What is generally retained for the life of an asset according to property management standards?

The standard practice in property management is to retain all purchase documentation for the life of an asset. This includes invoices, receipts, and any relevant contracts or warranties associated with the asset. These documents serve multiple critical functions: they provide proof of ownership, are necessary for warranty claims, and facilitate future financial auditing and asset tracking.

Maintaining comprehensive records of all purchases allows property managers to assess the asset's financial status, plan for maintenance or replacements, and ensure compliance with regulatory and organizational standards. This permanence of documentation supports effective asset management and helps in substantiating the asset's value over time.

In contrast, while insurance policies, servicing contracts, and usage logs may have their own retention requirements, they generally do not need to be kept for as long as purchase documentation. For instance, insurance policies may need to be reviewed periodically rather than held indefinitely, and usage logs might only be relevant for a specific period related to usage patterns or assessment and could therefore be retained for shorter durations.