Surviving the choppy waters of being a first-time home buyer is reason to celebrate. But, unfortunately, that is just the first step in owning a home. There are many things that need to be put into place before the home can be settled. Having a checklist of necessary documents and to-do’s is helpful. Below look at the three big tips for making the new home experience a successful one.
1. Know the Relevant Details about Insurance and Mortgage
All mortgage brokers require that homeowners obtain homeowners insurance. This is in place when the home is purchased. Once the home has been closed on, it is a good idea to go over the insurance policy and the mortgage statement and look to see that it makes sense.Picking the right mortgage broker is also an important task. Finding a broker that can tailor a mortgage to particular needs is imperative; AAACreditGuide.com is a place to start when looking for tailor-made mortgages.
Many times, homeowners insurance and taxes are payed out of an escrow account through the mortgage company. Review this and be sure that you understand who holds the mortgage, how taxes are calculated, and how and when the taxes and insurance are taken out.
Often times, younger and budget-conscious homebuyers opt for a less expensive insurance policy. Unless it is required by law to carry a heftier natural disaster type of insurance, this is something that is doable.
Comparing rates through different companies is a good way to see what is out in the market place. When comparing prices it is also important to know what the home is worth to see how much coverage will be needed. By checking home sales in the area and tax assessments, a home value can be determined.
Get help with tax returns once in a new home. Hiring an accountant can help to ensure that the return is done correctly and will maximize the money coming back. Home ownership can significantly change a tax situation, as there are many deductions that can be taken. Getting taxes professionally done for at least the first year of homeownership can make a huge difference.
2. Move in Day Preparations
Planning for move in day is a big consideration for the new homeowner. Here are some tips on
making it a successful move:Walk through the property and house and be sure to report any issues to the real estate agent.
Update personal information and change of address and send out new contact information to relevant parties.
Change the locks. A locksmith can do this so that the previous owners cannot re-enter the home.
Make any minor fixes and repairs such as patching and painting, before move in day.
If remodeling is being done before move-in, be sure to hire a qualified contractor to get the job done correctly.
Clean, or have the house cleaned by a professional service.
Check the electrical, plumbing, air and heating systems throughout the home and make sure they are all correctly labeled for proper use and maintenance.
Contact all utility companies, such as electrical and water to have service started under the new name for the home.
Don’t overspend on furniture as most of the budget has probably been consumed by closing and moving costs. Furniture can be bought over time when the budget allows.
When all of these steps have been completed, hire a professional moving company that fits into the budget. If budget is limited, just have the heaviest items moved by the company.3. Filing Important Information
Creating a file with important home information is essential to keeping organized. Keeping maintenance records in a binder will help to remind when certain tasks and activities are due to be done. Important documents such as insurance policies, mortgage papers, and homeowner’s records are also good to keep in this file. Here are some other items to keep handy in a home file:Medical insurance, bank statements, and paid bills are also good to keep handy.
Creating an action file for certain things such as, incoming mail, cards that are in need of response, and things to be filed could be stored in a file box on top of a desk.
A separate file for long-term storage items, such as; tax returns, homeowners’ records, and insurance policies can be kept in a locked cabinet or safety deposit box.
Keep receipts for any home improvements that are completed; these can later be used to increase the value of the home and get the most out of tax free earnings when the house is sold.
