May 18 No Comments

Preparing for a Pre-Settlement Inspection: A Guide for Property Sellers

Author: Tanisha Lirani

Categories: Apartment,Duplex,House,Investors,Landlords,NSW Legislations,Property Sale,Sellers,Townhouse

The Importance of Landlord Insurance for Your Investment Property: Partner with Thank You Real Estate for Peace of Mind

Introduction

As you approach the final stages of selling your property, one important event awaits: the pre-settlement inspection. This crucial step is not just for buyers; it holds significant importance for you as the seller as well. Understanding what a pre-settlement inspection entails, its importance, and your obligations can ensure a smooth and successful property transfer. In this blog post, we’ll delve into these aspects to help you navigate this process with confidence.

What is a Pre-Settlement Inspection?

A pre-settlement inspection, or final walk-through, is the buyer’s last opportunity to inspect the property before the settlement is finalized. This inspection typically occurs a few days before the closing date. The goal is to ensure that the property is in the agreed-upon condition and that any repairs or changes negotiated during the sale process have been completed.

Importance of a Pre-Settlement Inspection for Sellers

1. Fulfills Contractual Obligations: Ensuring that the property meets the conditions outlined in the sales contract is crucial. This inspection confirms that you have met your contractual obligations.

2. Avoids Last-Minute Disputes: A successful pre-settlement inspection can prevent last-minute disputes or delays in the closing process. Addressing any issues before the buyer’s inspection can ensure a smoother transaction.

3. Protects Your Reputation: Providing a property in excellent condition can help maintain a good reputation, which is particularly important if you plan to sell more properties in the future or live in a community where word-of-mouth matters.

4. Ensures a Smooth Handover: By addressing potential issues beforehand, you can facilitate a seamless handover process, avoiding any legal or financial complications.

Seller’s Obligations During a Pre-Settlement Inspection

As a seller, you have specific obligations to ensure the property is ready for the pre-settlement inspection:

1. Complete Agreed-Upon Repairs: Any repairs or improvements agreed upon during the negotiation process must be completed before the inspection. Ensure all work is done to a professional standard.

2. Maintain Property Condition: The property should be in the same condition as when the buyer last saw it. This includes keeping the property clean, maintaining the yard, and ensuring all systems and appliances are functional.

3. Provide Access: Make sure the buyer or their representative has access to the property for the inspection. This may involve coordinating with your real estate agent or providing keys if you have already moved out.

4. Disclose Any Changes: If there have been any changes or issues that have arisen since the buyer’s last visit, these should be disclosed ahead of time. Transparency is key to avoiding misunderstandings.

5. Remove Personal Belongings: Ensure that all your personal belongings are removed from the property, except those items that were agreed to remain as part of the sale (such as fixtures or certain appliances).

Tips for a Successful Pre-Settlement Inspection

1. Conduct Your Own Pre-Inspection: Before the buyer’s scheduled inspection, do a thorough walk-through yourself. Check all repairs, clean the property, and ensure everything is in working order.

2. Hire Professionals for Repairs: If any repairs were required, consider hiring professionals to ensure they are completed to a high standard. Keep receipts and documentation as proof of the work done.

3. Document the Property’s Condition: Take photos or videos of the property before the inspection. This documentation can be useful if there are any disputes about the property’s condition during the walk-through.

4. Clear Communication: Keep an open line of communication with your real estate agent and the buyer. Address any concerns promptly and be prepared to negotiate if minor issues are found.

5. Stay Flexible: Be prepared for the possibility that the buyer may request a final inspection. Being accommodating can help foster goodwill and ensure the sale proceeds smoothly.

Conclusion

A pre-settlement inspection is a vital step in the property sale process, ensuring that both parties are satisfied and that the transaction proceeds without hitches. As a seller, fulfilling your obligations and preparing adequately for this inspection can prevent delays, disputes, and potential legal complications.

By understanding the importance of this inspection and taking proactive steps to ensure your property is in top condition, you not only facilitate a smooth transaction but also uphold your reputation as a responsible seller. With thorough preparation and clear communication, you can confidently navigate the pre-settlement inspection and move towards a successful property transfer. Happy selling!

May 18 No Comments

Your Ultimate Guide to Pre-Settlement Inspections for Property Buyers

Author: Tanisha Lirani

Categories: Apartment,Buyers,Duplex,First Home Buyers,House,Investors,Property Sale,Townhouse

Your Ultimate Guide to Pre-Settlement Inspections for Property Buyers

Introduction

Congratulations on nearing the completion of your property purchase! As you approach the final steps, one crucial task remains: the pre-settlement inspection. This step, often overlooked, is vital in ensuring your new home is exactly as expected before you finalize the deal. In this blog post, we’ll explore what a pre-settlement inspection is, why it’s important, and what you should look for during the inspection.

What is a Pre-Settlement Inspection?

A pre-settlement inspection, also known as a final walk-through, is the last opportunity for the buyer to inspect the property before the settlement is finalized. This inspection usually takes place a few days before closing. It allows buyers to confirm that the property is in the agreed-upon condition and that any repairs or changes negotiated during the sale process have been completed satisfactorily.

Importance of a Pre-Settlement Inspection

1. Ensures Contract Compliance: The primary purpose is to ensure the property matches the condition stated in the contract. Any repairs or agreed-upon changes should be completed.

2. Peace of Mind: It offers peace of mind knowing that there are no new issues with the property. Moving into a new home is stressful enough without unexpected surprises.

