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Who is entitled to property depreciation after repairs owner or contractor?
Soniacarter
The person who is entitled to property depreciaiton after repairs between the owner and contractor is the owner. The contractor comes in to fix things and if he doesn't do it right, he can be sued. But if the work was done right, the owner is responsible.
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∙ 10y ago
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What happens when the contractor starts thereting the homeowner that they are going to sell the homeowners personal property that the contractor put in storage?
When the general contractor makes a threat to a homeowner, about selling all the homeowners personal property, that the contractors have in storage. And the contractor has not finished the repairs on the homeowner's house. Can the contractor sell their property?
Is homeowners depreciation check's purpose to cover repairs?
No. depreciation is compensation for a loss of value. You can make repairs or do whatever you choose with it.
How do I Collect the depreciation from Homeowners insurance claim?
If you want to collect the depreciation your insurance company withheld from your claim payment you must make the repairs to your home. After you make the repairs contact your insurance company and they should issue a check for the depreciation.
Can you claim plumbing repair expenses on your taxes on a rental property?
Yes. You claim income that you receive in addition to expenses like repairs, insurance, property taxes, depreciation, etc. This is the case with me assuming that you are the owner of property that you rent to others and not rental property where you are the tenant.
Do I have to use a licensed contractor to make repairs on my home if their is a mortgage?
Yes and No. No you don't need a licensed contractor if you are only doing minor repairs like painting a room or putting in new carpet you don't need a licensed contractor to make the repairs.
Is homeowner entitled to any of the insurance check when repairs are being done on a damaged property?
Of course not. Insurance is supposed to put you back to the same position you were in before the damage occurred. Your not "entitled" to make money on a claim. If your property was repaired the contract was fulfilled.
Can a homeowner hire a unlicensed person to do repairs on a rental property after a tenant vacates even if in the end the work totals more than 500?
You can hire whomever you want to effect your repairs. Bear in mind though that an unlicensed contractor is probably also an uninsured contractor and your home insurance company will not provide coverage for the contractors work.
If your adjusters check is more than the repair cost what do you do?
If there is recoverable depreciation involved in the claim then when you send your adjuster the invoice showing the amount for repairs was less, they will subtract the difference between the adjusters check, and the amount of your invoice, from the recoverable depreciation amount. Lets say your adjuster estimate the repairs to be $1,000 RCV and they with held $500 in depreciation. So they cut you a check for $500 with the remaining $500 withheld in recoverable depreciation. If you show them that you completed the repairs for less than $500 then they will not return any of the other $500 they withheld for depreciation as you got the repairs completed for less. If you showed then you got the repairs completed for say $800 then they would release $300 of the $500 they were holding and keep the remaining $200. If you showed them the repairs cost the full $1,000 they estimated for the will release the full $500 they were withholding in depreciation. If there is not recoverable depreciation withheld then forgot everything you just read and keep the change.
If hired by attorneys to inspect property damage in insurance claim cases can the general contractor get the job to do the repairs?
Some companies require bids. If you are licensed, insured & bonded..go for it.
Is it worth hiring someone to do kitchen repairs for me?
To find someone to do kitchen repairs I would call a local contractor.
What is the best way to go about choosing and hiring a contractor for home repairs?
I am looking for a contractor to assist me with home repairs. How can I be sure that I am hiring a good one? Is there a way to check them out other than references?
Can i get the held recoverable depreciation check if my repairs are less than insurance quote?
yes
