Should I get a Quantity Surveyor?

Hi folks,

I recently purchased an IP. It’s an apartment in a block of 12. The building was constructed before 1985. Does anyone have any good recommendations for Quantity Surveyors in Sydney? Is it worth hiring one, as I know I won’t be able to claim depreciation for capital works? I’m renting the apartment unfurnished, with only a dishwasher and stove(which were left by the previous owners).

I’m thinking a depreciation report will cost around $600-$700, so I’m wondering if it makes sense to order one if it will cost more than it’ll save.

Any help appreciated thanks

 

Try contacting @Depreciator who is on this forum, he'll give you a heads up pretty quickly.

 

Sounds like it might not be worth doing. I'm assuming it has not been renovated? I'll be able to tell you from photos whether there is anything there. we do that all the time.
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If you do need a QS, I've used @Depreciator for two properties and am extremely happy with the service. Plus free updates to the schedule - can't get better than that.

 

I have purchased properties that were built prior to 1985, never got the depreciation schedule.

With the Quantity Surveyors, they will charge you $660. and if you don't make that money back in the first year. they will refund it.

If they guarantee, you will make your money back in the first year. go for it.

 

QS reports are very useful. Depreciation benefits outweigh the $660 you generally pay.

Plus, for rental properties, the cost of the service is deductible.

 

My tax advice to every client is to always discuss the merits of obtaining a QS report with a QS. Follow their advice

Most of the majors all give a fee assurance. Its not a refund as Hari suggested. Or free !! They will cap their fee at a specific benefit. eg ""If we cant find double our fee in deductions in the fiirst full financial year there will be no charge""...hence they will reduce their fee to fit that value.

In reality this guarantee is pretty rare. Soenmtimes a slightly reduced fee. It approaches the point of no benefit. Many properties do contain more recent capital works and improvements as well as common areas. I often see reports with $1100 a year deductions. Every case varies. And some are not worth having done. But the QS can advise on this. I never want to suggest to clients that its not worth doing as I have no idea.