3. Verification of Repairs: If the seller agreed to make repairs following the home inspection, this is your chance to verify that these repairs have been completed to your satisfaction.

4. Condition of Appliances and Fixtures: This is the time to check that all appliances, fixtures, and systems (like heating and cooling) are in working order.

5. Opportunity to Address Issues: If you find any problems, you can address them with the seller before closing, potentially saving you from future hassles and expenses.

What to Look for During a Pre-Settlement Inspection

When conducting your pre-settlement inspection, use this comprehensive checklist to ensure you don’t miss anything important:

1. General Condition:
– Check for any visible damage or changes to the property’s condition since your last visit.
– Look for signs of pests or mold that were not present before.

2. Repairs and Improvements:
– Ensure all agreed-upon repairs have been completed to a professional standard.
– Verify that any included improvements or additions are present and in good condition.

3. Appliances and Fixtures:
– Test all appliances (oven, dishwasher, washer, dryer, refrigerator, etc.) to ensure they are working.
– Turn on all lights and ceiling fans to check they are operational.

4. Plumbing:
– Run water from all faucets to check for leaks and proper drainage.
– Flush toilets to ensure they work properly and don’t leak.
– Inspect under sinks and around toilets for signs of water damage.

5. Electrical Systems:
– Test all electrical outlets with a small device or phone charger to ensure they work.
– Check the breaker panel for any issues or unfamiliar markings.

6. Heating and Cooling Systems:
– Turn on the heating and cooling systems to ensure they function correctly.
– Check vents for proper airflow and inspect for any signs of damage.

7. Windows and Doors:
– Open and close all windows and doors to ensure they operate smoothly and latch properly.
– Look for signs of drafts or broken seals in windows.

8. Exterior:
– Walk around the property to inspect the roof, gutters, and downspouts for any damage.
– Check the condition of the exterior walls, paint, and any outdoor structures like decks or sheds.

9. Yard and Landscaping:
– Ensure that any landscaping included in the sale is in good condition.
– Check for any changes to the yard that were not agreed upon.

Conclusion

A pre-settlement inspection is a critical step in the home-buying process. It ensures that your new home is in the expected condition and that all agreed-upon repairs and changes have been completed. By taking the time to thoroughly inspect the property, you can move into your new home with confidence and peace of mind.

Remember, this inspection is your last chance to address any issues before you take ownership. Don’t rush through it—take your time, use a checklist, and don’t hesitate to bring up any concerns with the seller or your real estate agent. Happy home buying!

Aug 24 No Comments

The Ultimate Guide to Pre-Settlement Property Inspections in NSW

Author: Tanisha Lirani

Categories: Apartment,Buyers,Duplex,First Home Buyers,House,Investors,Property Sale,Townhouse

The Ultimate Guide to Pre-Settlement Property Inspections in NSW

Introduction

The journey towards owning your dream property is an exciting one, filled with anticipation and a touch of nerves. As you inch closer to the settlement date in New South Wales (NSW), there’s a crucial step that ensures you’re stepping into your new abode with confidence: the pre-settlement property inspection. In this guide, we’ll dive into the ins and outs of this process, helping you navigate it seamlessly and ensuring that your new home lives up to all your expectations.

What is a Pre-Settlement Property Inspection?

Imagine this as the final quality check before you officially become the proud owner of the property. As per the laws in NSW, you, as the purchaser, have the right to conduct a pre-settlement inspection of the property before the settlement process is finalised. This inspection serves as a safeguard, giving you the opportunity to ensure that the property is in the condition you expect and that all agreed-upon inclusions are present.

Why is it Important?

This inspection is your last line of defense against potential surprises. It allows you to verify that the property’s condition aligns with your expectations and that there haven’t been any unexpected changes since your initial visit. Imagine moving into your new home only to find that the fixtures or appliances you thought were included have mysteriously disappeared. The pre-settlement inspection is your chance to catch such issues before they become headaches.

Timing Matters

Timing is key here. While you could conduct the inspection on the day of settlement, experts recommend doing it 7 to 10 days prior. This gives you ample time to identify any discrepancies and address them with your solicitor or conveyancer, ensuring a smooth settlement process.

What to Look For

When you step into the property for the inspection, keep your initial property visit and the contract handy. Ensure that the property’s condition matches what you saw earlier and that the inclusions you agreed upon are present. If you have photos from your initial visits, use them as a reference. If you notice any discrepancies, don’t fret. This is where your solicitor or conveyancer comes in, helping you navigate the situation and find resolutions.

Vendor’s Perspective

Remember, just as you’re excited about stepping into your new home, the vendor is eager for a seamless transition as well. It’s in their best interest to maintain the property’s condition to ensure a hassle-free settlement.

Benefits of a Smooth Pre-Settlement Inspection

A successful pre-settlement inspection not only gives you peace of mind but also sets the tone for a positive transition into your new home. It ensures that both parties are on the same page regarding the property’s condition, preventing potential conflicts down the road.

Conclusion

As you gear up for your pre-settlement inspection in NSW, keep in mind that this is your opportunity to dot the i’s and cross the t’s. Don’t rush through it – take the time to thoroughly inspect the property and consult with your legal team if needed. By doing so, you’re ensuring that your transition into your new home is a seamless and exciting one. Remember, it’s not just a property inspection; it’s your final step towards becoming a proud homeowner in the vibrant city of Sydney.

