Buying a home is a once in a lifetime opportunity for many people. So much planning, effort, and investment go into purchasing the right properties. But what follows after that is just as important. Yet, it often goes overlooked, which is why many home buyers make glaring mistakes.
10 Things to do After Purchasing a Home
Took mortgage? Understand the statement
Mortgages are easy to get, but they come with a host of terms and conditions. If you’re a home buyer who took a mortgage, it’s better to review the statement and understand it. Previously, you might have only looked at basics like billing amount, billing cycle, due date, etc.
After purchasing a home, it’s time to delve into the absolute details. Sit down with your mortgage agent over tea or dinner and get clarity on terms you had missed earlier. It’s better to be safe than sorry.
Understand home warranties
If you’ve employed a custom home builder or a construction company, you probably have home warranty coverage. But not all warranties are the same.
There are two types of warranties: builder warranty and home warranty. Builder warranty covers the permanent structure of your home, like floors, plumbing, electrical circuits, etc. On the other hand, a home warranty is like a service contract. It only covers HVAC, appliances, or other custom installations.
Like the mortgage statement, deeply understand the home warranty coverage of your home.
Keep an eye on refinance scam offers
After you’ve bought a new home, your records become public. This makes you a suitable candidate for refinancing offers. Thus, it’s not uncommon for new homeowners to receive a flurry of phone calls, emails, and visitations by finance agents.
While some of the offers are genuine, several of them are outright scams. They lure you with heavy discounts or never‐before pricing. Chances are high that it is a scam. Therefore, be aware of such refinance scams.
Housing documents are like ID cards for your home. Without them, you will surely be in trouble and denied essential services. Therefore, after taking home possession, safeguard your documents. This involves making multiple copies of the documents, digitizing them, and storing the original copies in a bank or locker.
All of this takes less than half an hour to complete. So do not procrastinate and leave it too late.
Before you move in with your family or rent it out, connecting the essential utilities is important. This includes water, gas, and electricity. This streamlines the move-in process and helps you adjust faster. Many homeowners leave it to the very end. So they are then forced to spend a few nights without water or electricity.
The connections can be complicated depending on the city and neighborhood you move in. The process might be different for new homes in McAllen and Houston, even though they’re in the same state.
Take note of your inventory
You’re likely to move in with your luggage and belongings. Before you start unpacking them, make a list of inventory. This will help you expedite insurance claims in case of damage or burglary.
Besides taking notes, you should also take photos on your smartphone and videotape them. This will make your case stronger.
Install home security
Security is paramount, especially in places where crime rates are higher. New homeowners are often an easy target for local gang members and robbers.
Thus, after purchasing a home, install a security system. Do not wait till you move in. Get in touch with a local security company and install the latest systems. You need to determine a budget and pick the services you want. You can also schedule an in-home consultation to make the decision.
Prepare a yearly maintenance scheduling plan
Your new house will likely need regular maintenance, even if it doesn’t make sense to schedule regular check-ups to ensure the longevity of your home.
Thus, after signing the paperwork, your next job should be to devise a yearly maintenance plan. Things like electrical systems, plumbing, HVAC, and roofs would need inspections. Again, take help from an expert if you’re unsure how to create such a plan.
Update your address
You’ve bought a new home. But the world doesn’t know yet. Therefore, updating your address is necessary, so your employers, creditors, and friends stay informed about the change. Otherwise, they will keep sending important items to your old address.
For US Post Office, you should set up mail forwarding to your new home. This way, you don’t miss out on crucial correspondence.
Get to know your neighbors
Lastly, after purchasing a home, get to know the people who will be living around you. Having a few down-to-earth neighbors can make your living experience so much better. Visit the local clubs, associations, and event halls to familiarize yourself with locals.
The above things apply to all, irrespective of whether you hire a contractor or build your own custom home. You’re encouraged to improvise and find creative ways to make your life comfortable after purchasing a home.