It’s important to keep your rental updated and make continued repairs in order to keep tenants, or garner new tenants while staying competitive in the market. However, it’s also important to know that repairs differentiate from improvements.
What is the difference? Repairs are required in order to keep the property in working conditions while improvements add to the value of the property.
Here is a list of examples:
- Adding an addition
- Renovating a kitchen
- Replacing all the windows
- Repainting a room
- Replacing rotted floorboards
- Replacing cracked floor tiles
While repairs can be useful in getting you more bang for your buck, repairs are crucial to maintain a functioning rental for your tenants. Your livelihood can depend on a functioning rental property that is up to code and livable for renters. The repairs you make can also be deducted in full cost for the year the repair occurred.
If you have any questions after reading our blog, please give us a call today at 480-rentals.