Thanks in advance. May be long but bear with me.
Looking for all suggested actions to have options down the track if required.
Looking to convert PPOR to IP.
Details:
Year of construction - 1969
Condition - original
Suburb - Albany Creek
Purchased - 2002
Price $160k
Owing - $0
Situation - looking at renting in Ashgrove to be closer to work, but, unsure if we will survive the change from 1/4 acre corner block to unit living.
So house needs full renovation to remove asbestos lining and bring standard from 1969 into 2015 therefore makes sense to do now while renting.
The question is a moot point if we cannot survive the unit living, we will just move back into renovated PPOR.
However if we adapt to the unit living we will then rent out PPOR as IP. So that being the case what schedules (depreciation/ scrapping/ valuations etc.) should we be looking at getting before during or after renovation so ensure entitled deductions are recorded?
Renovation - circa $100k
Advice accepted graciously.
Looking for all suggested actions to have options down the track if required.
Looking to convert PPOR to IP.
Details:
Year of construction - 1969
Condition - original
Suburb - Albany Creek
Purchased - 2002
Price $160k
Owing - $0
Situation - looking at renting in Ashgrove to be closer to work, but, unsure if we will survive the change from 1/4 acre corner block to unit living.
So house needs full renovation to remove asbestos lining and bring standard from 1969 into 2015 therefore makes sense to do now while renting.
The question is a moot point if we cannot survive the unit living, we will just move back into renovated PPOR.
However if we adapt to the unit living we will then rent out PPOR as IP. So that being the case what schedules (depreciation/ scrapping/ valuations etc.) should we be looking at getting before during or after renovation so ensure entitled deductions are recorded?
Renovation - circa $100k
Advice accepted graciously.
