Here is a method that is helping property investors in Sydney save money the smart way. If you own an investment property, why not convert it into executive rentals and furnish each apartment? There are numerous advantages to putting in executive rentals which can help to increase your profits while at the same time helping you save on your taxes at the end of each year. When you furnish an apartment and advertise this, you can raise the rental price each month that a tenant pays. This will bring in extra profit each month. Also, furnished rentals are much more attractive to individuals such as the corporate person on contract for a period of time and also to people relocating than unfurnished rentals are.
They will usually be more than willing to pay extra for an apartment that already has everything included. They also don’t have to move anything when they leave, which is another added benefit. For you, adding furniture to an apartment can help you greatly on your taxes. Over time, as you rent the apartment to different people, the furniture will begin to wear with use. This depreciation of the value of the furniture and fittings in the property can be counted as a tax break, reducing the amount that you have to pay to the government.
With the many benefits involved in doing executive rentals, such as increased income, attracting more renters and receiving tax breaks, it is a wise decision to make. Consulting with your accountant can help you to handle the conversion properly. This is a smart move to both save you money and help you increase your income on your rental property as any smart property investor in Sydney eagerly wants to do.