Thank You Real Estate clients in New South Wales, enhance your property purchase experience with our expert Pre-Settlement Inspection Service. We understand that buying a property is a significant investment, and our dedicated team is here to provide you with peace of mind. Our thorough inspections, detailed reports, and professional guidance ensure you know the true condition of your new property before finalising the deal. Trust us to protect your interests and make your property purchase in NSW a smooth and informed process. Contact us today to schedule your inspection and secure your investment!

Jan 04 No Comments

7 Reasons Hiring a Real Estate Agent is Better Than Selling Your Property by Yourself

Author: Tanisha Lirani

Categories: Investors,Property Sale,Sellers

7 Reason to choose right real estate agent

7 Reasons Hiring a Real Estate Agent is Better Than Selling Your Property by Yourself

Once you have decided to sell your home, the next crucial decision you will have to make is whether to sell your property by yourself or to hire a real estate agent to do this for you. For some, it may seem more cost-efficient to sell their own property, as doing so would mean that they would not have to pay for the agent’s commission.

While there is no right or wrong answer when it comes to this, there are a few things you might want to consider. You will also need to factor in questions like “how long will it take you to sell your house” and “how well do you know the current market value of your property”, among other things. Before you make a decision, let’s deliberate.

Dedicated Time for Enquiries

Selling your property is not your full-time job, but it is real estate agents. What does this mean for you? This means that you do not have to rush home from work or postpone a meeting when a potential buyer wants to see your property. Aside from time efficiency, having an agent selling your property means less stress for you, too. Also, it may feel tempting to save money but let’s say if you know little of dentistry or constructing or even any other trade, would you do it all? There are professions out there that need specialisation and so does real estate, even if it may seem an easy job, wearing someone’s shoe will give you a real perspective.

Knowledge and Experience

Entrusting the selling part to a real estate agent makes it possible for you to get your property sold much sooner than if you were the one entertaining potential buyers. Agents have been trained to undergo various courses, passed exams, and gained experience in dealing with buyers through working for themselves or working with other agencies. All of these play an important role in getting your property sold in the anticipated time off course various other external factor play in, Your real estate agent will be able to answer questions and address buyer concerns much better because of the knowledge and experience that they have gained. Some vendors choose to sell in less time whereas others are more patient and all they want is a good price not saying selling quickly will fetch less, perhaps real estate agents work with you on a one-to-one basis to bring you the results that you after. like every property is different so does every vendor, and their requirements and circumstances.

Effective Marketing

In recent times, rules and regulations have evolved over time and aside from their familiarity with all the regulations involving real estate transactions, agents also know where to look for potential buyers and how to effectively target them using tried and tested marketing strategies. Networking is one of the strengths of real estate agents – one that will benefit you as a seller. Instead of relying solely on your friends and family to help you spread the word about your property, your agent has access to various methods and platforms in place to ensure that potential buyers learn about the house that you’re selling.

Screening and Managing Buyers

A real estate agent can find out whether someone who wants to view your property is indeed a qualified buyer or just a curious neighbour. Agents are trained to ask qualifying questions to determine the seriousness, and motivation to buy, finance readiness and so much more. They are also able to influence a qualified prospect to make an offer to buy your property.

Stress-Free Negotiations

Buyers are likely to make comments about your property that might upset you, and it would also be difficult to take rejections. A real estate agent shields you from having to deal with buyers directly, and they also provide a more objective approach to selling your property because there are no personal emotions involved. This means that they will be able to handle criticisms well, respond to rejections with a sound counteroffer, and follow up with buyers without looking desperate. After all, negotiations are all about win-win, not with the price only, even with settlement conditions, terms involved and so much more.

Market Know-How

Despite the pandemic brought about by the coronavirus in the year 2020, the Sydney property market has continued to defy the worst forecasts and remained remarkably resilient. Year over year, Sydney’s median house price is up 6.6% at $1,154,40. Buyers have been lured back into the real estate market by low interest rates, government tax cuts, and other incentives. A real estate agent is always abreast with information and updates like these to help you sell your property at a great price point, the shortest time and make selling a property an experience than another mundane task.

Correct Pricing

Pricing property correctly is very important, and it can affect days on market and final sales price. When your price too high, fewer people would be interested to see your property, resulting in fewer offers. On the other hand, when you price it too low, you might send the wrong message that something is wrong with your property or that you are desperate to sell. An agent will be able to help you set the right price for your property given the current market conditions.

Real Estate is more like people business than property business as more and more transactions are these days based on how good real estate agent is, how well they present, how well they communicate through various medium and whether your potential buyers are happy dealing with them, their character their presence and overall persona.

so overall, there are fairly good reasons why selling through agents are much more rewarding and your experience will enhance in dealing with properties overall. Even if you have had a bad experience previously selling or leasing a property through some real estate agent, it is always good to try with others, as there are many young, vibrant and technology-friendly agents who are emerging that can provide you better service. Tanisha from Thank You Real Estate is one of those new breeds of real estate agents who put heart and head into ensuring that your property is in good hands.

Do ensure you check google rating of agent, agency and do some research, so you avoid falling for any agent who lures you with false promises.

We at Thank You Real Estate will be more than happy to help you get the most out of selling your property. Call us today on +61 2 8856 2970 for any enquiries or to schedule a meeting.

Our Happy Clients

Owners and tenants that love their property manager. This is what happens when you do things with Thank you Real Estate.

