May delivered the smallest Property home price falls in a year
CoreLogic’s May property home value index shows the decline in house prices has slowed to its lowest rate in 12 months.
Dwelling values across Australia continued their downward trajectory in May, albeit at a slower rate, falling just 0.4% over the month – the smallest month-on-month fall in a year.
Although dwelling values are still trending lower across the regions of Australia, the easing of declines continues a trend that has been evident since the beginning of 2019.
What’s the difference between a repair and an improvement?
Deductions for repairs, maintenance and improvements are matters the Australian Taxation Office pay particular attention to on annual tax returns. For this reason, it is important that landlords understand the difference.
Repairs are considered work completed to fix damage or deterioration of a property, for example replacing part of a damaged fence.
Maintenance is considered work completed to prevent deterioration to a property, for example oiling a deck.
Any costs incurred to repair or maintain a rental property can be claimed as an immediate 100 percent deduction in the year of the expense.
A capital improvement occurs when the condition or value of an item is enhanced beyond its original state at the time of purchase.
This must then be classified as either a capital works deduction and depreciated over time, or as plant and equipment depreciation.
An example of capital works deductions could be replacing the kitchen cupboards. If any plant and equipment items are removed and replaced, for example, an air conditioner, this will also be considered a capital improvement.
Investors considering completing any work to their property should contact a specialist Quantity Surveyor for advice before they start work.
To discover what can be claimed for any investment property, simply request a quote online or speak with First National Real Estate’s alliance partner team at BMT Tax depreciation on 1300 728 726, or visit Click Here for Details
Pet references are the way to go when moving
Not every landlord is willing to consider applications from tenants with pets but there are 3 things you can do to make sure your next rental application will be a winner.
Firstly, a landlord will be concerned that your pet could damage or accelerate wear in their property, so make sure you take all reasonable steps to assure this won’t occur.
That way, when you next move, you can ask your landlord/property manager for a good reference and this will place your next rental application streets ahead of competitors.
Secondly, it’s important you accept that animals do increase wear on carpets. Fur and odors can build up, despite the best vacuum cleaners, so a quality carpet clean, at your expense, is the minimum expectation of your landlord.
Finally, dogs and cats can annoy neighbours with barking or unwelcome over-fence visits. Ask your neighbour for a reference to prove your pets are well managed.
Do these 3 things and you’ll lessen any risk of doubts about your next application, making it far easier to succeed. In fact, tenants with pets often stay longer and that’s always in the interests of the landlord.
If you are interested in the area or would like to know more about living on the Mornington Peninsula. Please feel free to contact our office Click Here for Details.
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