All Topics / General Property / QS – Depreciation is it worth doing?

Viewing 17 posts - 1 through 17 (of 17 total)
  • Profile photo of fulloutfullout
    Member
    @fullout
    Join Date: 2003
    Post Count: 233

    Should I get a QS to check out some depreciation for my IP? Is it worth the effort and cost to hire a QS?

    The house is a brick house, about 35 years old. WHat else can be depreciated? I dont think the stuff in there are that new to dep.

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    Profile photo of wilandelwilandel
    Member
    @wilandel
    Join Date: 2003
    Post Count: 761

    Hi fullout,

    I must say I haven’t for similar ones of ours.[:O]

    Probably should have with two that we did small reno’s on though.

    Haven’t helped much, have I?

    Regards,

    Del

    Profile photo of melbearmelbear
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    @melbear
    Join Date: 2003
    Post Count: 2,429

    Hey fullout

    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.

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
    Join Date: 2003
    Post Count: 2,429

    Del, same advice for you. I believe you can backdate for up to about 4 years if you have done it in that timeframe.

    Cheers
    Mel

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    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.

    How could it not be worth it?

    Cheers,

    Simon Macks
    Mortgage Broker
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429

    Hi Simon

    I was hoping that the QSs would suggest something like that, but I have not had any ‘old’ properties purchased for a while.

    We certainly do make a good team.[:)]

    Cheers
    Mel

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    Some more info.

    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!

    Cheers,

    Simon Macks
    Mortgage Broker
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of fulloutfullout
    Member
    @fullout
    Join Date: 2003
    Post Count: 233

    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?

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    Profile photo of Fudge111Broz00Fudge111Broz00
    Participant
    @fudge111broz00
    Join Date: 2003
    Post Count: 245

    Hi guys, i understand what a QS does, but what does it actually stand for?

    Could you please reply

    Regards

    [:I]Fudge111[:I]

    Profile photo of HousesOnlyHousesOnly
    Participant
    @housesonly
    Join Date: 2003
    Post Count: 167

    Anyone have the name of a good QS or Dep. Specialist in Brisbane that will do as mentioned above?

    Profile photo of shanebalshanebal
    Member
    @shanebal
    Join Date: 2003
    Post Count: 16

    QS = Quantity Surveyor

    Shane

    Profile photo of fulloutfullout
    Member
    @fullout
    Join Date: 2003
    Post Count: 233

    Anyone know a good QS in the Victorian Latrobe area near Morwell/Churchill/Traralgon to recommend?

    Also whats the fee like?

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    Profile photo of smorossmoros
    Member
    @smoros
    Join Date: 2003
    Post Count: 19

    Hi Fullout,

    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:

    1) Diminishing Value
    2) Prime Cost

    my two cents…

    Steve

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429

    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.

    Cheers
    Mel

    Profile photo of ComsolComsol
    Participant
    @comsol
    Join Date: 2003
    Post Count: 38

    Anyone know a good QS in Perth? I always prefer to go by recommendation.

    Cheers,

    David [:)]

    Profile photo of Fudge111Broz00Fudge111Broz00
    Participant
    @fudge111broz00
    Join Date: 2003
    Post Count: 245

    Thanks Shane,

    Just another little abbreviation that i now know, there are a few to learn!

    regards

    fudge111[8D]

    Profile photo of SlumLordSlumLord
    Member
    @slumlord
    Join Date: 2003
    Post Count: 51

    fullout,

    I have been told by and agent, that has worked in that area for 25 years, that there are no QS out there. You need to get one from Melbourne.

    Slum Lord

Viewing 17 posts - 1 through 17 (of 17 total)

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