4.8 109 reviews

Anand Andharia ★★★★★
I must say, it was a nice tenancy experience with Thank You Real Estate. Tanisha and Amyn both were so cooperative. From the very … More beginning, they were incredibly responsive and provided excellent suggestions for places to view based on our needs and preferences. Throughout the entire process, they were prompt in addressing any questions or concerns we had.
Their dedication and professionalism made finding our new home a smooth and stress-free experience. If I ever need to move again, there is no doubt I will reach out to them.
Thank you for your hard work and exceptional service!
Stephanie Hormigas ★★★★★
Mr Amyn Zariwala's professionalism is exceptional. Mr Amyn Zariwala of Thank You Real Estate is very friendly and approachable. … More His professionalism is exceptional. He's very patient in answering all our queries, giving us advise and guiding us throughout the buying process. We're truly grateful. Thank you so much Amyn.
Ashish Agrawal ★★★★★
We had great experience while we were searching for a rental property, Tanisha and Thank You Real Estate team is very professional … More and they are ready to help in all possible scenarios. This team lead us to the inspection and they communicated all aspects towards smooth transition to our new apartment.
Corinne Dup ★★★★★
From the beginning we've have had a wonderful experience with Thank You Real Estate for leasing our property. Tanisha and … More Amyn and their team are very professional, knowledgeable and responsive.
We've had issues with a tenant and each time Amyn and Tanisha have been proactively monitoring the situation and sorting out the issues and keeping us informed along the way. Thank you for the wonderful service you provide.
We highly recommended Thank You real estate.
Wayne OBrien ★★★★★
Top quality agent in the area. We found Amyn to be extremely helpful, friendly & honest in regards to our property purchase … More in Seven Hills. Amyn was able to assist in all aspects of the negotiations & communications between ourselves & the vendor which resulted in a win win result for all. Wayne & Dianne.
Rajat ★★★★★
Great and transparent experience. Bought an apartment through Amyn. Had transparency all through. Was able to come to an agreement … More quickly and amicably.
kushal jain ★★★★★
Exceeds Expectations!
Amyn Zariwala is one of the best agents. He is very professional and thoroughly knows the market and the … More area. He took the time to understand our needs and expectations.
Amyn’s calm and easy-going demeanour was reassuring throughout the campaign. His professionalism and expertise led to an incredible outcome within a week of being on the market.
I strongly recommend “Thank You Real Estate” to anyone selling their property for exceptional results.
Mahreen Kalani ★★★★★
I cannot thank Amyn enough for all the hard work and dedication he and his team have put into selling my house. From the very … More beginning, they were always available, and responsive, and went above and beyond to make the process as smooth as possible. Their professionalism, knowledge, and expertise were evident throughout, and they made us feel like family. They understood our needs and worked tirelessly to ensure we got the best deal possible. I highly recommend "Thank You Real Estate" to anyone looking to buy or sell a property. Thank you for your exceptional service, it was truly a pleasure to work with you.
Satya Arya ★★★★★
Fantastic experience with Amyn with sale of our Westmead unit. It was clear plan, quick to off market, and sale in 1 week. Settlement … More in 30 days.. Highly recommend 👌 👍 👏
CDup D ★★★★★
From the beginning we've have had a wonderful experience with Thank You Real Estate for leasing our property. Tanisha and … More Amyn and their team are very professional, knowledgeable and responsive.
We've had issues with a tenant and each time Amyn and Tanisha have been proactively monitoring the situation and sorting out the issues and keeping us informed along the way. Thank you for the wonderful service you provide.
We highly recommended Thank You real estate.
Jojo Lovell ★★★★★
Just rented an apartment through this agent and the process was quick and easy. End of lease process was also great they worked … More with me to quickly to get the property perfect for the next tenant! They suggested using their service partners for end of lease clean it’s cheaper and easier and they organise this quite quickly :)! Thanks Team
Jayanta Bhattacharya ★★★★★
Excellent service by Tanisha and team. Responsible, reliable and they go out of the way to help customers. Keep up the standard … More guys.
Sashi Singh ★★★★★
Very understanding and helpful couple. Wasted my time with other agents. Should have gone with Thank you real estate from the … More start. Would recommend to use them for your real estate needs. Thank you Amyn and Tanisha.
Priyanka Ambure ★★★★★
The best rental experience as it was my first time, they’re super nice and helpful. And got me the best deal. I can’t thank enough … More to the
Thank You Real Estate Team, Ms.Tanisha & Mr.Amyn 👏
Anees Rajani ★★★★★
We had an amazing experience working with Tanisha & Amin to find our rental house. They were incredibly professional and attentive … More to our needs. They listened to our requirements and showed us properties that perfectly matched our criteria. The entire process was smooth, and we found our dream home hassle-free. We highly recommend Thank You Real Estate for their exceptional service.
Juma ★★★★★
Thank you- Thank You Real Estate!
I had the pleasure of working with Amyn during my first home purchase, and I am beyond impressed. … More Amyn demonstrated unparalleled negotiating skills, securing a deal that exceeded my expectations. Amyn patiently guided me through the process, addressing all my questions with clarity and reassurance. Amyn worked diligently into the late hours (10pm at night!), ensuring every detail was handled meticulously. Amyn made the complex process of buying a home feel seamless and stress-free. I wholeheartedly recommend Amyn and Thank You Realestate to anyone seeking a knowledgeable and dedicated real estate agent. I truly appreciate you Amyn, for your outstanding support in making my home-buying experience truly exceptional!
Archit J ★★★★★
Unknown to me at the time, I threw Tanisha straight into the deep end in managing my property (NCAT, sheriff and the whole shebang!) … More Suffice to say, nothing was too hard for her and she kept me up to date at every step. Thanks for your massive effort.
Jody CP ★★★★★
Tanisha has been very helpful and quick in responding to any of my questions and concerns. I had a very good experience communicating … More with her!
Kristy Ng ★★★★★
Tanisha is a great property manager, she got my property listed and leased within a week, which is particularly amazing considering … More it was a week before Christmas shut down. She always keeps me updated with the information I need, is responsive and makes it easy for me with her online portal. Recently she helped me work through challenges with the tenant and strata and got an air conditioning unit installed. Thank you for your genuine care for the interest of all parties.
Shail Singh ★★★★★
We were having a terrible experience with an agency which was managing our property.
We searched online and found very good reviews … More for Thankyou Real estate and came in contact with Tanisha. She is absolutely wonderful to work with, always very quick to reply to your questions, extremely professional and always giving very helpful advice.
Recently Tanisha leased our property within a very short span of time and we are very happy with the outcome. We would highly recommend her and the team at Thankyou Real estate to anyone
Lucy Stebbing ★★★★★
I had a great experience with my work placement here.
Tanisha and Amyn are amazing and I enjoyed my week here.
I would highly … More recommend this real estate !!
Bella LC ★★★★★
Tanisha and Aymn are lovely people and great to deal with, I'm so glad to be leasing with this agency. Definitely recommend! … More
Faiz Lalani ★★★★★
I worked at Thank You Real Estate for 5 days, for a traineeship program for School. I did tasks ranging from administrative to … More logistical. The experience here was amazing. My superiors were super supportive, and cared for my wellbeing. I had an amazing time working here and would definitely recommend it for anyone who is in year 10 searching for work experience.
Saahil Jotsingani ★★★★★
Amyn and Tanisha managed to lease out my property very quickly and got me a great result with my rental return.
Joe Ferrer ★★★★★
Tanisha and Amyn have been really helpful throughout the process of me and my roommate's search for an apartment. Tanisha … More and Amyn have answered all our queries thus far as clear and as prompt as possible. The place we ended up getting was fantastic!
harsh patel ★★★★★
Tanisha and Amyn are great team. Keep us informed about property and did amazing job getting everything done with in a week. Thank … More you
Anil Jindal ★★★★★
My experience with thankyou real estate has been very good. They are really fantastic and very helpful in finding a good tenant … More for my property.
Nikhil Shende ★★★★★
Fantastic service. Tanisha helped us through out the process. She connects not only with people but, the situation they are in, … More which takes a person and the company to next level. Good luck!!!
Kartik Krishnan ★★★★★
Thankyou Real Estate and Tanisha are highly supportive in providing housing for me. They responded quickly and I am happy with … More their services and expect the same in the future.
Ashish Sukhija ★★★★★
5 stars to the awesome team at Thank You Real Estate. It was a very nice experience renting through you guys and also renting … More my place too. I would really recommend the team at TY RE, one open home and the property was rented. Kudos to the team!
Dipesh Chauhan ★★★★★
I moved from self managed to management with Thank You Real Estate. The switch over has been a breeze and Tanisha was able to … More find a new tenant in a matter of day. Overall very happy and would highly recommend.
Nona Zheng ★★★★★
Had a fabulous experience with Thank You Real Estate for leasing our property. Tanisha and her team are very professional, very … More prompt and responsive. Highly recommended real estate agent.
Nazish Dossa ★★★★★
Grateful to have Amyn and Tanisha from Thank you Real Estate as our agents. Highly professional with prompt service and response. … More
Would surely recommend them to everyone looking for a real estate agent.
Maria Rowecka ★★★★★
Fantastic professionals. Great communication. Very quick and responsive. I will be recommending them to all my friends and will … More definitely deal with them in the future. Tanisha is a great professional. I am very happy she was recommended to me.
Michael Kowalczyk ★★★★★
We were seeking an experienced property management team to manage our properties as the agency we had for a number of years had … More deteriorated.
Having come across Tanisha and her team, we instantly realized we had made the right choice.
Thankyou RE have been fantastic in communicating, managing our concerns, and even prompting us on items that the previous agents had missed. Tanisha achieved a fantastic result, having leased our property in a short space of time for a competitive market rent.
Will be definitely recommending Thankyou RE to our friends and clients.
Leonard Ng ★★★★★
BEST OF THE BEST REAL ESTATE AGENT/PROPERTY MANAGER
I am so glad to have met Amyn and Tanisha in my real estate journey. I had … More a massive problem with my previous Property Manager who:
- didn't respond to my emails
- didn't work based on my best interest
- pro tenant
especially in the scenario of evicting the tenant who didn't want to move out and we had already legally given a lot of notice to them
Fortunately, we met Amyn and Tanisha and both are really helpful and demonstrated the best service we can get from from a real estate agent/property manager. Without even discussing about benefits, both agreed to help us to solve the mess we were having and we are forever grateful to them
Fast forward 95 days, we got our property back and we are really grateful and thankful to have Amyn and Tanisha
For owners/tenants/landlords who are looking to get a trustworthy, competent and reliable real estate agent, please reach out to Amyn and Tanisha from Thank You Real Estate
Thanks again Amyn and Tanisha
zutto h ★★★★★
Thank You Realestate have been easily to communicate and responded timely with issues associate with the property I have rented … More to. Their understanding of our circumstances in arranging inspections during COVID was greatly appreciated.

