Buying Property · Koste Knowledge Base

I just bought an investment property. What should I do next?

Published 25 June 2026 · Last updated 26 June 2026

Quick Answer

After buying an investment property, organise your records, speak with your accountant, confirm insurance, and check whether you need a tax depreciation schedule. The earlier you review depreciation, the easier it is to claim correctly from the start.

Once you buy an investment property, there are several practical steps to take.

Start by collecting key documents:

Contract of sale
Settlement statement
Loan documents
Stamp duty records
Legal fee invoices
Building and pest reports
Rental appraisal
Property management agreement
Insurance documents
Strata records, if applicable
Renovation invoices, if available
Depreciation information from developer or previous owner, if available

Next, confirm the property is ready for income-producing use. The property generally needs to be rented or genuinely available for rent before rental deductions become relevant.

Then check depreciation.

A depreciation schedule may be useful if:

The property is new
The property is renovated
The property is an apartment
The property has common property
The property was built after the relevant capital works date
You bought a commercial property
You completed or inherited a fit-out
You do not know construction costs

For second-hand residential properties, the 2017 rules need to be considered, but capital works may still be available.

Koste.ai can help new investors check eligibility, request a depreciation estimate and understand what information their accountant may need.

Frequently Asked Questions

When should I order a depreciation schedule after buying?

As soon as the property is available for rent or income-producing use. The earlier the schedule is prepared, the easier it is to claim deductions from the start.

Do I need to have the property inspected for a depreciation schedule?

Some depreciation schedules are completed as desktop assessments. Others require an inspection. The type of report needed depends on the property and the information available.

What if I cannot find the original construction cost?

A quantity surveyor can estimate the construction cost based on the building type, size, quality and location. This is one of the core services provided in a depreciation schedule.

Can I claim deductions from the settlement date?

Deductions are generally available from when the property is first used for income-producing purposes. Settlement date and available-for-rent date may be different.

What information does a quantity surveyor need from me?

Typically the property address, settlement date, purchase price, any known construction or renovation costs, and whether it is a new or established property. Koste.ai can help you prepare this information.

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Written by Koste Team · Koste Chartered Quantity Surveyors · AIQS Member · RICS Member · TPB Registered · 1300 669 400 · info@koste.ai