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Independent Property Inspector

IPI Central West NSW

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Calling all investors! Tax Time is on!!!

August 12, 2020 by IPI

Calling all investors! Tax Time is on!!!

You don’t want to submit your Tax Return without a Tax Depreciation Schedule for your investment/ rental property, and miss out on thousands of dollars each year for unclaimed and eligible tax depreciation entitlements.

Tax Depreciation and The Federal Budget May 2017 – Treasury Laws Amendment (Housing Tax Integrity) Bill 2017.
YES, and in all instances, there is still good tax depreciation benefits for Property Investors. ALL Property Investors and their Tax Accountants will still need a Tax Depreciation Schedule from a Quantity Surveyor to take advantage and claim their depreciation benefits.These rule changes DOES NOT affect retrospectively any Existing Properties with a Contract Date BEFORE 9th May 2017 (7.30pm), and any Completed Reports with a Contract Date BEFORE the 9th May 2017 (7.30pm) are to be used forthwith in the future as originally completed. Essentially, any EXISTING Properties Purchased with a CONTRACT DATE AFTER the 9th May 2017 (7.30pm) AND/OR LEASED AFTER 30th June 2017, will NOT be eligible for Div 40 Asset Depreciation (Plant), ONLY the Div 43 Building Depreciation (40 Years Capital Works Allowance) for Properties Built POST 15th September 1987 of the Historical Building Cost Analysis LESS the New Effective Life Asset/Plant Values on the Date of Settlement. The Div 40 Asset Depreciation (Plant) is generally only 10-15% of the Historical Building Cost Analysis.

PLEASE ALWAYS CONSULT A QUALIFIED & REGISTERED TAX ACCOUNTANT IN REGARDS TO YOUR ELIGIBILITY in accordance with The Federal Budget May 2017 – Treasury Laws Amendment (Housing Tax Integrity) Act 2017

If you call us now on 0410 358 703, we can have your ATO Compliant Tax Depreciation Schedule completed within 72 hours of receiving your property details & information.

 

Filed Under: Fact Sheets Tagged With: tax depreciation report

What Does This Mean?

May 24, 2020 by IPI

 Mr & Mrs DG wanted to sell there home but were worried about the wall cracking in the back bedroom. IPI was called in to inspect and found the problem was rusted out guttering just outside this corner had leaked and caused the foundations to settle at a different rate to the rest of the house causing some subsidence cracking.

Recommended repairs to the foundations, the framework was jacked back up to its original position, the gutters replaced, and Mr & Mrs DG achieved well over there reserve price at auction due to disclosing the original IPI report and subsequent repair invoices to all the bidders.

Cost of IPI report $360 plus Cost of Repairs $2,500 = Many Thousands over there reserve price, Mr & Mrs DG retired to Queensland to be close to their grand children.

If you would like further information we recommend you call your local Independent Property Inspector, David on 0410 358 703.

Filed Under: Horror Stories

This is the back of a garage

January 27, 2020 by IPI

garage

The intending purchaser of this property thought he had better get the cracking in the back wall of the car garage checked out and called IPI.

Inspection revealed that the back of the garage had been built over un-compacted fill. The concrete floor also had significant cracking. The back of the garage was slowly falling down.
Considerable under pinning was needed to effect repairs. Access to the area was limited, that increased the cost of repairs that were estimated to be over $12,000.

A $250 structural inspection saved this purchaser at least $11,750. He did not proceed with the purchase of the property.

If you would like further information we recommend you call your local Independent Property Inspector, David on 0410 358 703.

Filed Under: Horror Stories

7 Dumb & Stupid Mistakes Smart People Make When Buying a Home And How To Avoid Them

July 18, 2019 by IPI

 Dumb & Stupid Mistakes Smart People Make When Buying a Home And How To Avoid Them

Buying property is a complex transaction and you will need a dependable team around you like a Lawyer, Conveyancer, Property Inspector, Lender, Insurance Agent and Buyers Agent as well as your own due diligence and advice from family and friends. You should enlist the help of all these experts early in the buying process. Any one of these mistakes can be devastating however failing to get a building inspection can be financially fatal.

Let’s Count Them Down Together.

  1. Not knowing how much you can afford before making an offer.

The easiest way to avoid this it to get Pre-Approved finance first, this is very different to just getting pre-qualified for finance and even with pre-approval, you should not sign an unconditional contract because if the valuation doesn’t come up, even though you can afford it the lender can still withdraw the offer to finance it. Then you can be left in default and risk forfeiting your deposit.

To avoid this I recommend you always sign a contract with at least two contingencies:

  • Mortgage Finance: you’re pre-approved, but is the house pre-approved? Before a lender will give you the money they will want an appraisal of the property to confirm that there is enough equity in it to justify the loan. If the property appraises too low then the loan may be declined. To avoid this make your contract subject to finance approval. Your lawyer or conveyancer can advise you on the correct wording to use.
  • Inspection: never buy anything, existing or new without a thorough independent professional inspection. If termites are active in your area I strongly recommend you make the contingency, “subject to receiving a satisfactory building and pest inspection from appropriate experts” Again your lawyer or conveyancer can advise you on the correct wording to use.
  • Insurance: You will also need to confirm that the adequate insurance coverage can be obtained. In some areas it can be difficult to get hazard insurance.
  1. Not doing proper and thorough research and preparation.

