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Property Investment-   A checklist of Expenses.

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If you have purchased an investment property this year, you will need to advise your accountant of the expenses associated with the purchase.

It is a good idea to provide your accountant with a copy of the contract of sale, so that they can make sure that no deductions have been overlooked.

Here is a checklist of all expenses associated with your investment property and will need to be included in your summary of expenses:

  • Stamp duty
  • Government fees ( transfer, mortgage registration)
  • Pest, building & strata inspections
  • Conveyancing fees
  • Bank checque fees
  • Loan expenses
  • Penalty interest (if applies)
  • Property Management Fees (slash these by using RealRenta)
  • Letting fees
  • Tribunal expenses
  • Postage, handling & sundries
  • Council rates
  • Water rates
  • Body corporate & strata levies
  • Land tax
  • Interest
  • Annual & monthly loan fees
  • Loan set up fees
  • Application, valuation, settlement & documentation fees
  • Lenders Mortgage Insurance if applicable
  • Brokerage fees if applicable
  • Repairs
  • Renovations
  • Construction costs
  • Development Application, architect fees if developing
  • Surveys and compliance certificates if developing
  • Gardening
  • Cleaning
  • Pest control
  • Building insurance
  • Landlords Insurance
  • Depreciation schedule
  • Stationery and telephone costs
  • Travelling costs if applicable
  • Legal fees

 

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RealRenta is for Smart Investors, who realise that they are no longer bound to traditional property management and the associated high fees

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Jason Gwerder