Trying earnestly not to make this about politics but to be frank some parties are proposing taxes knowing that it could drop property values by 10-15% or more. I feel this particular election cycle property is the focus of new taxes more so than usual.
I am just having a bit of cold feet now about buying a now house if by next year we passing laws that could leave me in negative equity. Just wondering if anyone else feels like this?
Does anyone else find it mind boggling that repairs are tax deductible but replacement are not for rentals. Like I see on the news a lot how families are struggling with cold and damp rentals built in the 1950’s so it makes sense that when something is due to be replaced it or a improvement is with-in budget it should be brought to modern standards but no, it is not tax deductible because it increases the value of the house. I feel like undoing that law would go towards a lot making the average rental better than the minimum standard required by law and actually a great house to live.
End of rant