CONGRATULATIONS!
You've done it. You've looked at properties,
made an offer, obtained financing and gone
to closing. The home is yours. Is there any
more to the home-buying process?
Whether you're a first-time buyer or a repeat
buyer, there are several more steps you'll
want to take.
Those papers you received at settlement
are extremely valuable, so hold on to them!
In the short-term they can help establish
tax deductions for the year in which the property
was purchased. In the future, such papers
will be important for tax purposes when the
property is sold, and in some cases, for calculating
estate taxes.
Also at closing, determine the status of
the utilities required by the home, items
such as water, sewage, gas, electric and oil
service. You want utility bills to be paid
in full by owners as of closing and you also
want services transferred to your name for
billing. Usually such transfers can be done
without turning off utilities. REALTORSŪ can
provide contact numbers and related information.
About two weeks after closing, contact your
local property records office and confirm
that your deed has been officially recorded.
Such records are public notices that show
your interest in the property.
Your home, your money
For most owners a home is the largest single
asset they hold, so it makes sense to protect
that asset.
Many owners make a photo or video record
of the home and their possessions for insurance
purposes and then keep the records in a safety
deposit box. Your insurance provider can recommend
what to photograph and how to secure it.
You want to maintain fire, theft and liability
insurance. As the value of your property increases
such coverage should also rise. Again, speak
with your insurance professional for details.
Lastly, enjoy your home. Owning real estate
involves contracts, loans, and taxes, but
ultimately what's most important is that homeownership
should be a wonderful experience. Enjoy!
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