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.)
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.
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
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.
Better Homes & Gardens Gary Greene, Realtor Katy/Houston
Fax: 281-646 1841
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