How much wear and tear can it withstand before the user starts to show? How much does it cost to fix the damages? How often do you find yourself paying for expensive repairs?
With maintenance costs cutting into your rental profits, you want to think long-term when it comes to upgrades and preventative maintenance. While the initial costs of these upgrades might be expensive, you’ll find you will save money in the long run through low-maintenance renovations.
Determining what qualifies as a capital improvement versus making a repair is important, considering they are calculated differently when filing taxes. When preparing your taxes, you should always consult with the IRS and|or a certified accountant to decide what deductions are applicable to you and your specific situation.
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