Weekender

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Some holiday home buyers are overlooking five key strategies which can turn their costly lifestyle investment into a money-making asset.

Australians invariably get caught up in the holiday romance of buying a ‘weekender’ and some will act on impulse while on vacation.

Often investors reason that by renting to holidaymakers when they aren’t using it, the asset’s maintenance and holding costs will be covered, but that’s rarely the case. Instead, holiday home buyers must seek maximum rental income and depreciation benefits to make the investment viable.

Most are buying emotionally and discover that higher-than-normal vacancies make their investment returns marginal at best. But smart investors know there are moves which can turn the numbers around.

Home property managers have five key rent boosters that also deliver great depreciation benefits.

There are a few things that boost your home’s appeal with holiday makers which not only maximise rental income, but also deliver excellent tax depreciation benefits. This means, come the end of the financial year, you’ll have more upside in your tax return thanks to your holiday home. 
 

1. Climate control

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Ensuring your holiday home is airconditioned is essential for attracting holiday makers. Vacationers will spend plenty of time relaxing at your short-stay, and they’ll want their comfort levels to be spot on.

Guaranteeing your home has split system air-conditioning and insulation not only helps improve the holiday experience for renters, but delivers tax benefits too.

The deductions available when you install a new split system represent 20 per cent of the cost of the asset within the first full year of claim. So, spending $3500 on a split system will equate to $700 worth of deductions in year one. 
 

2. Pet appeal

Holiday homes that are pet friendly command a premium, as pet owners look to take their ‘fur-babies’ on holiday which saves on the cost and stress of kennelling. But improvements which help create pet-friendly rentals also provide depreciation benefits.

Think boundary fencing, hardwood floors, pet proof landscaping. Even items such as an external doghouse can be depreciated. 
 

3. Outdoor entertaining

Holidays are built for family barbeques and lounging in a shady spot. The addition of a roofed outdoor relaxation and entertainment area will drive holiday makers to your home. They are also filled with depreciation opportunities such as ceiling fans, built in barbeques and benchtops.

For example, a relatively modest spend of around $4000 would both elevate your property’s rental earning potential, and deliver over $1000 in tax deductions in the first year after installation:

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4. Pools

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Even when near a beachside holiday spot, there’s no denying the appeal of a pool when holidaying.

If you’ve been fortunate to buy a home with a pool, don’t forget to claim depreciation benefits on the fencing and filtration system. 
 

5. Wifi and entertainment

Providing unlimited Wifi has become pretty much mandatory for holiday homes.

Access to streaming services, scrolling through websites on local hotspots or checking in on updated weather alerts and surf conditions make web access a must. Simple elements such as supplying a television can improve your tax deductions.

For example, televisions have an eight-year effective life, so under the diminishing value method, a $2000 TV will provide $500 in deductions in the first full year of claim.

While depreciation rules for computer equipment are currently found within the commercial sections of the tax legislation, it’s likely that computer equipment will become a residential plant and equipment item in time. Either way, routers and range extenders will always attract deductions.
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Anyone who has impulse bought a holiday home over Christmas must get serious about making it profitable

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Five ways to turn holiday home investment duds into diamonds

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Neighbours star Olympia Valance, 27, and her AFL star boyfriend Thomas Bellchambers have purchased a cottage in country Victoria.
It is a two-bedroom Glenlyon home near Daylesford in Victoria, that was settled on Valentine's Day.  
They jointly purchased the six acres for $587,000.
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The home was promoted as offering spectacular views of the district.
It was also offering its owners to experience ‘off grid’ living in style. 
Vallance has since <a href="https://www.urban.com.au/news/112795-olympia-valance-lists-one-bedroom-southbank-apartment" target="_blank">listed her one bedroom apartment in Southbank,</a> asking between $500,000 and $550,000.
 
