Supplied.More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours agoMr Harris said it was the location that appealed to short term renters. “It is in a good spot, and even though it is a small place it still has two bedrooms, a bathroom and a little backyard,” he said. “Our biggest clients were people living in the area who were having renovations done and needed somewhere to stay for two, four or six weeks.”Mr Harris said the backyard also gave them capacity to allow people with small pets to rent the property. last_img

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