Hi All,
Just purchased my first IP and am very happy - yet now come the hard lessons.
It is a weatherboard home in relatively decent condition, except it needs to be restumped which will cost me about 7k.
My plans are as below:
1) lightly renovate the existing home, paint, new kitchen and bathroom and restump.
2) rent out and hopefully get better quality tennant and decent rental return
3) then do plans and permits for development at back, etc.
4) fast forward 2-3 years, hopefully I'll have two properties (one old and one new)
My main questions are regarding depreciation, etc. I'm seeing a lot of mentions in these forums regarding Depreciation Reports and Quantity surveying.
My main question is basically, do I need to get a depreciation report and or quantity surveyor report for a property which is pretty old as it is? If so, what are my reasons for doing this?
Any tips will be appreciated. Thanks in advance.
Just purchased my first IP and am very happy - yet now come the hard lessons.
It is a weatherboard home in relatively decent condition, except it needs to be restumped which will cost me about 7k.
My plans are as below:
1) lightly renovate the existing home, paint, new kitchen and bathroom and restump.
2) rent out and hopefully get better quality tennant and decent rental return
3) then do plans and permits for development at back, etc.
4) fast forward 2-3 years, hopefully I'll have two properties (one old and one new)
My main questions are regarding depreciation, etc. I'm seeing a lot of mentions in these forums regarding Depreciation Reports and Quantity surveying.
My main question is basically, do I need to get a depreciation report and or quantity surveyor report for a property which is pretty old as it is? If so, what are my reasons for doing this?
Any tips will be appreciated. Thanks in advance.