First IP :-)

[JohnHenry]

Thanks. Your stories and others at Wentworthville leagues helped get me into the right mindset, although somersoft has been generally helping anyway.

I'm heading in a week or so to Brisbane to see the property first hand ( at this stage I just have about 100 photos ). Will get quotes on repairs and do locality research for this and future purchases.

Is it off the plan or existing building ?

 

[wombat777]

Is it off the plan or existing building ?

An existing house about 40-50 years old, although recently renovated so it is in good condition and there is a mild depreciation benefit.

 

[Loony]

you can start advertise the property for rent? so by the time you settle on the property you can have someone moving in.

not sure about rules in qld. but once you exchanged you will need to get property insurance.

Good luck and congrats

 

[wombat777]

you can start advertise the property for rent? so by the time you settle on the property you can have someone moving in.

not sure about rules in qld. but once you exchanged you will need to get property insurance.

Good luck and congrats

That was the initial plan, however in the first week after settlement I am having some minor work done to tidy it up and fix some safety issues. This will include some painting and new carpet in the downstairs rumpus area, security screens or locks on upper level windows ( child safety ) and adding a handrail to one side of the front stairs ( also for safety ). Also upgrading the downstairs toilet cistern for water efficiency certificate.

Intent is to get new photos taken of the empty property with works completed and then advertise it for rent.

Thanks for the advice. Yes - I initiated insurance from contract date.

 

[JohnHenry]

An existing house about 40-50 years old, although recently renovated so it is in good condition and there is a mild depreciation benefit.

Ah I see, so the depreciation report can be generated after you've done the Reno on the property ?

 

[wombat777]

Yes. I'm going to have the depreciation report done just after the handyman finishes his work.

Since the property was recently renovated ( new bathroom, new kitchen, new deck, new carpet, new aircon unit ) I'm hoping to get $2500 to $3000 depreciation in the first 12 months.

 

[JohnHenry]

Yes. I'm going to have the depreciation report done just after the handyman finishes his work.

Since the property was recently renovated ( new bathroom, new kitchen, new deck, new carpet, new aircon unit ) I'm hoping to get $2500 to $3000 depreciation in the first 12 months.

Cool, thanks for sharing the tips mate

so now I understand more that even old property can still have value for depreciation.