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  • Moving Overseas

    Hi there,

    I currently am in an owner-occupied house with boarders. I am doing a 2 year secondment to London with work and intend to rent my property out to my boarders while I am away.

    I will get in a property manager so as not to put any hassle on my family and so my boarders have a point of contact for any issues that may arise.

    As it is my only property will my earnings while I am away be taxable and if so can I still claim for things like improvements etc?

    Could you also please recommend a good property manager in the whangarei area.

    Regards.

  • #2
    Originally posted by Fenix View Post
    As it is my only property will my earnings while I am away be taxable and if so can I still claim for things like improvements etc?
    Could you also please recommend a good property manager in the whangarei area.
    Yes earnings will be taxable. Repairs and maintenance are claimable but improvements (like adding on an extension) aren't. If you don't need the money, I'd use it to get everything tidied up as much as possible and also do some minor improvements like new fences or paving. Maybe a new garage. If you balance out your costs and improvement spending with your rental income, tax will be minimal.

    Sorry can't recommend anyone. Gave up property managers after my last experience of them!
    You can find me at: Energise Web Design

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    • #3
      Originally posted by drelly View Post
      Yes earnings will be taxable. Repairs and maintenance are claimable but improvements (like adding on an extension) aren't. If you don't need the money, I'd use it to get everything tidied up as much as possible and also do some minor improvements like new fences or paving. Maybe a new garage. If you balance out your costs and improvement spending with your rental income, tax will be minimal.

      Sorry can't recommend anyone. Gave up property managers after my last experience of them!
      Thanks drelly, is there anyone you wouldn't recommend?

      News has come in from my flatmates that they'll be moving out in the next few weeks so looks like I might have to find tenants after all!

      What you were saying drelly is that you would recommend doing improvements as much as possible before I leave? I guess it's the case now especially as I will be needing new tenants and wanting to maximise rental return!

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      • #4
        This thread should probably now be moved to the Property Improvements forum... Mod?

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        • #5
          I think it's better to present a property in the best shape possible. It sets a standard. No can't warn you off any either!
          You can find me at: Energise Web Design

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