Depreciation schedule

[imbi3]

I just bough a 1950's property in Cheltenham, which has been fully renovated recently (don't know the exact time, but would be within the last few years). It will be rented out for the next 2-3 years before we move in. Is it worth getting a depreciation schedule?

 

[D.T.]

Yea quite likely if its been renovated recently.

Good depreciation company will be able to guide you better though. I was recently not charged for a visit because they couldn't find anything worth depreciating

 

[imbi3]

Yea quite likely if its been renovated recently.

Good depreciation company will be able to guide you better though. I was recently not charged for a visit because they couldn't find anything worth depreciating

Thanks DT. I believe there is a forum member who can do depreciation report. I will contact them closer to the settlement date, which is still 5 months away

 

[nhg]

Talk to Depreciators.

They are active on this forum and will be able to tell you if it is worth it or not over the phone.

There are two methods:
- They go on site.
- You send them photos (cheaper)

IMO I'd just ask them to go on-site. They will spot things you won't.

I did depreciation reports on buildings that were over 50 years old and they still came back with impressive depreciation schedules.

 

[imbi3]

Thanks for the input

 

[Brady]

Haven't used depreciator, but have used BMT for properties ageing from 20-50 years old. All get decent depreciation to make it worthwhile.

 

[Neil Richardson]

Definitely worth doing. Don't bother unless you get a QS to visit the property.

 

[Brady]

imbi3 worth holding onto the depreciation schedule as well. Chances are property might become and investment property later for either yourself or you could sell the property later to an investor and sell the report