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  1. #1

    Default How to set chattels value?

    Hi there, I got a question in regards to the chattels value that is listed for each property sales history through QV website. I bought a house through an auction and I want to set the chattels value to be $7000. How can do that?

    Please advice,

  2. #2

    Default

    Create a itemized chattel list with second-hand market values.
    Source: book value (if rented before) check out selling websites
    or engage professional services like Valuit

  3. #3

    Default

    Thank you for your reply. After having the value what is the next step. Who is going to set it out in the qV website. Should I do it before settlement date which is in 10 days from now or after?.
    Thanks

  4. #4

    Default

    Nothing to do with QV website.
    Preferred - you attach to the S&P agreement the chattel list, that can also be created after settlement.
    The chattel list is for you accountant for setting the depreciation schedule - that all.

  5. #5

    Default

    I see, the figures on qV website doesn't mean anything for chattels deprecation or rates

  6. #6

    Default

    By the way - for new chattels you take the purchase price (incl. GST), for trading property without GST

  7. #7

    Default

    Sure, In that case I can do the chattels valuation after settlement but has to be done before renting it out. Right? The chattels are already included in the sales and purchase agreement.

  8. #8
    Join Date
    May 2007
    Location
    Hamilton
    Posts
    3,593

    Default

    Hi Sam,

    Generally it is easier to use www.valuit.co.nz, and do the valuation as soon as possible. They give you a list of about 20-30 chattels that you can depreciate, the value and the depreciation rate.

    Otherwise very hard to determine or prove the value of chattels for depreciation.

    Ross
    More Profit from Property? TEACH ME MORE
    Ross Barnett - Coombe Smith Property Accountants
    Proud to give the best property advice for over 13 years.


 

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