Airnb

[sidinz]

Also, most insurers won't cover bookabach/air B&B style rentals, may have changed now but when I first put my property on my insurer wouldn't insure it even though I had 7 other properties with them.

Craig

Yep, I had to get commercial insurance ($$$) for mine.

[Anthonyacat]

...I am getting enough bookings to cover my costs via bookabach and don't want it rented out too much as I want to use it a lot myself.

Ensure you're well versed in the Mixed Use Asset rules that came out a few years ago. If there's any borrowings on the property still, this can be a huge problem, especially if it's owned by a company.

[Courham]

Ensure you're well versed in the Mixed Use Asset rules that came out a few years ago. If there's any borrowings on the property still, this can be a huge problem, especially if it's owned by a company.

Yep, keep track of our use etc. Never had a mortgage on it but do now due to doing some major alterations last year part of the reason to put it on bookabach, being able to claim some of the expenses back via the mixed use rules.

Craig

[clueless one]

Revonating part of a house so we can turn into an Air BnB

Hi Everyone - we are thinking of doing renovations to our house so we can convert half of it into an Air BNB - we have got the basic concepts plan done - My question is can I claim the cost of everything against the Air BnB business - accountants say yes or no however I love the indepth answers that people that give this forum so appreciate any feedback cheers Clueless

[Anthonyacat]

"The cost of everything" is awfully vague.

You'd be able to claim the costs of running the AirBnB. This would include a portion of your home costs (interest, rates, insurance, internet, etc) and also 100% of AirBnB costs (toiletries, additional AirBnB insurance, cutting a new set of keys, etc).

You can't claim any capital items. Most of the costs of the actual renovations to enable the AirBnB to exist are likely capital.

[newbie investor]

Which insurance company provides additional airbnb insurance?

[clueless one]

Cheers Anthony - apologies for being vague -I was referring to more to the cost of renovations to bring our house up to a decent standard of AirBnb. The cost of the concept plans cost just under 10k and I was wondering if we could claim some of it back or if it was possible to .
That's a great question Newbie

[sidinz]

Cheers Anthony - apologies for being vague -I was referring to more to the cost of renovations to bring our house up to a decent standard of AirBnb. The cost of the concept plans cost just under 10k and I was wondering if we could claim some of it back or if it was possible to .

He already answered it - no. Just like for a normal rental. You buy a house to rent out, you can't claim the purchase price. You buy a house and immediately renovate it, you can't claim the renovations.

Ongoing costs, yes. Repairs once it's already in operation, yes. Capital costs to get it into operation, no.

[Eugene]

Which insurance company provides additional airbnb insurance?

I don't know.
I do know that Vero were happy for my tenant to rent out a room on AirBnB, the excess increased by $1000.

[sidinz]

Which insurance company provides additional airbnb insurance?

Depends if it's part of your own home or not. Separate dwellings need commercial insurance.

[clueless one]

cheers sidinz - I was hoping No means maybe however in this case No means No - I appreciate you taking the time to explain what I can/can't claim

[sidinz]

cheers sidinz - I was hoping No means maybe however in this case No means No - I appreciate you taking the time to explain what I can/can't claim

No worries, just like lawyers, our resident accountants are likely to hedge their answers a bit because they know that there are rare and technical situations in which some part may be claimable. But as a general rule, it's a 'no.'

[Anomaly14]

Bookabach has now teamed up with Initio to provide holiday home insurance.

[eri]

in the inner city

ray white property management have been talking about setting up an airbnb management systems

if they are doing it and you went with them to manage it check their exit clause

most property management companies need 1 month notice, thought i heard RW require 1 year!

https://rwponsonby.co.nz/blog/2017/march/29/airbnb-dollars-and-sense/

[Nick G]

That's going to be useful.

Got into Insurance and Tax/Rates a fair bit on the second half of this webinar a while back.

https://www.youtube.com/watch?v=cIPn1LAlsGk

Bookabach has now teamed up with Initio to provide holiday home insurance.