Finding the right roofing company can become 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 house needs a roofing job, which 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 make it easy to track expenses, the roofing company’s warranty, and the speed of the roofing company.
First, let’s take a look at expenses. He should ask the roofing contractor if they send him a bill, but not just a bill. You want the roofing company to itemize the expenses so your tax preparer can more easily record the expenses on your Schedule E rental property. Some expenses can be paid in full the year they are paid, while others are due leave as an asset and depreciate. The roof upgrade itself is an asset to your property and must be depreciated over a 7-year period. But you don’t have to put your total roofing upgrade below the asset. You can deduct smaller expenses the year you pay. You could save a lot more by itemizing expenses this way! So make sure your roofing contractor breaks down the fees: labor, supplies, permits, etc. Labor and major roofing supplies should be left as an asset and depreciated, but work permits, trash hauling expenses, miscellaneous. supplies, it’s all deductible the year you pay for it!
Second, the roofing company’s warranty is extremely important, whether it’s 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, the speed of the roofing company is extremely important for a rental property! If your tenants are busy people or don’t like to be disturbed, a roofing job can become extremely stressful for your tenants! Make sure you find out how long the job will take and exactly when it will arrive so you can give your tenants a 30-day warning, a 2-week follow-up warning, a one-week follow-up warning, and a 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 fly everywhere. Make sure you have homeowners insurance and warn your renters 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, make sure you follow these three topics to find the perfect local roofing company! Make sure to stay as stress-free as possible during the search, have fun, and make sure to record everything! Roofing jobs on rental homes can be very stressful, but I hope this helps!