Jan 04 No Comments

Depreciation Claims on Investment Property

Author: Tanisha Lirani

Categories: Apartment,Duplex,House,Investors,Landlords,Property Management,Sellers,Townhouse

what is tax depreciation for investment properties

Depreciation Claims on Investment Property

If you’ve recently purchased an investment property, or you’ve been thinking of purchasing one, there’s a good chance you’ve heard of deductions that can be made against the tax you pay. One of these deductions is depreciation of both the property and the contents inside the property.

But what exactly is depreciation? And how does it help come tax time?

Depreciation is essentially a deduction on your tax that allows you, as an investor, to offset the decline in value in both the property and items that are permanent fixtures within the property – ovens, dishwashers, carpets, blinds, air conditioners, and so on. One of the biggest benefits of depreciation is that it is a “non-cash deduction”. This means that unlike other deductible costs associated with owning an investment property, there are no ongoing costs to depreciation; you don’t need to spend anything to get the deduction.

It is important to keep in mind that every item has a lifespan that the ATO says it should last before needing to be replaced. This then creates the length of time that the depreciation will be spread over.

New Builds, Renovations, and Older Homes

One of the biggest questions around depreciation is who can claim. Does the property need to be of a certain age before you can start claiming depreciation or is there an age where you can’t claim depreciation?

Essentially property depreciation can be claimed on a building of any age. If the property was built after July 1985, you can claim deductions on both the building and the fixtures, while if the property was built prior to that date, you can only claim on the fixtures. It is certainly worthwhile having a depreciation schedule produced – saving on your tax is still a saving after all.

So what about claiming on a renovated property? This one is a little more work as you will need to know how much was spent on the renovations (and you do have an obligation to the ATO to provide this information). If renovations were completed by a previous owner of the property, you can still claim. If the cost of the renovations is unknown, you will need to engage a quantity surveyor to make an estimation of the cost of renovations.

Claiming Depreciation on Your Investment

There are two ways that depreciation can be claimed on an investment property: capital works and depreciating assets.

Capital works depreciation looks at the construction costs involved in building the property. We mentioned above that every item that is depreciated has a lifespan. In the case of a new build, depreciation is spread over 40 years as the ATO has ruled that a building lasts 40 years before it needs to be replaced.

Depreciating assets are those with a limited effective life that decline in value over time. In an investment property, this includes items such as light fittings, ovens, cooktops, carpets, furnishings. The ATO has listed all the items you can claim and how long you can claim them for; for example, a carpet is estimated to last 10 years, a cooktop 12 years, and a split system air conditioner 10 years.

It’s important to know when these items were purchased where possible as the depreciation lifespan is different in some categories depending on the purchase date.

How to Claim Depreciation

There are two options when claiming depreciation – the prime cost method and the diminishing value method. It is of course advisable to speak to an accountant about which option best suits your situation.

The prime cost method essentially provides you with an equal tax deduction for each year of the effective life of the item.

The diminishing value method allows you to make higher claims in the first few years after purchase and then smaller claims as the item gets older.

What is a Depreciation Schedule?

Simply put, a depreciation schedule is a report outlining all the depreciation deductions that can be made relating to your investment property. It is a good idea to engage a quantity surveyor to put together the report for you. Quantity surveyors assess the value of the construction work and put together a report for you.

When you own an investment property, it’s essential that you are getting all the tax deductions you are entitled to. Depreciation is an important factor that many property investors forget about and therefore miss out on deductions that could save them in tax. Talk to your property manager or accountant about having a tax depreciation schedule completed on your investment property.

If you’ve never had a property depreciation schedule completed, or you want to discuss how one can help you, reach out to the team at Thank You Real Estate, and we can assist.

Our Happy Clients

Owners and tenants that love their property manager. This is what happens when you do things with Thank you Real Estate.

