Every year over the summer holidays, a great migration takes place. Australians, in their droves, pack their bags, load up their cars and head for the coast or the country for a well-earned vacation.
Many who enjoy magical summer getaways also have an annual dream of buying a holiday home of their own - a dream that has been made more financially feasible in recent years by the possibility of renting it out through one of the popular short-stay accommodation platforms such as Airbnb and Stayz.
But new regulations being rolled out by governments and councils are biting into this short-stay rental proposition.
So, for anyone seriously contemplating their future holiday plans, here are some of the pros and cons of buying a holiday home from a lifestyle and investment perspective, as well as a run-through of the recent regulatory changes that may affect your future plans. Let's start with how to holiday:
Alternatives to buying. Purchasing a property of any kind is likely to cost hundreds of thousands of dollars in upfront and ongoing costs. So, aside from owning a holiday home, what other accommodation options are there and how can you get the best bang for your buck when booking them?
Hotels and motels. While there won't be a hotel or motel in every small town, and they might not suit the needs of larger groups, they could be an option for smaller families. With any booking over the busy summer period, the general advice is to do it as early as possible, and make sure you check prices on different comparison websites as well as directly with the hotel.
هذه القصة مأخوذة من طبعة December/January 2023 من Money Magazine Australia.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة December/January 2023 من Money Magazine Australia.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
An outrageous, beautiful monopoly
Telstra's mobile business is a cash machine with few competitors, giving it the highest returns in the world.
Drop the anchor to judge value
Buying and selling decisions should be based on where a stock price is going, not where it has been.
Powering the AI boom
Beyond the software and chipmakers, where will the energy come from?
Get into life
Tucked inside super are products that can protect you from life's inevitable uncertainties.
Paths to home ownership
Taking the road less travelled can sometimes deliver unexpected benefits.
Sold! Quick ways to add value
Small, strategic changes can have a big impact on the look and feel of your home. And get you a better price on auction day.
Money lessons the kids need to know
Your children can learn a lot from your past money mishaps. Here are eight financial conversations I have had with mine.
Property-investing rules: are they likely to change?
The pressure for the government to curb the tax benefits of tax concessions, such as negative gearing and the capital gains tax discount, is unrelenting. Most recently, independent senators David Pocock and Jacqui Lambie proposed five options for paring back investment property tax concessions, with savings to the Federal budget of up to $60 billion over the next decade.
What's love got to do with it?
A rollercoaster of emotions could be driving poor crypto behaviour.
Are we ready to be cash-free?
Saying goodbye to our piggy banks too soon could leave small businesses in the dark when problems arise.