Residential Asset Management is a systematic and coordinated activities and practices through which a family optimally and sustainably manages their physical assets and their performance, risks and expenditures over the assets’ life cycles. This acts like an information data bank for families. Four types of assets can be managed.
- Fixed assets : which are normally attached with a property. For example furnace, water heaters, air conditioner, other HVAC systems, major appliances, health and safety detectors, roofs etc.
- Mobile / personal assets : which are not normally attached with a property, for example car, recreational vehicle: RV/ATV, boat, cell phone, expensive jewelry, gun, TV etc.,
- Human assets that live in a property to track medical history (prescription glass, major prescriptions, next colonoscopy in 5 years), reminders (birthdays, anniversary, special days, health insurance etc.), and
- Pets that also live in a property and track medical history and special days reminders for all pets.
