Hi guys
I bought a one bedroom apartment which settled in January this year. I'm currently renovating the kitchen and doing minor touch ups here and there. It will eventually become a rental unit.
Just wondering with depreciation, is it worth getting a report completed when I'm about to rent it out? Will the depreciation claimable outweigh the cost of the report? Apartment was built in 1970's so I believe the building itself is already fully depreciated? I believe that there were major renovations done to the apartment - rendering of the outside (but unsure of when this would have been completed, looks newish) and decking out the back. I'll have receipts for all the kitchen renovations and any tradies that we get in.
Thanks!
I bought a one bedroom apartment which settled in January this year. I'm currently renovating the kitchen and doing minor touch ups here and there. It will eventually become a rental unit.
Just wondering with depreciation, is it worth getting a report completed when I'm about to rent it out? Will the depreciation claimable outweigh the cost of the report? Apartment was built in 1970's so I believe the building itself is already fully depreciated? I believe that there were major renovations done to the apartment - rendering of the outside (but unsure of when this would have been completed, looks newish) and decking out the back. I'll have receipts for all the kitchen renovations and any tradies that we get in.
Thanks!