10 Step Guide to Buying a House – Step 10
Step 10 – What’s Next?
You looked at homes, made an offer, obtained financing and gone to closing. The home is yours!!! Is there any more to the process?
The papers you received at settlement are extremely valuable, so home 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 they will be important for tax purposes when the property is sold and in some cases calculating estate taxes.
Also at closing, determine the status of the utilities like water, sewer, gas, electric, etc… You want utility bills to be paid in full by owners as of closing and you will want services transferred to your name for billing.
About 2 weeks after closing, contact your local records office and confirm that the deed has been officially recorded. Such records are public notices that how your interest in the property.
In general it is understood that sellers will leave the homes ‘broom clean’ when moving out. This does not mean spotless.
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 record of their home and possessions for insurance and then keep the records in a safety deposit box.
You will want to maintain fire, theft and liability insurance. As the value of your property increases such coverage should also rise. 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 home ownership should be a wonderful experience. Enjoy!