It's official - you're a homeowner. Congratulations! All of the hard work is done, right? Wrong. You may be closing one chapter, but you're just beginning another. Homeownership comes with its own set of challenges and new tasks. It's important to start planning for these things right after you close on your home.
Here are five things to do after closing on a home.
1. Make Copies of Important Documents
There's a lot of paperwork involved with buying a home, and there's a good chance that you'll need many of these documents in the future.
For example, if you want to install a fence, which requires you to get a permit, the county will likely want a copy of your property's survey to ensure that you're installing the fence on your property.
After closing, it's important to make sure that you get copies of all documents that you've signed. Make sure that you store these documents in a safe place, such as a filing cabinet.
2. Thank Your Realtor
Realtors work hard to make their clients' homeownership dreams come true. Your agent helped you find your home, and walked you through the entire purchasing process. Showing your appreciation for his or her help is a nice gesture.
It's common for buyers to give closing gifts for realtors. These gifts can be as simple as a bottle of wine or gift basket to more luxurious items. But you don't necessarily need to give a gift to show your appreciation. A handwritten thank you card is just as thoughtful.
3. Set Up Utilities
Don't assume that your utilities will be working the moment you walk through the door. Many utility companies have grace periods - the time between when the seller cancels service and the new owner calls) - but there are many variables that could have caused that grace period to lapse.
If you want to make sure that you have power and water on move-in day, call the utility company ahead of time to set everything up. If the seller has yet to cancel service, make sure that he or she takes care of that as soon as possible.
4. Change the Locks
It's impossible to know how many people have a set of keys to your new home. During the selling process alone, the seller probably gave a set of keys to a dozen different people - real estate agent, stager, painter, etc.
For peace of mind and to improve your home security, it's important to change the locks as soon as you can. Unless you have experience changing locks, you should hire a locksmith for the job.
5. Alert People of Your Move
After closing on your new home, it's important to start changing your address right away. You should have already changed your address with the post office, but there are other companies and people that should be aware of your new address, such as:
Financial institutions (credit card companies, banks, etc.)
Insurance companies
Utility companies
Your employer
Friends and relatives
Accountants
Churches
Medical offices
Schools
Make a list of everyone who should be alerted of your new address, and make sure that you change your address as soon as possible to avoid losing mail or having lapsed policies.
