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Thanks Simon soungs good but I have a few questions.
Regarding deductibility – just to confirm the 20% deposit plus costs from the LOC and the 80% loan on the IP will be tax deductible?
Won't paying the rental monies and my wages etc into my home loan make the other loans non deductible because the expense incurred is not offset against the rental income directly?
Thanks for your help mate
Cheers Bob might see you on the 24th in Brissy
No worries, would ideally get in quotes to do any structural works (i.e. constructing new walls) but all i did was to make sure (as much as possible) that the existing walls were level and square before putting on plasterboard. So I had to plane back some studs and nogs etc and just keep checking with a straight edge until I was happy that the walls were pretty close to square and level. Plasterboard is relatively cheap (check out bunnings specials) just need sq area to id number of sheets required. A DIY brochure from plasterboard manufacturer or BSA website will give ideas about fixing boards to studs. Cost about $800 – $1000 for materials, adhesive etc and then $1200 to set, finish and paint. Room done. Be sure to check where electrical points and plumbing outlets are to be positioned as you may need to prepare these prior to putting plasterboard up.
Hi Icecool, just completed full kitchen reno on PPOR. Did all demolition, removal of existing walls and framing up myself, fixed 10mm plasterboard (from Bunnings) myself, got in a tradies to set, finish and paint plasterboard for ($1200); replumbed existing plumbing to sink etc myself, bought smart pack kitchen (including sink, mixer, doors, handles, panels etc) from Smartpack Kitchens for $7000 and installed myself, wiring and lights installed by an electrician mate of mine. Tiling of splashback done myself. All up cost approx $12000 excluding appliances. Remember that this is my PPOR as I would like to do it for much cheaper if it was an investment property but there is no doubt about the added value I have gained. Good luck mate plenty of flat pack style kitchen companies online.
This my first comment to be posted on this site so hope it is okay.
"Wife works in Ipswich much happening in and around there. Especially North Ipswich way. Good Luck"
