Best home base option for those who travel a lot?

Hi all, I am currently renting an apartment in Brisbane but I spend a lot of time away from the apartment which seems like a bit of a waste as I am paying rent for many weeks I am not there. I am also considering a big drop in income to pursue a career change and am looking for ways to increase my cash flow to make life a little easier.

I have 2 IPs at about 70% LVR in Brisbane which are neutrally geared.
Neither of the IPs are in locations I'd like to live. I'm considering selling an IP (or both) and buying a PPOR and then renting out a room or 2? Tbh I am not very keen on the share house option though.
The other option I prefer is rent out on Airbnb while I'm away? Or buy something with a granny flat and live in the granny flat and rent out the house? Live in a caravan?

Any other creative ideas to maximise the time that the house sits empty?

 

If you are not there very much location is not as important, so why not move into one of your IPs and rent out a room or 2?

If you want to rent out a main house and granny flat separately, don’t buy in the BCC area. It’s a big no-no.
Marg

 

Hey @Marg4000 how about if the OP lives in the granny flat himself, when he's not traveling away, but rents the house out full time to a tenant?

 

Yes I would not rent out both. Ideally I'd live in one and rent out the other.

 

Same rules apply the both parts.
Granny flat and main property cannot be rented separately.
All or nothing.
Marg

 

Wow I did not know that. So you can't rent a granny flat but could you live upstairs and rent out downstairs? Where do they draw the line?

Does anyone know if there any councils in South East Queensland that allow granny flats?

 

If granny flat is not allowed maybe this is the way to go

Couple wins right to keep tiny house in backyard of larger Brisbane property - ABC News (Australian Broadcasting Corporation)

 

Logan I believe.

 

When checking, make sure you ask the right questions.

All councils allow granny flats, including BCC.

The differences arise in how they can be legally occupied and/or rented.
Marg

 

How long away per year are we talking?

And is this travel going to continue if your career changes and your income drops? Would it still be affordable?

 

3-6 months/year. The career change is to have more flexibility for travel.

 

So by changing jobs and dropping income you can still afford to travel was more my question?

Or is the career change actually traveling and earning income from traveling more?

 

Yes I'll be earning some income from the travel. Not what I'm on at the moment but it's a lifestyle choice. If it doesn't work out I'll just go back to what I'm doing now.

 

OK Cool just wanted to clarify.
My initial thoughts are their is quite a large unknown at this stage. No way would I go selling and buying new properties when reality is in 6 months you may realize it’s unsustainable.
You have paid selling costs, CGT new entry costs .etc

I know you don’t want to live in your IP’s but why exactly? The smart thing would be to move into one of those properties and rent a room or two. I know you don’t like either of those ideas but you need to consider how that effects the travel plans.

I’m going to guess the mortgage repayments are less than current rent so that is the first saving. Then having a room mate (which you won’t see for 6 months) is the second saving.

Alternatively can you move into a shared apartment now to just reduce your rent.

Pain for 6 months might give you more joy for the other..

 

Thanks for the reply @albanga. Good to get an unbiased point of view. I suppose i might just have to suck it up and get used to living with people!
One of my IPs does need a bit of work so on the plus side if I move into it it would give me an opportunity to get a few things fixed while I'm there.

 

Hotels For Sale Brisbane | Resort Brokers Australia
Buy a hotel
When you are in Brisbane book a room !

 

Not sure if you are traveling overseas but if you are traveling overseas then the QLD state Government has a special land tax for you.

Absentees for land tax | Environment, land and water | Queensland Government

"If you have lived outside of Australia during the financial year, we will consider several factors to determine if you usually live in Australia, such as the reason for your absence and the time spent in and out of the country. If we are not satisfied that you mainly resided in Australia, you will be an absentee if you:

• were away from Australia at 30 June or
• have been away from Australia for more than 6 months in total during the financial year before 30 June."
  
  

 

Now that's an idea

 

Yeah I'm aware. Part of the reason I'm thinking about selling an IP.

 

MBRC, there are some quality suburbs just on the BCC border too