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  1. #1

    Default % of chattels in a house

    Hallo people

    I need a rough % of chattel value for a brand new house. I means say I know the land value of a property, I’d like to know *roughly* how much building structure values : chattels values of a brand new brick & tiles house.

    Why I need this figure? An agent offer me a great brand new house for investment (he thinks) and I just want to know *roughly* how much $ I can claim for the depreciation. So that I can calculate *roughly* whether this property causes me a negative gearing or not.

    Thanks

  2. #2
    Join Date
    Jun 2004
    Location
    Auckland
    Posts
    2,103

    Default

    Hi duwi,

    A warm welcome to PT

    According to a handout from Valuit, here's how you estimate the values of building and chattels.

    Use CV from council to split purchase price into land and improvements.

    Purchase price - land = improvemets

    If age of building is
    0-5 yr (then chattels = 40-55% of improvements)
    5-15 yr (35-40%)
    15-30 yr (30-35%)
    30+ yr (25%)

    Estimated depreciation on building: building value x 4%
    Estimated depreciation on chattels: chattel value x 12%

    Hope this helps.

  3. #3

    Default

    Thank you very much for the answer. It was much quicker than getting a response from my accountant

  4. #4
    Join Date
    Jun 2004
    Location
    Auckland
    Posts
    2,103

    Default

    You are welcome. That's why we gather here on this forum -- helping each other.

  5. #5
    Join Date
    Jun 2005
    Location
    Auckland, New Zealand
    Posts
    82

    Default

    Duwi,

    You may want to work off of more conservative figures. The handout that Fudosan is referring to is a number of years old. It is possible that the building depreciation rate will be reduced to 3% (for buildings purchased after 19 May 2005) and other chattel item rates will change as well. This is depending on what happens to a Bill that was before Parliament before Parliament "Closed" for the election process. At this stage the proposed Bill has been suspended and it has 6 months after the election to be re-instated for consideration.

    Regards


 

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