Should we bother with a QS with this property?

Hi all,

Hubby and I have just purchased a property (haven't settled yet) and wondering if there is any benefit in getting a QS for it? Gut feel is no, but we are no experts in this field

Property is an old Sydney terrace built in the late 1800s/early 1900's in need of a lot of TLC with no modern renovations/fixtures that we can see on have noted worth keeping. This property is all about location, point of difference, value add opportunity, and achieving premium rent down the track.

Plan is to substantially renovate it, and either rent it out to a long term tenant or Airbnd.

Advice please?

 

@Depreciator should be able to tell you if it's worth it with just the address or some photos.
Sometimes you'd be surprised to know that there might be something to be claimed. Always worth asking a QS.

 

I would get one done after the reno, the qs will note any building residual then anyway

 

Was thinking the same thing thing Dave, unless there was a compelling reason to do otherwise.

 

Exactly as you said - finish reno and do it prior to renting out

 

We just settled on a house built in 1969. Basically same house as built 48 years ago.

Our plan is to rent it for a few years and then do a major reno in it.

Deppro advised me not to do a depreciation schedule now. They also advised handing all the reno invoices/costs to our accountant and they will calculate the depreciation amount post-reno.

I don’t know whether this is the right advice for @alps but it made sense to me.

 

These scenarios are essentially the same, depreciation-wise, with the only variable being the timing of the renovation relative to the settlement date (but that's another topic entirely). The recent changes to depreciation legislation have changed the situation and neither will be worth a look until after the renovations.

Your accountant can handle the deprecation post-renovation using your costs, but the wisdom of doing this will depend on two things: the complexity of the renovation and the amount of confidence you have in your accountant.