 
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Olympia Valance and Thomas Bellchambers buy Victorian weekender

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Simone Zimmermann, from the eponymous fashion company, and her husband, Michael Redmond have bought a Palm Beach weekender.
It is the iconic house designed in 1954 by architect Peter Muller for his family.
It had been listed through LJ Hooker agent Peter Robinson by the Martin family who bought on the high rocky ridge for $1.8 million in 2013 from the real estate agent Peter Thane who had paid $265,000 in 1986.
The hilltop home, with views towards Pittwater, has been sensitively modernised to enjoy the comforts of the 21st century.
Its two year refurbishment included the new zinc and glass roof that follows the original form of the then water filled roof by Althouse &amp; Geiger which was inspired by the work of Californian architect Jack Hillmer.
It was marketed as "the seminal mid-century family home of one of Australia's most influential architects".
It is on the AIA Register of Significant Buildings in NSW given Muller's status as an architect from 1952 until retiring aged 80 in 2007. 
The fashion company boss is also upgrading North Bondi abodes to a $5.5 million house after selling nearby for around $4 million through Ray White agent Randall Kemp.
This article first appeared in The Sunday Telegraph.
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Peter Muller-designed Palm Beach home snapped up by Simone Zimmermann

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Malcolm Watkins, co-founder of Australian Finance Group, and his partner Peter Kerr have listed Del Sole, their Blairgowrie weekender.
The <a href="https://www.realestate.com.au/property/12-ritchie-ave-blairgowrie-vic-3942" target="_blank">extensive four bedroom, four bathroom beach house</a> on Ritchie Avenue comes with four living areas.
A north facing alfresco decking looks out over the bushland and the ocean.
The swimming pool wraps around the home. 
Watkins paid $2.4 million in 2011. 
Sotheby's International Realty agents Rob Curtain and Patrick Shinn are asking $2.7 million.
Watkins and Kerr have since bought a 7,500 sqm block nearby in Sorrento.
The listing coincides with the sale of Malcolm's grand Toorak mansion which he owned with Kerr.
Having spent $6,155,000 in Hawthorn last year, the couple are selling the redundant opulent five bedroom, six bathroom designer mansion after their $2.8 million purchase in 2013. 
Melbourne Southeby's agents Sarah Case and Melinda Ma were initially asking about $12 million for the mansion.
Occupying a 606 sqm corner parcel on Benson Avenue, the home features a White Glass staircase that leads to a rooftop terrace that opens from the games room.
A ground floor 'rose room' bar flows to an expansive terrace with swimming pool, spa and cinema style television floating above the water. 
The basement features a decadent cigar room and separate 1000 bottle wine cellar, Gold Class style cinema and gym with fully self-contained guest suite. 
Watkins was one of the founding directors of Australian Financial Group, one of the country’s biggest mortgage brokers.
He was appointed as an additional director to the Mortgage &amp; Finance Association of Australia in 2015.
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Australian Finance Group co-founder Malcolm Watkins lists Blairgowrie weekender

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The newly appointed BHP Billiton director Grant King, and his wife Jenny, have sold their Pittwater weekender, at Coasters Retreat for around $1.3 million.
It was a fairly humble weatherboard cottage when the couple bought it in 1995 for $307,500, then <a href="https://www.realestate.com.au/sold/property-house-nsw-coasters+retreat-124029470" target="_blank">doubling it in size and renovating throughout</a> with high-end finishes.
The two-storey house, accessed only by boat or ferry service from Palm Beach, came with initial hopes of $1.7 million back in 2015 when King was the boss of Origin Energy.
The Kings now have a $4 million Palm Beach retreat and a $6.2 million CBD penthouse after selling their Neutral Bay mansion for $16.5 million.
This article was first published in the Saturday Daily Telegraph.
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BHP Billiton director Grant King sells Pittwater weekender

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The retired Andrew Rogers, former chief justice of the commercial division of the NSW Supreme Court, and his wife, the former federal Assistant Treasurer, Helen Coonan, now a Sky News commentator have sold their Avalon weekender.
The $3.1 million sale was to Laurence Eastwood, one of Australia's most distinguished production designers, and wife Deborah.
Laurence worked on Newsfront, Crocodile Dundee II, A Town Like Alice and Phar Lap.
The property was in the news 15 years ago over its status with arising the electoral, land tax and capital gains tax implications for the Woollahra couple pre-occupying Prime Minister John Howard's attention for weeks. Canberra veterans recall it was the making of Mark Riley's career in the Canberra press gallery.
Rogers had bought the 1500 sqm Paradise Avenue waterfront for $125,000 in 1979, four years before he married Helen Coonan.
The Eastwood's had been looking since selling at Lovett Bay to Justin Hemmes, the hotelier who is spending plenty of time up that way given his recent acquistions.
The Eastwood couple bought the block of land overlooking Morning Bay at Lovett Bay for $510,000 in 1996.
This article first appeared in the Sunday Telegraph.
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Former chief justice Andrew Rogers sells Avalon weekender

