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Creating an extra bedroom is a great way to add value to a house – provided the living areas aren’t too compromised. And provided the new bedroom isn’t too pokey.
If you’re just putting in a stud wall and a doorway, the council won’t have problem.
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http://www.depreciator.com.auThey may have been ‘spam’. Or containing personal insults. Or possibly completely irrelevant to a property forum.
The moderators do a good job of keeping the forum on track and making sure everybody is behaving appropriately.
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http://www.depreciator.com.auSanctuary, the Inner West has been good to me. Annandale is my favourite suburb, but $475K may not get you much there. Don’t forget, if you’re looking for a ‘renovator’s delight’, you’re going to need funds to do that renovating. I assume you’ll be doing much of the work, but material costs can add up. You don’t want to stretch yourself too far and end up living in a dump eating beans and not being able to afford to make it pleasant.
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http://www.depreciator.com.auHi Andy,
You acquired the Assets prior to May 10 this year, so you’re out of luck. In many cases it won’t make a massive difference.
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http://www.depreciator.com.auYep, it will apply to residential property.
I’m not sure whether it is correct forum behaviour, but here is a link to a discussion about this at Somersoft.
http://www.somersoft.com/forums/showthread.php?t=25785
I thought I’d post it rather than repeat everything.
Scott
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http://www.depreciator.com.auThere is a product called Penetrol you can add to oil paint. It makes painting easier and gives a better finish. You’ll find it at Bunnings – and other big stores – in the paint section.
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http://www.depreciator.com.auYep, time = money in building.
If you can find a one bedder to rent for 3 months at that price, I would take it. Put as much of your stuff as possible into the bedrooms and seal the doors against dust.
Vacating will mean the builder won’t have to fit around you before you leave for work and when you come home. It also means he won’t have to clean the site every day as he would if you were living there. Less cleaning means more time spent working.
Also, if the builder knows there is a date you will be returning, it may make him quicker because he knows once you’re back living there his job will be harder and there will be tears.
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http://www.depreciator.com.auGee Mark, you’d be working at a cracking pace.
Definitely move out, Tanya. I had friends who went through a reno of similar scope and lived there. The builder had to work around them and it slowed things down. Even if you can just give the builders 6 weeks or so without you it’s going to be to your advantage – financially and emotionally.
Think very carefully about all finishes etc before the job starts. Changing things during the job will cause problems.
Acceptt eh fact that when they start demolishing existing structures, there will be surprises.
My first PPOR reno took 6 years – weekends. It nearly killed me, but I learnt a huge amount.http://oak.arch.utas.edu.au/projects/aus/406/brun.html
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http://www.depreciator.com.auI’ve never seen a report done by Herron Todd White. They’re valuers and they have been moving into depreciation.
There are lots of people out there doing Depreciation Schedules badly, especially at this time of year. Look for a QS company that only does tax work for the best result. And don’t search for the cheapest price – that’s as silly as looking for the cheapest accountant. There’s no point saving a hundred tax deductible dollars on something that may not pass muster with the ATO or your accountant.
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http://www.depreciator.com.auI found a property a couple of years ago that was a great deal. I needed to act very quickly – seller’s market back then. I got the Yellow Pages and tracked down a local builder. I transferred $200 into his bank acct and got him to go to the property with his mobile phone and talk to me as he walked around it. Not an ideal situation, but it turned out to be a good investment.
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http://www.depreciator.com.auHi Specific,
Depreciation is just another outgoing. It’s treated no differently from other costs (deductions) e.g council rates, water rates, management fees, interest payments etc.
Todd is right in saying that with older, unimproved properties the cost of getting a Tax Depreciation Schedule can sometimes not be justified. That’s why we ask clients a fair few questions before we go ahead. And it’s why we have a guarantee.
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http://www.depreciator.com.auIf a developer is willing to pay that sort of interest to ‘mum and dad’ investors, I would presume it means it means they have they exhausted all cheaper and conventional sources of finance. Be careful.
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http://www.depreciator.com.auAh, don’t you love forums – two completely opposite views.
Might be time to give a bit more info, Sun. Where exactly are the apartments? What sort of deposit do you need to make them cf+? Are your projections based on a rental guarantee from the developer? Are they serviced apartments? etc etc.
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http://www.depreciator.com.auThat show that Jamie Durie used to host. Was it Backyard Blitz? Not sure if it’s still on, but I’m sure there is a website with the backyards they did and an explanation of they did things. It would be a good place to pinch some ideas and practical tips from. I wonder how some of those backyards are looking now?
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http://www.depreciator.com.auValuations are the valuer’s (often conservative) opinion of the market value of the property.
All other things being equal, the valuer (and the market) would deem a poor quality kit home to be worth less than a better built property.
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http://www.depreciator.com.auSounds like it’s going to be worthwhile. Get in touch when you move back in and we’ll make sure before we do anything.
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http://www.depreciator.com.aubOson,
Yes, the Schedule can be done after the tenant moves out – access is going to be easier if you’re in there rather than dealing with a tenant.
We’d naturally need to know a bit about the property to make sure there is sufficiant depreciation in that 3 months to justify our fee.
You’d claim the depreciation against your 06 income, just as you will your other outgoings e.g. interest payments.
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http://www.depreciator.com.auI’m prepared to cut the Chinese some slack. People laughed at acupuncture for many years.
There would be an element of superstition in feng shui, but I also think that peoples’ surroundings can change their moods and perceptions, and this in turn can impact upon their life. I work with a bizzarely positive person. Good things and good people constantly come her way.Tax Depreciation Schedules
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http://www.depreciator.com.auI did it myself once years ago in a misguided attempt to save money.
Never, ever again.
It’s a tough job and it’s really easy to stuff it up. And when you stuff it up on a softwood (pine) floor in particular, it’s tragic.
The big belt sander in particular can get away from you. But perhaps the machines are lighter and more idiot friendly these days? I’ve told this story before:
A mate of mine (bit of a dill) did the floors years ago at his family holiday house. He started up the big belt sander, lowered it to the floor, it grabbed and took off across the room straight out through the fibro wall. To make matters even worse, his car was parked right outside. Wish I’d seen it.Tax Depreciation Schedules
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http://www.depreciator.com.auHi Sand,
I just sent you an e-mail (in response to your PM).
The e-mail bounced back.
I’ll try again later.
If you don’t get the e-mail, give me a call.
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