Why Creating a Home Improvement Checklist is Important
Over the years, you may make many home improvements and repairs to keep your house in working order. Sometimes it can be hard to remember exactly when you installed that new furnace or replaced your roof. Keeping a home improvement checklist updated with dates and details as you make repairs can help provide accurate information for tax assessments and potential buyers. With a little bit of planning, and being a bit of a cheapskate, can pay off quite a bit in the long run.
What should I include on my home improvement checklist?
Accurate records can help you get the most value out of your home repairs. Plus, whether you’re looking for tax benefits that come from green home improvements, or looking to improve your property assessment, a thorough home improvement checklist may help validate your claims. To create an inclusive list of home repairs over the years, it’s a good idea to start documenting the following items:
What was the home improvement?
Was it a remodel or repair?
Did you install a new appliance? Was it energy efficient?
What utilities did you alter or add?
What type of flooring and paint did you use?
Did you build an addition?
Did you need to get zoning approval? Provide final approval and documentation around this process.
Why did you make the home repair?
Was an appliance broken or outdated?
Were you fixing a structural issue?
Did you need more space?
Was it an aesthetic design change?
Did you want an energy efficient appliance –and did it qualify for a tax break?
When did you make the home improvement?
Include a start and end date.
Who did the work?
Did you complete the project yourself?
Did you hire a contractor like Houston Restoration Services?
Have you used the same furnace repairman consistently and would you recommend him to future owners?
How much did materials, labor and appliances cost?
Include detailed receipts for any expenditure.
Should I offer to include home repairs to make a sale?
During the negotiating phase of the home buying process, potential buyers may request home repairs to be made, or ask that appliances be left behind. Whether or not you implement the request is up to you, but if you do, document the list of home repairs they ask for. This list also benefits the buyer as it can help them justify the mortgage financing they are applying for. Before making any home improvements, you may want to ask for written confirmation that they will complete the transaction if the repairs are made according to the request. Consider the following questions as well:
Is it a seller’s market?
Are you likely to get a similar offer without repairs?
Do you have financing from an existing home equity loan or home equity line of credit to cover the cost of the repair?
How extensive is the requested repair?
How can I use my home improvement checklist?
Your list of home repairs will help you keep accurate records whether you’re tracking home improvements for potential buyers or tax purposes. As you make home improvements, consider how they might impact your home’s value as some renovations may not appeal to everyone. Consider keeping a binder to present to future buyers that includes your home improvement checklist, as well as receipts and before and after photographs.