If you have been thinking about adding value to your home or investment property in Mentone with a kitchen renovation, right now is a great time to get started. Don’t let this be one of those things you dream about but never do. Renovating your kitchen will reward you instantly, and it’s a great investment into your property if it is done correctly.
This is where Ultimate Kitchens and Bathrooms can help. We have professional kitchen designers who do nothing else but design kitchens all day, every day. We also have expert renovation teams ready to get to work. We have been renovating kitchens and bathrooms throughout Melbourne and the surrounding region since 2005, and we have literally performed thousands of successful renovations.
Choosing us to be your renovation partners is a good move because we will create exactly the kitchen you want to have. No matter the size of your budget or the style of your home, we can find a way to achieve the result without compromising on quality or safety.
Renovating your bathroom will also be rewarding. When you intend to sell your home or rent it out, the most influential aspects people take into account when assessing the interior are the kitchen and bathroom. If they’re in good condition, that’s a big plus. If they look fantastic and have quality fittings, it is way better.
So from an investment perspective, or even simply improving your overall net worth, renovating is smart and practical.
Renovating can actually become a bit of an addiction once you see the rewards from it. But one thing you definitely have to consider will be the tax implications.
For big time property investors who constantly buy properties, make improvements, and then sell for a profit, it’s all very easy. For everyone else, it’s more complicated, and you will need help from a professional tax accountant or CPA.
To get to the point of being considered as a professional, you need to have sold at least two properties and you need to have gone about things in “a business-like manner”. As long as you meet those criteria, you don’t necessarily have to have made a profit on every deal.
The difference between being regarded as a professional investor compared to a personal investor is immense. In the latter category, you can only claim deductions against CGT. Professional investors can claim a lot of things, and usually a lot more quickly. Talk to your accountant if this is the kind of plan you have in mind.
As a professional property investor, you would normally be able to claim the renovations costs, the write off value of assets that were removed during the renovation, advertising costs, and lots more, and unlike a personal property investor, you don’t have to wait until the property sells before you can claim.
Renovating your property is a big step, but a rewarding one. If you have questions, we have answers. Get in touch today and we can tell you anything you everything you need to know.
1035 Burke Road
Hawthorn East (cnr Canterbury Rd)
Monday to Friday: 10am – 5pm
Saturday: 10am – 4pm
Or by appointment
Phone: 03 9882 4103
Fax: 03 9882 4763