33 Reasons to Track a Home Inventory

33 Reasons to Track a Home InventoryMany people ask what value is there in creating a home inventory?  This question comes to mind often because most people feel they do not have the time, nor do they have the documents of what they own. However, documenting your items can be very simple. And it can be done in simple steps to minimize time. The reasons someone would consider compiling a home inventory are many.

Here are just a few reasons to create a home inventory that we thought of.

  • In case of a fire.  Knowing what you had will help you work more efficiently with your insurance company and you do not have to rack you mind with brain games trying to remember everything you had in your home.
  • In case of a disaster.  For the same reasons as the fire.  And you just suffered so much, do you really want to deal with details of home contents?
  • Traveling.  Knowing what you have and having it accessible via your mobile would be nice … you don’t have to worry about buying duplicate items. Further, when traveling you just might need that inventory of your suitcases just in case something gets lost.
  • Moving. What can you say, items get lost and broken. Documenting what you own will help to ensure that you know exactly what you own.
  • Garage or yard sales. Understanding what you have will help you understand what you do not need anymore.
  • Renters. Tracking your belongs will protect you in case something happens to your belongings as renters come an go. This is especially good for a vacation or rental property.
  • Calculating net worth.  How to you know exactly what you are worth if you do not inventory your prized collectibles?
  • Determining if properly insured.  Most homeowners are not properly insured and approximately 60% of homeowners are actually under insured. Tracking the details of what you own will help identify your insurance needs.
  • Insuring your collections or high dollar values. Getting these items with the proper coverage and documented is wise in case of any unexpected hazard.
  • Combining households. You decide that you want to live with your partner or you are newly married.
  • Separating households. Sometimes people have to fly the nest or things do not work out. Getting a specific account of your belongings with help with separation and division of property.
  • Estate planning. Identifying what you have can help you plan for your future or with those closest to you.
  • Budget planning.  Establishing a home inventory helps identify your needs and how to manage dollars effectively.
  • Multiple home management. Managing one home is tough, add others and you need to understand what item is in which home.
  • Remodeling. An inventory is important for a remodel,  as once that remodel is complete you may be calling your insurance agent for an updated insurance policy on your great new home.
  • Roommates. Keeping track of each individuals possessions is smart to do if ever the roommate situation changes.
  • Storage units. Knowing what you have in your storage unit helps manage your money, your belongings and also helps with estate planning.
  • Vacation. Knowing what you have prior to vacation will help if you decide on a house exchange or someone burglars your home while you are away.
  • Debt consolidation. You need to understand your belongings in order to properly understand possible liquidation.
  • Caring for elderly parents home. Like caring for multiple homes, if you have the ability to care for your elderly parents home and understand their needs, this is possible through inventory and the right tools like HomeZada.
  • Pipe leakage. Knowing where you pipes are and how they are connected if you have this information can help should you have pipe leakage in your home.  You can control the maintenance and fix processes rather than tearing apart you home.
  • Robbery. Keeping account of your possessions will give you the ability to properly document your losses with your insurance agent and the police.
  • Document copies or backups.  Keeping documents in a backup system, even an inventory system helps you understand details that might get destroyed in a house fire or disaster.
  • Learning how to take care of your home. Do you know the value of your home and how to maintain it?  By keeping an inventory, you can manage a maintenance plan for your items to maintain the overall value of your home.
  • Selling home. Selling your home often has people walking through your home to get a feel for whether they want to buy it.  Making sure you know everything about your home will help you communicate with the new potential owners.
  • Buying home. Knowing what you have and what you need for a new home is best done by tracking what you have prior to buying new items.
  • Run a business from you home.  If you run a business from your home, your probably have computers or machinery and equipment that you need to track of and that without this equipment, it can seriously affect your business and your livelihood.
  • Understanding value in and around house. Do you actually know what is in your home and the overall value?  Keeping a home inventory with receipts or estimates can help you understand the overall value of your possessions and fixed assets.
  • To get organized. Knowing what you have and the details surrounding your items can help you be organized if you are not already.
  • To purge. Do you have too many items in your home?  Do you just need to remove, donate or sell items.  Creating a home inventory will help you purge effectively.
  • To understand what you have. Did you ever go out to the store and you just had to have the beautiful bowl or great golf club, but you forgot that this exact item was gifted to you last year.  Know what you have and manage your funds more effectively.
  • Down sizing.  Having a home inventory will help you remove items for you home that will just not fit in your new smaller home.
  • Growing family. Are you adding more to your family?  Then you might need more items for your little ones. With that you might even start thinking of your next slightly larger home.

We hope these tips explain some reasons why you will want to start tracking your home inventory.  Get started today!