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New Build Houses

  • Associate PM.Dip
  • Practice Licence
  • 88 posts
  • # 115814

Hi, 

Just a quick question.  I went to see a potential client the other day who is a property developer.  I had a little look through their accounts and as well as renting out several properties, they have just completed building their first new house to sell on. 

I haven't done much bookkeeping for a while and I am trying to get my head around this client before I agree whether or not to take them on.

When it comes to things like putting in double glazing, a boiler, bathroom, kitchen, laying a drive etc I'm assuming that I account for these as fixed equipment as they are assets integral to the building's function.

However when it comes to things like paying a decorator to paint or paying for a plumber to fit the bathroom would this come under Repairs - even though they aren't actually fixing anything - they are putting in everything brand new?

Is there anything that I need to be aware of when dealing with a new house build?

 

Any advice appreciated

Terri 

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