Chattels Valuation

[FreezingHot]

Hi

Can anyone give a contact for a good chattels valuation company.

We have just gone unconditional on our first IP and need a chattels
valuation done before we go and see our accountant.

Regards

FH.

[donna]

We recommend Valuit - look above to your left and you'll see the Valuit logo in the 'menu' - click on that and you'll be taken to their site. I personally use their services and they are nationwide.

Cheers,

Donna :P

[FreezingHot]

Hi Donna

I was just on their site about an hour ago. I thought that they might be
worth a look.What are there general charges per dwelling?

Regards

FH.

[Julian]

FH

Why not ask them directly rather than going through a third person?

Warren of Valuit is a regular contributer here in the Finance and Tax section. He has given an indication of his charges (see his postings) but the cost will obviously depend on the location, and on the size of the dwelling concerned. If he, or someone from his company, has to fly to say the Chatham Islands it will obviously cost a little more than if the IP is next door to his offices. Similarly a 26 bedroom mansion will cost more than say a bedsit.

Ring him, tell him what you have, where it is, and ask how much it is likely to cost.

Julian.

[FreezingHot]

Hi Julian

It is amazing when you use common sence what you can come up with.

I guess that I had become lazy because of all the hard work I had done to get this far. Thanks for the insight.

Will contact them direct.

FH.

[FreezingHot]

Also do all you experienced investors think that chattels valuations
is an important part of setting up the IP.

For tax purposes only. It just seems that I have just had a valuation already
done on the IP and now need a separate valuation for the chattels at
a cost of $320.00. Not cheap to value curtains, carpet and cupboards.

Any thoughts!

FH.

[donna]

Okay here are some links to threads that you should read:

http://www.propertytalk.co.nz/posts2792-highlightchattels.html

http://www.propertytalk.co.nz/posts2697-highlightchattels.html

http://www.propertytalk.co.nz/posts2481-highlightchattels.html

They will provide you with insight from seasoned investors, professionals and newbie investors too.

Cheers,

Donna :P

[Fritz]

For tax purposes only. It just seems that I have just had a valuation already done on the IP and now need a separate valuation for the chattels at a cost of $320.00. Not cheap to value curtains, carpet and cupboards.
FH.

FH,

I have used Valuit and they are great.

What they actually do is get the S&P price you paid (they care not about the actual valuation) and then break that into seperate 2 components:

a) land
b) improvements

Land you cannot depreciate and they then set about breaking down the improvements (house/garage) into loads of categories and give you a report which your accountant will use to calculate the depreciation you can claim on all these components as opposed to 4% on improvements only without such a report.

It is NOT a valuation as such.

'Apportionment paid on purchas price' is possibly more accurate but a bit long winded. Maybe APOP will catch on. I shall trademark that word before someone else does.

I had other people offer chattel valuations to me, but I have yet to see one as comprehensive as VI.

There is a bit of a debate raging at present of which way to go, and as Donna pointed out there are already enough threads covering this subjet.

Also, would be great if you kept this to your original thread First IP - What you think to give people a time line of how you went about your first IP and what you did.

Have fun.

Fritz.

[Warren]

FreezingHot,

It looks like most of your queries have been answered.

The fee for a standard stand-alone dwelling on its own site is $325 plus GST. The standard fee for an apartment is $400 plus GST.

If you have any further queries please post them on PT, send me a private message or give me a call.

Regards

[pl]

Hi Warren,

Just wondering why the valuation would be more on an apartment. Surely the house would be larger (on average)?? I assume a valuation on a studio would be less than a 2 bedroom apartment? or not really?

[FreezingHot]

Hi Fritz

Thanks again, thought I lost you for a while. Yes will go into original thread as to help
others as you have helped me.

Interesting advice on chattel valuation, can now see why this can benefit you in the
following financial year.

I have contacted a representative from Valueit and he has told me that I need to set
up my structure first (LAQC etc) before he does the valuation and also before I carry
out any renovations on the IP.

Settlement date is in 2 weeks so I have to to set up company and do valuations, I just
needed the assurance that the valuation was not wasted money as some investors on
this site seem to think.

Will go back to original thread on First IP and carry on the journey to my first IP.
Thanks Fritz for pointing this out, I don't need to create a need thread for every subject.

FH.

"I'm a great believer in luck, and I find the harder I work the more I have of it."

Thomas Jefferson.

[Warren]

Pl

Thanks for the query.

With an apartment there is generally more work involved. This is a result of the unit entitlement.

Lets take a basic example. There are 100 units with each unit having 1 entitlement. The entitlement gives the ability to use all of the common areas. It also means that you effectively "own" 1/100th of everything. As such you are then able to claim depreciation on 1/100th of all the common areas.

The common areas can be things such as lift, lobbies, hallways, tennis courts, pools (swimming/ spa), gates, railings, theatres etc.

So it is not just the apartment we are concerned with but rather the whole complex/ apartment block.

Regards