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As jhopper said, this method of construction is common in commercial buildings. Most small warehouse/factories these days are built from ’tilt-up’ slabs. They are delivered to site, craned in, tilted into place and braced. Then a roof is bunged on. Easy. And very fast. There would be standard sizes, or I’m sure particular dimensions can be ordered. Panels with window and door openings could presumably be ordered, too.
Of course, those sort of properties are little more than 3 walls with a roller door on the 4th side.
I wouldn’t hesitate to build a house using them, but it wouldn’t be a conventional house. Of course, I don’t particularly like conventional houses.
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http://www.depreciator.com.auI’m just putting a lime green benchtop in my PPOR – fashion is so cyclical.
There are products you can use to paint over laminate. Try the White Knight brand. They’ll have something. You’ll find them in specialist paint stores and larger hardware stores – like Bunnings.
New, white doors won’t cost much, though. Get them done in melamine with a PVC edge. Take the old doors in and tell them to match the sizes and the hinge positions. There are lots of place who will do this. If you need someone in Sydney, let me know. Easy.
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http://www.depreciator.com.auThere is someone on Somersoft who has invested in Moree. Post there and they may share their experience with you.
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http://www.depreciator.com.auYes Anibus, I’ve been watching that one inching up. Our office isn’t far away. I’m hoping the bits that extend beyond the old church structure don’t overwhelm it. It’s one of those developments with a difference and in a pretty good spot.
Kay, one thing Marrickville lacks that Glebe has is the student population.
The local council did something interesting last year. They formally recognised the 50s European veneer that was added to the Federation housing stock ‘as a valid architectural period’. That veneer includes columns, concrete, tiles, stucco, pebblecrete etc. Of course it doesn’t mean people who buy there can’t rip it off. I don’t see much sense in taking something back to Federation, though – architecturally it was a pretty dreary era.Tax Depreciation Schedules
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http://www.depreciator.com.auRobert I fear people like me are becoming the dominant culture. I much prefer the Greeks and the Vietnamese to people like me.
The Greeks are getting old – many came over in the 50s. Their children don’t want to live in Marrickville, a ‘wog’ suburb.
The Vietnamese tend to move further west when they buy, though many of the local businesses are still Vietnamese. There are walking tours of the Vietnamese (and Greek) shops on the weekends.
I heard fron a real estate agent that there are many gays moving into Marrickville – it’s the next suburb after Newtown. I’m relieved if that is the case because they liven up a suburb.
I also heard that Marrickville has more artists than any other suburb. I suspect this is because artists have been squeezed out of the inner city and Marrickville still has some pockets of commercial buildings that make great studios.
Scott
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http://www.depreciator.com.auYep, agree with all that Kay. Marrickville is losing its Greeks and Vietnamese, which is a pity.
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http://www.depreciator.com.auHi Kay,
It’s been interesting having a friend wanting to buy a unit – it’s a long time since I really looked at the Sydney market.Yes, Rockdale is tragic. Hurstville will go the same way – the lure of established shopping precincts and good transport.
Green Square is another one of those ‘manufactured’ suburbs. Like Wolli Creek, it has a new railway station and not much else. In ten years time it will be interesting to see what they’re like.
At least Alexandria and Camperdown were suburbs before the unit developers turned to them. They have parks and families and established cafes there etc. (Camperdown has more of this than Alexandria.)
Add Waterloo (around Danks Street esp) to the list of unit zones that may or may not come good. There is a particularly ugly Landcom development there.
I wrote off Moore Park ages ago. And they’re still building there.
You really have to walk around in these precincts to get a sense of what it’s like in them. Overcast autumn afternoons don’t do them any favours.
One of the buildings we looked at was really interesting. It’s in Marrickville. Yes, I know alot of people don’t like Marrickville, but it does pop up regularly on those future ‘hot spot’ lists. This is a block of I think 27 units – 6 stories. One that we looked at was a one bedder with a huge terrace on level 5 (great city views). It’s a 2 storey unit with total floor area of 170sqm. Ceiling heigth in the lounge/dining area was at least 15 feet – bizarre. The price may be around $470K. It’s not something you’d buy as an investment property, but to live in it would be great. I’ve never seen anything like it in the inner west. And that’s the key i.e. if you buy a unit, I think it has to be unique in some way and not crowded by other blocks.
There is another block in Marrickville. Another small developer, but the apartments are not special at all. They’re not using an agent to flog them – I get the feeling that it’s an extended family project and it seems to be taking an age to finish off. On Saturday, there was a young Greek woman doing the meet and greet in the foyer – the daughter?. An old, glum Greek man – the grandfather? – sat in the corner smoking. There were some middle aged men – dad and the brothers? – doing some tidying up. I sensed desperation in the air. I fear somewhere in Sydney there is someone working on a ‘Mortgagee in Possession’ sign.
