Hi Folks,
Looking for some advice on the following;
Currently living in my parents house(investment property) paying rent which I am due to inherit when they pass away.
The house is over 30 years old and is in need of basic upgrades - windows & insulation but we also plan to carry out an extension.
The house is currently valued approx. 400K. lets say we put 100K into the house - do we need to get the property valued before and after the extension/improvements to protect our investment?
Would we then have to pay a higher tax rate cause the house is valued higher than its worth to protect our investment? Example house is worth 400k + 100k(investment). Market value of house is now 450k, but do we need to value it at 500k to protect our 100k investment?
Don't want to be in a position where we put our savings into renovating and the will changes and need to sell the house?
I also have two siblings - one is getting the home house/business while the other will be getting cash off both of us.
Thanks
Looking for some advice on the following;
Currently living in my parents house(investment property) paying rent which I am due to inherit when they pass away.
The house is over 30 years old and is in need of basic upgrades - windows & insulation but we also plan to carry out an extension.
The house is currently valued approx. 400K. lets say we put 100K into the house - do we need to get the property valued before and after the extension/improvements to protect our investment?
Would we then have to pay a higher tax rate cause the house is valued higher than its worth to protect our investment? Example house is worth 400k + 100k(investment). Market value of house is now 450k, but do we need to value it at 500k to protect our 100k investment?
Don't want to be in a position where we put our savings into renovating and the will changes and need to sell the house?
I also have two siblings - one is getting the home house/business while the other will be getting cash off both of us.
Thanks