Maintenance

 

Repairs and Remodeling

Residential can save you money on costly home repairs. We handle both small to large repair items and complete home remodeling. We work with a variety of skilled handymen and licensed contractors to bring you the best individuals for your particular needs.

By taking advantage or our large pool of maintenance people, property owners will save money on repairs to their home and income properties. To the individuals who take advantage of our related services discount you will realize an even greater savings in our maintenance department.

Repairs are a fact of life and all property owners should understand this. They are necessary to maintain the condition of your property, which in turn protects your investment. If you are a property owner make a list of needed repairs, prioritize them, and develop a schedule for having them fixed. Don’t wait until minor repairs turn into major expenses, contact Residential and get a free, in-home estimate as soon as possible.

Repairs to your income properties are deductible but repairs to your personal residence are your own business and unfortunately are not. However, in some cases, repairs that are part of a major remodel or renovation may qualify as a tax related improvement. An improvement to your property enhances its value, prolongs its life and/or adapts it to new uses. The investment you make in permanent improvements (known as capital improvements) can be added to your original cost basis. Later, when you sell at a profit, these improvements will reduce the capital gains tax you might owe.

Among the many permanent improvements that the IRS considers "basis boosters" are:

• Additions
• Awnings
• Built-in Appliances
• Ceiling Fans
• Central Air Conditioning
• Decks
• Driveways
• Fences
• Finished Basements
• Fireplaces
• Garage-door Openers
• Insulation
• Landscaping
• New Furnace
• New Roof
• New Siding
• Patio
• Trees
• Water Heater

Although recent tax laws eliminates almost all federal capital gains tax when one's primary residence is sold, income property does not enjoy the same tax benefits. It is always wise to retain all invoices and cancelled checks. There's no telling what changes Congress might make in the laws in the years to come.

In addition, there are certain things you should be aware of with respect to making major improvements to your home:

• If you put so much money into your home that it's the best on the street, you're unlikely ever to get your entire investment out. Once you past a certain point every additional dollar invested will likely receive a smaller return when the property is sold.
• Watch out for "functional obsolescence". (Additions that make a house "lop-sided") For example, a home with a new addition now has five bedrooms and a family room but still only one bath or a tiny kitchen. This will hurt the resale value of the property.
• Making additions or major improvements requires inconvenience and mess. Give serious consideration to your schedule, tolerance and lifestyle before undertaking any remodeling of your home. It usually takes longer than you think to complete.

Residential considers our clients to be our top priority, if you have a repair need or are considering a major remodel, please contact us and find out how we can provide you with the quality and service you demand at a price you can afford.