It is often said that “Knowledge is Power” and this has never been truer when you are looking to buy a property. It’s absolutely critical that you research the neighbourhood before you buy. Check out the area, facilities, schools, transport systems etc. Also it’s a good idea to attend a community meeting, if possible. You’re not just buying a house; you’re buying a piece of that community and the land around it. Thoroughly investigate and study the area. Also research the property values and recent sales in the area. This decision to buy can be a life changing experience or a disaster not only for you, but also affects your family.

  1. Failing to get a check survey to confirm the property boundaries and the house location.

This is a very simple check carried out by a land surveyor to make sure firstly that you are buying the correct property and secondly to confirm the boundaries and the house are actually situated on your property. You only get one chance at this. At a later stage, if something is found to be incorrect, then the consequences can be significant and devastating. This step should never be taken lightly, just measuring the fence lines is not enough. I’ve heard of reported cases where people actually bought and lived in a property for years before somebody did a check survey, only to find they had been living in the wrong house.

  1. Failing to take out adequate insurance after signing the contract.

This is a much neglected area that needs your attention. When you sign a contract to purchase a property, then you are deemed to have an interest in the property. At this point, you have no idea if the seller has adequate insurance or if they have any insurance at all. I strongly recommend you get professional advice to confirm the replacement cost of the house and this should be your starting point. It is not wise to insure for the purchase price only as this will often leave you under insured.

  1. Not using a buyer’s agent. Trying to negotiate without professional help or advice.

Sadly, this is a mistake most smart buyers make every day and it can cost you literally thousands of dollars. When trying to negotiate to buy a property you are forced to deal with the seller’s agent, who is a seasoned professional negotiator. He knows all the intricacies of the property market and real estate negotiating because that’s what they do every day to put food on their table. The seller’s agent has been contracted to negotiate the very best deal for the seller, that’s how they earn their living.

Many buyers make the mistake of thinking they are just the person in the middle who passes on the offers for both parties. Wrong, make no mistake, the selling agent is working for the seller to negotiate as much money out of your pocket as humanly possible.

This is why. If you really think you can out negotiate an experienced seasoned trained professional like a real estate agent, then you must be really on your game, or it most definitely will cost you thousands of dollars more to buy the property.

How to avoid losing thousands of dollars? Hire a buyer’s agent or a buyer’s advocate, who can more than match it with their negotiating skills with the seller’s agent. For the modest cost involved it really can be a great investment and save you thousands.

  1. Not getting proper legal advice before signing anything.

The first thing you must realise, when you sign a contract, you are now obligated not only to buy the property, but also to do it exactly in accordance with the terms and conditions of that contract. Even very minor and almost unnoticeable changes in the wording of the contract can have a huge effect in shifting the risks and costs between the buyer and the seller. If you sign a contract without fully understanding every word in that contract, then you will be making one of the biggest mistakes in buying real estate.

Not knowing or understanding all your legal rights and obligations when signing a contract can be disastrous, as real estate law can be confusing and complex. The contract you will sign when buying a home is legally binding. Most standard contract forms used by most firms are heavily weighted in favour of the sellers (this might be the reason why they are often referred to as “seller’s” contracts and not “purchase” contracts).

When the negotiating is done, all is agreed, and everyone’s temperature is high, the contract document is prepared and handed to you for signing. This is the time you must stop! Take the contract away to get some trusted advice from a legal advisor, who is experienced in real estate law. Good advice at this stage, even if it is just changing a few words in a contract can save you many times the cost of the advice and can protect you from making a mistake that will cost you thousands of dollars.

  1. Failing to get a professional building inspection done.

Although, it might appear self-serving for a property inspector to say you need the services of a professional property inspector when you buy your home, I can only say, many years of experience have repeatedly justified that advice.

No one else in the home buying process (apart from your lawyer and conveyancer) has the comprehensive training and experience necessary to ensure the full protection of your interests. No one else in the process has the true independence and lack of conflict that are required to protect your interests than an independent property inspector.

Gone are the days of getting your home inspected by a well-meaning friend or a relative. This process demands professionalism and expertise that can only be delivered by an experienced independent property inspector.

If you are not a professional home inspector, hire one. You should make your contract subject to receiving a satisfactory building report from a professional independent inspector. Whether the house is new or used, any home can have a wide variety of defects that go way beyond the obvious cosmetic ones and it will take a skilled inspector to uncover these defects that will only prove very costly to repair after you buy the property but then it’s too late.

In addition you can also make the contract contingent on more specific systems in the property like plumbing, electrical, heating, air-conditioning, etc. Alternatively a well written contract can also require the seller to warrant that these systems are all in proper operating condition.

If you’re buying in a termite prone area, then a timber pest inspection should also be included.

If you’re buying at an auction, then your building inspection must be done before the property is auctioned.

