Residential Asset Management is a systematic and coordinated activities and practices through which a family optimally and sustainably manages their physical assets and performance, risks and expenditures over the assets’ life cycles.
This acts like an information data bank for 4 types of assets.
Normally attached with a property. For example- furnace, water heaters, air conditioner, other HVAC systems, major appliances, health & safety detectors, roofs, door, windows, cabinets etc.
Mobile / Personal Assets
Normally not attached with a property. They are mobile in nature. For example – car, recreational vehicle: RV/ATV, boat, cell phone, expensive jeweler, gun, TV , prescription glass, computers etc.
All people that live in a property and their non-physical (excluding financial) assets. For example- medical history (prescription glass, major prescriptions), reminders (birthdays, anniversary, special days, health insurance etc.), wills etc.
All pets that also live in a property and their non-physical assets. For examples – medical history, prescriptions and special days reminders.