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Melbourne-based retail boss Mark McInnes has listed his New South Wales South Coast beachfront at Coalcliff.
The former David Jones boss paid a suburb record $2.5 million for the <a href="https://www.realestate.com.au/property-house-nsw-coalcliff-126625242" target="_blank">home as a weekender</a> from his amalgamation at North Bondi.
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It comes with a $3.3 million guide through Ray White for its November 11 auction.
The home will push the $3,387,000 record set late last year.
McInnes recently spent $12 million on a <a href="https://www.urban.com.au/news/73941-premier-investments-chief-executive-mark-mcinnes-buys-back-into-toorak" target="_blank">Toorak mansion</a>.
 
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Retail boss Mark McInnes lists former NSW South Coast weekender

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<div>The Dow Chemicals chief Andrew Liveris sold his ’70s-style beach house at Whale Beach at weekend auction.</div>
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<div>It fetched $3.33 million — with whispers quickly suggesting it was snapped up by a neighbour. </div>
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<div>The Belle selling agent Greg Griffin who had $3 million hopes given its down-at-heel presentation wouldn’t be drilled on which one.</div>
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<div>The 1100sqm Whale Beach Rd parcel sloping down to the ocean had cost $3.675 million in pre-GFC 2006.</div>
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<div>The Michigan US-based Liveris and his wife Paula will make an $8.15 million Point Piper apartment part of their retirement plans.</div>
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Liveris, who previously worked on an advisory panel for Barack Obama, was described by President Donald Trump as "one of the foremost leaders in manufacturing, one of the foremost leaders in the world of business".
This article was first published in the Sunday Telegraph.
 
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Dow Chemicals boss Andrew Liveris sells at Whale Beach for a loss to neighbour

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One of the world's leading businessman, the Dow Chemicals chief, Andrew Liveris has changed his mind up on keeping his beach house at Whale Beach.
The soon to retire Darwin-born businessman listed the 1970s beach house in February, before a change of heart.
But now its back up again with Belle Property Avalon agent Greg Griffin, who has it for November 25 auction with $3 million hopes given its down at heal presentation.
The Whale Beach Road clifftop property cost $3,675,000 in 2006 when bought Liveris who has been the chief executive of Dow since 2004.
It was expected the Michigan US-based executive might have gone on to rebuild before their imminent return to Sydney.
The home sits on a 1,100 sqm parcel sloping down to the ocean.
Griffin is marketing it as a "premier site for a new home."
Liveris and wife Paula already have a Point Piper triplex apartment as part of their retirement plans. They bought it for $8.15 million in 2013.
Liveris, who previously worked on an advisory panel for Barack Obama, was branded by President Donald Trump as "one of the foremost leaders in manufacturing, one of the foremost leaders in the world of business".
The Darwin-born businessmen was on President Trump's manufacturing council but the board was abandoned in the wake of controversy following the US President's heavily criticised response to deadly violence in Charlottesville, Virginia in August.
This article was first published in the Sunday Telegraph.
 
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Andrew Liveris relists Whale Beach weekender

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London based Macquarie infrastructure boss David Roseman and his wife Sue finally sold their Berry weekender.
It sold just days before Christmas having been listed for March auction when they were asking $4.75 million.
They had bought the 20-hectare Coomonderry Ridge hobby farm in 2011 for $1.18 million.
The two-storey residence with a separate guest house amid landscaped gardens fetched $4.75 million <a href="https://www.belleproperty.com/listings/488459/2-coomonderry-ridge-berry-nsw-2535/" target="_blank">through Gary Dale at Belle Property</a>.
Roseman was appointed to the merchant bank’s top infrastructure post in 2015.
The manor-style mansion he and his wife, former Macquarie executive-turn-interior designer Sue was built near Seven Mile Beach.
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