How do I find out how much my property cost?

From: Jenny Nowakowski


How do I find out how much my property cost to build?

I bought it last year. I asked the agent when it was built and he thought '84. Then I did an online historical title search and the earliest date is 1986 so I was excited.

I've rung the council today and they've got a dual occupancy development application for 1981 and then the 1986 entry, but nothing on how much it cost to build.

So how do I find out when it was built and how much it cost?

Jenny
 
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Reply: 1
From: Glenn Mott


Hi Jenny,

This would where you employ a Quantity Surveyor.

Regards

Glenn
 
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Reply: 2
From: Thorpey !


Jenny,
Glen's right. A quantity surveyor is your next move.
Also, make sure the property has not had a depreciation schedule prepared and used previous to your purchase, as you can only claim the same thing once. Meaning, if there was a property investor as a previous owner and they claimed depreciation, then you get to inherit the schedule where they left off. This was explained to me at the Freestylers meeting at Newcastle on Saturday by a fellow from depreciator.com.au
Dale, your thoughts ?

To steal a line...........Hope this helps.

Regards,
Thorpey
 
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Reply: 2.1
From: Dale Gatherum-Goss


Hiya Thorpey!


>make sure the property
>has not had a depreciation
>schedule prepared and used
>previous to your purchase, as
>you can only claim the same
>thing once. Meaning, if there
>was a property investor as a
>previous owner and they
>claimed depreciation, then you
>get to inherit the schedule
>where they left off. This was
>explained to me at the
>Freestylers meeting at
>Newcastle on Saturday by a
>fellow from depreciator.com.au
>Dale, your thoughts ?


Most times, you will not, and cannot, know what has been claimed in the past by other people and so it is the job of the QS to estimate what "should" be claimable on the property.

The tax office accepts the QS report as gospel and you cannot get into trouble since you have merely followed their advice in their rulings.

Keep it simple.

Have fun

Dale
 
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