Ask the expert allows me to answer some of your questions:

1. Are Home Improvements Tax Deductable? The answer to this question is yes and no. You are allowed to deduct the cost of any repair or improvement you made to your home from the date of ownership but are not entitled to that tax deduction until you sell your home.  I would advise you to keep receipts and a seperate file for any work done on your home because you can deduct it all when you decide to sell.

2. What are Condo Assessments and Common Areas of a Condo Building? Condo assessments are monthly fees associated with the maintenance and management of a condo buildings. Some condo’s are self managed and some hire property management firms to manage the building.

The common areas typically include building lobbies, hallways, garages, storage rooms, roofs, landscapping, and any other area that has public access.

3. What is appreciation?  Appreciation is the increase in value of a property over time due to inflation, supply and demand, capital improvements and other factors. Appreciation is one of the major reasons why home ownership is considered one of the best investments for individuals.