Finding the right roofing company can become tedious and annoying. Comparing local roofing contractors is a chore! So which one do you choose? How can you make it easier? If your rental home is in need of a roofing job, which company will make it simple and show you the breakdown of expenses so that you can claim them on your tax return? So many questions and concerns! There are three main topics to consider when looking for a roofing contractor for your rental home: Which roofing company will have an itemized invoice for easy expense recording, a roofing company's guarantee, and the speed of the roofing company.
First, let's look at the expenses. You must ask the roofing contractor if they send you an invoice, but not just an invoice. You want the roofing company to break down the expenses so that your tax preparer can record the expenses easier on your schedule E rental property. Some expenses can be fully rendered the year it was paid for while others have to be put down as an asset and depreciated. The roofing improvement itself is an asset to your property and must be depreciated in a 7 year period. But you do not have to put your total roofing upgrade under the asset. You can deduct smaller expenses the year you pay. You could save much more itemizing the expenses this way! So make sure your roofing contractor breaks down the fees: Labor, supplies, permits, etc. The labor and main roofing supplies have to be put down as an asset and depreciated, but the work permits, garbage hauling expense, misc. supplies, all can be deducted the year you pay for it!
Second, the roofing company's guarantee is extremely important whether it is a rental home or your personal home! If the guarantee does not cover certain things you will want to know exactly what the guarantee covers! It is important to ask your roofing contractor the details on the guarantee because weather weather can damage the roof, animals can damage the roof, anything can happen!
Last but not least, the speed of the roofing company is extremely important to a rental property! If your tenants are busy people or do not like to be bothered a roofing job can become extremely stressful to your tenants! Make sure to find out how long the job will take and exactly when they come so you can give your tenants a 30 day warning, a 2 week follow up warning, a week follow up warning, and the next day warning so they are fully prepared . Let them know exactly how long the job will take. The yard will look messy and garbage will be flying everywhere. Make sure you have home owners insurance and warn your tenants to keep children out of the yard! There will be nails and other debris lying around! Last thing you need is a lawsuit!
In conclusion, make sure to follow these three topics to find the perfect local roofing company! Make sure to keep yourself as least stressed as possible during the search, have fun, and make sure to record everything! Roofing jobs on rental homes can be very stressful, but hopefully this helps!