4.8 109 reviews

Anand Andharia ★★★★★
I must say, it was a nice tenancy experience with Thank You Real Estate. Tanisha and Amyn both were so cooperative. From the very … More beginning, they were incredibly responsive and provided excellent suggestions for places to view based on our needs and preferences. Throughout the entire process, they were prompt in addressing any questions or concerns we had.
Their dedication and professionalism made finding our new home a smooth and stress-free experience. If I ever need to move again, there is no doubt I will reach out to them.
Thank you for your hard work and exceptional service!
Stephanie Hormigas ★★★★★
Mr Amyn Zariwala's professionalism is exceptional. Mr Amyn Zariwala of Thank You Real Estate is very friendly and approachable. … More His professionalism is exceptional. He's very patient in answering all our queries, giving us advise and guiding us throughout the buying process. We're truly grateful. Thank you so much Amyn.
Ashish Agrawal ★★★★★
We had great experience while we were searching for a rental property, Tanisha and Thank You Real Estate team is very professional … More and they are ready to help in all possible scenarios. This team lead us to the inspection and they communicated all aspects towards smooth transition to our new apartment.
Corinne Dup ★★★★★
From the beginning we've have had a wonderful experience with Thank You Real Estate for leasing our property. Tanisha and … More Amyn and their team are very professional, knowledgeable and responsive.
We've had issues with a tenant and each time Amyn and Tanisha have been proactively monitoring the situation and sorting out the issues and keeping us informed along the way. Thank you for the wonderful service you provide.
We highly recommended Thank You real estate.
Wayne OBrien ★★★★★
Top quality agent in the area. We found Amyn to be extremely helpful, friendly & honest in regards to our property purchase … More in Seven Hills. Amyn was able to assist in all aspects of the negotiations & communications between ourselves & the vendor which resulted in a win win result for all. Wayne & Dianne.
Rajat ★★★★★
Great and transparent experience. Bought an apartment through Amyn. Had transparency all through. Was able to come to an agreement … More quickly and amicably.
kushal jain ★★★★★
Exceeds Expectations!
Amyn Zariwala is one of the best agents. He is very professional and thoroughly knows the market and the … More area. He took the time to understand our needs and expectations.
Amyn’s calm and easy-going demeanour was reassuring throughout the campaign. His professionalism and expertise led to an incredible outcome within a week of being on the market.
I strongly recommend “Thank You Real Estate” to anyone selling their property for exceptional results.
Mahreen Kalani ★★★★★
I cannot thank Amyn enough for all the hard work and dedication he and his team have put into selling my house. From the very … More beginning, they were always available, and responsive, and went above and beyond to make the process as smooth as possible. Their professionalism, knowledge, and expertise were evident throughout, and they made us feel like family. They understood our needs and worked tirelessly to ensure we got the best deal possible. I highly recommend "Thank You Real Estate" to anyone looking to buy or sell a property. Thank you for your exceptional service, it was truly a pleasure to work with you.
Satya Arya ★★★★★
Fantastic experience with Amyn with sale of our Westmead unit. It was clear plan, quick to off market, and sale in 1 week. Settlement … More in 30 days.. Highly recommend 👌 👍 👏
CDup D ★★★★★
From the beginning we've have had a wonderful experience with Thank You Real Estate for leasing our property. Tanisha and … More Amyn and their team are very professional, knowledgeable and responsive.
We've had issues with a tenant and each time Amyn and Tanisha have been proactively monitoring the situation and sorting out the issues and keeping us informed along the way. Thank you for the wonderful service you provide.
We highly recommended Thank You real estate.
Jojo Lovell ★★★★★
Just rented an apartment through this agent and the process was quick and easy. End of lease process was also great they worked … More with me to quickly to get the property perfect for the next tenant! They suggested using their service partners for end of lease clean it’s cheaper and easier and they organise this quite quickly :)! Thanks Team
Jayanta Bhattacharya ★★★★★
Excellent service by Tanisha and team. Responsible, reliable and they go out of the way to help customers. Keep up the standard … More guys.
Sashi Singh ★★★★★
Very understanding and helpful couple. Wasted my time with other agents. Should have gone with Thank you real estate from the … More start. Would recommend to use them for your real estate needs. Thank you Amyn and Tanisha.
Priyanka Ambure ★★★★★
The best rental experience as it was my first time, they’re super nice and helpful. And got me the best deal. I can’t thank enough … More to the
Thank You Real Estate Team, Ms.Tanisha & Mr.Amyn 👏
Anees Rajani ★★★★★
We had an amazing experience working with Tanisha & Amin to find our rental house. They were incredibly professional and attentive … More to our needs. They listened to our requirements and showed us properties that perfectly matched our criteria. The entire process was smooth, and we found our dream home hassle-free. We highly recommend Thank You Real Estate for their exceptional service.
Juma ★★★★★
Thank you- Thank You Real Estate!
I had the pleasure of working with Amyn during my first home purchase, and I am beyond impressed. … More Amyn demonstrated unparalleled negotiating skills, securing a deal that exceeded my expectations. Amyn patiently guided me through the process, addressing all my questions with clarity and reassurance. Amyn worked diligently into the late hours (10pm at night!), ensuring every detail was handled meticulously. Amyn made the complex process of buying a home feel seamless and stress-free. I wholeheartedly recommend Amyn and Thank You Realestate to anyone seeking a knowledgeable and dedicated real estate agent. I truly appreciate you Amyn, for your outstanding support in making my home-buying experience truly exceptional!
Archit J ★★★★★
