Depreciation schedule on older house: Just Do It!

Just got my depreciation schedule back from the QS.

As a first time IP purchaser going for an older property ('70s), really knowing very little and having lots of doubts about getting value for my $440, I have to say, I am delighted! :D

WOW, little did I know what the fixtures and fittings were worth!

Anyway, don't hesitate, go and have it done.

The QS I used was DEPPRO. Thanks folks !

Desto.
 
Hi Desto,

I must say I have had similar experiences and I would recommend getting a QS report on any house, regardless of age and condition (especially where there has been a partial renovation even if not recent).

You are almost guaranteed to at least get your money back and most of the time you will be very surprised !

PIppety
 
Hi there.

I'm looking at a 1983 property and had spoken to a QS about it. He felt that it may not be worth my spending the $330 fee for him to do an IP and to contact my accountant first.

I still felt that it would be worthwhile to get a depreciation schedule for the fittings, but on reading the above, definately will!
 
Hi Phm,

I bought a 1930's QLDer that had the kitchen and bathroom renovated although it was probably about 5-10 years earlier. They had not been renovated well. Apart from that all that had been done was a bit of painting inside.

The property was bought just before the end of the financial year and the depreciation for the first 25 days was over $5000. Over the life of the property it was a total of over $13,000.

If that is the attitude of your QS, I would suggest looking for someone else !

It is amazing the things tha they can pick up that you would not even think of (eg. TV antenna).

Good luck.

PIppety
 
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