Hiring a quantity surveyor is not something a lot of people are thinking about doing when they're dealing with property investments. However, hiring one can help you lower your taxes for the property and help you get a clear image over the running costs of the property while you own it. There are a few situations where quantity surveyors are pretty much necessary for you to get the best service and results possible. To recognise these situations when they occur, there are a few things you should know about.
Before major remodelling
If you're planning on having major remodelling done to your house or property, you should consider hiring a quantity surveyor. They will investigate the site, account for the work, and also assess what material that creates the most payback in your taxes. This will give you a much more accurate estimate of the budget, as a quantity surveyor takes all details of your property into consideration, and not just the renovation itself, like the construction company does when they estimate their cost. A quantity surveyor also evaluates any tax reductions that might be possible to do because of your renovation, meaning you can save even more money on the project.
Before constructing a new house
Another instance where you would benefit from hiring a quantity surveyor is when you plan on building a new house. The quantity surveyor will help you establish a budget and also create a depreciation schedule for you, so that you know how all items, structures, and plants that you plan to have on your property affect the taxes you pay. By knowing this before you build a house, you can make educated decisions to reduce what you need to pay for all different items. You might, for example, be able to build the house lower than you originally intended to save money, as higher houses tend to increase the retail price and tax value due to the amount of material being used.
When renting a property
You should also hire a quantity surveyor if you start renting a house or a property. Rental properties don't have the same conditions as bought properties, but it's still possible for you to save money by having a depreciation schedule made. You should, however, consider the time you plan on spending in your rental property. If you spend money on hiring a quantity surveyor, you want that money to be paid back in tax deductions. If you don't live in your property for more than a year, it's hard to get any substantial monetary benefits from the services of quantity surveyors. However, if you are going to live there indefinitely, a depreciation schedule made by a professional quantity surveyor can benefit you greatly.
Share28 March 2016
If you want to thrive, you need to understand how money makes the world go 'round. Hi, my name is Martha, and I love writing about money. I used to work as a financial adviser, and now, I am launching a career as a day trader. In this blog, I want to share expert tips and advice for people who are interested in learning about money. I plan to write about everything from saving money, to investing money to understanding how it works. I invite you to explore my blog, and if these tips and ideas help you, please share my posts. Thank you for reading!