Old house: worth doing depreciation schedule?

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From: Dan D


Hi all,

I'm about to purchase an older house in one of the bayside suburbs of Brisbane, about 30 years old, timber. It is in good condition, with polished timber floors, new kitchen and fresh paint inside and out.

Bathroom, toilet and laundry could do with a bit of refurbishment, but serviceable for a while yet.

Is it worthwhile to have a QS look at it and prepare a depreciation schedule?

Dan.
 
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Reply: 1
From: Manny B


Hi Dan,

definitely, you will be surprised with the schedule/results (as based on what you are saying the kitchen seems to be good, paintwork, appliances, etc...)... I'd get one once you settle & have cleaned the place up...

Cheers,

MannyB.
 
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Reply: 2
From: Always Learning


From my understanding, is that if you want to claim on your tax any depreciation on any plant and equipment (which must be newer than 30years ago) and you don't have receipts then a QS report would be mandatory prerequisite. Since this house does appear to have "new stuff", i.e. not just repairs, but stuff that is within its depreciable life, then a QS would be probably worth it. I paid $385 in Melbourne for one.
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<li> Unless you change how you are, you'll always have what you've got.
<li> To have more than you've got, become more than you are.

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