IP with furniture

Discussion in 'Property Management' started by devank, 22nd Aug, 2016.

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  1. Azazel

    Azazel Well-Known Member

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    Poo poo if they want near that.
    Take it away and give you that discount!
    ;)
     
  2. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    I have had a valuer deduct the furniture cost from the purchase price.

    550k pp on contract of sale and a valuation for 530k.

    Freaked me out a bit at first until I read the report and worked out why.
     
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    And this will effect the loan amount too.
     
  4. Depreciator

    Depreciator Well-Known Member

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    The biggest hassle furnishing a place is all the little stuff. The big stuff, beds, tables, couches etc are easy. There are maybe 15-20 items you need in a small place. It's all the other stuff that takes time: The kitchen is the worst. There is cutlery, plates, baking trays, jug, toaster - dozens and dozens of things. Then there are bins, ironing board, iron, maybe some artwork etc etc. I'm going to unfurnish one of my places next month and I guess I'll just have to box it all up and store it.
     
  5. Ed Barton

    Ed Barton Well-Known Member

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    Then you've got to account for it on vacate. Bed, couch, fridge easy. But you've got to count every "cutlery, plates, baking trays, jug, toaster - dozens and dozens of things. Then there are bins, ironing board, iron,". There will always be things missing so you need to either have a stock of them or pop down to Kmart to get new ones. Was that one or two spoons missing as you wonder the aisles of Kmart?
     
  6. Depreciator

    Depreciator Well-Known Member

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    I always buy many more small things than needed and just accept the fact that some will gradually get broken or disappear over time.
    With my main Airbnb pad, I do get people leaving stuff, though. Kitchen supplies, books and records for the collection. People find the books and records at local second hand stores and read/listen to them and then leave them in the pad.
     
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  7. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Only place that goes up in value :)
     
  8. Azazel

    Azazel Well-Known Member

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    Or the trusty op shop.
    Always some bargains to be had.
     
  9. Depreciator

    Depreciator Well-Known Member

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    I think people with furnished places need to be carful with op shop stuff and bunging in unwanted things from home. Places can sometimes end up looking a bit shabby - and not in a good way. I make sure the kitchen stuff and bed especially are good quality.
     
  10. devank

    devank Well-Known Member

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    It is not a typical furnished place. No loose items. Just beds, dining, sofas and tables.
    Agent found a tenant who wants a furnished place like this. He wants White goods so the agent arranged that as well for $1200 (Fridge, micro wave, washing machine and vacuum cleaner). Tenant signed up for 18 months at $10 higher than advertised.
    It looks like, even though there is limited demand for a furnished place there is almost no supply. So the equation works I guess.
    @Depreciator... Now it's time for you to give me good depreciation :)