Hi,
I've just settled on a property in country vic as an investment. I bought it from owner occupiers so it's not been on the rental market before.
There are quite a few things that need to be replaced in order to rent it. For example, the oven and rangehood are broken, almost all of the blinds are broken and the walls need to be patched and painted.
Am I able to claim anything for the money I am about to spend on new appliances, new blinds, painting and carpet cleaning if it's done prior to a tenant moving in? I would really appreciate any advice.
Thanks,
Amanda.akirk wrote:Hi,I've just settled on a property in country vic as an investment. I bought it from owner occupiers so it's not been on the rental market before.
There are quite a few things that need to be replaced in order to rent it. For example, the oven and rangehood are broken, almost all of the blinds are broken and the walls need to be patched and painted.
Am I able to claim anything for the money I am about to spend on new appliances, new blinds, painting and carpet cleaning if it's done prior to a tenant moving in? I would really appreciate any advice.
Thanks,
Amanda.Amanda – As you purchased the property in the current condition it is in, any work done on it is regarded as an improvement.
This doesn't mean you can't claim on the costs it just means you have to depreciate the costs over the life of the items.
and claim a little bit each year rather than trying to write off immediately as a repair.It would be worth employing a quantity surveyor to work out the depreciation schedule for you.
To cover yourself you can advertise the house is available to rent with a real estate agent and then it is on the rental market and can be claimable while you fix it up.
Get the October Australian Property Investor. There is an article on exactly this topic.
Cheers
K
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