We have three recently-purchased IPs.
1. 1920s house with major renos - whole new half of the house, easily $120K+ worth, including new kitchen with appliances and two bathrooms with high quality fixtures. We assume this will be worth getting a quantity survey and are planning one.
2. 1890s cottage with minor renos - newish kitchen with appliances, newish bathroom, partial attic conversion (just drop-down stairs and a floor), new reverse cycle air, newish gas fire. Minor extension (filled in rear verandah) of questionable age - it's been re-lined, so you can't tell. Could be ten years or fifty years. Not sure if this will be worth a survey.
3. 1920s house with minor renos - new kitchen and laundry/mudroom with very high quality "country kitchen" style cabinetry, new bathroom, newish slow combustion. Small extension of questionable age - may be late 80s/early 90s, may be earlier. Not sure if this will be worth a survey.
I should say that 2 & 3 are in the same town, which is 90km from the nearest quantity surveyor. So I will have to pay a bit more than usual to get the surveyor out to start with.
Would you get IPs 2 & 3 surveyed? I've been quoted $1200ish all up for the two of them.
I should say that both of them are tenanted to the former long-term owner-occupiers, so we may be able to get an overview from them of roughly what they spent, on what, and when (at least for the major items like appliances and contracted-out renos). It wouldn't be supported by receipts. Would, for instance, a statutory declaration from them be enough to satisfy the ATO? If so, maybe that would be an alternative - we wouldn't get every little deduction, but we'd save the survey cost.
Many thanks - Deejay
1. 1920s house with major renos - whole new half of the house, easily $120K+ worth, including new kitchen with appliances and two bathrooms with high quality fixtures. We assume this will be worth getting a quantity survey and are planning one.
2. 1890s cottage with minor renos - newish kitchen with appliances, newish bathroom, partial attic conversion (just drop-down stairs and a floor), new reverse cycle air, newish gas fire. Minor extension (filled in rear verandah) of questionable age - it's been re-lined, so you can't tell. Could be ten years or fifty years. Not sure if this will be worth a survey.
3. 1920s house with minor renos - new kitchen and laundry/mudroom with very high quality "country kitchen" style cabinetry, new bathroom, newish slow combustion. Small extension of questionable age - may be late 80s/early 90s, may be earlier. Not sure if this will be worth a survey.
I should say that 2 & 3 are in the same town, which is 90km from the nearest quantity surveyor. So I will have to pay a bit more than usual to get the surveyor out to start with.
Would you get IPs 2 & 3 surveyed? I've been quoted $1200ish all up for the two of them.
I should say that both of them are tenanted to the former long-term owner-occupiers, so we may be able to get an overview from them of roughly what they spent, on what, and when (at least for the major items like appliances and contracted-out renos). It wouldn't be supported by receipts. Would, for instance, a statutory declaration from them be enough to satisfy the ATO? If so, maybe that would be an alternative - we wouldn't get every little deduction, but we'd save the survey cost.
Many thanks - Deejay
