We recently received our newsletter from our NARPM Affiliate Richard Hart EA, CAA, in Nevada–and found it to be a very interesting read indeed! The topic was “Current Expense vs Depreciation,” and as your property management firm it is our job to help remind you what repairs and improvements need to be made at your property. Repairs: This normal maintenance upkeep is what keeps your property in good operating condition. This repair is not something you do to add value to your home, these are items that keep your property value consistent and prolong the life of the property itself. Examples are such things as fixing gutters or repairing leaks. Improvements: These added tasks are what add additional value to your home, and these new features in turn can be capitalized and depreciated over time. Building an additional room (with proper permits of course) or porch/ patio, or changing the flooring or updating the kitchen with new appliances or counters are examples.
We have sent out other newsletters on this topic and even have information posted on our website for our owners to access as well about the types of maintenance we provide. We thought this one was a great read and wanted to share with everyone another daily task of your friendly property manager: we are here to assist our clients in helping with both repairs and improvements to keep your home in GREAT shape! Please visit our website today for more information at www.prandiprop.com! You can also visit: www.Hartassociate.com for more details about Richard Hart and their e-newsletter.