When it comes to our cars, most of us understand that it’s important to save our service records—or at least shove them in the glove compartment—especially if we’re hoping to get top dollar when it comes time to sell. While your latest oil change might not seem like big news, it may be to a potential buyer who will want to see how well the vehicle has been cared for.
On a larger scale, it’s important to think of your home in the same terms. While it’s always tempting to throw that pink carbon receipt away from your latest HVAC tune-up or leak repair, consider utilizing a digital or standard filing system to keep track of these types of records. Here’s why:
POTENTIAL BUYERS: Purchasing a home is a massive financial investment, which means some buyers will be more than meticulous when it comes to assessing the condition of your property. Due diligence often pays off for buyers, so chances are good that if selling is in your future, you’ll want to be able to give dates for everything from when your gutters were installed to your last carpet cleaning. You don’t want to get caught off guard with questions that you’re simply unable to answer, so let the receipts do the talking for you.
SAVE YOUR MONEY: Maintenance records are just that—records. In short, they give you the opportunity to keep track of how often something is being worked on so you gain a better understanding of whether you should continue throwing money into repairs or should simply bite the bullet and purchase a new product. If you notice that those pink slips are piling up, you might save more money with a replacement.
INSURANCE DISPUTES: Insurance companies make money off of the assumption that you’ll likely pay more for monthly coverage than they’ll ever have to pay in the case of an accident. In essence, it’s a numbers game that makes them a good bit of money; however, it also creates an environment where their goal is to make sure they compensate you with just enough to cover your costs.
Therefore, if—for example—your insurance company pays for a new roof after damage from a massive storm, it’s possible for them to decide at a later date that they paid you too much money. Should this happen, they will likely request a portion of their funds back, which means it’s extremely important to maintain control of your receipts and maintenance records in order to dispute their claims.
SETTING FUTURE BUDGETS: Following a set maintenance schedule is an important aspect of homeownership, especially if you’re looking to retain your property value. While no one enjoys feeling like their constantly shelling out money for appliance checks and minor repairs, having an understanding of how much you’re spending each year can set the stage for the establishment of a yearly maintenance budget.
Instead of getting caught off-guard every time you’re forced to drop a couple hundred dollars on a maintenance issue, use your receipts to establish a yearly estimate of how much you spend on repairs so you never have to feel like your scraping to find the cash to cover them.
For more tips and tricks, please feel free to contact me. Even if you’re not looking to sell your home or buy something new in the near future, I’m always here to offer advice.
Marie Dinsmore | The Dinsmore Team | www.DinsmoreTeam.com | 770-712-7789