Many buyers are looking for homes in which they can Airbnb a self contained unit or a room or two in a house. This is a great way to earn extra income for your early house taxes, perhaps new furniture or maybe a trip. However, as a home buyer thinking about short term rental (STR) there are some things you need to know. Rules in Victoria have changed surrounding STR.
A short term rental is anything you rent out for less than 30 days on sites like Airbnb.
You may be eligible if;
Your short term rental is your principal residence – the whole home on occasion (for example, when you are on vacation), or up to two bedrooms in your home with shared kitchen and living spaces. This does not include a self contained suite, except for when a renter (with owner’s permission) rents out a suite (their principal residence) on occasion. This is important to know. Basically what it means is that you are allowed to rent two bedrooms within your home and it must have...