Are you a property investor curious about property investment and the future of short-term rentals in Western Australia, especially with the rise of Airbnb. Overall, property investment has always been a popular choice for Australians to build a long-term source of income. However, with the possibility of a crackdown on short-term rentals in WA, property investors need to consider the risks and rewards of this income stream.
The importance of property investment
Over the years, property investment has been an excellent way to diversify your income streams, but it’s crucial to research and seek professional advice before making any decisions. With the uncertainty around short-term rentals, property investors should consider other options, such as long-term rentals.
Investing in property is a complex process, and risk assessment is essential. To mitigate these risks, working with an expert conveyancing service like Strand Legal and Conveyancing can help you navigate your investment’s legal considerations, especially if you’re contemplating running your investment property as a family Airbnb business.
- Business and property settlement
- Family business law
- Commercial law
- Property law
- Public notary
“We aim to provide our clients with a stress-free and efficient settlement process. And we pride ourselves on our expertise, attention to detail, and exceptional customer service,” says Kerry.
Airbnb Crackdown in WA
As Kerry Cable, Strand Legal and Conveyancing’s Business Manager, highlights, the property investors she deals with at settlement express concerns about the impact of a possible government ruling on short-term Airbnb accommodation in Western Australia.
Currently, no laws govern short-term rentals, but the Western Australian government is reportedly considering introducing regulations soon. If these regulations are enacted, investors’ property values and income potential could significantly decrease. For example, if short-term rentals are restricted or banned altogether, investors may find it more challenging to attract tenants and see a decrease in their rental income.
Reduce risks with expert conveyancing
Working with an experienced conveyancing service can help reduce risks associated with property investment. Strand Legal and Conveyancing provide comprehensive advice on all aspects of property and business settlements. With their expertise, property investors can ensure that everything is handled efficiently and with minimal complications or delays.
“Investment in property requires investors to do their due diligence and extensive research, and we help that process by stepping our clients through all the legal and practical considerations involved in a settlement,” says Kerry.
Diversification is key
The uncertain future of short-term rentals in Western Australia highlights the need for investors to diversify their income streams. While short-term rentals may offer a higher return on investment, long-term rentals provide a stable source of income with fewer regulatory risks.
“Most of our clients buying investment properties say that the current demand for affordable long-term rentals is likely to provide a steady source of income without the risk of regulatory changes affecting the rental market,” say Kerry.
In conclusion, property investment is an excellent way to build a long-term source of income. However, with the uncertain future of short-term rentals in Western Australia, investors must consider the risks and rewards of this income stream and explore other options for generating income from their properties. Working with an expert conveyancing service like Strand Legal and Conveyancing can help you navigate the complex settlement process and ensure a stress-free and seamless property investment experience.