Scott
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http://www.depreciator.com.auI suspect those low rise blocks like yours Skippygirl do better than the high rise ones – the big ones are sort of the Wolli Creek landmarks and are visible from miles away. The high rise (up to around 18 stories) would have much higher ongoing fees, too. And the great views that buyers are paying for now are going to be built out, too. Wolli Creek may be a good place to live one day, but those manufactured suburbs can take time to find their feet.
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http://www.depreciator.com.auLiz is talking about Burnie, Tasmania – that other island in this part of the world.
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http://www.depreciator.com.auYou don’t necessarily need someone near where the property is. I would look for someone near where you are to make things easier for you (that’s assuming you’re in NSW)
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http://www.depreciator.com.auOr is it because people assume property will always go up in value (cars usually won’t) so they don’t worry as much about a property purchase?
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http://www.depreciator.com.auWe do lots of work in Brisbane and South East Queensland. All the big QS groups are represented there.
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http://www.depreciator.com.auThanks Redwing.
We get alot of people coming to us for their second schedule.
Of course our constant challenge is getting people to come to us for their first schedule. It’s tough when we don’t really attempt to compete on price – ‘service’ is a hard sell. Oh well.
Interestingly, more than 50% of our business now comes via accountants i.e. they’ve seen what we do and recommend us to their clients.Tax Depreciation Schedules
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http://www.depreciator.com.auYes Jenny, we are all getting busy. June is our biggest month as people want to pay for their schedule (100% deductible) before the financial year ends.
We have a new facility for clients we have done schedules for. It’s an on-line portal that allows them to amend their schedule when they have made changes to the property. The cost is $49. If it’s only a couple of items, an accountant will take care of it. If it’s a reno, you may be best to go back to whoever prepared the schedule.
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http://www.depreciator.com.auDefinitely time to talk to your accountant.
Strictly speaking, if you purchase a property, renovate it, and then rent it out, the cost of the renovation becomes a ‘cost of acquisition’ when calculating your capital gain i.e. it’s not depreciable.
The fact that you are going to be doing this work over a period of 6 months and a part owner will be living there at the same time complicates it.
The ATO don’t really draw a line in the sand when it comes to time. ‘Intention’ may be relevant, though.
You may not find any ATO Decisions or Rulings that cover your situation. You could request a Private Ruling – better to be safe…Scott
It might be worth getting a privatTax Depreciation Schedules
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http://www.depreciator.com.auThere are loads of people doing ‘pre-purchase inspections’ these days. You’ll find them in the phone book. They have to be licensed these days. The cost would be around $300. A property manager wouldn’t do a thorough enough inspection. For example, I’ve done the odd inspection when friends have bought properties. One thing I always do is take a bucket along with me and poor some water down the floor drain in the bathroom and laundry. It’s better to find out before a tenant moves in whether a floor drain is incorrectly connected or blocked (it’s often the tilers who block them when they pour slurry down them).
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http://www.depreciator.com.auThose assumptions are correct.
Remember also that it’s only depreciation claimed on the building that impacts upon the CGT calculations. Depreciation claimed on the fixtures and fittings doesn’t come into it.
And remember that any property purchased after May 13 1997 must have the eligible depreciation claimable on the building deducted from the cost base upon sale whether it has been claimed or not. So you might as well claim it.
No, I have no idea how the ATO will police this. I am curious though.
Regards,
Scott
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http://www.depreciator.com.auLots of councils struggle with records going back past the early 90s.
In addition to redwing’s idea, sometimes it’s also possible to find a date on the electricity meter board. Some sparkies date them when they do they put them in.
I believe in some states, the water meters may be date stamped. This stamp would be the date of manufacture of the meter, but that date may be close to the installation.
Scott
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http://www.depreciator.com.auI have Greek next door neighbour who gives us food in exchange for me fixing things around her house (her husband, Zoy, isn’t very handy). She gets olives from another local Greek, makes cuts in the side (that’s Zoy’s job), then soaks them in jars with salty water for about 6 months. Then she rinses them in lots of fresh water (to get rid of the salt) and puts them in oil + herbs.
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http://www.depreciator.com.auI would have to do some research, but the trees should be depreciable if it is a genuine commercial venture. Grape vines (and their trellises) are, too. From memory mango trees, for example, have a 20 year ATO determined effective life.
Also, in 1999 (the Ralph Revue?) fences on properties were made an item of ‘Plant’ i.e. a Depreciating Asset. We did a schedule recently on a farm near Walcha and there was heaps of depreciation in the fences. I might dig out the schedule on Tuesday and post the amount if anybody is curious. There are farmers out there sitting on thousands of dollars in available depreciation and neither they nor their accountants realise it. Sigh.
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