Travelling is part of life. Whether for leisure or work, people need a good place to stay. Not everyone has the budget to stay in hotels for too long, however. Fortunately, there are accommodations that accept long-term stays and let their guests feel at home. Instead of investing in a residential or commercial property, why not try a serviced apartment for a change?
What is a Serviced Apartment?
This type of accommodation is cost-effective and convenient for long-term tourists and business travellers. The experience is similar to living in a rental apartment, complete with furniture, fixtures, and appliances. In most cases, it’s more spacious than hotel rooms.
Should You Invest in Serviced Apartments?
Resort Brokers says that investing in serviced apartments is an ideal choice because of the steady growth of tourism and business travels in Australia. It’s a good opportunity to start investing in other types of accommodation. More than 57,000 serviced apartments are currently operating in Australasia. At present, this industry is earning up to three billion dollars per year.
You can buy a strata title and lease it to any business in the accommodation industry if you’re planning to invest in serviced apartments. Many investors seek the help of brokers as well.
How Does it Differ from Other Accommodations?
Hotels and motels offer services their guest will need for a short-term stay. These include laundry and room service, especially when ordering food or drinks.
Serviced apartments, on the other hand, give their guests the freedom to live life at their own pace. You’ll have your own kitchen, refrigerator, laundry machine, and other appliances you’re used to at home. Instead of always relying on hotel staff, you can cook your own food and do your own laundry. This is a more attractive option for most tourists than relying on other people’s schedules and paying a higher fee (plus tips).
Investing in serviced apartments may be a good decision in today’s tourism growth. All you need is to find the right place to put up your new business venture.