The last thing you want to think about when you've finally finished buying a home is doing more paperwork! However, it's much easier to find these important numbers when you're in the thick of the home-buying process than it is to dredge them up five or twenty-five years later when you are getting ready to sell. If you're a freelancer, we'll also need these numbers when calculating your home office:

• Purchase date

• Purchase price

• Land Cost: The cost of the land on which your home is built. Land cost is a separate number from the total home purchase price and is usually broken down in your tax assessment or appraisal. Apartments, condos, and co-ops often have an associated land cost as well. The total purchase price of a home will generally factor in the value of the land itself.

• Purchase Expenses:

  • Inspections

  • Estimates paid

  • Abstract fees

  • Charges for installing utility services

  • Legal fees

  • Realtor fees

  • Recording fees

  • Surveys

  • Transfer taxes

  • Title insurance

  • Any amounts the seller owes that you agree to pay (back taxes or interest, recording or mortgage fees, charges for improvements or repairs, and sales commissions)

• Capital improvements: Major, permanent enhancements to the home that add value or prolong its life, like a new roof, new wiring, or a bathroom renovation. Keep track of those expenses and when they were incurred for as long as you own the home.

These numbers will be factored in when we figure out how much profit you make on a home sale. Now is the best time to record that information!

If you'd like to talk through your unique situation, you can schedule a consultation with one of our advisors.