Hi guys,
We are looking to sell our home, and a seller recently pulled out due to work being needed. So we are thinking of possibly renting out (our PPOR) for a few years in the mean time, while we buy another house.
Down the track there are things that are going to need to be repaired. Retaining walls, and probably a re stump/leveling too. Wondering if insurance would pay for any or all of this at any stage, or only when it became dangerous or completely broken? If so, can anyone recommend what type of cover/with who would be best? Or any other advice on what to do?
We are in QLD.Thanks guys,
Michaelvery unlikely insurance will cover things like that.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Very unlikely – especially if pre-existing. Insurance is a for profit business, they’re not going to put a policy with a payout for something likely to happen in the future. ;)
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
No go on the insurance but if it becomes a rental you could try and have some of it as a tax deduction ,
Have a few stumps replaced every year and maybe the retaining wall years later.insurance I really doubt it, but you could look at a few PDFs online to see what they cover. But it’s not going to be retrospective. For instance, if your house flooded three years ago you can’t get cover and claim for it now.
It depends on your plan, but if it’s rented all of that work can be claimed as a cost and depreciated with a quantity surveyors report.
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