Join Australia's most dynamic and respected property investment community

Depreciation Schedule on a 1960s property?

Discussion in 'Property Management' started by qonyx_sydney, 3rd Jul, 2015.

  1. qonyx_sydney

    qonyx_sydney Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    135
    Location:
    Sydney
    Wondering if anyone may be able to shed some light on whether it would be worth paying for a depreciation schedule on a 1960s property.

    The property has been very well looked after but i'd expect that there have been some things that are relatively new and could be depreciated?

    Has anyone ever had paid for this on an older property and was the outcome worth it?
     
  2. Heinz57

    Heinz57 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    493
    Location:
    Brisbane
    Qonyx I am waiting on a schedule for a pre 1985 property and I will let you know. But I imagine a few renos since the 60s?

    Think the rule of thumb is always get a DS. A lot of companies say no savings or your Money back
     
  3. qonyx_sydney

    qonyx_sydney Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    135
    Location:
    Sydney
    Thanks Heinz, wasn't sure if it was going to be worth it. After you get your and if your happy do you mind pm'ing the details of the company you used?
     
  4. Heinz57

    Heinz57 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    493
    Location:
    Brisbane
    Will do
     
  5. Depreciator

    Depreciator Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    731
    Location:
    Sydney
    So it's all going to depend on whether there are any renos and what condition the Assets (fixtures and fittings) are in.
    There is always some depreciation in old places.
    Do you have any photos or a link to the sales ad? It's not hard for someone to give you an idea. We do that sort of thing every day.

    Scott
     
  6. qonyx_sydney

    qonyx_sydney Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    135
    Location:
    Sydney
  7. Chilliblue

    Chilliblue Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,579
    Location:
    Australia
    have had two reports on the last two purchases that were 45 and 51 years old and both have over $3k annual depreciation.

    Forward the images to BMT or the company of your choice and they will give you a definitive answer.
     
  8. Depreciator

    Depreciator Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    731
    Location:
    Sydney
    So it's had renos. It's unlikely that the council will have a date, but we only use QSs on the ground and they can estimate a date. There are a few split systems and decent curtains. It's going to be over $3,000 in the first full year.

    Scott
     
  9. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

    Joined:
    14th Jun, 2015
    Posts:
    2,120
    Location:
    Sydney & Adelaide
    Split ac's, blinds, 90's kitchen and bathroom, tiling, will be def worth a DS
     
  10. Pistonbroke

    Pistonbroke Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    395
    Location:
    Guangzhou
    They're my thoughts as well. Add a few new light fittings, Ceiling fans etc.
     
  11. BuyersAgent

    BuyersAgent Well-Known Member Business Member

    Joined:
    19th Jun, 2015
    Posts:
    436
    Location:
    Oz
    It has always been worth it for me before.
     
  12. JonoD

    JonoD Active Member

    Joined:
    5th Jul, 2015
    Posts:
    30
    Location:
    Brisbane
    I had one on a 1920 built apartment, had some recent updates, >4k per year
     
  13. qonyx_sydney

    qonyx_sydney Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    135
    Location:
    Sydney
    thanks guys.. i was unsure but after reading all these replies i think it is a no brainer to get one done regardless...

    can anyone PM me any good people they would recommend up in the northern brissy suburbs?
     
  14. Elives

    Elives Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    539
    Location:
    Queensland
    i'm interested in the same, northside of brissy
     
  15. bythebay

    bythebay Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    163
    Location:
    By the bay
    Hi
    Call the company Depreciator
    they have a special service for old properties where you just take photos of everything and and they provide a report. Because they dont need to send someone to physically inspect the property they can charge less for the report.
    They will look at the photos and tell you if its worthwhile to prepare a report for you.
    i got it done on my 1970s house and it paid for itself.
    cheers
     
  16. Depreciator

    Depreciator Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    731
    Location:
    Sydney
    Thanks bythebay,
    Just to clarify, with unrenovated, pre 87 built properties, it is possible to do them without an inspection.
    I reckon the property in this thread needs an inspection. And it needs an inspection from a QS. There have been renos upstairs and I'm curious about when the downstairs area was enclosed and what else was done down there.
    Scott