Owning a home is very much like running a company. Everything is a lot smoother when someone has their fingers on the pulse of the operations. Even though your home might not employ an executive who is ultimately responsible, monitoring any work, maintenance, or improvements taking place within the confines of your property, keeping an updated database reduces the risk of something slipping through the cracks.
This doc can be used for anything from little chores such as washing the dishes, vacuuming, or mowing the lawn to larger endeavors such as adding a new addition on to the house. It not only drastically reduces questions when you need to reference something, but also makes for an impressed buyer when the time comes to sell.