Brief summary of some frequently asked questions for easy reference.
Answers are deliberately kept brief to offer you a quick overview of what a Coliving Home is. Our website pages contain more detailed information and of course we welcome and invite your questions and feedback. Thanking you, the Team at properT network.
How does a Co-Living Property Work?
As an investor, we help you secure a block of land and then offer a calving home design to suit the block, the location and your budget.
The property is then built on your behalf, and once the full turnkey home is completed and handed over to you, the Co-Living appointed rental manager will secure tenants who are ideally matched to each other and to your property.
You sit back and collect the rent.
Yields are higher than other residential property. Your security lies in ‘even if you only had one tenant, you will still get an income.’ Two or three tenants dramatically increase your yield.
Is CoLiving property suitable for Investment?
Coliving dwellings are in great demand. Your tenants enter individual lease agreements and when combined, the yield is substantially higher for the whole home than if you leased it out to one family.
Who can own a Co Living property?
Anyone who wants to. Investors who are goal focused, personally driven, can make a decision and be committed to the process.
Can I get a loan for a Co-Living Property?
Absolutely. Banks treat Coliving Property as they do any other House and Land package. So long as your personal balance sheet is in order and you can borrow money and have a deposit, you can apply for a residential loan.
Is there a demand by tenants for CoLiving Property to rent?
Absolutely. If you visit sites such as flatmates.com, there is a significant amount of individuals looking to share accommodation. Most do not want apartments and most don’t want to live alone either. They have limited budgets which would ordinarily meet a small one bedroom apartment. This same budget allows them to share a home, in the suburbs that has a garden and flexible living conditions. So yes, the demand is strong and growing.
Who is a typical tenant wanting to live in a share home?
There is a wide range of want to be tenants that include career singles mid 20’s to mid 30’s, mature adults and even couples. There is a very high search rate on the web for shared accommodations.
Why do tenants want to share?
Companionship, lock up and go, shared expenses, manageable budget, don’t want to live alone, don’t want to live in an apartment, living in the suburbs, having a garden or outdoor space etc.
Is a Co Living home suitable for a family?
Absolutely, today in Australia’s diverse culture base there are many blended families who live together. A well-designed Coliving home is ideally suited to blended families.
What makes for a well-designed Co-Living home?
A combination of sufficient shared and private spaces. Lock up facilities. Stand alone cooling and heating. Large floor plans. Quality finishes and fitting. Furniture package. Each bedroom has their own en-suite. Privacy locks to bedrooms and bathrooms. TV/Data points in all rooms. Energy efficiency and more. Meaning not a typical investor box but more of a place your tenants can be proud to live in and call it Home. And location of course.
Are Co-Living homes Insurable?
Absolutely, as long as you have the ability to secure insurance you can secure Landlord insurance to cover you against tenant damage and other events.
Is Co-Living affordable for my tenants?
Coliving is absolutely affordable and could work out cheaper than some one bedroom apartments and cheaper than any two bedroom apartment rents. Also there are some shared living costs which lower the individuals rent and living expenses.
What are the other benefits for my tenants?
Coliving is affordable, it is very convenient, comes with a built in community eliminating loneliness and depression, offers personal security, eliminates financial liability of other tenants as your tenant signs their own lease. Offers flexibility and a tenants ability to live light, in the suburbs in a home that is not an apartment. Meaning it is a fantastic product and initiative for you the owner and for your tenants.
What is my exit strategy if I want to sell one day?
The design of the home is ideally suited to owner occupiers, meaning you could put the home on the market and either sell to an owner or to an investor. The home is just like the home next door except it has more bathrooms and other modern features.
Other FAQ’s might be …
- Is it fully furnished and who selects the furniture
- Is it designed specifically as a share house
- Is the home subject to more wear and tear compared to a normal house
- Is this student accommodation
- Is this like a dual occupancy house
- Is it hard to find tenants
- Who manages the property
- Who selects the tenants
- How do you handle tenant issues
- Is there one lease on the property and who is responsible in the house
- Is it harder to find tenants
- Should I buy new or established property
- What location is best for Co-Living
- What returns on investment should I be looking for
- Should I invest for cash flow or equity
- Who should I be talking to
