Have you ever taken a detailed homestead inventory? Having an inventory of everything on your homestead can come in handy for your insurance company and many other reasons.
In this post you will learn how to take a complete homestead inventory and how to correctly use it once you do so.
What is a Homestead Inventory?
Having a complete and itemized list is important for many reasons. You will need it for insurance claims mostly, but it will also come in handy when doing appreciation and expenses for taxes also.
Your homestead inventory is also a great way of keeping track of what comes in and out of your homestead which is a great way of seeing what you have and what you may need.
How to Create a Homestead Inventory for Your Homestead
To create an inventory for your homestead there are three steps you need to take. The first is to gather your materials. The second step is to record all of your inventory and the final step is to consistently keep up with it. Let’s look at each step one at a time.
Gather your Materials
The first step is to gather everything you need to start your homestead inventory. A material list will include some or all of the following supplies:
- A notebook and pen to write everything down.
- A camera to take photos of each item you record.
- A journal, spreadsheet, or another form of recording all items. (more later)
I have provided links for some options below. In the meantime, gather whatever you can to get started. For now, just make sure you have something to write stuff on and a camera for proof.
Start Recording Everything
Now that you have paper and pen in hand and a camera ready to take pictures pick a place to start. You can start in a barn, a shed, your home, wherever you choose. Just pick one place to go.
Look around and start listing everything you have, In your barn for example you may list the equipment you own, tools, and other supplies. Start listing these items one at a time and write down as much information as possible.
Such info may include:
- Model and serial number
- Date purchased and the price paid
- Name of item
- A description of what the item is and what it is used for.
- Any other information that may be needed by an insurance company or warranty company.
Repeat this for everything on your homestead. This is a time-consuming process, but trust me when I say it will be worth the effort. Make sure to take a photo of each item as physical proof. I take photos of serial numbers, model numbers, and anything else you want to physically document.
Once you have recorded everything, keeping up with it should be relatively easy. Here are some tips to help you stay consistent.
- As you purchase new items, add the new item to your list.
- If you sell an item make sure to record the sale amount, the date the item was sold and the bill of sale with your inventory.
- If items are repaired, list the repairs, the date of the repairs and keep the receipts as proof for later.
- If there are any changes to the physical look of anything make sure you take a photo.
When To Use Your Homestead Inventory
There are few times when having a homestead inventory may come in handy. These are also usually the times most homesteaders wish they would of had an inventory.
The biggest instance of needing a homestead inventory is for insurance claims and taxes. Listed below are some common instances you may need your inventory.
- Insurance Claims
- Emergency Weather Damage
- Purchasing Coverage
- Warranty Claims
- Equipment malfunction
- Routine Service
- Special Purpose/Taxes
- Depreciation Expenses
- Capital Gain Reporting
- Sales Reporting
Resources for Creating a Homestead Inventory
The following list of resources are suggestions to help make the process of creating a homestead inventory easier. Some of the resources are links to other websites or YouTube Channels that can assist you. I hope you find these helpful.
- Inventory and Equipment Log Book: Inventory Log Book and Capital Equipment Log Tracker
- Home Inventory Record Book (Keep Track of Your Personal Property)
- Home Inventory Spreadsheet
- Best Home Inventory Spreadsheets
- My Home Inventory List (YouTube)