Furnished Long Term Accommodation on the Rise in Shepparton
Government officials anticipate an even greater increase in the population of Shepparton, which has recently topped half a million residents. Long-term lodging options will be plentiful as a result of this. Will they rent an unfurnished 12-month apartment, as is the norm, or will they choose a furnished 12-month option?
What are Furnished Long Term Accommodation Properties?
More than just furniture is typically included in Shepparton's furnished long-term rental homes. You'll get everything from rugs to linens to wall art to a knife block to a bookshelf as part of the package. Basically everything you need to decorate your home. As an added bonus, here's some stuff. Standard kitchen appliances like a refrigerator, stove, dishwasher, and even a washer and dryer should be available. Grill and patio furniture are also welcome additions to the outdoor area. An LCD TV, DVD player, Foxtel cable, and stereo system are all provided for your entertainment at the hotel room.
Considering the Target Market
It isn't possible to use the furnished rental model in every market. It's preferable for families, older renters, and those who have established themselves to rent an unfurnished property. The corporate sector, young urbanites, vacationing families, college students, and others who are new to the city prefer furnished properties. They are willing to pay a premium for the ease of moving into a pre-furnished apartment that includes everything they need and is ready to go right out of the box.
Location
Cultural, outdoor, and sporting opportunities abound in the Greater Shepparton area.
The region is only two hours north of Melbourne and is home to some of the best food and wine in the state as well as a slew of fun things to do.
A large family may find a multi-story detached home appealing, but a travelling on a contract is unlikely to be interested. Business travellers may prefer a small condo in the CBD, but vacationers may prefer a larger beachfront condo. Corporate travellers, students, and young urbanites looking for luxurious, fully-furnished accommodations are likely to be drawn to the new apartment towers currently under construction.
Shepparton
in northern Victoria, Australia, on the Goulburn River floodplain, about 181 kilometres (112 miles) north-northeast of Melbourne. Shepparton, including Mooroopna, had an estimated urban population of 50,198 in June 2016.
Originally a sheep station and river crossing in the mid-19th century, it underwent an extensive transformation into a railway town. Goulburn Valley irrigation system, one of Australia's largest irrigation systems, is located in the heart of the city, which is now a major agricultural and manufacturing centre. The City of Greater Shepparton, which includes the nearby towns of Tatura, Merrigum, Mooroopna, Murchison, Dookie, Toolamba, and Grahamvale, is also headquartered in this major regional service city.
Weighing the Pros and Cons of Long Term Accommodation
Pros
Long Term Accommodation properties in Shepparton that are fully furnished save money in the long run. In the rental market, furnished apartments can bring in rents that are 50 to 100 percent higher than those of unfurnished apartments in the same location. As a result of this, a better tenant may be attracted to the property. To save money, business travellers often choose a larger, more luxurious hotel room over an unfurnished apartment.
Furnished properties can be rented to a variety of organisations, including hotels, tourist attractions, and educational institutions. When a lease is for a shorter period of time, it is easier to adjust rent to reflect changes in the market. These short-term lease agreements make it much easier for landlords to conduct regular inspections and updates.
Additionally, there are tax advantages to purchasing a furnished home. It is common to write off property like furniture as a depreciating asset, which means it can be written off in full. As a general rule, less expensive items can be written off quickly, whereas more expensive items are typically written off over the course of their expected lifetimes." In order to get the most out of tax dollars, property owners should consult with a tax advisor.
Cons
Although the pros of renting a property furnished are extensive, the cons should be considered before any property investor makes a final decision. When a property is furnished, there can be damage not just to the property but also to the furnishings, including the furniture, the appliances, the electronics and the artwork. The cost of replacing these items can be high even with insurance. Deposits might be higher, which can be off-putting for some tenants. Additionally, property owners must use careful planning and staging when furnishing their properties to ensure their properties are tastefully and attractively furnished rather than crowded and cluttered.
Making an Educated Choice
Many real estate investors overlook some of the many options available to them. Many people automatically choose an unfurnished home because it is so common, even if it is not in their best financial interest. The furnished property model is becoming increasingly popular as a result of renters' willingness to pay a premium for convenience and mobility. The best option for investors can be found by evaluating all of their options. Any real estate investor who wants to get the most bang for their buck should hire a professional property manager.
