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My partner has asked a couple of accountants, but they didn't seem to know how to handle this particular situation, one even recommened their most senior person getting involved at a rate of $360 per hour! We don't really want to waste money on something that shouldn't have to be so complicated.
Thanks for your advice. Can you please tell me who can give the valuation? Can it be a real estate agent, or does it have to be someone from the tax office?
Many thanks. Very useful information and advice.
Thanks for all your suggestions.
I'm just wondering how the 'hand over' will occur. Should I just turn up at the property and advise the current tenant that, as the owner, I will be taking over the property management, and give my contact details along with new bank account details.
What is the usual procedure here? I guess I should also get my current agent to be involved in the handover, so that the tenant knows I'm legitimate?
The property manager is very lazy, someone was meant to contact me 2 weeks ago in regards to finishing up with them, but nothing, so I guess I'll have to probe them.
I've prepared a list of things I need to do..
– Get a copy of the current tenancy agreement from agent
– Find out bond details for current tenant
– Organise return of agent keys for property
– Agent to change mailing address for invoices etc.
– Notify tenant of management change
– Give tenant new bank account details
– Give tenant my contact details
– Get contact details for the tenant
– Organise dates of property inspectionsand maybe…
– Get list of good tradespeople (for future)Any advice is much appreciated.
Thanks for your answers. I'm currently writing an email to my PM advising them that I wish to terminate the contract (I imagine that is sufficient for 'in writing'?)
Yes, there is a 28 notice period, so good thing I checked.
Thanks again.
Buy some vinyl tiles and install yourself.
You can buy them at places like bunnings for $1.22 for 30cmx30cm title. They are self adhesive (you peel off the paper backing) and are very easy to install.
This is exactly what we did for our apartment, which we are planning on renting out soon.
My parter and I are in the same boat, currently purchasing a house to live after being owner occupiers of an apartment for two years. (see my previous post).
I believe the tax benefits will depend on your income, the amount of interest paying on the investment, costs associated (eg strata fees, maintenance), but I would also like to hear advice from other (more experienced) people on this forum.
The block of units are located in Perth. There is only 1 lift and the building consists of 7 floors.
Thanks for all your comments, we won't be going near any HV lines.
