Setting up a new property

XCountry

Hi, I recently bought a home which is currently under construction. So far I have paid a deposit and will start making progress payments to the builder with cash and will move on to a bank loan for the rest of the purchase price once the cash portion is done.
Can someone please advise on how I could do this in Quicken.
Also, how do I track expenses related to this property - eg lawyer fees etc
Thanks

NotACPA

Create a "House" type account in Q.  This will be an Asset item.

Your payments towards the construction should be transfers into that House account (whatever you decide to name the account).

When you take out the mortgage for the final purchase, that's a transfer from the Loan account, that you'll create, into the House account.

BTW, since those payments into House are transfers, they won't appear on an Income & Expense report.  Even though they're "money out of your pocket", they aren't expenses.  You'll need to use a Cash Flow report to see them.

XCountry

Forgot to mention that I will only get the keys to the property once it's completed in a years time.
So technically I do not own the property as yet but am making payments towards it.

NotACPA

Create a "House" type account in Q.  This will be an Asset item.

Your payments towards the construction should be transfers into that House account (whatever you decide to name the account).

When you take out the mortgage for the final purchase, that's a transfer from the Loan account, that you'll create, into the House account.

BTW, since those payments into House are transfers, they won't appear on an Income & Expense report.  Even though they're "money out of your pocket", they aren't expenses.  You'll need to use a Cash Flow report to see them.

XCountry

So by doing this means when the the loan kicks in, the value in the house account should be the purchase price of the house.
Thanks much!

NotACPA

XCountry said:

So by doing this means when the the loan kicks in, the value in the house account should be the purchase price of the house.
Thanks much!

EXACTLY!