Unknown to me at the time, I threw Tanisha straight into the deep end in managing my property (NCAT, sheriff and the whole shebang!) … More Suffice to say, nothing was too hard for her and she kept me up to date at every step. Thanks for your massive effort.
Jody CP ★★★★★
Tanisha has been very helpful and quick in responding to any of my questions and concerns. I had a very good experience communicating … More with her!
Kristy Ng ★★★★★
Tanisha is a great property manager, she got my property listed and leased within a week, which is particularly amazing considering … More it was a week before Christmas shut down. She always keeps me updated with the information I need, is responsive and makes it easy for me with her online portal. Recently she helped me work through challenges with the tenant and strata and got an air conditioning unit installed. Thank you for your genuine care for the interest of all parties.
Shail Singh ★★★★★
We were having a terrible experience with an agency which was managing our property.
We searched online and found very good reviews … More for Thankyou Real estate and came in contact with Tanisha. She is absolutely wonderful to work with, always very quick to reply to your questions, extremely professional and always giving very helpful advice.
Recently Tanisha leased our property within a very short span of time and we are very happy with the outcome. We would highly recommend her and the team at Thankyou Real estate to anyone
Lucy Stebbing ★★★★★
I had a great experience with my work placement here.
Tanisha and Amyn are amazing and I enjoyed my week here.
I would highly … More recommend this real estate !!
Bella LC ★★★★★
Tanisha and Aymn are lovely people and great to deal with, I'm so glad to be leasing with this agency. Definitely recommend! … More
Faiz Lalani ★★★★★
I worked at Thank You Real Estate for 5 days, for a traineeship program for School. I did tasks ranging from administrative to … More logistical. The experience here was amazing. My superiors were super supportive, and cared for my wellbeing. I had an amazing time working here and would definitely recommend it for anyone who is in year 10 searching for work experience.
Saahil Jotsingani ★★★★★
Amyn and Tanisha managed to lease out my property very quickly and got me a great result with my rental return.
Joe Ferrer ★★★★★
Tanisha and Amyn have been really helpful throughout the process of me and my roommate's search for an apartment. Tanisha … More and Amyn have answered all our queries thus far as clear and as prompt as possible. The place we ended up getting was fantastic!
harsh patel ★★★★★
Tanisha and Amyn are great team. Keep us informed about property and did amazing job getting everything done with in a week. Thank … More you
Anil Jindal ★★★★★
My experience with thankyou real estate has been very good. They are really fantastic and very helpful in finding a good tenant … More for my property.
Nikhil Shende ★★★★★
Fantastic service. Tanisha helped us through out the process. She connects not only with people but, the situation they are in, … More which takes a person and the company to next level. Good luck!!!
Kartik Krishnan ★★★★★
Thankyou Real Estate and Tanisha are highly supportive in providing housing for me. They responded quickly and I am happy with … More their services and expect the same in the future.
Ashish Sukhija ★★★★★
5 stars to the awesome team at Thank You Real Estate. It was a very nice experience renting through you guys and also renting … More my place too. I would really recommend the team at TY RE, one open home and the property was rented. Kudos to the team!
Dipesh Chauhan ★★★★★
I moved from self managed to management with Thank You Real Estate. The switch over has been a breeze and Tanisha was able to … More find a new tenant in a matter of day. Overall very happy and would highly recommend.
Nona Zheng ★★★★★
Had a fabulous experience with Thank You Real Estate for leasing our property. Tanisha and her team are very professional, very … More prompt and responsive. Highly recommended real estate agent.
Nazish Dossa ★★★★★
Grateful to have Amyn and Tanisha from Thank you Real Estate as our agents. Highly professional with prompt service and response. … More
Would surely recommend them to everyone looking for a real estate agent.
Maria Rowecka ★★★★★
Fantastic professionals. Great communication. Very quick and responsive. I will be recommending them to all my friends and will … More definitely deal with them in the future. Tanisha is a great professional. I am very happy she was recommended to me.
Michael Kowalczyk ★★★★★
We were seeking an experienced property management team to manage our properties as the agency we had for a number of years had … More deteriorated.
Having come across Tanisha and her team, we instantly realized we had made the right choice.
Thankyou RE have been fantastic in communicating, managing our concerns, and even prompting us on items that the previous agents had missed. Tanisha achieved a fantastic result, having leased our property in a short space of time for a competitive market rent.
Will be definitely recommending Thankyou RE to our friends and clients.
Leonard Ng ★★★★★
BEST OF THE BEST REAL ESTATE AGENT/PROPERTY MANAGER
I am so glad to have met Amyn and Tanisha in my real estate journey. I had … More a massive problem with my previous Property Manager who:
- didn't respond to my emails
- didn't work based on my best interest
- pro tenant
especially in the scenario of evicting the tenant who didn't want to move out and we had already legally given a lot of notice to them
Fortunately, we met Amyn and Tanisha and both are really helpful and demonstrated the best service we can get from from a real estate agent/property manager. Without even discussing about benefits, both agreed to help us to solve the mess we were having and we are forever grateful to them
Fast forward 95 days, we got our property back and we are really grateful and thankful to have Amyn and Tanisha
For owners/tenants/landlords who are looking to get a trustworthy, competent and reliable real estate agent, please reach out to Amyn and Tanisha from Thank You Real Estate
Thanks again Amyn and Tanisha
zutto h ★★★★★
Thank You Realestate have been easily to communicate and responded timely with issues associate with the property I have rented … More to. Their understanding of our circumstances in arranging inspections during COVID was greatly appreciated.

