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True Property Management (Vic) Pty. Ltd
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When we are in relaxing summer holiday mode, it is easy to get a little carried away and start dreaming of buying a holiday home, that we can visit whenever we want to. It makes sense: you’re relaxed, it’s sunny, and the idea of extending the summer holiday feeling being is very appealing. You could even convince yourself that it would be a good investment, by renting out when it’s not being used.

But is it such a good idea?

With Torquay on Victoria’s coast having a median house price of $617,000 and a median rental of $400, it does seem like a pretty good option. But the problem kicks in when your emotions take over from your rational ‘numbers brain.’

Just like any investment property you need to undertake due diligence especially if you are planning on making a return. Look at all the numbers. What money do you need to put into the property to get it up to living standard? Can you add value by additional renovations? What about furnishings?  Once you’ve looked at all the numbers and also comparable holiday home  in the area, do the numbers still stack up?

If the numbers do look good, then you need to consider how much time you will actually get to enjoy the property, and then consider if it’s really worth it. The key times to rent out the property will be the same time that you no doubt will want to use it too. So how appealing is that property now?

There are advantages to a holiday home however, you can allow for depreciation on the property and at a higher depreciation rate. You do need to check the rules on how many weeks of the year it needs to be available. Often it can be as high as 50 weeks a year. This does allow you to enjoy your property over the key Christmas period. But is that enough?

So if you do have dreams of owning your own holiday home, make sure you talk to your property investing team. If the numbers are still looking good, then maybe you can extend that holiday feeling after all.

How about you, have you invested in a holiday home and made the numbers work? Or did it turn out to be not such a great idea after all?
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(03) 9001 1559
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Suite 12.06 401 Docklands Drive Docklands, Vic 3008
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Property management services tailored to meet your requirements
Introduction
Property Management: True`s vision is to create a totally unique real estate company; one solely focused on property management and also with the ability to tailor our service to each individual property investor.

  1. We are a specialist property management company. We won`t be focused on real estate sales (like most other real estate agencies) and you won`t be treated to second tier service.
  2. Have your property managed by those who have trained and consulted to numerous property management businesses throughout Australia.
  3. Benefit from having the best people in the business managing your investment.
  4. The system we use to manage your investment is a compilation of our experience and the best business strategies we have implemented or seen in action around Australia and New Zealand.
  5. We have access to some of the best marketing experts in the country. Your property will be expertly marketed to reach the widest possible audience, quickly attracting a good quality tenant at the best possible rental.
  6. We use the latest technology to ensure you are always up-to-date with exactly what is happening with your investment property. You will be able to access information about your portfolio 24 hours a day/ 7 days a week via secure access to our website.