In this tutorial, the presenter explains how to use HomeZada’s dashboard and reporting tools to keep detailed financial records of home improvement projects. She demonstrates viewing a single project’s budget versus actual spend (e.g., a swimming pool budgeted at $30,000, spent $28,150), checking the wishlist/planning projects summary (two projects totaling about $17,000), reviewing cumulative completed projects (over $73,000), and understanding the home tax‑basis scorecard, which adds the purchase price ($415,000) to the total improvement costs to give a tax basis of $488,000. The video shows how to navigate to detailed reports for tax basis and a full project list, emphasizing that accurate tracking helps with tax calculations and resale value.
Chapters
Keeping good financial records of your home improvement projects will help you save money and improve value at tax and at resale time in the future. Here we can start with HomeZada where at an individual project level, for instance, at our swimming pool, each project has its own financial summary where you can see here what our quick estimate was. Our project budget was $30,000 and we actually spent $28,150 on this project. Now if I go up back to our projects dashboard, On top of the main image here on the left, you can see there it says you've got wishlist projects. These are projects that are in the planning stage. And you can see I have 2 of them and roughly over $17,000 that are in the planning stage. And so far to date, since I've owned the home, I've completed 3 projects for a little over $73,000. Again, more information to help you manage the financial aspects of your projects. Over on the right-hand side is another scorecard called the home tax basis, which is $488,000. And if you click on that link, it's going to take you to a more detailed report that actually explains to you what the home— what the tax basis is. Your purchase price that you paid for your home was $415,000, and you've invested $73,000 in additional projects. So your tax basis is $488,000. If you were to sell your house in the future for a selling price, your accountant's going to want to know what your tax basis is to calculate if you have any tax gains or benefits from that. Very good information to keep track of this information. If you also want, you can also change to do a different report and see all of your projects. Again, we saw earlier that we had a couple of wish list projects. This report's going to show you all of your projects regardless of whether they're complete or still in the planning stages. And again, very good financial information to keep you in control over all your home improvement projects. So thanks for watching this video.
