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Ive had a quote for $715 to get the report done. Is this a reasonable price to get a report done?
Yes, there are a few out there, btc.
You would want to avoid the online DIY providers.
And you want to go with a company that only does Depreciation Schedules.
One that will update them free of charge.
One that use the LVPool and all that technical stuff.
One that produces a document that accountants like.
One that sends qualified people to inspect properties.
One that other property investors recommend.
That should narrow down the choices a bit.
Scott
I contacted BMT on Friday to arrange schedules for both my properties. Spoke with Lucy (?) and found the experience very efficient.
My next step is to go through the porperties and fill in the asset register BMT sent me, take photos, and send the info back to get my schedule calculated.
Fairly painless.
While some of that certainly does sound like us, other parts don't. We asked you to fill in an asset register and take photos? That sounds like a DIY option and we don't have one of those. Perhaps the asset register is a furniture inventory. This sounds strange to me.
I had a look at the jobs we set up on Friday and could only see one Scott, and the job details don't match what you were saying. I don't suppose you'd mind sending me a private message with your job number so I can check this out and maybe give you some guidance/clarification?
And you want to go with a company that only does Depreciation Schedules.
Nothing against Depreciator or any other reputable QS's out there, but as a QS working for a company that does traditional "core" QS services such as cost planning and estimating for construction projects from conception through to completion, we also produce depreciation schedules but is not solely what we do. In fact as a percentage of turnover depreciation is a very small percentage. We have been preparing depreciation reports for the 21 years I have worked there and have done so before I started. We prepare depreciation schedules for domestic properties but I'm sure nowhere near as many as Depreciator would do. Most of what we do is for the institutional end of the market, such as investment funds and the like (that spend $200m on a property, not $200k).
Our view is that not just preparing depreciation schedules is a good thing as we have an up to date cost library of current and historical construction costs and don't rely upon building cost publications. We believe that having both current construction knowledge as well as cost knowledge is an advantage to having just one. Depreciator (and others) do a good job - they have their viewpoint and we have ours. Like in any business, points of view may differ.
The other points Depreciator makes seem fine but I didn't agree with the "only does depreciation schedules" point. I'll leave it to others to decide whether or not they believe it to be an important factor for them.