You might be surprised how much a QS can come up with even on an old place. For a start, you’ve got carpets, curtains, hot water etc.
Might be an idea to give a good one a call, and just ask them if they think it is worthwhile. If they’re good, they won’t say yes just to get your business cos they’re busy already.
I have a 60’s property. My QS told me that if they don’t get me a refund worth at least double their fee in the first year they will refund the fee – and let me keep and use the report.
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I told him I was intending ripping out and replacing the kitchen.
He said he will do the report beforehand so I could write off the residual value of that kitchen then he would pop back afterwards and update the report with the new kitchen so I could depreciate that.
He aseemed to be very keen to do his best by me.
Beware those firms who try to estimate it all based on a form you fill in!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
say i call a QS now to tell him about my country property. WIll he just do an estimate of how much i can depreciate? or shold i get him into the house?
In my opinion it is great to get QS’s to create a depreciation schedule. Obviously on very old properties the value is diluted, but it all depends on the ability of your QS.
Remeber that Depreciation schedules can be in two forms, you have to choose one for tax purposes, depending on your investment strategy:
fullout, I would get them out to the house. You might be surprised what they can pick up that you wouldn’t notice yourself. I think they need to show that they’ve been there also – my guy takes photos.