Wednesday, August 14, 2013

Homeownership Paperwork - Take Control!

Here's some good advice on what you need to save, what you can get rid of and how you should save it.

Home Purchase Paperwork:
Keep:  mortgage application, title work, deed, appraisal, inspection, survey, contract and a couple years of monthly mortgage statements.
Toss:  Monthly mortgage statements that are over 2 years old
How:  Cloud storage is great - Dropbox, Google Docs or scanning and saving in a folder in your email!

Homeowners Insurance:
Keep:  copy of past and current policy along with receipts and documentation for any claims
Toss:  no recommendation here because they can reopen settled claims and may want proof of prior coverage.
How:  Cloud storage again is a good option for easy access and keeping it safe from a fire

Utility Bills:
Keep:  one year of statements to track usage
Toss:  anything older than one year (unless you have an office in your home and can deduct some usage on your taxes - than ask your financial advisor)
How:  sign up for e-billing from all utility providers - gives you access to everything online and saves drawer space!!!

Manuals and Warranties:
Keep:  manuals for any appliances you still own and warranties that are still in effect
Toss:  expired warranties, manuals you can access online (most are available online now) and of course any appliances you no longer own
How:  Write the make, model and serial number on the cover of every manual or keep this info in a list on your computer

Remodeling Records:
Keep:  bids, invoices, receipts, sketches, floorplans, materials, products, paint colors
Toss:  early versions, brochures for products
How: Keeping these records in the cloud could be helpful when it comes to selling and documenting costs and reducing your capital-gains tax.

No comments:

Post a Comment