Preparing for a Pre-Settlement Inspection: A Guide for Property Sellers

The Importance of Landlord Insurance for Your Investment Property: Partner with Thank You Real Estate for Peace of Mind

Introduction

What is a Pre-Settlement Inspection?

Importance of a Pre-Settlement Inspection for Sellers

Seller’s Obligations During a Pre-Settlement Inspection

Tips for a Successful Pre-Settlement Inspection

Conclusion

Your Ultimate Guide to Pre-Settlement Inspections for Property Buyers

Your Ultimate Guide to Pre-Settlement Inspections for Property Buyers

Introduction

What is a Pre-Settlement Inspection?

Importance of a Pre-Settlement Inspection

Conclusion

The Ultimate Guide to Pre-Settlement Property Inspections in NSW

The Ultimate Guide to Pre-Settlement Property Inspections in NSW

Introduction

What is a Pre-Settlement Property Inspection?

Why is it Important?

Timing Matters

What to Look For

Vendor’s Perspective

Benefits of a Smooth Pre-Settlement Inspection

Conclusion

7 Reasons Hiring a Real Estate Agent is Better Than Selling Your Property by Yourself

7 Reasons Hiring a Real Estate Agent is Better Than Selling Your Property by Yourself

Dedicated Time for Enquiries

Knowledge and Experience

Effective Marketing

Screening and Managing Buyers

Stress-Free Negotiations

Market Know-How

Correct Pricing

Our Happy Clients

Owners and tenants that love their property manager. This is what happens when you do things with Thank you Real Estate.

Depreciation Claims on Investment Property

Depreciation Claims on Investment Property

Our Happy Clients

Owners and tenants that love their property manager. This is what happens when you do things with Thank you Real Estate.

Other Articles