Well that just about wrap's up the purchase and renovation of your project in Evatt. Below I have listed a couple of important details for you to think about in the future with regards to your property.
As discussed, lets look to do this in March 2018. We will monitor the market and will touch base with you come March to give you an indication of the market and process involved to get the bank valuation ordered. There are some items listed below (highlighted in green) in the long term maintenance list that I would recommend completing prior to the valuation. Again, any maintenance to your property is 100% tax deductible.
As your purchase was for investment purposes, there will be significant tax deductions that you will be able to claim jointly. In preparation for this and a requirement for your accountant come tax time next year, you will need a full tax depreciation schedule. A qualified Quantity Surveyor is required to facilitate this and we have normally used BMT in the past. I have got a quote for you to do this and it is $770 inc. GST. This cost is 100% tax deductible also. If you are happy with this, please let me know and i will make it happen. The surveyor will need to access the property, so it would be good to do this before the tenants move in.
I will formally introduce you to the Property Manager once the tenant has been secured and all our ducks are in a row. Until then, I will continue to manage this process and keep you upto date.
Long Term Maintenance:
• Oven door and stove ignition to be fixed (this might be required in the short term as the stove ignition is temperamental)
• There are a couple of small holes that we noticed in the gutters when it rained last week when we were onsite. This is minor and not a major concern. It also does not rain very often in Canberra so it's nothing we would recommend doing unless it becomes a significant issue with your tenants
• Fly screen for new front door is a nice to have, but not mandatory
• Fly screen on roller door will need to be replaced at some point in the next 12 months
• Fly screen on the third bedroom will need to be replaced in the next 12-18 months
• Side gate needs to be addressed at some point. They are a little stiff and tricky to close
• High pressure clean concrete driveway
• Solar light to be attached to the front pillar on the driveway with the letterbox and number 36
• The trees that were cut/removed from the property still have the stumps in the ground. At some point, these should be grinded down
• Lawnmower the lawns and basic garden tidy up (Quarterly)
• The current colorbond fence that runs along the driveway has a large dent in it. This panel could be replaced at some point and would be shared by the neighbours.
We will continue to keep you upto date with news and information coming out of Canberra and the Australian property market in general.
Any questions, please let me know.