Before you buy an investment property with a pool, it is important to check the requirements of your state government to ensure the property you are purchasing, is compliant with regulations.
• fencing is adequate and meets any height guidelines
• Check that gates are fitted with a latching device and swing outwards from the pool area and are self-closing
• Make sure the pool filtration systems comply with Australian standards
• Make sure there are no hard covers used as safety barriers in place of a fence for spas
• Obtain a Swimming Pool Certificate of Compliance before properties are sold, purchased or leased.
• always be prepared to budget for necessary repairs and maintenance costs
• insurance expenses are also likely to be higher, so investors must factor this into their budget.
• Advise your accountant to factor in the costs of repair, maintenance and insurance and any depreciation deductions
Some of the structural items that can be claimed as capital works deductions are:
• Outdoor furniture
• Inground pools
• Diving boards
• Pool filters and pumps
• Pool cleaners
• Outdoor spas
• Pool house
• Outdoor lights
• Pool fences
• RealRenta creates a file for each tenancy and dates and time stamps every interaction between you and your tenant.
• Use RealRenta for Free now for up to 2 months and see how easy it is to self manage your investment property: https://app.realrenta.com/Signup.aspx
Thursday, 14 March 2019