Would you prefer a virtual inspection of your property?
Note: This information applies mostly to owners of second hand properties. It is already a common practice that depreciation schedules for brand new properties are completed by your quantity surveyor without inspection (if you provide floor plans, property specifications and construction costs).
As a business we moved officially in the direction of offering virtual inspections for some second-hand properties over 12 months ago.
We did this for a number of reasons including:
- To maintain the safety of our team where inspections were not possible due to privacy concerns, or unsafe tenants or properties.
- The vast availability of online and paid electronic information available for some properties, combined with owner and agent information meant detailed data could be obtained without us inspecting;
- Environmental reasons – less travel and emissions;
- Cost efficiencies – savings are passed on to our clients.
A virtual inspection is not the same as a self-inspection option.
A virtual inspection still involves comprehensive historic property research and development the property’s construction timeline.
Conducting professional virtual inspections requires:
- access to quality paid property databases;
- a team skilled in how to navigate council and other property websites (for historic development applications/strata information etc);
- tools and forms to assist any self-inspecting if required;
- experienced quantity surveyors who can easily identify and obtain any missing information;
- good working relationships with other third party agents that access the property.
Will the deductions reported be the same?
As an investor, you should expect the same amount of deductions for a property inspected virtually, as you would for a property inspected in person (provided your quantity surveyor has the systems, tools and a skilled and experienced team to conduct the appropriate research).
In the 12 months that we have been conducting virtual inspections for some properties, we have tested our processes by:
Completing two reports for the same property completed via both methods to measure any discrepancies;
- Tracking average claims per property;
- Comparing the results of like properties where one has been inspected and one hasn’t;
- Tracking our error rate (return of reports rate) to monitor any increase (our current report return rate is less than 1% and these are typically minor administrative errors).
Our tests show, that properties inspected virtually still achieve the maximum deductions available to investors.
Added benefits of virtual inspections
The added benefits of a virtual inspection are many:
- No disruption to the property manager and the tenant;
- Faster report completion as we don’t have to wait to book an inspection (arranging inspections can sometimes take weeks);
- Discounted fee – we pass on the time and cost savings to our clients;
- Minimise hygiene and safety concerns – e.g. COVID 19, uncooperative tenants, unsafe properties.
Get an online quote for your depreciation schedule
Thousands of happy investors recommend our depreciation services every year!
“I have worked with Capital Claims over the last few years and have at all times found them to be the ultimate professionals. The quality of the reports produced and the speed of service is second to none. I continue to work with his organisation because they offer excellent value for money and exceptional customer service. I would highly recommend anyone considering the preparation of a depreciation report to get in touch with Capital Claims. Salena Kulkarni”
Salena KulkarniPhoenix Wealth Group / Principal
“Capital Claims in Canberra made obtaining a tax depreciation schedule effortless. I did not need to organise anything, and the report was excellent value. I wish I had known earlier what they could do for my investment property!”
Kellin KristoffersonArtisan Law / Director
“Very professional and turnaround time to get the reports have been fantastic - would recommend them to all our clients.”
Gay SpoonerKey Real Estate / Director
“Very friendly, personal service & efficient provision of reports. Definitely 5 stars.”
Maria EdwardsPeter Blackshaw Woden and Weston Creek / Leasing and Business Development Manager
“I have used Capital Claims Tax Depreciation for 2 of my properties. One located in Queanbeyan and the other down the coast. CCTP were able to accommodate both locations. Sean and the team were particularly helpful with our elderly resident at our coastal property showing plenty of patience. The reports were professional,thorough and easy to follow and well worth the cost. If you have an investment property - you need CCTD to keep you up to date.”
Brian HunterDizzy Office Furniture Dexion Canberra / Director
“As an Accountant I found Capital Claims professional, priced well and very efficient. There reports are first class. My client was also happy with the service and report. Michael O'Hehir RSM”
Michael O’HehirRSM / Principal
“White Rhino Property is extremely happy with the continued service that Capital Claims provides us and our clients. We never hesitate to recommend them, as we find Capital Claims to be professional, knowledgeable and efficient. Chelsea van Zyl”
Chelsea van ZylWhite Rhino Property / Director of Property Management
“Here at Sidcor; we have had the pleasure of developing a great working relationship with Mark and the team at Capital Claims, they believe in providing a premium service that benefits both ourselves and our clients. Their knowledge and applied experience has assisted many of our clients improve their after tax position. Whilst we have found the Capital Claims team to have a detailed approach to preparing depreciation reports; we have also found their ability to look at the whole picture allows us to assist our clients with their property portfolios and wealth creation. We have always found their strong focus on delivering upon their promises a valuable asset that aligns seamlessly with our own philosophy of delivering impeccable customer service. As a partner in business, Capital Claims adds an extra dimension to our professional services and as such we can confidently recommend their services to professionals and property investors alike.”
Paul SiderovskiSiDCOR Chartered Accountants / Director
“Mark and the team have outstanding customer service standards and are very responsive on all matters. Importantly, the Capital Claims team have been able to deliver great results for our clients, which makes us look good. We have had numerous occasions where the expertise from Mark and the team has delivered thousands of dollars worth of tax refunds on properties for clients whom had previously been advised there was no point in having a schedule prepared.”
Warwick JacksonBerkmans Chartered Accountants / Director