Home Improvement on Murrieta Foreclosures Tax Deductible
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Published: Thursday, July 23, 2009
Foreclosures are often sold "as is" or with little improvement by the lender. The good news is most home improvement costs are tax deductible in the future when you sell your home so the experts at esocalhomesearch.com offer these tips on keeping good records, and which home improvement tasks to tackle first.
Save your receipts
This sounds basic enough but surprisingly 70% of homeowners do not keep receipts for routine work such as putting in new sprinklers, the installation of ceiling fans or replacing screens. The benefit of keeping receipts is that remodeling costs are tax deductible against your capital gains when you sell, and with prices on Murrieta bank homes, Temecula foreclosures and Lake Elsinore bank owned homes at record lows, buyers can be assured they will see investment gains if they hold onto their properties for even a few years.
The best way to save your receipts, particularly receipts that may not be needed for a few (or many) years, is to purchase large mailing envelopes that can be stored flat either in a filing cabinet or other safe place such as under a bed or even behind large furniture. Write the dates and nature of the receipts on the outside of the envelope. This will keep thermo-paper receipts from fading and help you organize your receipts in a central location. Word of caution, however - if you do store them behind the sofa in the living room or under your guest room bed make a note to yourself with your regular income tax documentation so you do not forget or accidently throw them out.
Fix major items as fast as possible
Deciding which home improvement project to tackle first can be challenging, but remember that anything related to the roof, or windows, or even the chimney can lead to water damage if left untreated. Water damage is often much more costly to repair than broken rain gutters or a cracked window so tackle anything that can let water in, or expensive cooled air out, as fast as possible.
Another challenge to buying Riverside County foreclosures is heat stress on un-watered lawns. More than an eyesore, brown lawns can cause your electricity bills to rise by failing to keep your yards cool. A thick, green lawn can reduce energy consumption by up to 28% according to Edison, by deflecting heat away from your home. Shade trees that may have become unruly or even died during the time the previous owner moved out and you moved in can also affect your electricity bill. Prune dead branches away from trees, making sure to clean any dead needles or leaves out of rain gutters that can accumulate and cause water to build up on your roof.
If your trees have died, consider replacing them with fast growing varieties designed for the high heat areas of the Inland Empire. And don't forget to save your receipts - landscaping improvements, particularly those designed to reduce energy costs, are tax deductible against any future capital gains.
Buying one of the many Southwest Riverside County foreclosures on the market is an affordable way to find your dream home. Esocalhomesearch.com is the valley's expert in Riverside County bank homes. Use our convenient search tool to view the many Southern California bank homes available and start living the good life today! Contact our foreclosure specialists at 1-951-415-3607.
Murrieta foreclosures and Temecula bank homes come in all shapes and sizes, with many including upscale amenities and large yards. The professionals at esocalhomesearch.com explain where to look for Riverside County foreclosures bargains.
Murrieta foreclosures and Lake Elsinore bank homes are bringing thousands of new residents to the Southwest Riverside County area, drawn by affordable prices and outstanding recreational facilities that offer something for everyone. From dog parks to equestrian centers, skate parks to skydiving, the foreclosure specialists at esocalhomesearch.com highlight some of the best amenities in the Southwest County.
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