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The Importance of Record Keeping

By Debbie Murray

The best time to begin record keeping for your new home is at closing. You will receive many documents at closing, such as the settlement statement (which will aid you at tax time), the deed, a copy of the survey, and the appraisal. Keep all closing documents together and begin a home maintenance and home improvement file. Receipts and warranties for major repairs such as roof replacements will assist you down the road when you decide to sell your home.

Most states require the seller to complete a seller’s disclosure of the property, and organized record keeping will assist with this task. Buyers want to review transferable warranties, and easy access to these may make a transaction much smoother.

Upgrades and updates should be documented as well. These receipts show "value added" to a home and this is vital information for realtors, buyers, and appraisers. Buyers also want to know how recent these updates were completed.

Time spent now will save you time later and could save you thousands in dollars.

Broker/Realtor® Debbie Murray helps luxury home buyers and sellers in the Dallas area facilitate real estate transactions through education. Contact Debbie at 214-558-1004.