Most people think that the whole process of buying a house ends when the keys are handed to them. While that is partly true, you should also make sure that you plan for what will happen once you become a new homeowner. If you’re not sure what we’re talking about, then there’s a lot you can learn from this post. Here are some of the post-purchase steps that you should plan for, too:
Storing Your Settlement Papers
The papers that you receive during settlement are really valuable, so make sure you store them in a safe spot. They can help you establish tax deductions for the year when you purchased the property. Those papers will also be needed in the future for tax purposes in case you sell the property, and in some instances, for computing for estate taxes.
Determining the Status of Your Utilities
During closing or immediately after, you should assess the status of the utilities for the home, including electric, gas, water, sewage, and others. You want to be sure that all outstanding bills are paid in full by the owners before closing. You also should have the services transferred to your name for billing. Often transfers for bills can be done without cutting off or turning off utilities.
In general, the seller will vacate the house and leave it “broom clean”. Don’t set your expectations to high and assume that you can just have all your things moved and the house is all set for you. The expression is meant to let you know that it’s ready for all the preparations you need to do, which may include painting and cleaning. It’s not vacuumed and it’s definitely not going to be spotless. So make sure that you plan ahead and allot time for a thorough cleaning before you actually move in.
Dealing with Insurance
Your home will probably be the largest single asset you have. It’s only right that you protect it the best way you can. You should set a schedule with your insurance provider to find out how you should go about this. Homeowners are often suggested to take photos or video recordings of the home and their valued possessions for insurance purposes. You want to have fire, theft, and liability insurance. Remember that the higher the value of your property, the higher the coverage will be, too. Your insurance provider should discuss all the details with you.
Planning for all of these things can be pretty overwhelming. But remember that homeownership is a big responsibility that involves contracts, taxes, and loans! Don’t get discouraged, though. A dependable and seasoned realtor like Tammy Samuels can help you not only in finding your dream home but also in making sure that you are ready to be a homeowner, too!