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  1. #1

    Default why value chattels after purchase?

    I have been reading one of the books by phil jones and in it he says after buying a property you intend keeping get the chattels valued.
    why is this?
    we take over a house on friday and are putting smoke alarms and 2 fire extingusers in and putting in new curtains and ventilation in bathroom .
    should i mention this if we get the chattels valued?

    Thanks again.
    Karl

  2. #2
    Join Date
    Jun 2005
    Location
    Auckland
    Posts
    3,936

    Default

    It effectively can maximise your properties cashflow for a minimal initial outlay.

    Say $400 for the chattels schedule can be returned within the first year or so in tax refunds.


    Have a peek at this website. They are the best in the country and have info which may help you out.

    http://www.valuit.co.nz/

  3. #3
    Join Date
    Feb 2004
    Location
    Newcastle-under-Lyme
    Posts
    3,066

    Default

    While I agree this can sometimes be worthwhile it does depend on the property and the likely quality and value of the chattels.

    You do not have to get these valued professionally, you can value them yourself using fair reasonable values. Look in the trade and exchange or on trademe. If you go down this route I would use very conservative estimates of the values.

    Keep in mind as well, that as with all depreciation claims this could be clawed back if you are in a position where you sell the house (of course if the chattels have actually had wear and tear then clawback may not happen)

    Cheers David

  4. #4

    Default

    Hi Karl,

    Use the calculator on the valueit site to estimate if it is worth while. With the recent changes to how IRD apply the rules the only time it really benefits now is with a new house.
    http://www.valuit.co.nz/calculator.aspx
    I can't find the right link to the IRd web sire but when I do I'll make another post, it provides the details of the changes.

    Sinead


 

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