If you have bought an investment property, one of the things your real estate agent, property manager or accountant will recommend is that you work with a quantity surveyor. These specialists help property managers to know more about tax depreciation deductions availed for the property. However, most property owners still don't know how essential these experts are and end up losing a lot.
A quantity surveyor specialises in offering building measurements and calculating construction costs. If a building is under construction, for instance, the expert will recommend the best techniques a property owner can consider to achieve their goal economically. Once the building is completed, the surveyor calculates the costs that will be used to determine tax depreciation schedules. So, whether the commercial or residential property you bought recently is still under construction or it's complete, you need a quantity surveyor. Below are vital tips you should remember when selecting a quantity surveyor.
Qualifications and experience
Due to the sensitivity of property matters, it is crucial to ensure you hire a quantity surveyor who is qualified. Do the relevant authorities recognise them as registered tax agents? Such a specialist is trained to offer the financial services you require. They conduct their work professionally and abide by the set rules and regulations. The recommendations and valuations they provide will be accurate and reliable too.
Another factor you need to consider is their experience. A quantity surveyor who has been in the industry for long knows more about how matters are handled. This increases your chances of getting high-quality services, primarily if they have handled similar projects before.
Although hiring a qualified and experienced quantity surveyor may come at a cost, the services the expert provides will save you more money in the long run.
Depreciation schedule details
Since one of the essential tasks a quantity surveyor will be handling is tax depreciation details, it's essential to ask about the schedule. Usually, these schedules vary from one property to another, so you need to work with someone who creates a customised schedule for each property. Do they place emphasis on the accuracy of the schedule and ensure the deductions adhere to the set depreciation legislations?
A reliable specialist will not only follow the set rules but also visit the site to conduct a thorough inspection before offering recommendations, calculating costs, or creating a depreciation schedule. So, if you'd like to procure an investment property or you bought one recently, be sure to seek the services of a quantity surveyor right away.Share