We have seen too many buyers’ dreams shattered by not having a professional pre-purchase building inspection carried out before they brought their home.

Not getting a professional pre-purchase building inspection done to discover hidden defects before you buy a home, is one of the most expensive mistakes you can make, and is the easiest to avoid.

Buying a property is a complex transaction. You will need a dependable team around you like a Lawyer, Conveyancer, Lender, Inspector, Insurer as well as all you own due diligence and advice from friends and family. You should enlist the help of all these experts early in the buying process.

This information sheet has been provided by Independent Property Inspectors Central West.

If you would like further information we recommend you call your local Independent Property Inspector, David on 0410 358 703

Filed Under: Fact Sheets

4 Ways to Avoid Foundation Problems

May 21, 2019 by IPI

Until it cracks or leaks, most of us don’t think about our home’s foundation. That’s our first mistake.

When cracks and leaks show up, you’ve already created or ignored problems that damage foundations.
Here are mistakes that can cause foundation woes and, if unresolved, can make matters dramatically worse. Then it can seriously damage your home and your wallet.

1. Landscaping mistakes

Poor soil excavation and slopes can direct water toward the base of your house and through foundation walls. Make sure your yard is graded away from your house at least 150mm in 3 meters so soil, paths or pavers slope away from your house.

You may have to build on a sloping block, dig a trench, or install a French drain to divert rainwater and surface runoff away from your home. Ensure all external foundation walls are adequately waterproofed to prevent seepage to the under floor space. Also, be careful when you apply mulch on foundation plants. Make sure that slopes away from your home, too.

2. Down pipes

Down pipes should be connected to storm water drainage systems or installed to direct rain and roof runoff away from your house. But if you don’t extend the down pipe 2 to 3 metres away from the house, you’ll dump water on your foundation. You can buy extenders from plain ($15) to fancy ($30). Or bury a long down pipe diverter underground and drain the water to the curb, a storm drain, or to a spot in your yard where the water will soak into the soil.

3. Water woes

Avoid letting the soil around your house completely dry out and shrink during a long dry spell. The next big rain could soak the soil, making it expand dramatically and putting stress on your foundation walls. In drought, run a soaker hose around your house at least 150mm from the foundation and 75mm under the soil. That should help quiet and stabilise any dramatic soil contraction and expansion.

4. Root riots

Tree and shrub roots can compete with your soil for moisture during drought, causing your foundation to settle and sink unevenly. When that happens, plaster walls, external brick cladding and foundation walls can crack, and windows and doors will stick in their frames.

To prevent a war for water, plant deep-rooted trees and shrubs away from the house. If the branches touch the house, the tree is too close. A rule of thumb to live by is plant the tree or shrub the same distance from your house as its mature height.

Book an inspection today – call David on 0410 358 703.

Filed Under: Fact Sheets

Look what’s hiding under my floor

April 29, 2019 by IPI

plumbing under the houseDuring a routine Pre-Purchase inspection, the IPI inspector found a pond under the kitchen due to a leaking waste pipe. This was brought to the attention of the property owner who confirmed that a handyman had recently repaired the bottom joint.

However it appears the handyman failed to test his handy work and the waste has continued to leak for the past couple of months. The water was stagnant, breeding mosquitoes and emitting a very pungent odour.  Not a pleasant place to be at all

Another example of how a small problem like a leaking pipe can cause significant problems and hidden under your floor.

Cost of IPI Inspection $350. Cost of plumbing repair $130, Savings on possible future health problems PRICELESS.

Book an inspection today – call David on 0410 358 703.

Filed Under: Horror Stories

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0410 358 703

Email
sales[at]ipibuildinginspect.com.au

Address
15 Tate Crescent, Orange NSW 2800

Hours
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Calling all investors! Tax Time is on!!!

Calling all investors! Tax Time is on!!!

August 12, 2020 By IPI

Calling all investors! Tax Time is on!!! You don’t want to submit your Tax Return without a Tax Depreciation Schedule for your investment/ rental property, and miss out on thousands of dollars each … [Read More...] about Calling all investors! Tax Time is on!!!

What Does This Mean?

What Does This Mean?

May 24, 2020 By IPI

 Mr & Mrs DG wanted to sell there home but were worried about the wall cracking in the back bedroom. IPI was called in to inspect and found the problem was rusted out guttering just outside this … [Read More...] about What Does This Mean?

This is the back of a garage

This is the back of a garage

January 27, 2020 By IPI

The intending purchaser of this property thought he had better get the cracking in the back wall of the car garage checked out and called IPI. Inspection revealed that the back of the garage had … [Read More...] about This is the back of a garage

7 Dumb & Stupid Mistakes Smart People Make When Buying a Home And How To Avoid Them

7 Dumb & Stupid Mistakes Smart People Make When Buying a Home And How To Avoid Them

July 18, 2019 By IPI

Buying property is a complex transaction and you will need a dependable team around you like a Lawyer, Conveyancer, Property Inspector, Lender, Insurance Agent and Buyers Agent as well as your own due … [Read More...] about 7 Dumb & Stupid Mistakes Smart People Make When Buying a Home And How To Avoid Them

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