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  1. #11
    Join Date
    Feb 2005
    Location
    Auckland
    Posts
    624

    Default

    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.

  2. #12
    Join Date
    Jun 2005
    Location
    Auckland, New Zealand
    Posts
    82

    Default

    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


 

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