As a homeowner, you accumulate all sorts of documentation the moment you make the offer on your home. Loan documents, inspections, insurance policies, receipts and warranties are just a few of the documents you may be collecting. Knowing where these items are can save you a lot of time and money.
Keep closing papers such as the deed, settlement statement, appraisal, disclosures, mortgage note, inspections and title insurance policy together in one place—preferably in a safe deposit box.
For other records, a practical record-keeping system doesn’t have to be expensive. Purchase an accordion file and label each flap with a different category. Those might include:
- Insurance Policies
- Purchase and House Data
- Property Taxes
- Home Maintenance and Improvements
- Warranties, Manuals and Receipts
- Home Inventory
Organizing your home files may take a considerable amount of time initially, but it will definitely be time well spent in the event you need the documents in the future.