Are you thinking of investing in Real Estate, but the thought of crunching all the numbers makes your head hurt? There are a multitude of figures that need considering, so feeling slightly overwhelmed is really no surprise.
What if we told you that there are a variety of apps that have been created for use on your Smart Phone, with the sole purpose of doing a lot of this ground work for you? Here we look at some of the apps out there that’ll create harmony for you in a multitude of ways, whilst bringing your investment dreams closer than you initially thought possible.
Cost: free (subscription required for premium content)
Property Value was created to help Australians become better informed, and to assist them in making improved property decisions. The data and analytics that are used are sourced from the CoreLogic property database which is the most comprehensive and up-to-date in Australia.
Property investors will enjoy the benefit of detailed information on rent estimates, gross cash flow and gross yield, giving them insight about how profitable a particular property might be.
What are the main things I would do on the app?
- Compare individual properties in different areas, which can help you pinpoint what’s going to be the best fit for your own personal circumstances.
- Source data on rental estimates, gross cash flow and gross yield
- Property, street and suburb profiles
- Market trends
- Suburb median set by bedroom count
Whilst premium content does cost, there are packages that suit those who are looking for property over both the short term and long term; the longer you want access to the premium information, the higher the cost.
#2: ato.gov.au
Cost: free
It’s imperative that potential investors understand the tax consequences of owning a rental property.
The Australian Tax Office app provides a clear and detailed encyclopedia of terms and conditions, plus a range of other important information that should help investors get their heads around the current tax laws.
What are the main things I would do on the app?
- Source information on a variety of topics including:
- Obtaining and owning a rental property
- Income you must declare
- Expenses you can claim
- Expenses deductible immediately – management and maintenance including interest
- Expenses deductible over several years – borrowing, depreciation, capital works
- Selling a rental property
- Apartments in commercial residential properties
This app should be able to answer the majority of tax questions, however if ever in doubt, speaking to an accountant or calling the ATO call centre directly is highly recommended.
Cost: free
There’s not many apps going around that are as easy to use as this one!
Simply select Property Type, Construction Type, Quality of Finish, Floor Area, Estimated year of Construction, Year of Purchase, and the Closest Major City to the property then click ‘Calculate’.
The results will display an estimate of the minimum and maximum depreciation deductions that may be available for the investment property between 1 and 5 full years.
The results are separated into Plant and Equipment (removable assets) and Division 43 (capital works allowance). The reduced tax payable table shows an estimated minimum and maximum tax refund based on the marginal tax rate entered.
What are the main things I would do on the app?
- Estimate the likely depreciation deductions that are claimable for your property whether it’s residential or commercial.
It’s important to note that these are estimates only and other factors may influence individual circumstance; it’s a good place to start however and will certainly give investors some idea of what they could expect to claim.
Cost: free
And of course, it would be remiss of us not to recommend an app for the actual property search itself! REA have invested significant funds into their online presence, and as a result their property search database has a distinct ease of use which will be appreciated all, no matter what their level of competence with online searching.
What are the main things I would do on the app?
- Search for a variety of property types to buy/rent in Australia
- Look up sale prices
- Gather price estimates for properties, both on/off market
- Set up alerts for new listings as they’re released
- Create personal collections i.e. ‘Homes With Pools’
- View inspection times and create an inspection list
Both domain.com.au and view.com.au have similar apps on offer; it simply comes down to user preference and personal choice.
