Home Ownership in New York>Question Details

NYCBrowser, Home Owner in Brooklyn, NY

What home improvement-related records should home owners keep?

Asked by NYCBrowser, Brooklyn, NY Thu Mar 7, 2013

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Agreed. Scan your receipts if you don't wish to keep paper.

I actually keep an excel spreadsheet of each significant repair or improvement we have done to our home. I track the name of the company who did the work or the store where I purchased the appliance (for example), the cost, the date, and any other notation that seems pertinant.

This way it's easy to track and pull out a list if I ever sell and need to market the house.

(Buyers LOVE to see detail like this. It sends a message that the owner cared for the home.)
0 votes Thank Flag Link Thu Mar 7, 2013
There are a couple of reasons for keeping the records.

The number one reason is that when you sell the property, if you are obliged to pay capital gains, the home improvements are deducted from the threshold before capital gains are figured.

The second reason is for marketing purposes for your property when you are ready to sell; tell the potential buyers all that has been done.

gail@GladstoneGroupRealty.com
0 votes Thank Flag Link Thu Mar 7, 2013
Most important - keep records of any capital improvements you have made over the years so that when you go to sell, you can add to your base cost and help offset any potential capital gains taxes

Make sure you differentiate between maintenance items and capital improvements (such as new kitchen, baths, finished basement, etc)

Of course, it is always good to keep paperwork and invoices for any major repairs, especially where warranties are included - and.when you go to sell one day, buyers appreciate any brochures that go along with the appliances, hot water heater, etc.

Also........Keep city approvals for work permits that were pulled proving you had final inspections on any work that was performed
0 votes Thank Flag Link Thu Mar 7, 2013
One should always keep records related to structure of the house and roof repairs.
Also, keep if you do extensions- patio, pool etc.
If termites are treated than make sure you get the treatment plan and area in treated.
If septic sysytem when it was last drained.

Good luck.

Kadibhai (Kadi)
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0 votes Thank Flag Link Thu Mar 7, 2013
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