Central Queenslanders are making tens of thousands of dollars by converting their properties to short-term rentals. Experts warn people need to read the fine print before they open their doors.
Major events such as Beef Week in Rockhampton, appeal for people to vacate for the week to meet the accommodation demandShe will have to vacate the premises, but it is an inconvenience she says is well worth it.With high inflation and less money to put in the savings pot, homeowners are looking at opportunities to rent out their homes and make some extra cash.
"It's important to have the right insurance in place first and foremost," said Kate Davies from the Insurance Council of Australia. Ms Davies said many online rental companies offered insurance as part of signing up with them, but warned homeowners could find themselves in strife if not properly insured.
"It can be a great cash cow, but you might not be aware of what you are covered for, and you could be up for paying for an insurance claim."Accountant James Fabbro, from Evans & Hearn, said people who earned money from renting out a property needed to make sure they declared it.