Renovating and selling a rental

Discussion in 'The Buying & Selling Process' started by Tink, 10th Sep, 2019.

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  1. Tink

    Tink Well-Known Member

    Joined:
    3rd Aug, 2015
    Posts:
    146
    Location:
    Australia
    Probably a dumb question, but we've had tenants exit a rental and we'll be doing renovations on it to bring it back to a reasonable standard, then fistly try and sell it over a 3 month or so period and if we can't sell it, put it back on the market to rent

    Any tips on what we should be looking at through this process?

    Can we claim deductions on Reno if we sell or it comes off the cost base?
     
  2. housechopper2

    housechopper2 Well-Known Member

    Joined:
    5th Oct, 2016
    Posts:
    409
    Location:
    Melbourne
    If you sell immediately, renovation costs are added to the cost base.

    Extent of work depends on how damaged it is, who the target demographic buyer is and advice from local real estate agents.