Roofing Contractors for Rental Homes
Finding the right roofing company can be tedious and annoying. Comparing local roofing contractors is hard work! So which one do you choose? How can you make it easier? If your rental home needs a roofing job, what company will simplify it and show you the breakdown of expenses so you can claim them on your tax return? So many questions and concerns! There are three main issues to consider when looking for a roofing contractor for your rental home: which roofing company will have an itemized bill to easily record expenses, a roofing company’s warranty, and roofing company’s speed.
First, let’s look at the expenses. You should ask the roofing contractor if they send you an invoice, but not just an invoice. You want the roofing company to itemize expenses so your tax preparer can more easily record expenses on your Schedule E rental property. Some expenses can be paid in full the year they were paid, while others need to be recorded as an asset and depreciate. The roof improvement itself is an asset to your property and must be depreciated over a 7-year period. But you don’t have to put the full roof upgrade under the asset. You can deduct petty expenses the year you pay. You could save a lot more by breaking down expenses like this! So make sure your roofing contractor breaks down the fees – labor, supplies, permits, etc. Labor and major roofing supplies should be recorded as an asset and depreciated, but work allows, garbage transportation expenses, miscellaneous. supplies, all can be deducted the year you pay for them!
Second, the roofing company’s warranty is extremely important, whether it is a rental home or your personal home. If the warranty doesn’t cover certain things, you’ll want to know exactly what the warranty covers. It’s important to ask your roofing contractor for warranty details because weather can damage the roof, animals can damage the roof, anything can happen!
Last but not least, roofing company speed is extremely important for a rental property! If your tenants are busy people or don’t like to be disturbed, a roofing job can be extremely stressful for your tenants. Make sure you find out how long the job will take and exactly when they will arrive so that you can give your tenants a 30-day warning, a 2-week follow-up warning, a week-long follow-up warning, and the next day warning so that they are fully prepared. . Let them know exactly how long the job will take. The yard will look messy and trash will fly everywhere. Make sure you have homeowners insurance and advise your tenants to keep children out of the yard! There will be nails and other debris lying around! The last thing you need is a lawsuit!
In conclusion, be sure to follow these three topics to find the perfect local roofing company. Make sure you stay as stress-free as possible while searching, have fun, and be sure to record everything! Roofing jobs in rental homes can be very stressful, but hopefully this helps!